Interim Budget | Reactions from Industry Experts

Mr. Rajamanohar Somasundaram (Raj), Founder & CEO - Aquaconnect says "We are pleased to see that the government has identified gaps in seafood production, technology intervention, financing, post-harvest infrastructure, traceability, and sustainability and is actively addressing them through policy intervention and budgetary allocation. We welcome the new sub-scheme under the PMMSY that has been announced with an investment of Rs. 6,000 crore to support the activities of fish vendors, fishermen, and micro and small enterprises. This investment aims to improve value chain efficiencies and expand the market, contributing significantly to the promotion of domestic market consumption.

The establishment of aquaparks will play an important role in promoting the development of value-added seafood products in India. This will ultimately enhance the value realization of Indian seafood and act as a catalyst for generating employment opportunities among coastal communities.

We have been witnessing a consistent effort to improve the fisheries sector in consecutive budgets. This is an encouraging trend, and we hope to see it continue for the betterment of fishermen, aquaculture farmers, and other stakeholders in the seafood value chain."

Ms. Meena Kapoor, Founder - Astroyogi says,"In my career, I've observed a notable increase in women's empowerment, particularly in technology and entrepreneurship. The 28% rise in female participation in higher education and the 43% presence of women in STEM fields showcase India's leadership in promoting gender inclusion. Astroyogi aims to be a platform that actively fosters women's advancement across various fields. I envision women taking on leadership roles in the coming year and contributing to the creation of a wealthier and more equitable country"

Mr. Rajamanohar Somasundaram (Raj), Founder & CEO - Aquaconnect says "We are pleased to see that the government has identified gaps in seafood production, technology intervention, financing, post-harvest infrastructure, traceability, and sustainability and is actively addressing them through policy intervention and budgetary allocation. We welcome the new sub-scheme under the PMMSY that has been announced with an investment of Rs. 6,000 crore to support the activities of fish vendors, fishermen, and micro and small enterprises. This investment aims to improve value chain efficiencies and expand the market, contributing significantly to the promotion of domestic market consumption.

The establishment of aquaparks will play an important role in promoting the development of value-added seafood products in India. This will ultimately enhance the value realization of Indian seafood and act as a catalyst for generating employment opportunities among coastal communities.

We have been witnessing a consistent effort to improve the fisheries sector in consecutive budgets. This is an encouraging trend, and we hope to see it continue for the betterment of fishermen, aquaculture farmers, and other stakeholders in the seafood value chain."

Ms. Meena Kapoor, Founder - Astroyogi says,"In my career, I've observed a notable increase in women's empowerment, particularly in technology and entrepreneurship. The 28% rise in female participation in higher education and the 43% presence of women in STEM fields showcase India's leadership in promoting gender inclusion. Astroyogi aims to be a platform that actively fosters women's advancement across various fields. I envision women taking on leadership roles in the coming year and contributing to the creation of a wealthier and more equitable country"

Hyderabad: Industry leaders offer positive feedback on the Interim Budget 2024, highlighting key initiatives in healthcare, agriculture, IT, and renewable energy. Their reactions reflect optimism and support for the government's focus on economic growth and sectoral development.

Dr. K. Anand Kumar, MD, Indian Immunologicals

“I commend the initiatives outlined in the Interim Budget 2024, particularly those addressing women and children's health. These measures signify a concerted effort to strengthen India's healthcare system by prioritizing preventive care, expanding access to essential services, and leveraging innovation for better health outcomes.

The decision to provide and actively encourage cervical cancer vaccines for 9–14-year-olds reflects a proactive approach to preventing a significant health burden among young girls. Cervical cancer is the fourth most common cancer in women globally, with millions of cases reported annually. Investing in this preventive measure is poised to reduce the incidence of cervical cancer and its associated morbidity and mortality rates in the future.

The budget has also allocated INR 1 lakh crore towards establishing a corpus, offering a 50-year interest-free loan to scale up research and innovation significantly in sunrise industries. This allocation presents a promising advancement within the vaccine industry. It allows for the integration of new-age technologies in vaccine development processes, especially for mRNA and Adenoviral vector vaccines.”

Prem Kumar Vislawath, Founder and CEO, Marut Drones

“It’s reassuring to hear the honorable FM prioritize agriculture as a key area of focus in her budget speech. She stressed on the push for widespread adoption of modern farming techniques. The FM also mentioned empowerment of ‘Annadatas’, our farmers, as an important goal. Agricultural drones can play a crucial role in minimizing risks while maximizing revenue for our farmers. The introduction of Nano DAP class of fertilizers in all agro-climactic zones FM mentioned is also exciting for us, as Marut drones are specially equipped for that. Farmer-centric policies with the government encouraging embrace of modern technology through start-ups will go a long way in helping rural parts of the country grow to their full potential.”

Chandra Chandragiri, CFO, CriticalRiver Inc.

“I view the Union Budget 2024 with optimism, particularly given the government's vision of the next five years being years of unprecedented growth. This forecast sets a positive tone for the IT sector, promising expansive opportunities. The budget's emphasis on the Skill India Mission, with over 1.4 crore youth trained to become job-ready, is especially promising for us. This initiative not only enlarges the talent pool available to the tech industry but also aligns with our need for skilled professionals in emerging technologies. Overall, the budget presents an opportunity to strategically position our company to leverage the anticipated growth and drive innovation.”

Radhika Choudary, Co-Founder, Freyr Energy

“The Budget 2024 has unveiled the Vision for Vikasit Bharat, emphasizing a harmonious relationship with nature. The government is actively promoting inclusive sustainable development through initiatives such as rooftop solar, as outlined in the Finance Minister's speech. Anticipating new guidelines and incentives under the 'Pradhan Mantri Suryodaya Yojana,' the industry is optimistic about India's rooftop solar energy transition.

The commitment to rooftop solarization and providing free electricity to one crore households is expected to infuse competitiveness and innovation into the solar sector. With the potential to contribute significantly to achieving the government's target of making India net zero by 2070, this boost is poised to generate employment opportunities for the youth engaged in manufacturing, installation, and maintenance within the solar industry. The interim budget has successfully unlocked the true economic potential of India's rooftop sector.”

Rev. Daaji (Kamlesh D. Patel) - Guide of Heartfulness and President of Shri Ram Chandra Mission

“It is heartening to see that spiritual and conference tourism has been on a rise since the last year and that the focus is very much there on this area in this year’s budget too. The Indian Government is making provisions towards spiritual pilgrimage through Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive or PRASAD Scheme and I think it is a great milestone. People from around the world are flocking to centres in India like Kanha Shanti Vanam that enable inner transformation. Last year alone Kanha Shanti Vanam had half a million footfalls. There are new airports in the pipeline, better connectivity and accessibility by road, rail or air, better infrastructure and technology connecting cities through tier 1, 2, 3 and 4. It can help generate more livelihoods and create an ecosystem as an economic booster. This is a remarkable time for tourism sector with visitors globally who want to come to India to explore and benefit from spiritual tourism here."

Satyendra Prasad Narala, Managing Director, Regency Ceramics

“The government's initiative to facilitate homeownership for the middle class is a commendable step toward inclusive growth. Moreover, the commitment to construct another 2 lakh houses and providing over seventy percent of these houses under PM Awas Yojana to women as sole or joint owners not only enhances their dignity but also promotes gender equality in rural housing development. These two schemes is a big positive for the building materials industry.

Regency has always been a trusted supplier of tiles for most government schemes and with innovative manufacturing practices will provide natural tiles at lower prices with better durability to the beneficiaries of these two schemes. We welcome these transformative measures for a brighter, more equitable future, and a flourishing ceramic tiles sector.”

Dr. Gayatri Kamineni, COO- Kamineni Hospitals

"We appreciate the government's decision to extend healthcare benefits to ASHA and Anganwadi workers under the Ayushman Bharat scheme. This expansion will extend healthcare services not only to frontline healthcare workers but also to the underprivileged communities.

The initiative to establish additional medical colleges using existing infrastructure will address the shortage of healthcare professionals, promising better healthcare delivery and patient outcomes.

Furthermore, vaccinating girls aged 9-14 years against cervical cancer is commendable, prioritizing prevention over prevention to improve public health.

However, we are disappointed with the absence of GST reductions on essential medicines and tax concessions on generic pharmaceuticals in the budget. Affordable healthcare is vital, and these measures reduce the burden on patients while encouraging innovation.

We urge the government to rethink these aspects to ensure equitable access to essential medicines.

Overall, these budget initiatives underline the government's commitment to healthcare. We look forward to collaborating to ensure their successful implementation to benefit all citizens."

Mr. Vikram Thaploo, CEO-Telehealth, Apollo Hospitals Enterprises Limited

"We welcome the significant healthcare initiatives announced in the Union Budget 2024-25, particularly the establishment of more medical colleges using existing infrastructure. This step will undoubtedly address the critical need for more healthcare professionals and enhance the overall medical infrastructure of our nation.

The introduction of cervical cancer vaccination for girls aged 9-14 is a commendable move towards preventive healthcare. By focusing on early intervention, we can reduce the burden of cervical cancer and prioritize the well-being of our younger population.

The consolidation of various maternal and child health care schemes under a comprehensive program is a strategic approach that streamlines resources and aims for more effective implementation. The expedited upgradation of Anganwadi centers and the introduction of the UWin platform nationwide will further strengthen the foundation of maternal and child healthcare.

Extending healthcare cover under Ayushman Bharat to Aasha, Anganwadi workers, and helpers recognizes the invaluable contributions of these frontline workers. Ensuring their well-being is crucial as they play a pivotal role in our healthcare system.

The vision outlined for the next five years aligns with the goal of unprecedented development and positioning India as a developed country by 2047. The emphasis on democracy, demography, and diversity resonates with the healthcare sector, and we believe these principles will play a pivotal role in fulfilling the health aspirations of every Indian".

Mr. Nikkhil K Masurkar, CEO- Entod Pharmaceuticals

"While no specific announcements were made towards the pharma sector, these healthcare initiatives outlined in the 2024-2025 Union Budget are encouraging and have the potential to usher in a new era in healthcare. However, as pharmaceutical professionals, we were anticipating more substantial capital investment directed towards pharmaceutical research and development.

The establishment of more medical colleges within existing infrastructure and the introduction of cervical cancer vaccination for girls aged 9-14 are positive steps towards enhancing the healthcare ecosystem. The consolidation of various schemes under a comprehensive maternal and child health program, along with the expedited upgradation of Anganwadi centers and the nationwide rollout of the UWin platform, signifies a holistic approach to healthcare.

While no changes were made in direct or indirect taxes, including import duties, the government's focus on measures that encourage economic growth is highly appreciative. The next five years are poised for unprecedented development, and we look forward to actively participating in initiatives that enhance both the economic and healthcare facets of our nation".

Shalya Gupta, CEO, PHF Leasing Limited on The Vote of Accounts and the Interim Budget

It was good to see the Government continuing its thrust on the EV sector. The focus on supporting manufacturing of EV vehicles in India and charging infrastructure will create the right environment for the growth of the EV sector. With a robust ecosystem in place, the Financing solutions become easier to implement with risk of default decreasing. We are hoping that in the Full Budget to be presented after the Elections, the New Government will continue with its policy thrust on job creation through opportunities presented by the Electric Light Commercial Vehicle (ELCV) segment.

Sakshi Sawant, Director, Maati Nature resort

"I'm excited about the government's boost to the tourism sector in the interim budget. The special attention to enhancing tourist infrastructure in Lakshadweep is particularly promising. With recent challenges abroad, many Indians are now looking at domestic destinations. This focus aligns with the growing interest in exploring India, and I anticipate positive impacts on businesses like ours, encouraging more domestic tourism."

Mohan Lakhamraju, CEO & Founder, Great Learning

"With technological advancements happening every minute, relying just on a college education is not enough for the Indian youth. They will have to keep updating and upskilling themselves to utilise their full potential in strengthening our economy. Removal or Reduction of GST rate from upskilling programs in the upcoming Union Budget will help solve this by democratising access to quality education, fostering innovation and employability. Formalising the edtech sector and streamlining operations through regulations and policies instils confidence among stakeholders, fostering an environment conducive to growth. These changes ultimately align with the national goal of developing a more responsive education system, equipping the workforce in this knowledge-driven economy to meet the evolving demands of the job market."

Jyoti Prakash Gadia, Managing Director at Resurgent India

Although it is only an interim budget by way of a vote on account, there were large expectations across all segments, it is an opportunity for the government to showcase its ambitious plans just before the next general elections. The FM has accordingly chosen to concentrate on the initiatives already taken by them in the fields of agriculture, dairy farming, MSME and infrastructure with a long-term perspective in mind.

The emphasis on the tourism sector is a welcome move considering the immense potential we have and the bad times it faced during the pandemic. The overall announcements are on expected lines as a part of the interim budget without any major announcements of specific areas.
The announcements about income tax relaxation and rationalisation of indirect taxes were much expected but the same proved to be unfortunately a part of wishful thinking only.

The FM is relying upon the strategy of maintaining continuity and consistency to prove their point in favour of a brighter future with a comprehensive set of reforms set out in due course.

Ankur Gupta, Practice Leader - Indirect Tax at SW India

Although the FM (Finance Minister) stated that there are no alterations in rates for customs or GST, modifications have indeed been introduced in GST laws. The amendment will be effective once the notification is issued after finance bill receives assent from President of IndiaThese changes now mandate the acquisition of registration as an Input Service Distributor (ISD) for the distribution of credit related to input services. Consequently, the practice of cross-charging common expenses will be replaced by the ISD, necessitating companies with a nationwide presence in India to obtain ISD registration for the distribution of credit among branches. This amendment reflects a shift in the mechanism for handling credit distribution for input services within companies operating across the country.

Saurrav Sood, Practice Leader - International Tax and Transfer Pricing at SW India

No major changes in the direct tax aspect. However, timelines for certain exemptions which were expiring in March 2024 have been extended to March 2025 now. Such an extension will benefit start-ups and units operating in the International Financial Services Centre. Other than that, the budget proposes to introduce provisions to write off old tax demands up to ₹ 25,000 till AY 2009-10 and ₹ 10,000 up to FY 2014-15 as a one-time relief to taxpayers. Further, there are no announcements on Pillar 2 nor there is an inclusion of transfer pricing assessment under a faceless regime.

Karun Tadepalli - CEO and Co-Founder, byteXL

“We commend the government’s efforts in improving the education sector under the National Education Policy. This forward-thinking approach has led to increase in the female enrollment in higher education by 28 percent and in the STEM courses by 43 percent. As the government is also aiming to promote medical education with new medical colleges, they might bring in more enrollments from the female candidates.

It is encouraging to see that under the Skill India Mission, the government has trained more than 1.4 cr people and 54 lac more are undergoing the upskilling and reskilling programs. This will not only help in the overall technological knowledge growth of the country but also will lead to key innovations and developments. This will assist in increasing the digital literacy and help in reducing the digital divide”

Binu Jacob - MD and CEO, Experion Technologies

“As we assess the Union Budget for 2024, it's crucial to acknowledge certain aspects that merit attention. While the government's recognition of the importance of education and skill development in the youth is commendable, sustaining and expanding these efforts is imperative, especially considering the prediction that 20% of the global labor force will be supplied by India by 2047. The continuation of educational investments is a necessary step, and we hope to see tangible outcomes.

The expansion of airports and railway corridors, particularly in tier II and III cities, has potential benefits for accelerating the growth of Global Capacity Centres in states like Kerala. However, the impact of such infrastructure initiatives needs to be monitored closely, considering the challenges associated with execution and long-term sustainability.

The promise of interest-free loans for research and development in sunrise sectors is a positive note. It holds the potential to stimulate innovation and drive the startup ecosystem - I am particularly excited to see how the youth will make use of this opportunity to set up and grow startups in emerging tech like AI. Yet, the execution and accessibility of these opportunities will be critical in determining their actual impact on the ground.

The focus on ensuring the welfare of farmers and the agriculture sector is a step in the right direction. It remains to be seen how effectively these measures will address the complex challenges faced by the agricultural sector and whether they will lead to tangible improvements for farmers - what would make a real difference is bringing about policy changes that will enable the export of our produce. Export controls need to be unblocked and we need to work on an inter-governmental level to have our produce accepted internationally.

In our march to becoming a 7 trillion dollar economy by 2030, we need to focus on continuance in policies for infrastructure development, which will in turn improve supply chains and thereby lower costs for global competency”

Piyush Kulshreshtha, Founder & CEO, Khul Ke said that "As the architect of a social impact platform Khul Ke, born in the vibrant landscape of Atmanirbhar Bharat, I applaud the commendable strides taken by the Government of India in fostering startups and championing initiatives like Startup India, Digital India, and Atmanirbhar Bharat. It's not just about creating policies; it's also about nurturing the adoption of innovations and world-class technologies that emanate from the dynamic efforts of our youth to create world-class products.

We had requested for a separate budget for adoption of world-class technologies developed by Indians under Atmanirbhar Bharat and Start Up India and be adopted by the government under Digital India initiative. Now as we stand at a pivotal juncture, the recent budget updates signal a positive shift, streamlining funding processes and enhancing digital infrastructure and skill development initiatives. The commitment to establishing a ₹1 lakh crore corpus with a 50-year interest-free loan reflects a visionary approach towards providing long-term financing to catalyze the startup ecosystem. The government must adopt a transparent and fair policy in all areas while emphasizing on sectors where India has historically lagged and give them a special advantage.

In the words of Finance Minister Sitharaman, 'Our prosperity depends on equipping and empowering the youth,' and indeed, our young country's high aspirations are being met with positive transformations. The reduction of the corporate tax rate and the extension of tax benefits for startups and investments underscore a commitment to fostering a conducive environment for innovation.

As we embrace the changes outlined in the interim budget, we remain optimistic about further reforms that will propel the startup ecosystem in India. The new-age tech opportunities for India are expanding, and our platform stands ready to contribute to this journey of innovation and social impact.

Real-life collaborations through social networks will be the jet fuel for Prime Minister’s vision of ‘Viksit Bharat’.

Mr. Beas Dev Ralhan, CEO, Next Education says that, "In the latest budget, the government places a significant emphasis on elevating higher education standards through upskilling and reskilling initiatives. This underscores a continued commitment to the transformative reforms outlined in The National Education Policy 2020. The substantial allocation, with the Education Ministry receiving its highest-ever budget of Rs 1,12,898.97 crore, reflects a prioritization of educational excellence.

While PM Schools for Rising India (PM SHRI) play a pivotal role in delivering quality education and fostering holistic development, it is crucial to address the persistent challenge of unemployable youth. Urgent attention is needed to realign our education system with market demands, ensuring that our youth not only receive theoretical knowledge but also acquire practical skills. This strategic focus is essential to empower the younger generation to contribute meaningfully to the progress of our nation."

Anshuman Das, CEO and Founder, LONGHOUSE Consulting said that "We commend the government's commitment to nurturing entrepreneurship and promoting the empowerment of women through its visionary budgetary measures. The sanctioning of 43 crore (0.43 Billion) loans, amounting to Rs. 22.5 lakh crore (2.25 Trillion), through the PM Mudra Yojana, has provided a significant boost to the entrepreneurial aspirations of our youth. In addition, the Fund of Funds, Startup India, and Startup Credit Guarantee Schemes have played a crucial role in supporting our budding entrepreneurs. The remarkable increase in women's participation in the workforce is a testament to the government's dedication to fostering women's empowerment and ensuring a dignified standard of living. We applaud these endeavours and eagerly anticipate contributing to this transformative journey of progress."

Mr. S Pasupathi, Chief Operating Officer, HirePro said that ""We commend the government's commitment to empowering the youth of India through its focus on skill development and employability in the recent budget. The Skill India Mission's achievement of training 14 million youth, upskilling and reskilling 5.4 million individuals, and establishing 3,000 new ITIs is a significant step towards addressing the growing demand for skilled talent both domestically and internationally. At HirePro, we recognise the importance of a skilled workforce in driving economic growth. The government's emphasis on talent mobility aligns with the global demand for Indian talent. This presents a tremendous opportunity for collaboration, where platforms like ours can play a pivotal role in connecting skilled Indian youth with both domestic and international opportunities. Additionally, the strides made in education reform, particularly the establishment of prestigious institutions like IITs, IIITs, IIMs, AIIMS, and universities, will contribute to nurturing a pool of well-rounded and highly capable individuals. We look forward to leveraging this talent pool and contributing to the nation's progress through innovative recruitment solutions. Overall, the budget's focus on skilling, education, and talent mobility aligns with our mission at HirePro, and we are excited about the prospects it brings for the future of the Indian workforce."

Mr. Rajamanohar Somasundaram (Raj), Founder & CEO - Aquaconnect says "We are pleased to see that the government has identified gaps in seafood production, technology intervention, financing, post-harvest infrastructure, traceability, and sustainability and is actively addressing them through policy intervention and budgetary allocation. We welcome the new sub-scheme under the PMMSY that has been announced with an investment of Rs. 6,000 crore to support the activities of fish vendors, fishermen, and micro and small enterprises. This investment aims to improve value chain efficiencies and expand the market, contributing significantly to the promotion of domestic market consumption.

The establishment of aquaparks will play an important role in promoting the development of value-added seafood products in India. This will ultimately enhance the value realization of Indian seafood and act as a catalyst for generating employment opportunities among coastal communities.

We have been witnessing a consistent effort to improve the fisheries sector in consecutive budgets. This is an encouraging trend, and we hope to see it continue for the betterment of fishermen, aquaculture farmers, and other stakeholders in the seafood value chain."

Ms. Meena Kapoor, Founder - Astroyogi says,"In my career, I've observed a notable increase in women's empowerment, particularly in technology and entrepreneurship. The 28% rise in female participation in higher education and the 43% presence of women in STEM fields showcase India's leadership in promoting gender inclusion. Astroyogi aims to be a platform that actively fosters women's advancement across various fields. I envision women taking on leadership roles in the coming year and contributing to the creation of a wealthier and more equitable country"