Industry Leaders React to FM Nirmala Sitharaman's Budget 2024

Jasbir Singh, Chairman & CEO, Amber Enterprises

Pankaj Poddar, Group CEO, Cosmo First

Ankur Mittal, Cofounder, Inflection Point Ventures

Prof. Ram Kumar Kakani, Director of IIM Raipur

Dr. Pankaj Priya, Deputy Director and Dean-Academics at BIMTECH

Abhishek Gupta, CEO, Rau’s IAS Study Circle

Dr. Dharmesh Shah, Founder and Director of Holistica World

Surjeet Thakur, Founder & CEO of TrioTree Technologies.

Sunil Jhunjhunwala, Co-Founder - TechnoSport

Dr Krishna Prasad Vunnam, Founder & Managing Director:

I commend Finance Minister Nirmala Sitharaman for presenting a thoughtful and inclusive budget today. The increased focus on healthcare, with substantial allocations towards infrastructure development and public health initiatives, is both timely and necessary.

At Ankura Hospital, we are particularly encouraged by the exemption of customs duty for Rare Diseases like Cystic Fibrosis as also significant emphasis on maternal and child health. The dedicated funds for improving neonatal care and pediatric services align perfectly with our mission to deliver the highest quality of care to mothers and children. These initiatives will undoubtedly enhance our ability to provide comprehensive and specialized services to this vulnerable population.

Overall, this budget demonstrates a strong commitment to building a resilient healthcare system. We look forward to supporting and implementing these initiatives to contribute to the nation’s health and well-being.

Given the rapidly rising cancer cases in India, the initiative to promote cervical cancer vaccination among girls aged 9-14 marks a momentous turning point that has been declared in the budget. The government is stressing the need for timely prevention and health awareness among young girls and their families. This move will empower future generations with the knowledge they require to prevent cervical cancer. By increasing accessibility to the HPV vaccine, it is possible to address misconceptions and stigma related to cervical cancer. Preventive measures are encouraged for girls to lead healthy lives. Likewise, the launch of the Unorganised Worker Identification Number (U-WIN) platform is a significant leap with a focus on immunization management and the ambitious Mission Indradhanush. By streamlining vaccine distribution through real-time data tracking, U-WIN will ensure that the vulnerable populations can get timely vaccinations which will reduce the burden on the healthcare system.

Sanket S., Co-founder, Scandalous Foods

Today's budget marked a significant step forward for the MSME sector and the broader startup ecosystem. The government's decision to get rid of the angel tax gives startups a big push, encouraging more investment and innovation.

Banks will now have a new way to provide credit during tough times, and with the increased Mudra loan limit to Rs 20 lakh, they will offer essential support for MSMEs to sustain and grow their businesses.

Adjustments to the new tax system, like bumping up the standard deduction to Rs 75,000, will give taxpayers some much-needed breathing room with their finances. However, investors will need to watch out for the higher STCG and LTCG tax rates. On the whole, these steps show a well-rounded plan to boost economic growth and back up the core of our economy—the MSMEs.

Prof. Fr. (Dr.) K S Casimir, Director, XLRI Delhi-NCR

The Finance Minister’s allocation of ₹1.48 lakh crore for education, employment, and skilling demonstrates a robust commitment to nurturing our nation’s future. The provision of financial support of loans up to ₹10 lakh for higher education in domestic institutions and the introduction of e-vouchers for interest subvention will significantly alleviate the financial burden on students, enabling them to pursue their academic goals. Furthermore, the ambitious plan to skill one crore youth in collaboration with India’s top companies and the Prime Minister’s Internship initiative are commendable steps towards enhancing employability and bridging the skills gap. These measures are poised to empower our youth, fostering a more inclusive and prosperous society.

Dr. Prathap C. Reddy, Chairman of Apollo Hospitals

The Union Budget 2024 aligns with the Finance Minister’s earlier commitments, focusing on workforce enhancement, upskilling for manufacturing, and welfare for women and girls, while also strengthening energy and infrastructure. With an alarming 1.46 million new cancer cases projected, the exemption of customs duties on three additional cancer medicines is a vital step toward easing treatment costs. Addressing gaps in cancer care requires collaboration between communities, healthcare providers, and policymakers. Public insurance programs like AB-PMJAY have made progress, but further public-private collaboration is crucial for affordability and accessibility. Additionally, adjustments in Basic Customs Duty for medical equipment components will support domestic manufacturing and lower costs for advanced technologies. Overall, the Budget 2024 sets a clear path toward a brighter and more prosperous future for India. 

Dr. Simmardeep S Gill, MD & CEO, Sterling Hospitals, Ahmedabad

The draft Union Budget 2024 has important takeaways for the healthcare industry. The rationalization of customs duty will help streamline the processes and reduce costs for hospitals, allowing the industry to invest more in patient care and in cutting-edge medical technology. The exemption suggested on three critical cancer medicines from basic customs duty will provide much-needed relief to the patients and their families.  The Union budget’s focus on domestic production of X-ray tubes and flat panel detectors is also a positive development that will not only help in encouraging the healthcare manufacturing sector but also increase the availability of quality diagnostic equipment within the country thereby enhancing healthcare accessibility to the larger population.

Mr Suresh Kumar Singhal, President of the Federation of Telangana Chambers of Commerce and Industry (FTCCI), a 107-year-old trade and commerce body.

We could see the intellectual architecture of our finance minister Smt Nirmala Sitharaman all along the budget she presented.

Singhal also welcomed the proposal to open new SIDBI branches to expand its reach to serve all major MSME clusters within 3 years and provide direct credit. With the opening of 24 such branches this year, the service coverage will expand. Further, he hailed the simplification of FDI policy to attract foreign investments. He welcomed under the new tax regime as a result of which a salaried employee in the new tax regime stands to save up to Rs 17,500/- in income tax, Singhal added. This helps people have more money in their hands.

President of CREDAI Hyderabad, Mr. V. Rajashekhar Reddy, expressed his optimism about the budget proposals, emphasizing the significant infrastructure investments and land-related reforms outlined in the budget. Also the focus on affordable housing as a part of PM Awas Yojna 2.0 to develop 1 Crore homes for the urban poor and middle class families with an investment of 10 Lakh Crore, will provide an impetus to the Real Estate Sector. He also highlighted the alignment of the Telangana Government's efforts with the Union Budget initiatives, creating a synergistic effect that strengthens the real estate market in the state.

"Investments in infrastructure, urban planning, and digitization of land records are crucial steps towards enhancing the real estate sector in Hyderabad. We believe that these measures will not only boost the sector's contribution to the economy but also address the housing needs of millions, driving inclusive growth and development," stated Mr. Reddy.

Dr. Gayatri Kamineni, COO, Kamineni Hospitals

The Union Government's decision to exempt three cancer drugs from custom duties is a significant and commendable move. Cancer treatment is notoriously expensive, often placing an overwhelming financial burden on patients and their families. By removing these duties, the cost of these crucial medications will be substantially reduced, making them more accessible to a larger segment of the population. This measure is especially beneficial for those who struggle to afford the high costs associated with cancer care. Announced by the Finance Minister, this exemption reflects a proactive approach to healthcare policy, prioritizing patient access and affordability. It highlights the government's commitment to supporting cancer patients and improving public health outcomes. Such steps are crucial in ensuring that life-saving treatments are within reach for everyone, thereby reducing the economic strain and improving the quality of life for cancer patients across the country.

L Srinath Reddy, Managing Director, Raminfo Limited

"Budget 2024 reflects a forward-thinking approach, particularly in supporting MSMEs and youth skill development. The introduction of a credit guarantee scheme and enhanced Mudra loan limits will significantly bolster the MSME sector, providing much-needed financial support and stability. As an MSME, we too are eyeing global expansion with young talent and innovation at the heart of our plans. This budget aligns with our vision too. The comprehensive internship scheme, aiming to offer internships in top companies to one crore youth over five years, is a game-changer. It will provide invaluable real-world experience and skill enhancement opportunities for our young workforce. Employment-linked skilling initiatives and the three employment-linked incentive schemes, focusing on job creation and support to employers, demonstrate a strong commitment to reducing unemployment and encouraging industry growth. Abolishing the angel tax for all investor classes is a significant move to boost investment and entrepreneurial activity in the country."

Karun Tadepalli, CEO and Co-Founder, byteXL

"Cognizant of the transformative power of education and skills in shaping our nation's future, the policymakers are aiming to empowering youth. By offering financial support for higher education loans up to Rs 10 lakh with a 3% interest subvention and e-vouchers for one lakh students annually, access to learning opportunities is being democratized. Concurrently, the upgrade of 1,000 ITIs using the hub and spoke model, aligned with industry needs, underscores our dedication to equipping our workforce with relevant skills.

With an allocation of Rs 1.48 lakh crore towards education, employment, and skilling initiatives, 20 lakh youth over the next 5 years will be skilled. Internships for 1 crore youth in top companies, supported by CSR initiatives, will bridge the gap between academia and industry, fostering practical knowledge and career readiness. The abolition of angel tax for investors further catalyzes entrepreneurial spirit, facilitating innovation and job creation. Together, these measures reflect a holistic approach to nurturing talent, enhancing employability, and fostering a thriving economy built by a skilled workforce."

Mr. Karthik Kondepudi, Partner - Herbochem

“I appreciate the Government of India for supporting the MSME sector. It is a commendable step from the Government that now the MSMEs in the manufacturing sector will benefit to grow without any burden of collaterals, with the Credit Guarantee Scheme for MSMEs which will guarantee a cover up to ₹100 crore. The new way of assessing MSME credit using digital footprints for credit appraisal will be far better than conventional methods and increase credit availability for many businesses. Also, credit support during any stress period will ensure that operations of the MSMEs are kept continuous since this is an important factor influencing the survival and growth of businesses. Increasing the Mudra loans limit up to ₹20 lakh, strengthening the TReDS platform space and covering more clusters with SIDBI will fulfil the needed funds and working capital needs of the sector. The measures for establishing the food irradiation units and quality testing lab will strengthen the base of the food sector both in terms of quality and safety. In summary, this budget provides a solid ground for MSME to grow, compete internationally, and act as a major driver of the Indian economy."

Satyendra Prasad Narala - Managing Director, Regency Ceramics

“The Finance Minister's announcement of a ₹10 lakh crore investment in urban housing through PMAY Urban 2.0 is a significant boost for India's real estate sector and related industries such as Ceramics and Tiles Manufacturing. This substantial infusion, including ₹2.2 lakh crore to rejuvenate the affordable housing segment and is expected to drive demand for construction materials and stimulate growth in sectors like ceramics, fostering innovation in construction technologies for affordable housing.

Moreover, the enhanced focus on middle-class families is likely to encourage diverse housing types and urban design solutions.

In tandem with this, the focus on MSMEs is commendable. The introduction of a credit guarantee scheme for MSMEs in the manufacturing sector, along with support for E-commerce export hubs, will fuel growth and competitiveness. However, while welcoming these measures, we urge additional support for sectors like Ceramics to ensure sustainable growth.”

Prem Kumar Vislawath - CEO and Founder, Marut Drones

The allocation of ₹1.52 lakh crore for agriculture and allied sectors by the finance minister underscores a pivotal commitment to bolstering India's agricultural resilience. The emphasis on developing climate-resistant varieties and introducing 109 new high-yielding varieties is a forward-looking stride towards sustainable agriculture. Additionally, the promotion of farmer producer organizations, cooperatives, and startups heralds a new era of inclusive growth and innovation in the agricultural sector.

Exempting lithium imports from customs is a bold step demonstrating India's commitment to strengthening the drone manufacturing sector. Lithium, crucial for drone battery production, will now bolster domestic drone manufacturing, underlining the government's support for this industry.

The abolition of the Angel Tax for investor classes is a significant boost for startups, affirming the government's unwavering support for entrepreneurship and fostering a conducive investment environment.

However, we look forward to enhanced subsidies on agricultural machinery, including drones, as a critical step towards modernizing our farming practices.

Anant Jain, Head of Customer Success - India, GfK – an NIQ company

"In the Union Budget 2024, the Finance Minister's focus on uplifting the poor, women, youth, and farmers aligns with India's aspirations towards a developed nation. It reflects the government's commitment to 'Viksit Bharat' and is poised to benefit the tech sector. The proposed reduction in the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile chargers to 15% expected to make mobile devices and accessories more affordable, thereby boosting consumer demand and driving growth in the tech industry. Additionally, the increase in duty on printed circuit board assemblies (PCBA) for specific telecom equipment from 10% to 15% aims to encourage local manufacturing. Government’s prioritization on jobs, agriculture and energy sector will provide long term growth opportunities to tech & durables sector."

Mr Manish Raj Singhania, President FADA

"The recent budget announcement by the Government of India brings a blend of optimism and challenges for the auto retail sector. The focus on 'Garib', 'Mahilayen', 'Yuva', and 'Annadata' highlights a comprehensive approach towards inclusive growth, which is commendable. The enhanced Minimum Support Prices for major crops and the launch of Phase IV of PMGSY are positive steps that will boost rural incomes and improve rural connectivity, thereby potentially increasing rural auto sales.

The budget's emphasis on employment, skilling, MSMEs, and the middle class is particularly relevant for our industry. The Employment Linked Incentive scheme and the enhancement of Mudra loans are encouraging developments that will support job creation and entrepreneurship, leading to increased consumer spending power.

ignificant infrastructure investments, with an allocation of Rs. 11,11,111 crore for capital expenditure, will have a multiplier effect on the economy. Improved infrastructure is a boon for the auto sector, facilitating better logistics and enhancing the overall consumer experience.

The adjustments in personal income tax, including increased standard deductions and relief for salaried employees and pensioners, are welcome measures that will enhance disposable incomes, fostering a more favorable environment for auto sales.

However, the industry must also navigate certain challenges. While the budget provides a robust framework for growth, the effective implementation of these policies will be crucial. We hope for continued support from the government in addressing specific issues faced by the auto retail sector, such as the transition to green mobility and the need for policies that support sustainable practices.

Overall, the budget lays a strong foundation for future growth, and we are optimistic about the positive impact it will have on the auto retail industry."

Mr. Kalyan Chakrabarti, CEO, Emaar India

We at Emaar India welcome the Union Budget 2024-2025, as it reflects the government's strong commitment to improving urban housing. This budget lays a robust foundation for a dynamic, inclusive, and sustainable urban housing environment, ensuring long-term benefits for all stakeholders We are excited about these positive changes and are committed to playing our part in building high-quality projects that support this vision."

This ₹10 lakh crore investment is a strong step towards creating an inclusive and sustainable urban ecosystem. Making affordable loans more accessible will effectively help people in achieving the dream of homeownership. At Emaar, transparency is our core value and therefore we firmly support the emphasis on transparency and believe that a fair rental housing system will create a more trustworthy and balanced housing market.

Key infrastructure developments, such as better water supply and sanitation, effective sewage treatment, and solid waste management, will significantly enhance the quality of life across the country. Additionally, lowering of stamp duty for properties purchased by women is a commendable move towards gender equality in property ownership and empowering women. Furthermore, the comprehensive internship program for one crore youth in leading companies, along with women-specific skilling programs, are strategic initiatives designed to boost workforce participation and drive economic growth.

Mr. AmarendranVummidi, Partner, Vummidi Bangaru Jewellers

“The government’s move to reduce the custom duties from 15% to 6% on gold and silver and from 15.4% to 6.4% on platinum in order to enhance domestic value addition in gold and precious metal jewellery in the country, is commendable. This is going to benefit the sellers and the consumers equally. To promote the development of the diamond cutting and polishing industry, the finance minister has proposed safe harbour rates for foreign mining companies selling raw diamonds in the country and that again is a great move. The budget particularly focused on employment and skilling, which is the need of the hour. I appreciate the government’s initiative of employment-linked skilling through 5 schemes and initiatives as part of the PM’s package. Truly, the budget has many announcements for the youth and the women population. Creating more jobs is vital in unlocking the demographic dividend."

Amit Jain, Global Chief Executive Officer - Sterling and Wilson Renewable Energy Group

“As a leader in the renewable energy sector, we feel that the recent budget announcement is an acknowledgement of the industry’s huge potential in terms of meeting India’s global sustainability commitments, ensuring the nation’s long term energy security, and providing access to affordable and clean power source for the people. We commend the government’s move to support energy transition by expanding the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. The PM Surya Ghar Muft Bijli Yojana which involves installation of rooftop solar plants to enable one crore households obtain free electricity is a step in the right direction and shall promote a more sustainable future. The announcement to fully exempt 25 critical minerals and reduce BCD on two of them will assist the renewable energy sector, since it shall provide a major fillip to the processing and refining of such minerals and help secure their availability. The proposed policy to promote pumped storage projects for electricity storage will help facilitate smooth integration of growing renewable energy share thereby reducing challenges posed by its variable and intermittent nature. Expansion of India’s renewable energy infrastructure - both greenfield and brownfield will require skilled workforce to ensure efficient project execution, while reducing cost and time overruns. We therefore welcome the government’s focus towards upskilling 20 lakh youth over a 5-year period and upgrading 1000 Industrial Training Institutes.”

Dr. Silpi Sahoo, Chairperson, SAI International Education Group

“The Union Budget 2024–25 shows a strong commitment to youth empowerment, acknowledging that it is essential to the success of our country. A 30% increase in funding to Rs 1.48 lakh crores has been allocated for education, employment, and skill development; this is a necessary and promising initiative. Students from low-income backgrounds benefitting from the provision of financial support for loans up to ₹10 lakh for higher education is a welcome move by the Government. Internship chances at 500 leading companies for 1 crore students during a 5-year period coupled with an internship allowance of ₹5,000 per month and a one-time aid of ₹6,000 will offer invaluable exposure and professional experience to the youth of India. Furthermore, the skilling project, which is a partnership between business and state governments, intends to improve 1,000 Industrial Training Institutes to train 20 lakh kids over the course of five years is a notable development in the Union Budget. I am sure that many students will benefit from the redesigned Model Skill Loan Scheme, which would provide loans up to ₹7.5 lakh backed by a government-sponsored fund. This will help the youth to be more professionally trained. Also, The Eastern region's 'Purbodaya' plan and the emphasis on digitization and technology adoption prioritizing infrastructure, economic prospects, and human resource development will be a key to turn the region into a major player in the global economy. If these policies are implemented effectively, Bharat is on the path to attaining global leadership.”

Manoj Tulsian, CEO & Joint Managing Director, Greenply Industries

“We are encouraged by the Union Budget 2024-25, which presents a forward-thinking vision for the construction and home interior industry. The focus on affordable housing under the PM Awas Yojana Urban 2.0 is noteworthy. By addressing the housing needs of urban poor and middle-class families and facilitating loans at affordable rates, this initiative is set to drive demand in our sector, supporting more families in achieving their dream of homeownership.

The budget’s emphasis on creating skill-led employment opportunities is another commendable step. By incentivizing additional employment and supporting both employees and employers, the government is fostering a robust job market that will benefit millions of youth entering the workforce. This initiative not only creates jobs but also enhances skills within the formal sector.

We also applaud the commitment to sustainability. The roadmap for transitioning industries from energy efficiency to emission targets is a significant move towards reducing our carbon footprint. Greenply has been at the forefront of this transition, leading the industry in adopting clean energy sources and maintaining harmony within the supply and demand chain without disrupting ecosystems. Additionally, the support for traditional micro and small industries to adopt cleaner energy forms and implement energy efficiency measures reflects a holistic approach to sustainable development.

We look forward to working closely with the government to ensure these measures translate into meaningful benefits for the economy and the environment.”

Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda

The Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. The thrust on agriculture, skill development and MSMEs and consequently leading to employment generation will continue to be the main focus areas for the government in the coming years. The overall size of the budget has remained almost unchanged from the Interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the fiscal deficit at 4.9% for the year. The said action will keep the growth steady as well as robust not only for economy but also banking. This will make it easier to touch the 4.5% mark in Fy26 as per the FRBM target. More importantly for the financial year the overall gross borrowing and net borrowings have been pegged at almost the same level as in the Interim Budget. This means that it is virtually neutral for the market in terms of liquidity and bond yields, which has positive impact on the economy.

The banking sector can see substantial positive takeaways from the Budget which goes beyond the neutral impact on liquidity. First, there is a focus on MSMEs with a credit guarantee scheme being brought in. Any support to the MSMEs will be positive growth of not just GDP but also employment. Second, at the retail level, there is emphasis on education loans which will also help in skill building that is the need of the day. Third, the Budget speech also spoke about recovery and the focus will be on debt recovery tribunals. Fourth, the balanced regional development goal also includes setting up of more touch points in the North Eastern Regions which will help to make banking more universal. Last the reiteration of the budget to encourage housing also means that banks will have a larger role to play in carrying out this programme at both the rural and urban levels.

Rajesh Sharma, Managing Director at Capri Global Capital Limited

"We commend the Union Budget 2024-25 for its robust support towards MSMEs, a vital backbone of our economy. The budget's enhancements to the credit guarantee scheme, regulatory reforms, and financial packages reflect a strong commitment to creating a supportive environment for MSMEs to thrive and compete globally. Notably, the budget also emphasizes affordable housing, which will further stimulate economic growth, improve asset quality, and create employment opportunities. The focus on e-commerce export hubs and technological upgrades for traditional artisans will not only strengthen domestic growth but also position Indian MSMEs as key players on the global stage.

Additionally, the measures to facilitate term loans for machinery and equipment without collateral, along with the establishment of new SIDBI branches, will significantly ease financial access for MSMEs. The budget's emphasis on promoting women-led development through dedicated schemes benefiting them is a commendable step towards inclusive growth. Furthermore, the initiatives aimed at improving productivity and efficiency reflect India's vision of becoming an inclusive and developed nation. These initiatives are poised to drive innovation, employment, and sustainable development within the sector, further strengthening India's economic resilience."

Sapan Gupta, Chief Financial Officer, Rodic Consultants

“The Union Budget 2024-25 places major emphasis on farmers, poor, women and youth of the country and various initiatives have been proposed to support the cause. Budget underscores the critical role of infrastructure in driving economic progress with substantial investments in railways, roads, and airports. The allocation of Rs 1.5 lakh crore for rail infrastructure and the expansion of the National Highway network will enhance connectivity, reduce logistical costs, and promote regional development.

The significant focus on the eastern regions, including Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, will transform these areas into growth engines, aiding in the attainment of Viksit Bharat. Furthermore, the ₹50,000 crore allocated for urban infrastructure, smart cities, and urban mobility projects will improve urban living, create jobs, and stimulate economic activity.

The government's commitment to infrastructure development is evident and pivotal for achieving long-term economic growth and prosperity.”

Meenu Singhal- Socomec Regional MD, Socomec Greater India

“Today’s budget announcement marks a pivotal moment for India with funding focus on 9 priorities including Productivity and resilience in Agriculture, Employment & Skilling, Human Resource Development and Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development and Next Generation Reforms generating ample opportunities for all.

This budget paves way for a significant growth towards a 'Viksit' Bharat. With one lakh crore fund being allocated for research and innovation, it will help in providing a substantial sustainable growth opportunity for our country by 2047. The policy highlighting on the use of appropriate energy transition will help in balancing the imperatives of employment leading to a more organized growth and environmental sustainability.

The budget’s emphasis on providing skilling programmes will empower the youth in obtaining quality employment opportunities. We appreciate government’s move to reduce the corporate tax for foreign companies from 40 per cent to 35 per cent. This endeavour will improve the overall business environment, making it conducive to foreign direct investments into the country which will create more employment opportunities for the youth and stimulate economic growth. The Angel Tax abolition would also super charge the startup ecosystem”.

Sanjay Goenka, MD & CEO at 3F OIL PALM PVT. LTD

““We appreciate the Union Government for announcing a substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors in the budget and their proposal to introduce natural farming practices to 10 million farmers in the next two years.

With the above initiative, domestic oilseed production, and specifically palm oil production, will increase. As India is one of the world's largest importers of edible oils, of which palm oil constitutes a whopping 67 percent, this will help reduce India’s dependence on import of Palm Oil from other countries.

We believe the current budget will be a steppingstone towards empowering our farmers to make India self-sufficient in edible oils.”

Mr. Farrokh N Cooper, Chairman and Managing Director, Cooper Corporation Pvt. Ltd

“The reduction in the corporate tax rate for foreign companies from 40% to 35% is a commendable move that will attract more foreign investments into the country, fostering growth in the manufacturing sector. The proposed rationalization of capital gains taxation and the simplification of tax procedures will also enhance the ease of doing business. Additionally, the emphasis on fostering employment through various initiatives is highly encouraging. The allocation of funds towards skill development and vocational training programs will equip the labour force with the necessary skills to meet the industry's evolving demands. As a leading engine and component manufacturer, we are hopeful that these measures will lead to increased investments, job creation, and a more skilled workforce within our sector."

Balajee Bobba, Director, Bobba Group

"We commend the government for its visionary Union Budget 2024-25, which strategically emphasizes infrastructure, manufacturing, and skill development. The spotlight on the logistics and supply chain sector is crucial for India’s growth trajectory. Introducing e-commerce export hubs and industrial centers under the Vikas Bhi, Virasat Bhi scheme is a praiseworthy approach to bolster MSMEs and foster regional development. The government's commitment to green energy and EV infrastructure marks a significant step towards sustainable logistics. Additionally, the focus on technology and innovation will enable the industry to leverage AI, enhancing warehousing and optimizing every facet of the supply chain. At Bobba Group, we are enthusiastic about these initiatives and look forward to capitalizing on these opportunities to drive innovation, generate employment, and promote balanced economic growth."

Mr. Mahesh Viswanathan, Deputy CEO and CFO, Finolex Cables Ltd

“We welcome the employment and manufacturing generation initiatives outlined in the budget. The introduction of a credit guarantee scheme for term loans on machinery and equipment purchases, without collateral or third-party guarantees, is a progressive step that will empower MSMEs to innovate and expand, driving growth and job creation across the nation. Additionally, the exemption of customs duties on 25 critical minerals is a strategic move towards strengthening the economy and ensuring vital resources are available for the manufacturing sector.

We also applaud the continued efforts to bolster housing and infrastructure development, along with the focus on Digital Public Infrastructure. We firmly believe that these sectors are essential for driving economic growth. As the budget prioritizes expanding the manufacturing footprint, we anticipate a corresponding increase in consumer uptake.”

Vikas Bajaj, President of Association of Indian Forging Industry (AIFI)

” We welcome the budget presented today, which lays out a comprehensive roadmap for 'Viksit Bharat' across key sectors including manufacturing and services. The emphasis on promoting MSMEs through enhanced credit support and infrastructure development is particularly commendable. These measures will not only bolster job creation but also enhance competitiveness, paving the way for a robust industrial growth trajectory. For the manufacturing sector, the proposed incentives for additional employment will significantly boost job creation and strengthen the manufacturing ecosystem. The special attention given to MSMEs, particularly labour-intensive manufacturing, through financing, regulatory changes, and technology support, is a crucial step toward enhancing global competitiveness.

The introduction of a credit guarantee scheme for MSMEs, providing up to ₹100 crore without collateral, along with the new credit assessment model and enhanced Mudra loan limits, will ensure broader financial inclusion and stability. The commitment to developing 'plug and play' industrial parks and reducing customs duty on key raw materials like ferro nickel and blister copper will lower production costs and enhance competitiveness. Additionally, the financial support for shifting micro and small industries to cleaner forms of energy and the facilitation of investment-grade energy audits in 60 clusters, with expansion to 100 clusters, will greatly benefit MSME units in the forging sector. Overall, this budget is a significant step towards 'Viksit Bharat,' and we at AIFI are optimistic about its positive impact on the forging industry and the broader manufacturing sector."

Anurag Garg, Country Head & Managing Director, Vitesco Technologies India

"We welcome the Union Budget 2024 and commend the government's budgetary priorities aimed at fostering innovation, research, and development in the manufacturing sector. The initiatives announced today, such as the credit guarantee scheme and reduction in customs duties on critical raw materials, are poised to strengthen India's manufacturing ecosystem. These measures will not only incentivize additional employment in the manufacturing sector but also provide the necessary financial and technological support to MSMEs, allowing them to compete globally and contribute significantly to the economy.

Additionally, the establishment of investment-ready industrial parks and the reduction of input costs through customs duty cuts will boost domestic manufacturing and export competitiveness. We look forward to leveraging these opportunities to drive sustainable growth and technological advancement in the automotive industry, aligning with our vision for a prosperous and 'Viksit Bharat'."

Sanjana Desai, Executive Director of Mother's Recipe

“The 2024 budget brings a sense of optimism and growth opportunities for the FMCG sector. The proposal to abolish the so-called angel tax for all classes of investors will significantly bolster the entrepreneurial spirit and support innovation within our industry. Additionally, the increase in the standard deduction for salaried employees will enhance consumer purchasing power, which is beneficial for our brand as it may lead to increased demand for our products. We appreciate the government's efforts to simplify taxation and promote a more business-friendly environment.

Rishabh Kothari - Additional Secretary, Shri Ram Chandra Mission

“The budget session today has proposed supporting the development of temple corridors which will enable development of spiritual tourism within the proposed economic policy framework. According to the Ministry of Tourism, spiritual tourism in India has seen a rise post-Covid era. With the ease of restriction on lockdowns and travel, the numbers of spiritual tourists grew from 677 million in 2021 to 1,439 million in 2022 generating revenues of US$16.2 billion in 2022, up from US$ 7.9 billion as noted by the Ministry of Tourism. This contributed $199 billion to India’s GDP in 2022-23 financial year alone. Spiritual tourism has a rising potential of market size with an expected annual growth of 9-10% and generating livelihoods. It is estimated that by the end of this decade more than one hundred million people would have jobs in the spiritual tourism sector in India. Both Central and State Governments have worked in developing the infrastructure and connectivity through high-speed trains and setting up airports in smaller cities. Foreign tourists have been given easier access and interest-free loans to states to put up malls and shops for unique products have been brought in. It is very encouraging to see this kind of growth not only as an economic booster, but also that more and more people are seeking spiritual wellness from within the country and overseas as well. Provisions for promoting mental health as being an aspect of spiritual and holistic wellness must also be mandated through dedicated retreats and wellness centers.”

Saurabh Marda, Co-founder and Managing Director Freyr Energy

“The recent budget has been highly favorable for the energy sector, with the government setting an ambitious goal of achieving 500 GW of renewable power by 2030. A key component of this plan is encouraging homeowners to adopt solar energy, facilitating a swift transition to solar power. To support this, the government has allocated ₹70,000 crores in subsidies for homes that switch to solar energy. This is a crucial and forward-thinking initiative for the country's future, and we express our gratitude to the government for taking this significant step”.

Mr. Vikas Singh, MD & CEO of MMTC-PAMP

The government has proposed 'reducing customs duties on gold and silver to 6%' as part of its efforts to boost domestic value addition in gold and precious metal jewelry. As a market leader in the precious metals industry. 

Mr. Ankit Ratan, Co-founder & CEO at Signzy

The budget announcement is in line with our expectations of focusing on a new credit model for MSMEs. This initiative will enable financial institutions to move beyond traditional credit assessments and enhance financial inclusion for MSMEs. AI & ML technology can be leveraged to analyse alternative data from the digital footprint of the MSMEs. It will help the financial institutions to make informed decisions and help MSMEs to become part of the formal economy.  Public sector banks will need to develop a new credit assessment model that leverages the digital footprints of MSMEs in the economy. Additionally, the budget provided various forms of support to MSMEs, such as increasing Mudra loan limits and offering assistance during periods of stress. These measures are designed to ensure that MSMEs, the backbone of our economy, receive the necessary support to thrive and contribute to India's vision of becoming a 'Vikshit Bharat'. We also commend the government's continuous focus on promoting and supporting the startup ecosystem. The proposal to abolish the 'Angel tax' is a significant step towards encouraging investment in the sector. This move will attract both international and domestic investors, promoting innovation and growth within the startup community.

Ravi Bhamdipaty, Co-founder, Roastea

The proposed Union Budget 2024 lays strong emphasis on long-term and inclusive growth thereby leading us to Viksit Bharat. The budget has provided a big fillip towards the growth and development of the MSME sector leading to enhanced economic activity. The abolishment of the angel tax will help create an environment conducive to innovation and building the entrepreneurship culture. On a short-term basis, the hike in capital gains tax is a bit of a dampener however growth and higher economic activity will overshow the short-term blip.

Mr. Swarup Bose, Founder & CEO at Celcius Logistics

Food wastage has been a grave concern for the country. The government’s focus on strengthening vegetable production and supply chain through the development of large-scale clusters near major consumption centers is a crucial step in curbing the wastage issue and being self-sufficient.  By promoting farmer-producer organizations, cooperatives, and startups, the government is nurturing an ecosystem that encourages innovation and collaboration. These steps are crucial for reducing food wastage and improving market access for farmers and new-age Agri-startups.  Additionally, the commitment to digital public infrastructure for agriculture is a transformative move that will enable better tracking, transparency, and efficiency across the supply chain. These initiatives will optimize cold supply chain logistics, ensuring fresher produce reaches consumers faster and more efficiently. The allocation of Rs 1.52 lakh crore for agriculture and allied sectors will significantly enhance the efficiency and reach of logistics services providers.  The emphasis on infrastructure development and road connectivity will further streamline the supply chain sector’s operations, allowing us to better serve consumption centres. This budgetary aid will help strengthen the cold supply chain ecosystem and connect rural India, where most agricultural foods are produced. Moreover, The government's infrastructure push will also benefit companies across various sectors, including new-age food companies, quick-service restaurants (QSR), and quick commerce companies. These companies will be able to tap new markets because of the enhanced road connectivity and deliver goods to aspirational Bharat. The improved connectivity will help last-mile delivery of temperature-sensitive pharma products. More and more temperature-sensitive products will be delivered to the remotest of the area due to robust infrastructure. This budget reflects a strong commitment to sustainable agricultural growth and efficient logistics management, and we look forward to contributing to these goals.

Mr. Srivardhan Khemka, Director, Sanjivani Paranteral

The Finance Minister has shown a strong commitment to facilitating higher participation of women in the workforce in the Budget 2024. As a company with 60% women in our workforce, these measures will undoubtedly create a more supportive and inclusive environment for women, enabling them to contribute more effectively to the economy. Additionally measures such as organizing women-specific skilling programs and promoting market access for women, SHG enterprises is a step in the right direction. By focusing on skilling and market access, the government is empowering women to not only enter but thrive in the workforce. We look forward to supporting and participating in these initiatives, which will enhance the capabilities of our female employees and, in turn, drive the overall growth and success of our industry.

Masood Mallick, CEO, Re Sustainability Limited (ReSL)

We applaud the government’s continued focus on environmental sustainability and endorse the creation of the critical mineral mission. This mission, with its emphasis on extended producer responsibility, technology advancement, workforce development, and appropriate financing mechanisms bolsters industry efforts to recycle critical minerals. These initiatives foster a circular economy and lessen our nation’s reliance on imported critical minerals.

Furthermore, the government’s plans to expand solid waste management projects and services to 100 major cities underscore its commitment to enhancing the quality of life for the burgeoning urban population. These comprehensive efforts signal a promising future for sustainable development in our country.

Vikas Bhasin, Chairman & MD, Saya Group

The 2024 Union Budget's allocation of Rs 10 lakh crore for urban housing is a major boost for the real estate sector. This investment will significantly address the housing needs of urban families and spur growth. The PM 'Surya Ghar Muft Bijli Yojana' for rooftop solar installations is a commendable step towards sustainable living. The positive trends in housing loans reflect a balanced and encouraging outlook for the market. Saya Group looks forward to contributing to the urban development landscape with innovative and luxurious homes.

Rakesh Kaul, Managing Director, Livpure.

The facilitation and the continuation of bank credit to MSMEs during stress periods and the increase in the Mudra loan limit from Rs 10 lakh to Rs 20 lakh will significantly enhance the financial flexibility by enabling the mid-scaled enterprises to take easy-term loans and thereby help continue innovation and expansion plans without disruption. The reduction in the turnover threshold for mandatory onboarding on the TREDS platform from Rs 500 crore to Rs 250 crore will greatly improve the cash flow management by expediting the payment cycle. This change is crucial for maintaining MSMEs’ operational efficiency and competitiveness in the market.

Rohit Nagdewani, Founder, Fresh From Farm

The comprehensive review of the agricultural research setup, as announced by Ms. Sitharaman, is a monumental step towards transforming Indian agriculture. I believe that the focus on raising productivity and developing climate-resilient varieties will significantly address the challenges faced by our sector. The inclusion of funding in challenge mode, extended to both the private sector and domain experts, ensures that innovative solutions will be developed and implemented effectively. This initiative will not only enhance crop production but also fortify our efforts in cultivating resilient varieties of fruits, ensuring sustainability and growth for the future.

Amith Agarwal, Co-Founder & CEO, StarAgri

I commend the government and Madam Finance Minister for presenting a progressive and bold budget. As an agri-entrepreneur, I appreciate the emphasis on releasing high-yielding and climate-resilient crop varieties for farmers. This initiative will enable farmers to cultivate crops naturally, reducing the reliance on large amounts of pesticides. Furthermore, the focus on modern agricultural technologies will equip farmers with new methods, thereby enhancing their contribution to the GDP. The emphasis on achieving self-reliance (Atmanirbharta) for oilseeds such as sesame, mustard, and sunflower is crucial. This strategy not only transforms crop patterns but also significantly boosts farmers' incomes, contributing to India's self-reliance and strengthening its food security program.

Beas Dev Ralhan, CEO, Next Education

The government’s recent budget highlights an impressive central outlay of ₹2 lakh crores to enhance employability and skill development for India's youth. Additionally, the provision of ₹1.48 lakh crores for education, employment, and skilling marks a significant step toward progress and success. This investment will improve the quality of education and training, providing students with superior professors, facilities, and resources. The initiative aims to create employment and skill opportunities for young individuals over the next five years, underscoring a commitment to empowering the next generation. This budget reflects a forward-thinking approach to building a resilient and skilled workforce, essential for the sustained growth and prosperity of the country.

Ashishkumar Chauhan, MD and CEO at the National Stock Exchange (NSE)

The budget for the financial year 2024-25 was presented by Hon’ble Finance Minister Smt. Nirmala Sitharaman has given a huge fillip to job creation in India by ensuring that the private sector also participates in job creation in addition to the government sector while ensuring that India becomes the number 1 start-up nation and a nation of entrepreneurs by providing relief on the angel tax as well as increasing Mudra loan scheme limit from Rs 10 lakhs to Rs 20 lakhs per person. She has also focused on increasing women's participation in India’s labour force which will help India reap a demographic dividend even further by increasing young women’s participation in the workforce. Skill development as a part of job

creation has been also an out-of-the-box idea from her while keeping infrastructure outlay intact and reducing the fiscal deficit at 4.9% from the expectation of 5.1%. All these things are being achieved without much tinkering with the direct or indirect tax structure ensuring that India’s long-term credit rating improves by giving a glide path to a 4.5% fiscal deficit in 2025-26. Overall, 10/10.

Puneet Arora, Managing Partner, Biz Staffing Comrade Pvt Ltd

The significant investment in skill development programmes lays a solid foundation for a future-ready workforce. Job creation and equipping people with desired skills, has been a focal point in the budget, aligning the workforce with emerging market demands. The introduction of financial support for higher education, e-voucher systems, and direct benefit transfers for first-time employees will encourage formal employment and support students in pursuing their desired careers. Also, the huge investment in 1000 industry training institutes, underscores the government’s commitment to developing a skilled workforce capable of meeting the evolving demands of the market. The government has introduced measures to enhance women’s participation in the workforce, thereby creating an inclusive workforce. Overall, by prioritising the entry-level workforce and incentivising job creation, the government is addressing key employment challenges. The success of these initiatives will serve as a testament to a more inclusive and prosperous India.

Deepak Gupta, General Partner, WEH Ventures

To bolster the Indian startup ecosystem, the proposal to abolish the so-called Angel Tax for all classes of investors is a significant step forward. The Angel Tax has long been a point of contention, discouraging early-stage investments due to the perceived risk and additional financial burden it imposed. Eliminating this tax can foster a more conducive environment for startups, encouraging more investors to participate and support innovative ventures.

Additionally, the hike in Long-Term Capital Gains (LTCG) for unlisted equities could be a net positive for investors. By narrowing the tax rate delta between listed and unlisted equities, this move can create a more level playing field and attract more investments into venture capital and private equity. This alignment can benefit the broader investment landscape, making it more attractive for investors to diversify into unlisted equities, thereby providing crucial funding to startups and growth-stage companies.

Overall, these measures can drive more investment into the Indian startup ecosystem, providing the necessary capital for innovation and growth while simplifying the tax landscape for investors.

Akshay Mehrotra, Cofounder & CEO, Fibe

This year’s Budget has taken a forward-looking approach, aimed at building a self-reliant economy with MSMEs and startups as key drivers of Bharat's next phase of growth. It is encouraging to see the Government’s focus on creating more jobs for the youth with an enhanced focus on skill upgradation. This clubbed with the reduction in taxes for the salaried class signifies the strategy to support individuals in middle-income groups and younger professionals, leading to their professional development. Furthermore, the efforts to promote sustainable energy solutions will give a boost to more ‘Make-in-India’ businesses and boost innovation in the clean energy space, creating more job opportunities for the youth. Besides, the focus on MSMEs is another step forward in driving the nation’s progress. The enhancement of Mudra loans to ₹ 20 lakh will fuel the growth of mid-level companies (INR 50 lakh to 2 crore revenue) and ensure they get enhanced opportunities. Lastly, the increase in capital gains tax will pose challenges for venture capitalists and investors, especially when exiting. On the other hand, the abolishment of the angel tax will provide a much-needed boost to the startup ecosystem and help it thrive in India.

Nilay Patel, Managing Director & Founder, Easy Pay

The budget brings promising news for the e-commerce sector with the proposed reduction of the TDS rate from 1% to 0.1% for e-commerce operators. This significant move is set to enhance liquidity and ease compliance burdens, fostering a more conducive business environment. We anticipate that these changes will significantly boost the digital economy and encourage more entrepreneurs to leverage ONDC Seller platforms. Further, it is encouraging to see the continued focus on empowering small businesses through Mudra Loans. These initiatives are crucial for fostering entrepreneurship and driving economic growth at the grassroots level. By providing accessible financing options, the government is enabling aspiring entrepreneurs and small business owners to turn their ideas into reality, create jobs, and contribute to the nation's prosperity.

Shalya Gupta, CEO, PHF Leasing Limited

This budget focuses on job creation and we welcome the steps that will ensure that the first-timers/interns/youth will get a level playing field. The PM Package for Employment linked Incentives is a brilliant way to incentivise the private and public sectors to skill the youth of the country so that they are able to eke out a respectable living. Companies like ours which hire and skill a large number of first-time job seekers will benefit and be rewarded. It will also encourage companies to hire more youngsters, which will make a sizeable dent in the issues of joblessness and employability.

Mr. Vikas Bhasin, Chairman & MD, Saya Group

The 2024 Union Budget's allocation of Rs 10 lakh crore for urban housing is a major boost for the real estate sector. This investment will significantly address the housing needs of urban families and spur growth. The PM 'Surya Ghar Muft Bijli Yojana' for rooftop solar installations is a commendable step towards sustainable living. The positive trends in housing loans reflect a balanced and encouraging outlook for the market. Saya Group looks forward to contributing to the urban development landscape with innovative and luxurious homes.

Mr Rohit Nagdewani, Founder, Fresh From Farm

The comprehensive review of the agricultural research setup, as announced by Ms. Sitharaman, is a monumental step towards transforming Indian agriculture. I believe that the focus on raising productivity and developing climate-resilient varieties will significantly address the challenges faced by our sector. The inclusion of funding in challenge mode, extended to both the private sector and domain experts, ensures that innovative solutions will be developed and implemented effectively. This initiative will not only enhance crop production but also fortify our efforts in cultivating resilient varieties of fruits, ensuring sustainability and growth for the future.

Amith Agarwal, Co-Founder & CEO, StarAgri

I commend the government and Madam Finance Minister for presenting a progressive and bold budget. As an agri-entrepreneur, I appreciate the emphasis on releasing high-yielding and climate-resilient crop varieties for farmers. This initiative will enable farmers to cultivate crops naturally, reducing the reliance on large amounts of pesticides. Furthermore, the focus on modern agricultural technologies will equip farmers with new methods, thereby enhancing their contribution to the GDP. The emphasis on achieving self-reliance (Atmanirbharta) for oilseeds such as sesame, mustard, and sunflower is crucial. This strategy not only transforms crop patterns but also significantly boosts farmers' incomes, contributing to India's self-reliance and strengthening its food security program.

Mr. Rakesh Kaul, Managing Director, Livpure

"The facilitation and the continuation of bank credit to MSMEs during stress periods and the increase in the Mudra loan limit from Rs 10 lakh to Rs 20 lakh will significantly enhance the financial flexibility by enabling the mid-scaled enterprises to take easy term loans and thereby help continue innovation and expansion plans without disruption. The reduction in the turnover threshold for mandatory onboarding on the TREDS platform from Rs 500 crore to Rs 250 crore will greatly improve the cash flow management by expediting the payment cycle. This change is crucial for maintaining MSMEs’ operational efficiency and competitiveness in the market."

Beas Dev Ralhan, CEO, Next Education

The government’s recent budget highlights an impressive central outlay of ₹2 lakh crores to enhance employability and skill development for India's youth. Additionally, the provision of ₹1.48 lakh crores for education, employment, and skilling marks a significant step toward progress and success. This investment will improve the quality of education and training, providing students with superior professors, facilities, and resources. The initiative aims to create employment and skill opportunities for young individuals over the next five years, underscoring a commitment to empowering the next generation. This budget reflects a forward-thinking approach to building a resilient and skilled workforce, essential for the sustained growth and prosperity of the country.

Shalya Gupta, CEO, PHF Leasing Limited:

This budget focuses on job-creation and we welcome the steps that will ensure that the first timers / interns / youth will get a level playing field. The PM Package for Employment linked Incentives is a brilliant way to incentivise private and public sector in skilling of the youth of the country, so that they are able to eke out a respectable living. Companies like ours which hire and skill a large number of first time job seekers will benefit and be rewarded. It will also encourage companies to hire more youngsters, which will make a sizeable dent to the issues of joblessness and employability.

By; Siddharth Singhal, Co-founder & MD, Vibcare Healthcare

Vibcare Healthcare Applauds Budget 2024's Commitment to Advancing Healthcare and Pharmaceutical Innovation

Vibcare Healthcare, a leading player in the pharmaceutical industry, welcomes the Union Budget 2024's robust measures aimed at fortifying India's healthcare infrastructure and accelerating growth in the pharmaceutical sector. The budget reflects a significant stride towards sustainable development and innovation in healthcare.

Siddharth Singhal, Managing Director of Vibcare Healthcare, shared his perspective on the budget's impact: "The Union Budget 2024 underscores the government's unwavering commitment to enhancing the healthcare ecosystem. The substantial increase in healthcare expenditure to ₹90,171 crore, coupled with the augmented allocation for the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PMABHIM) to ₹4,108 crore, is a transformative step that will greatly enhance our healthcare delivery capabilities."

Mr. Singhal emphasized the importance of the enhanced Production Linked Incentive (PLI) scheme, which now stands at ₹6,200 crore. "The PLI scheme's expansion is pivotal for boosting domestic pharmaceutical manufacturing and reducing our reliance on imports. This initiative will enable companies like Vibcare Healthcare to scale up production, innovate, and contribute more significantly to the global pharmaceutical supply chain."

Acknowledging the increased allocation for biotechnology research and development, Mr. Singhal noted, "The rise in funding from ₹500 crore to ₹1,100 crore for biotechnology research is a forward-thinking move. It not only drives advancements in biopharmaceuticals but also promotes sustainable manufacturing practices. Vibcare Healthcare is poised to leverage these opportunities to deliver high-quality, affordable healthcare solutions while fostering innovation."

Mr. Singhal also praised the budget's focus on holistic healthcare. "The additional support for Ayushman Bharat, maternal and child health programs, and sustainable manufacturing initiatives reflects a comprehensive approach to healthcare. These measures ensure that essential services reach those who need them most. Vibcare Healthcare is committed to collaborating with the government to achieve our shared vision of accessible and equitable healthcare for all."

Vibcare Healthcare remains dedicated to excellence in pharmaceutical manufacturing and patient-centric care. The budget's provisions provide a solid foundation for the industry to thrive and make significant contributions to public health and economic growth.

By; Gaurav Singh, Founder & MD, Naturo & Orgo Pvt Ltd.

We welcome the government's initiative of enabling technology support for MSMEs to help them grow and compete globally. The announcement by the Union Finance Minister on introducing a Credit Guarantee Scheme for facilitating loans to MSMEs in manufacturing also holds a lot of significance for the sector's growth prospects. A major issue faced by many is the credit assessment model that is dependent on third parties, and we are happy that the government is now set to implement a new credit assessment model, with direct participation of banks concerned, is a matter of relief for the MSMEs.

We further endorse the government's decision to boost job creation, focus towards skilling for industry-ready workforce, rationalize customs duty to support local manufacturing and promote export competitiveness. Another welcome step is the slew of incentives, such as Direct Benefit Transfer, for first-time employees as well as their employers.

Shalya Gupta, CEO, PHF Leasing Limited

This budget focuses on job-creation and we welcome the steps that will ensure that the first timers / interns / youth will get a level playing field. The PM Package for Employment linked Incentives is a brilliant way to incentivise private and public sector in skilling of the youth of the country, so that they are able to eke out a respectable living. Companies like ours which hire and skill a large number of first time job seekers will benefit and be rewarded. It will also encourage companies to hire more youngsters, which will make a sizeable dent to the issues of joblessness and employability.

Arun Alagappan, Executive Chairman, Coromandel International Limited

“With agriculture remaining the backbone of the Indian economy, we welcome the Union Budget’s emphasis on ensuring food security, strengthening rural economy, as well as building resilience and productivity in agriculture. The proposed comprehensive review of the agricultural research setup to focus on improving productivity and developing climate resilient crops will lend an impetus to ensuring that Indian agriculture can withstand climate impact. The initiative to bring together experts from both the government and the private sector will lend a much-needed fillip to the R&D in the agri sector.

The government’s commitment to get 1 crore farmers into organic farming and promote large-scale horticulture production in the next two years will significantly increase agricultural productivity and sustainability. The establishment of the proposed 10,000 need-based bio-input resource centres will help in making natural farming more accessible to Indian farmers. Furthermore, the emphasis on strengthening the production, storage, and marketing of pulses, along with financing for shrimp farming, showcases a holistic approach to supporting diverse agricultural activities. The allocation of ₹1.52 lakh crore for agriculture and allied sectors is a clear indication of the government's dedication to transforming this critical sector.

Technology has been transforming agriculture, and the government’s plan to implement digital crop survey for kharif crop in 400 districts as well as the release of 109 weather resistant seeds, will drive innovation and efficiency in farming practices. Coromandel International Limited remains keen to implement these policies which have furthered our commitment to increase agricultural productivity and support farming community.”

"MODIFI welcomes the Union Budget 2024-25 as a transformative blueprint for economic resurgence, particularly for the fintech and export sectors. The substantial ₹33,000 crore increase in export credit availability and rationalisation of customs duties are poised to bolster trade finance, offering significant support to exporters. As India strides towards digital-first infrastructure, MODIFI remains steadfast in our commitment to empowering exporters with seamless, efficient, and secure trade finance solutions. We are aligned with the government's vision of enhancing trade facilitation and economic growth, ensuring our customers continue to thrive in the global marketplace," said Nitin Iyer Global VP Commercial - MODIFI.