Finance Minister Nirmala Sitharaman tabled the Interim Union Budget 2024-25 in Parliament today. This was the current government’s last budget ahead of 2024 Lok Sabha polls and FM Sitharaman’s sixth overall.
Since a new government will take over later this year, a full budget will be presented post elections by the next finance ministry.
The interim budget focused on areas like infrastructure, agriculture, green energy and railways while maintaining fiscal prudence. However, income tax slabs were left unchanged.
This is how India’s leading founders, entrepreneurs, business owners, policy makers and economists reacted:
Mr. Dinesh Khara, Chairman, SBI
“The interim budget has laid out an affirmative action of fiscal glide path towards 4.5% in FY26. The heartening news is that the anticipated tax buoyancy in FY24 excluding the outlier pandemic year is the highest in 7 years. This apart, the budget has laid out reinforced architecture of Big possibilities, creating an all-encompassing action-oriented roadmap to embark upon an arduous yet rewarding journey for each and every Indian, chiefly the fringe and hitherto vulnerable masses, entrepreneurs, agripreneurs and women, making them an equity holder in Viksit Bharat.”
Mr. George Alexander Muthoot, MD, Muthoot Finance
FM’s interim budget is balanced from the point of view of adhering to fiscal prudence, boosting infrastructure growth and prioritizing focus on four key sections of the economy – the poor, women, youth and farmers. We believe the FM’s focus on higher outlay for infrastructure will help in boosting the broader economy and in the long term will boost investment activity. The government’s support to MSMEs, women entrepreneurs and the agricultural sector aptly aligns with our aim to provide credit support to MSMEs, small business owners, farmers and women entrepreneurs thereby addressing their economic needs. FM’s focus on addressing housing challenges by building two crore additional homes under the PM Awas Yojana-Grameen is certainly positive for boosting the housing sector. While inflation has been a concern globally, FM’s focus on staying on the path of fiscal prudence in the interim budget, will surely be an enabler for stable interest rate scenario in the economy and bodes well for the overall financial sector.
Debashis Chatterjee, MD & CEO, LTIMindtree
We welcome the interim budget’s focus on skilling, deeptech, R&D, innovation, and digital infrastructure, all of which are critical drivers for the IT industry’s growth. The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders. As we strive towards achieving the goal of “Viksit Bharat” by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India’s future.”
Nandini Mansingka, CEO of Mumbai Angels
The Union Budget announced looks very promising to see long-term investments with a significant increase in capital expenditure with initiatives in EV, agricultural tech, and logistics industry. The government is taking technology adoption across various sectors and usage very seriously and looking at ways technology can benefit everyone, also by providing a corpus of Rs 1 lk cr will be established with 50 yr interest-free loan tech-savvy growth.
Amit Khatri, Co-Founder, Noise
“The Interim Union Budget 2024 presented by FM Nirmala Sitharaman reflects the Government’s undeterred focus on inclusive growth. The focus on boosting employability through training and skill development, along with the significant support to foster the entrepreneurial spirit of Indian youth through 43 crore loans amounting to Rs. 22.5 lakh Crore, is indeed a commendable step towards pushing India’s growth at the global stage. These reforms encourage us to work towards India’s vision to become a developed nation by 2047 through enhanced capability and empowerment.
Being a homegrown brand, we believe that the initiatives like PM Mudra Yojana & Start Up India will play a crucial role in catalysing the growth of the startup ecosystem in India and eventually further strengthen the ‘Make in India’ efforts. We appreciate the economic policies adopted to foster growth, improve productivity, increase opportunity, and fulfill aspirations through strategic technological advancements. Driven by the vision of Vikasit and Aatmanirbhar Bharat, we look forward to actively participating in the nation’s journey towards global prominence and innovation leadership.”
Mr. Vetri Subramanian, Chief Investment Officer, UTI AMC
“This is a judicious interim budget. The degree of fiscal consolidation with a target of 5.1% in FY25 is more than anticipated and is positive for softening of bond yields. Further the reiteration of the fiscal target for FY26 gives the bond market medium term visibility. The consolidation impacts expenditure including capex by the government.
The tax estimates appear reasonable and the stability in tax provisions is welcome. The government has done the heavy lifting during the post pandemic period and is now passing the baton to the other players in the economy. As regards FY25 we would expect more policy direction to emerge when the full budget is presented later this year.”
Susanne Pulverer, CEO and CSO (Chief Sustainability Officer), IKEA India
“We welcome the positive strides taken by the Indian government in the Interim Budget. The focus on manufacturing, youth, skilling and women empowerment is truly commendable and will pave the way for a more inclusive growth and economy. The emphasis on making energy security and infrastructure for green mobility accessible and affordable for the many people resonates with IKEA’s sustainability vision. We believe that the government has only furthered the country’s resolve for a Viksit Bharat.”
Request you to kindly incorporate Susanne’s views about the Union Budget 2024 in case you are working on any budget related stories.
Mr. Ajit Venkataraman, MD, Finolex Industries Ltd.
“We applaud Finance Minister Smt. Nirmala Sitharaman for presenting a visionary Interim Budget 2024, setting the stage for an inclusive development. The significant focus on infrastructure and housing, especially the PM Awas Yojana Grameen, achieving 3 crore houses and planning 2 crore more in the next 5 years, resonates with Finolex Industries’ commitment to sustainable communities. The farmer-centric initiatives like PM Kisan Samman Yojana and PM Fasal Bima Yojana showcase the government’s dedication to our ‘Anna Data’. Finolex Industries anticipates these initiatives to have a positive impact and looks forward to participating in these transformative initiatives, reinforcing our belief in a prosperous and empowered India by 2047.”
Sindhu Gangadharan, SVP and MD, SAP Labs India; Vice Chairperson, Nasscom
“The Interim Budget 2024 is reflective of the India’s sustained focus on Atma Nirbhar Bharat (Self Reliant India). The long-term financing and re-financing scheme with a corpus of INR 100,000 Cr with a 50-year interest free loan to promote R&D in the private sector in sunrise domains, as well dedicated initiatives to promote DeepTech/R&D in the defence sector underscore the commitment to position India as a global leader in the world of technology. The focus on skilling, upskilling, and reskilling of youth will ensure an industry-ready workforce to navigate the headwinds of a volatile marketplace.
Additionally, the extension of tax exemptions for eligible startups, granting newly incorporated ventures until March 2025 to claim tax benefits for three out of their first 10 years, is a progressive and encouraging move. By incentivizing entrepreneurship, the government is actively promoting the creation of a robust startup ecosystem, which is crucial for driving economic development.”
Mr Manoj Nair, Head of India GDC, Fujitsu India
“We welcome India’s Union Budget 2024-25 unveiled today and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core. As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively. Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the Nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives. This is an exciting time for the country’s green industrial and economic transition. At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!”
Ravi Kunwar, Vice President – India & APAC at HMD Global (The Home of Nokia Phones)
“The Interim Budget is forward-looking and represents the remarkable evolution of India’s mobile and telecom landscape in the last decade, standing true to our expectations. The allocation towards the development of electronics manufacturing clusters unlocks the accessibility of high-quality technology for varied consumers, including those at the bottom of the pyramid. Additionally, the proposal to further provide relief in customs duty on the import of battery covers, main lenses, back covers, and mechanical items will boost the Make in India initiation and solidify the mobile manufacturing ecosystem in the country.
This reduction, coupled with the establishment of a one-lakh-crore corpus supported by a fifty-year interest-free loan, will empower the private sector to significantly advance research and innovation in sunrise domains. Despite the industry’s growth, there is substantial room for expansion in India, and we are optimistic that supportive government policies, infrastructure investments, and a vibrant innovation ecosystem will unleash the next wave of digital transformation.”
Kami Viswanathan, President – MEISA, FedEx Express
“The 2024 interim budget’s increased capital expenditure for infrastructure development is a strategic and commendable move. It promises to accelerate economic growth and positively impact the logistics sector. The emphasis on expanding air connectivity, along with the development of existing airports and the establishment of new ones, is a pivotal step that aligns with our advocacy for efficient multimodal logistics.
The government’s commitment to the PM Gati Shakti National Master Plan, is encouraging. These initiatives aim to enhance logistics efficiency and reduce costs, aligning with our objectives of service excellence and innovation in logistics. Additionally, the ‘Amrit Kaal’ initiative, which focuses on empowering MSMEs and boosting their global competitiveness, is set to benefit the broader logistics sector.
FedEx welcomes the forward-looking approach of the 2024 interim budget, reflective of the ‘Viksit Bharat’ vision. We remain committed to actively contributing to India’s growth journey, aligning our efforts with the government’s vision for a smarter and more sustainable logistics infrastructure in India.”
Mr. Anil G Verma, Executive Director and CEO, Godrej & Boyce:
The Interim Budget 2024 is extremely well thought of and clearly a step towards the vision of Developed India @ 2047. The FM has stayed away from populist measures in an election year and needs to be congratulated for the same.
By limiting the deficit to 5.1% of the GDP which should be achievable given the rather conservative tax receipts, fiscal prudence has been given the due importance. Lower borrowings and thus lower borrowing costs will help prioritize domestic spends and guard against external shocks.
The increased capital expenditure of Rs 11.11L Cr, constituting 3.4% of the GDP, bodes well for the infrastructure led GDP growth and will also crowd in the private sector investments as we are now witnessing improvements in consumer sentiments (and demand).
The focus on sustainability through rooftop solarization, adoption of E-buses, capacity enhancements in renewable energy and coal gasification are a must, given the impact of greenhouse gases.
The continuation of emphasis on women, youth, farmers, and the underprivileged through skilling and welfare measures and financial assistance under PM-KISAN is to be lauded. This will ensure that India moves forward as a whole.
Mr. Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd:
“The Union Budget 2024’s pivotal focus on infrastructure development, aligns seamlessly with our vision for enhanced logistics efficiency. The government’s commendable commitment to supporting EV manufacturing and charging infrastructure is a significant stride towards sustainable mobility. We appreciate and commend the government’s efforts towards Green Energy, aligned with the Nation’s commitment for ‘net-zero’ by 2070.
The announcement of three major economic railway corridor programs, spanning energy, mineral, and cement corridors, port connectivity corridors, and high-traffic density corridors under the PM Gati Shakti initiative, is poised to be transformative. These corridors not only promise to decongest high-traffic areas but also elevate the safety and speed of passenger trains. The integration of dedicated freight corridors is poised to catalyse GDP growth and significantly reduce logistics costs.
With an increased outlay in FY25 and the expedited development of various infrastructure projects, the government’s proactive approach is set to spur economic growth. The India Middle East Europe Economic Corridor announcement is particularly game-changing, strategically positioning India on the global trade map. We at Mahindra Logistics, eagerly anticipates actively participating in and benefiting from these initiatives, ushering in positive transformations in the logistics and transportation sector.”
Mr. Abhinav Jain, Co-Founder & CEO, Almonds AI.
“Government’s forward-looking budget aligns remarkably well with the impetus required for the AI and technology sectors. The focus on digital infrastructure lays a robust foundation for innovation, and the commitment to skill development among youth mirrors the mission to empower the next generation with AI capabilities. The support for electric vehicles and clean energy initiatives resonate with the Green Loyalty Program, reinforcing belief in sustainable technological advancement. This budget not only catalyzes a tech-driven economy but also heralds a golden era for companies like ours at the intersection of AI and market technology. We are eager to contribute to this transformative journey and commend the government’s vision for a tech-empowered, inclusive growth trajectory.”
Dr Mayank Aggarwal, MBBS, MD, DrNB. medical oncologist at Venkateshwar hospital, New Delhi.
Cervical cancer ranks as the second most prevalent cancer in Indian women, following breast cancer, and is associated with substantial death rates. The recent declaration by the finance minister to enhance preventive measures through HPV vaccination is a laudable initiative. Coupled with increased awareness, this endeavor is certain to contribute significantly to reducing the disease burden and improving healthcare in our nation. Moreover, HPV vaccination will play a role in lowering the incidence of other cancers, such as head and neck, anal cancer, and various gynecological cancers.
Sunil Sharma, Vice President- Sales, Sophos India & SAARC
“We at Sophos are in complete alignment with the vision presented by the Honorable Finance Minister in the Interim Union Budget 2024, towards creating a prosperous and inclusive India. The highlighted emphasis on skill development, technology-driven innovation, and sustainable infrastructure resonates with our organizational mission, focused on empowering Indian businesses through state-of-the-art cybersecurity solutions. The government’s steadfast commitment to increasing the cybersecurity budget from INR 400 crores to INR 750 crores within a year is a noteworthy development within the industry, and promises to address cybersecurity threats that may endanger the rapidly digitizing nation.
The intersection of democracy, demography, and diversity, encapsulated by the ideology of “Sabka Prayas,” emerges as the key force that will unlock India’s true potential in the technology sector. Other significant initiatives such as the allocation of a substantial amount of Rs 1 lakh crore for tech startups and the strategic emphasis on deep-tech for defense, underscore the government’s dedication towards realizing its Atmanirbhar Bharat vision.
Within this transformative landscape, Sophos remains unwavering in its commitment to playing a constructive role in realizing the vision of a cyber-secure India. Our dedication extends to equipping businesses with resilient cybersecurity solutions and nurturing a culture of cyber awareness, thereby contributing to the empowerment of citizens and the assurance of our digital future.”
Mr Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank
“The interim budget focuses extensively on inclusive development and is a step forward in the $5 trillion economy aspirations of the nation. The focus on housing sector will benefit a range or peripheral sectors like cements, paints and, steel, among others, and create employment opportunities. The focus on women empowerment will further boost the economy. The emphasis on infrastructure and rural development will lay a strong foundation for India’s growth story.”
Sachin Panicker, Chief AI Officer, Fulcrum Digital
“Finance Minister Nirmala Sitharaman’s sixth consecutive budget presentation sets a decisive course for India’s future, rooted in the vision of ‘Viksit Bharat’ by 2047. The government’s emphasis on GDP – Governance, Development, and Performance, lays a sturdy framework for sustainable growth. With a focus on empowering youth and fostering innovation, the budget outlines a roadmap for unprecedented development over the next five years.
In addition, initiatives like the Skill India Mission, training, upskilling and reskilling 1.4 crore youth and establishing new educational institutions, reflect a commitment to human capital development and digital empowerment.
At Fulcrum Digital, we stand ready to leverage deep technology and the power of our youth to continue to create opportunities for India at a global level. As a global enterprise AI organization, we are committed to contributing to India’s growth story, and fostering innovation for heightened development.”
Dr. Hari Shankar Shyam,Chairperson-Executive Education at Sharda School of Business Studies Sharda University
I am delighted to see the substantial allocation of funds for 50 year interest free loans to tech savvy youths. This will help our economy to produce many unicorns in near future and many youths will take the path of entrepreneurship. At the same time this fund will be utilised for developing various technical products indigenously which will help our economy to become trillion dollar economy. It will also help in reducing our fiscal deficit as IT related exports will increase and there is a substantial reduction in depending on imports. This fund will become boon for many incubators for startup’s across the country.
Dr. Kulneet Suri Senior Director, IMS Noida, Adjunct Professor-Harvard University(T.H.Chan School of Public Healthcare) Harvard University, HKS Alumna
While the temporary budget serves as a bridge until the formation of a new government after the elections, the budget unveiled several noteworthy initiatives aimed at boosting economic growth and promoting social welfare. Though the interim budget discusses Technology & Innovation, Women empowerment, healthcare the focus must routed by embracing Al. Looking ahead the trends of AI in 2024 this is the year AI will move from the testing to the macro-implementation stages be it any Industry and especially the retail industry. With Microsoft announcing “AI Copilot key” for laptops there is a stronger indication that AI will further enter the consumer mainstream in 2024 and therefore India should also prepare by Intentional investments in teaching new skills, collaborative development and deployment of AI. On-line learning must be promoted to reach out to youth in the Tier 2-3 cities to shape a future of equitable learning and enable a learn and work ecosystem. An upbeat policy implementation for the higher Education sector to foster academics will help build an equitable economic advancement.
Mr. Anand Dubey, CEO, Indkal Technologies
“We applaud the Finance Minister for the astute measures taken in the budget to enhance the financial sector’s size, capacity, skills, and regulatory framework. These initiatives are pivotal in fortifying the foundation of our economy. Additionally, the commitment to ensuring energy security for businesses across sectors is commendable, providing a robust foundation for sustained economic growth. We look forward to leveraging these enhancements to further contribute to the nation’s progress and prosperity.”
Archana Surana , Director and Founder of Arch College of Design and Business Jaipur
The Union Budget’s steadfast emphasis on strengthening infrastructure for higher education and skill development is instrumental in preparing India’s youth for the workforce of tomorrow. With a forward-looking approach, initiatives such as the establishment of 390 new universities and the implementation of skill development programs benefiting over 2 million young individuals underscore the government’s commitment to nurturing a skilled workforce.
One particularly promising aspect is the noteworthy improvement in female enrollment in higher education, which has surged by an impressive 28%. This surge not only signifies a more inclusive and equitable educational landscape but also heralds a significant boost to gender diversity in various industries.
Also, 30 crore Mudra Yojana loans given to women entrepreneurs is a welcoming scheme.
These strategic investments are laying the groundwork for a more robust and dynamic economy. By equipping the youth with relevant skills and knowledge, the budget is fostering a generation of job-ready professionals capable of meeting the demands of an evolving marketplace. Moreover, the expansion of educational institutions and skill development initiatives promises to address the longstanding gap between industry requirements and available talent, thus driving innovation and productivity across sectors.
As these initiatives continue to unfold, their impact on the industry and economy is poised to be substantial, with the youth of India emerging as key contributors to the nation’s growth story.
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
“The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to. The Honourable Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors. In addition, the GoI’s focus on training, upskilling, and reskilling the youth of the nation through the Skill India mission is likely to place India well on the global map of tech-savvy nations. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well. Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors. At NetApp, we are aligned with the government’s focus, with innovation in data management being at the heart of everything we do. Combined with the capabilities of our tech talent, particularly the youth, we are well poised to contributing towards building a ‘Viksit Bharat’ by 2047.”
Mr. Rajat Goel, Co-Founder of Eye-Q, Super Speciality Eye Hospital
In line with the government’s commitment to health, the announcement of extending Ayushman Bharat coverage to Anganwadi and Asha workers, and consolidating maternal and child healthcare schemes, marks a commendable step towards a more inclusive healthcare system. Notably, the allocation of a 1-lakh crore corpus with 50-year interest-free financing for R&D will encourage the tech-savvy youth, signalling a golden era of entrepreneurship. However, we note a missed opportunity in addressing the critical needs of the eye care industry. Taking into account the demands of eye care stakeholders would have contributed to approaching the World Health Organization’s goal of reducing blindness to 0.3% of the population, especially considering India’s current figure of 0.36%.
Mr. Gaurav Balani, DGM-Marketing, Infiniti Mall
“The insights unveiled by the Union Budget 2024 indeed project a favorable growth trajectory for the economy and display the remarkable performance of the nation throughout the years. An increase in the average income of people by 50% is a significant milestone and we expect it to positively impact retail sales, leading to an increase in customer willingness to spend on shopping, recreation and leisure. Further, the presence of a dedicated freight corridor, together with the three economic corridor programmes under the PM Gati Shakti National Master Plan will help us reduce logistic costs and elevate efficiency while serving customers. We further hope for the moderate inflation period to be monitored and maintained at minimal levels to ensure sustainable growth. Lastly, the introduction of an increase in threshold for presumptive taxation for retail businesses from INR 2 crore to INR 3 crore is a well-appreciated move and will assist in achieving higher revenue figures.”
Madhusudan Ekambaram, Co-founder and CEO of KreditBee
“I applaud the government’s steadfast commitment to fostering comprehensive and inclusive development. Initiatives such as PM Mudra Yojana, Fund of Funds, Startup India, and Startup Credit Guarantee Schemes are effectively nurturing the entrepreneurial spirit nationwide. It is truly inspiring to witness a visionary approach that extends beyond mere economic growth, with a goal to transform India into a Viksit Bharat by 2047. The proposed measures, including tax reductions, specialized support for developing industries, and augmented infrastructure spending in the forthcoming Budget 2024, are encouraging signs for the future, reflecting a collective endeavor towards sustainability, growth, and innovation within India’s dynamic startup ecosystem.
The reinforcement of the financial sector has significantly enhanced the efficiency of savings, credit, and investments. Ensuring timely and ample financial support, leveraging relevant technologies, and providing appropriate training for Micro, Small, and Medium Enterprises (MSMEs) are pivotal policy priorities for the government. This strategy aims not only to foster their growth but also to enhance their global competitiveness. Aligning the regulatory environment to facilitate the expansion of MSMEs will be a crucial aspect of this comprehensive policy framework.”
Ms. Aparna Acharekar, Co-Founder, coto.
“At coto, we are pleased with the Union Budget 2024’s emphasis on women’s welfare and empowerment, which closely aligns with coto’s vision and mission. The introduction of strong policies in the favour of women across socio-economic groups undeniably leads to long-term economic growth. The startup ecosystem is also gradually witnessing a rise in women entrepreneurs and their ownership stakes within organizations.
We also share the strong belief that this is a golden era for tech-savvy youth. We hope that more women will be inspired by this to enroll in science courses and pursue STEM-related employment. This not only promises a stronger representation of women in traditionally male-dominated fields but also offers them greater opportunities for financial independence through these careers. An increased presence of women in scientific professions can contribute to addressing pressing issues pertaining to mental health, which are highly relevant in today’s world.”
Ms. Sakshi Bakshi, CEO of EPIA (Healthcare)
We had bucketed our aspirations prior to the budget into several categories, and it is heartening to see that the government checked at least some of them. The FM’s commitment to women’s health shines through the extension of Ayushman Bharat and the consolidation of maternal and child healthcare schemes. The surge in women’s enrolment in STEM courses is a positive leap, and the expanded ‘Lakhpati Didi’ initiative showcases a commitment to economic empowerment of women at grassroots level. Importantly, the allocation of a 1-lakh crore corpus for interest-free long-term financing demonstrates a dedication to fostering private sector R&D. This strategic move has the potential to open doors for women, allowing them to assume pivotal roles in shaping the future of technology, science, and engineering.
Deepak Kaushik, Regional Practice Head – App & Data Modernization, Insight Enterprises
“The Interim budget contains numerous forward-looking elements, particularly in recognising the transformative role of data and modern technology on both individuals as well as businesses. One lakh crore corpus with a fifty-year interest-free loan would be a game changer specifically for the tech-savvy youth. This significant influx of funds has the potential to usher in an era of unparalleled opportunity and will undoubtedly act as a driving force for private-sector innovation. The synergy between our domestic industry’s strengths and the government’s smart outlook on global potential has paved the way for a favourable environment for exceptional growth in the IT sector.”
Mayuresh Raut, Co-founder & Managing Partner, Seafund
“The scheme for deeptech in defence will not only help the government start addressing the Make in Bharat initiative through indigenous technologies in defence but also unlock these technologies to other civilian uses. Deeptech focused funds like ours will definitely benefit from enabling initiatives like this.
The solar rooftop schemes will be a big boost to not only meet our goals for clean energy, but will also set up India to start addressing the EV charging infrastructure that is currently holding back wider adoption of EVs. It will also create enormous jobs for installation, manufacturing and maintenance of solar infrastructure and a secondary effect will be opportunities available for startups to build on this.
Extension of tax benefits for sovereign wealth funds expiring on 31st March 24 to 31st March 25 is a good signal from the government to indicate that there will be continuation of beneficial policies and friendly institutional investor policies”
Vinesh Menon, CEO – Human Development & Social Impact Solutions, Ampersand Group
“The union budget has been tabled as expected as ‘Vote on Account’ budget and has set the expectations for driving VIKSIT Bharat at 2047. I am particularly excited about the PM shri schools program & the Nep 2020 Execution and the vision to have more girl children enrolled fot STEM programs. My only wish is that we add a 5th caste along with Garib, Mahila, Yuva & Annadata and that is ” Baccha “…as there is a lot more we need to do for the 300 plus million pre school and school going children in the country. Overall, with emphasis on technology, innovation and upgradation of angamwadis, it looks like an exciting decade ahead”
Ravin Saluja, director with STERLING AGRO INDUSTRIES LIMITED( Nova Dairy Products )
“At Nova Dairy, we are dedicated to helping dairy farmers across India through a comprehensive program to improve productivity and sustainability in the dairy business. Building on the fulfillment of existing programs such as the Rashtriya Gokul Mission, the National Livestock Mission, and the Dairy and Animal Husbandry Infrastructure Development Funds, we seek to formulate a cohesive approach that utilizes these initiatives to maximum effect.
As Nova Dairy, we believe that the current GST rate of 12% on milk products is a significant challenge for the dairy industry and the private sector. While milk is an essential part of daily nutrition for millions of people, the high GST rate adds to the financial burden on both consumers and producers. By reducing the GST rate to 5%, the government can not only alleviate the GST burden but also promote the health and well-being of the general public. This reduction would make dairy products more affordable and accessible to a larger segment of the population, especially those from lower-income backgrounds. Additionally, it would incentivize dairy companies to invest in quality and innovation, ultimately benefiting the entire dairy ecosystem. We urge policymakers to consider this adjustment to the GST rate as a crucial step towards supporting the dairy industry’s growth and ensuring the health and nutrition of the nation.”
Mr. Amit Kapoor, Co-founder and CEO, Eupheus Learning
“As the Interim Budget for 2024-25 unfolds, we welcome the notable 6.1% increase in the schooling outlay, with a substantial Rs 4,200 crore boost in the School Education Budget, and a significant allocation of Rs 6,000 crore to the PM SHRI program, marking a remarkable 50% surge from the previous year. This underscores a dedicated focus on enhancing the quality of school education including digitalization. While we await the full-fledged budget post the upcoming elections, these initial steps are encouraging notes for the education sector to partner with edtech companies like ours.”
Mr. Gaurav Goel, CEO, Toprankers
“In light of the recent Union Budget and FM’s announcements, we’re heading towards transformative changes in education. With Skill India Mission successfully upskilling 1.4 crore youth and establishing 3000 new ITIs, alongside the inauguration of prestigious institutions, the education landscape is evolving. Notably, the surge in female enrollment, particularly in STEM at 43%, highlights our dedication to inclusivity and innovation.
This shall have a profound impact on the education industry. Together, we stride towards a future where opportunity knows no bounds.”
Dr. Kavita Pathak, Director Jaipuria institute of management. Lucknow
“The interim budget spells out four thrust priorities, i.e. women, farmers, poor and youth; therefore a thrust on start-ups, support to farming communities and encouraging use of solar panels by offering 100 units of free power. Adding 1 crore additional lakhapati didis promises to bolster women empowerment within the SHG framework. Overall nothing out of the ordinary and mostly supportive of the government’s overarching vision.”
Dr Arvind Chaturvedi – Pro Vice Chancellor and Director, School of Management, IILM University
“The Interim Union Budget 2024, presented by the Honourable Finance Minister Nirmala Sitharaman, places significant emphasis on women empowerment and housing.”
“Ensuring every homeless individual has a home within the next five years delivers a major boost to the country’s infrastructure and is a laudable initiative. The government’s commitment to an inclusive society was also evident during the Republic Day parade, where women were given preeminence. Overall, the budget reflects the Narendra Modi government’s commitment to women’s development and progress.”
Mayank Bhatnagar, Co-founder and COO, FinEdge
“Overall a balanced budget considering it is a ‘vote on account’. Tight fiscal consolidation with a view on future growth of the economy is a big positive. All eyes will be on the main budget in July to see a more detailed plan on growth and development plan over the next 5 years.”
Himanshu Kohli, Co-founder, Client Associates
“This budget reflects a commendable focus on fiscal responsibility, with the fiscal deficit pegged at 5.1% for FY25, a move towards increased Capex spending, and a shift away from excessive subsidies. The brevity of the speech suggests either an interim measure paving the way for a comprehensive budget in July or a vote of confidence in the current state of affairs. It reaffirms the notion that significant announcements can transcend the budget, showcasing a government committed to prudent fiscal management and consistent economic growth.”
Dr. Narendra Vankar, Founder and CEO, Quantum CorpHealth
“This fiscal year’s interim budget, which covers a wide range of areas and lays out specific actions to be carried out, is a demonstration of the government’s progressive thinking. We applaud the government’s dedication to bolstering the healthcare industry, with a particular emphasis on building a strong system for today’s contemporary India.
It is very appreciated that girls between the ages of 9 and 14 will now receive cervical cancer vaccinations in schools, as stated by Hon. Finance Minister Nirmala Seetharaman. By focusing on nutrition delivery as a component of early childhood care and development, Saksham Anganwadi and Poshan 2.0 will contribute to the creation of a healthy community. With the kind of components being combined to make health the most reliable foundation of Atmanirbhar Bharat, the Indian government is providing strong assistance to the healthcare industry. We anticipate some more encouraging announcements with the planned outline in the coming months, which will help the industry grow even more and thrive in a more improved manner.”
Mr. Harshit Jain, Co-Founder and CEO, OnePlay
“By focusing on initiatives like Skill India, the budget reflects the government’s dedication to make our youth skilled and inculcate a sense of entrepreneurship, closely resonating with the values we share at OnePlay. With this, the budget presents not just an opportunity to contribute to technological progress but also a means to attract a fresh wave of talented individuals while also ensuring skills development. As we move forward, let’s focus on empowering the youth in entrepreneurship, scaling up research in the sunrise sectors, and building the necessary physical, economic and digital infrastructure for a developed India by 2047.”
Mr. Anurag Mittal, Head of Fixed Income
“The budget is distinctly positive for fixed income market. The budget continued its push on public capex while balancing fiscal responsibility. The fiscal deficit target of 5.1% for FY25 was below all consensus estimate & the most positive aspect was gross borrowing number of 14.1 trillion well below market estimates of 15-15.2 trillion.”
Jaya Vaidhyanathan, CEO, BCT Digital
The budget presented was on expected lines. Being a vote-on-account, there were no major announcements, but at the same time it provided a clear overview of India’s economic trajectory and the government’s dedication to development through targeted schemes.
Revenue receipts for the year exceeding budget estimates, robust growth in GST collections, and a fiscal deficit at 5.8% of GDP – lower than anticipated – all indicate robust economic growth. This is bolstered by the formalization of the economy, which will have a positive impact on the banking system that lends to the formal economy. Further, despite the huge amount of welfare measures in place, the strong revenue figures have kept the fiscal deficit in check – estd at 5.1% in FY25 and on track for 4.5% by FY26 .
Significant capital expenditure growth of over 11% this year, accounting for 3.4% of GDP, underlines the focus on key areas like railway infrastructure and green energy. This is expected to transform the country while also ensuring employment generation to harness demographic dividend. Specific steps like viability gap funding and other financial assistance to achieve net zero by 2070 are expected to catalyze new industries and enable cleantech players to transform the landscape through innovative tech solutions. Overall, the budget aligns with India’s path towards sustainable growth and development, balancing welfare measures with economic expansion.
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green
“Today’s announcements on the interim budget for Viksit Bharat illustrate the government’s steadfast commitment to creating a developed India by 2047. The significant progress gained in all aspects of infrastructure physical, digital, and social over the last decade demonstrates our multifaceted economic management, which effortlessly aligns focus on infrastructure building with aggressive capital expenditure; with inclusive and people-centric development.
The allocation of 2.78 lakh crores to the Ministry of Road Transport and Highways is a clear indication of strides toward progress, particularly in fortifying the electric vehicle (EV) ecosystem. The government’s commitment to the expansion and fortification of the e-vehicle ecosystem, promote deployment of EVs for the masses, coupled with support for manufacturing and charging infrastructure, marks a pivotal moment.
The government remains resolute in its commitment to expanding and sustaining this ecosystem, fostering entrepreneurial opportunities for vendors engaged in the supply and installation of charging infrastructure. Simultaneously, it aims to create employment opportunities for the youth equipped with technical skills in the manufacturing, installation, and maintenance of these vehicles.
The EV sector was expecting an announcement in the interim budget regarding the continuation of the Fame scheme for demand generation. We are hopeful to have this coming in the weeks ahead.
We receive this budget with great enthusiasm, confidence and hope for the coming Amrit Kaal.”
Tarun Gupta. – Co-Founder – Lissun
In analyzing the interim budget, I find it to be a well-rounded approach towards health initiatives. Extending Ayushman Bharat to Anganwadi and Asha workers and bringing maternal and child healthcare schemes under one roof, reflect positive strides. The initiative to establish medical colleges through existing structures and committees is another noteworthy development. Commendably, there is a strong commitment to Research and Development (R&D) with a substantial 1-lakh crore corpus allocated to the private sector. Additionally, India’s leadership is evident in STEM courses, boasting an impressive 43% women enrollment. However, as we await the post-election full budget, there’s a need for specific attention to the mental health sector. Allocating resources for infrastructure, qualified professionals, research, and destigmatization campaigns is imperative to address to escalating mental health crisis in India.
Pooja Sodhi, Co-Founder and CEO at Combonation
The budget 2024 redefines the dedication to the empowerment and welfare of the ‘Mahilayen’ (Women), and ‘Yuva’ (Youth), and stands resolute, as articulated by our Prime Minister. Financial budget underscore their needs and aspirations, acknowledging that the country’s progress is intricately related to the development in these areas. To bolster this, the budget champions Nari Shakti, spotting the momentum received in women’s empowerment over the last decade. Importantly, the budget introduces strategic tax benefits for startup ventures, aligning with the government’s dedication to fostering entrepreneurial spirit. As part of the broader initiative, the Mudra Yojana has dispensed 30 crore loans to women entrepreneurs, reflecting a tangible commitment to assisting female-led organizations. The expanded enrollment of women in higher education, mainly in STEM courses, highlights the advantageous trajectory toward gender inclusivity. Budget 2024, with its multi-faceted method, now not only addresses the various desires of our society but also propels the nation closer to inclusive increase and monetary prosperity.
Ms. Kavita Sharma, Co-founder and CEO, Ziyyara Edutech
As the Co-Founder and CEO of Ziyyara Edutech, I firmly believe in the transformative power of education, aligning with the progressive strides outlined in the National Education Policy 2020. PM Schools for Rising India (PM SHRI) exemplify our commitment to quality teaching, fostering holistic individuals. With thirty crore Mudra Yojana loans empowering women entrepreneurs and a commendable twenty-eight per cent rise in female higher education enrolment, we witness the impact of these reforms. The Skill India Mission, training 1.4 crore youth and establishing numerous institutions, resonates with our mission of accessible and personalized online tutoring. At Ziyyara Edutech, we stand proud in contributing to the educational landscape that empowers and equips the youth for a brighter future.
Mr. Nishant Sinsinwar, Founder of Homiie Studio & Projects Makers
We appreciate this Interim Budget that reflects a positive trajectory for the real estate and construction sectors, as well as infrastructure development. The government’s commitment to sustained growth and economic development, evident in the meticulous handling of the economy since 2014, is commendable. The emphasis on improving taxpayer services, withdrawing outstanding direct tax demands, and maintaining stable tax rates for direct and indirect taxes is a step in the right direction. The extension of tax exemptions for startups and IFSC units demonstrates a supportive approach to fostering entrepreneurship.
The focus on the GST system, reduction in compliance burden, and the positive impact on trade and industry is acknowledged. We appreciate the government’s efforts to streamline tax provisions, making filing returns simpler and faster. The budget estimates for 2024-25, with a continued emphasis on interest-free loans and fiscal discipline, instill confidence in the economic roadmap. The proposed interest-free loan for reforms by states and the significant FDI inflow showcase a forward-looking vision.
Dr. Bhavya Vankar, Co-founder, Quantum CorpHealth Pvt. Ltd.
“We value the Finance Minister’s emphasis on female entrepreneurs in the Interim Budget for 2024–2025. In the past decade, the empowerment of women through entrepreneurship, improved living conditions, and upheld dignity has surged forward. With 30 crore Mudra Yojana loans supporting women entrepreneurs the strides made are evident with a remarkable 28% rise in female enrollment in higher education, and a notable 43% representation in STEM courses. As India stands as a light of progress, we recognize the positive impact on increasing female participation in the workforce.
The ‘Amrit Kaal’ strategy focuses on economic policies which foster sustainable development, inclusive growth, and empower Micro, Small, and Medium Enterprises (MSMEs) across the country. Guided by the mantra of ‘Reform, Perform, and Transform,’ that our government encourages commitment to next-generation reforms, building consensus, and providing timely resources to further aspirations.”
Ankur Bansal, Co-Founder & Director, BlackSoil Capital
“The FM’s interim budget announcement on deep-tech aligns with our expectations. The Government had earlier identified vital focus sectors, which included deep-tech; thus, a progressive announcement around the sector was anticipated. Besides EVs, renewables, agritech, deep-tech is now widely used in defence and surveillance. The proposed scheme focused on deep-tech defence technologies will not only ignite innovation and bolster national security but also provide a fertile ground for startups to thrive. Further, this will encourage entrepreneurship, augmented by the announcement of establishing a Rs 1tn corpus with a 50-year interest-free (or low) loan for long-term financing for research and innovation in sunrise areas. In addition, such initiatives by the Government will attract investment from the private sector and foreign investors, driving growth and propelling India towards self-reliance – ‘atmanirbharta’.” – Ankur Bansal, Co-Founder & Director, BlackSoil.
Mr. Varun Tangri CEO and founder at QueueBuster POS
“Entering India’s Interim Union Budget 2024, the spotlight on infrastructure and road development marks a pivotal moment for the Retail and Retail Technology industry. With an injection of 11 Lakh crore and the PM GatiShakti project, we witness a strategic push for economic corridors, opening doors for three new corridors that will strengthen and expand organised retail in newer cities.
Acknowledging the retail sector’s key role in India’s economy, the budget commits to launching new retail destinations, aligning seamlessly with our vision. Globally, our country has secured its place as the fourth-largest retail destination, driven by a surge in demand for lifestyle products. As India targets the third-largest consumer market by 2030, strategic investments in infrastructure promise substantial growth.
In a noteworthy move, the budget raises the presumptive taxation threshold for retail businesses to Rs 3 crore, offering valuable support to SMEs in the sector. These initiatives will surely be instrumental in positioning India as the world’s largest retail destination in the coming decades.”
Mrs. Rajita Kulkarni, President, Sri Sri University
“The Interim Budget presented by Hon Finance Minister today is People-Centric budget focussed on Inclusive Development with substantive development of all forms of infrastructure-Physical, Digital and Social. Its particular focus on Women , Youth, Farmers & the Poor of the country will ensure that employment is created & economic empowerment happens and no one is left behind in the process of development. The emphasis on climate action, health , enabling innovation & startups will make India well poised to take a global leadership position as we approach Amrit Kaal.
The 2024 Budget signifies significant progress in the government’s commitment to enhancing the skills of today’s youth. The Skill India Mission, a pivotal initiative, has effectively trained 1.4 crore individuals and reskilled 54 lakh youth, emphasizing empowerment for the younger generation.
At the forefront is the National Education Policy (NEP) of 2020, introducing transformative measures to instill entrepreneurial mindsets in students. Focused on nurturing creativity, the budget envisions the development of future leaders. With a commendable emphasis on youth empowerment and entrepreneurship, the budget lays a promising foundation for today’s youth, emphasizing education and skill development.
The budget’s commitment reflects a forward-looking approach to creating an environment where young minds actively contribute to the nation’s growth journey”
Yashoraj Tyagi, Chief Executive Officer, CASHe
“The 2024 Union Budget consistently emphasizes the tech sector, highlighting a commitment to inclusive growth across diverse fields such as agriculture, finance, health, and communities, fostering economic empowerment throughout all sectors.
The spotlight on expanding the EV ecosystem creates exciting prospects for fintech companies to innovate financing and payment solutions in this rapidly growing sector. Additionally, the government’s emphasis on developing new tourist attractions has the potential to elevate tourism nationwide, possibly spurring demand for travel loans and enhancing economic growth. This not only strengthens the lending sector but also extends credit accessibility for travel to a broader audience keen on exploring emerging tourist destinations.
Furthermore, the recent establishment of prestigious higher education institutions such as IITs, IIITs, IIMs, and AIIMS underscores a commitment to skilling and reskilling the workforce. This, combined with increasing aspirations for higher education, may lead to a surge in demand for education loans, creating fresh opportunities for the fintech industry.
It is also commendable that the FM announced initiatives under PM Mudra Yojana and Start-Up India for young Indian startup founders who have been creating employment opportunities for Indian citizens in various sectors, including fintech. The budget presents a well-rounded vision for economic progress, offering fertile ground for financial innovations and growth across various sectors.”
Mr. Santanu Agarwal, Deputy Managing Director, Paisalo Digital Limited
“The budget presents a vision of prosperity and resilience, reflecting the vision of a Viksit Bharat. It strikes a balance between growth and fiscal responsibility, prioritizing key sectors, green initiatives, and the rural economy. The government’s commitment to sustainable development and financial inclusion is evident through increased capital and operational expenditures across all three sectors.
This optimistic outlook promises inclusive development, environmental sustainability, and economic empowerment for all. Targeted measures for the rural sector, coupled with visionary strategies for financial upliftment and social welfare, underscore India’s dedication to fostering entrepreneurship, ensuring credit access, and developing sound financial regulations.
The budget champions entrepreneurship as a key driver of economic development, paving the way for their active participation and contribution to India’s diverse sectors.”
Mr. Rohit Mali, Director, Firefly Fire Pumps,
“The government’s vision and efforts toward the manufacturing sector are highly commendable. The recently presented Interim Budget for 2024-25 by Union Finance Minister Nirmala Sitharaman demonstrates a holistic vision focused on promoting inclusive growth and sustainable development in India. Recognizing the pivotal role played by Micro, Small, and Medium Enterprises (MSMEs) in propelling India’s economic growth and global competitiveness, the government emphasizes ensuring timely and adequate financial support, fostering the adoption of innovative technologies, and implementing effective training programs for their success. Furthermore, a commitment to regulatory reforms aims to create a conducive environment for the flourishing of MSMEs. This dedication is in line with the overarching vision of Viksit Bharat by 2047, emphasizing the transformation of India into a Developed Nation with a balance between progress and nature, modern infrastructure, and equal opportunities for all. It resonates with the Development Mantra, focusing on comprehensive development, and aligns with the strategy for Amrit Kaal, promoting inclusive and sustainable development, increased productivity, and empowered citizens. The substantial allocation of INR 6,200 crore for the (Product Linked Incentive) PLI Scheme is a pivotal step in strengthening the MSME sector, providing tangible financial assistance and empowering them to contribute significantly to national resource generation and the realization of shared aspirations.”
Mr. Soumya Sarkar, Co-founder, Wealth Redefine (AMFI registered MFD)
The salient features of the interim budget 2024 include a CapEx target for FY25 rising by 11.1% to 11.1 lakh crore. Specifically, there is no change in direct or indirect taxes status quo. The FY25 physical deficit target is pegged at 5.1 percent of GDP; this represents a marginal decrease from that of FY24. The budget also allows highlighting pillars such as the poor, women, youth and farmers in an attempt to foster holistic growth. The forecast for the FY25 tax receipt stands around INR 26.02 lakh crore with monthly GST collection doubled to INR 1.66 lakh crore each month Among the many initiatives are tourism projects in islands, EV manufacturing support, and free 50 years loan on interests for tech-friendly youth. Asha and Aganbari employees also enjoy Ayushman Bharat coverage. The government promises to help middle-class housing, especially people living in rental houses, slums, and unrecognized colonies. The corridor of India-Middle East- Europe has been projected as a game changer for infrastructure and exports with the foresight of India becoming a developed economy by 2047.
Ms. Sonam Motwani, CEO & Founder, Karkhana.io
Karkhana.io commends the Finance Minister’s visionary budget, especially for empowering women entrepreneurs through initiatives like MUDRA Yojana, fostering inclusivity in fields like manufacturing.
The increased support for MSME training in the 2024 budget is crucial for growth, aligning with the ‘Amrit Kaal’ initiative for inclusive economic development. With over 63 million MSMEs contributing significantly to India’s GDP and employment, the budget strategically fuels their growth.
The emphasis on EV manufacturing highlights the government’s progressive stance, supporting sector growth. Karkhana.io firmly supports the Finance Minister’s budget, prioritizing women’s empowerment, strengthening MSMEs, and fostering the EV manufacturing sector, showcasing commitment to inclusive economic development in India.
Piyush Kulshrestha, Founder & CEO, Khul Ke
“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
“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.”
Dr. Santanu Paul, Founding CEO and MD, TalentSprint
“We welcome the Government of India’s interim budget proposal announced by honourable FM Nirmala Sitharaman highlighting a new scheme to be launched for strengthening deeptech technologies for defence purposes and expediting ‘atmanirbharta’. This will facilitate partnerships between defence organizations, academia, and industry players to co-create an ecosystem that will focus on building skilled capacity for the sector. To this end, all three partners must collaborate to curate curriculum, provide hands-on experience and promote knowledge exchange in cutting-edge defence technologies and related expertise in cybersecurity, devops, spacetech etc. Moreover, Artificial Intelligence (AI) will be the bedrock of all emerging technologies and will play a major role in defence tech. This move will act as a catalyst to bring about self-reliance in India’s growth narrative and simultaneously create experts for the global market.”
Anshuman Das, CEO and Founder, LONGHOUSE Consulting
“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
“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.”
Anand Kumar Bajaj, Founder MD CEO, PayNearby:
“The interim Union Budget presented by the Ministry of Finance is well-rounded and optimistic. It is extremely encouraging to see the underprivileged, women, youth, and farmers at the heart of Budget 2024-25, as it will lay the foundation for faster financial empowerment and a more equitable society. We wholeheartedly embrace the Lakhpati Didi initiative, aligning with the Government’s vision to create 3 crores self-reliant Lakhpati Didis. Through our association with various livelihood missions across states, we have successfully onboarded 100,000+ women as Business Correspondents, empowering them with skills to offer financial and digital services to their communities. As we eagerly anticipate Union Budget 2024, we seek specific measures, including a 5% GST rate for last-mile empowerment startups, a GST waiver on all financial services from BC outlets, Income Tax relief, and reduced import duty on essential financial services devices.”
Ankit Ratan, Chair, Regtech Committee, Fintech Convergence Council, and Co-founder, Signzy:
“The Budget has recognized the importance of Digital Public Infrastructure as the new factor of production driving the formalization of the economy. A key factor that drives the digital economy and enhances adoption is Digital Trust. It revolves around customers’ confidence in the security, reliability, and honesty of transactions carried out through banking channels. We believe a robust digital public infrastructure along with an enhanced digital trust ecosystem will promote responsible innovation while risk-proofing businesses from cybersecurity concerns. Creating an environment of trust beyond the established physical branches of a bank through real-time monitoring of biometric systems and cybersecurity resilience among others is the way forward. This promises an economy where technology empowers trust that paves the way for a brighter and more equitable future.”
Mr. Chakravarthi C.- Managing Director – Quantum Energy
“The interim budget might not have specified any policy or allocation towards the EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right is to strengthen the EV ecosystem holistically for which the budget is indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars”
Ankit Kumar, CEO, Skye Air and Saurabh Rai, CEO, ARAHAS Technologies
The India Budget 2024 heralds a powerful catalyst for our nation’s economic advancement. By extending concessional tax rates for new manufacturing units, fostering innovation receives a significant impetus. The strategic emphasis on training for MSMEs not only enhances competitiveness but also nurtures a vibrant entrepreneurial ecosystem, propelling Bharat towards global leadership. The unwavering commitment to realizing a ‘Vikshit Bharat’ by 2047, coupled with the remarkable success of the Skill India Mission in elevating average income by 50%, underscores the profound impact of these initiatives on the nation’s growth trajectory. This budget’s unwavering focus on growth, inclusivity, and productivity not only aligns with our aspirations but also lays the groundwork for a flourishing Indian economy, poised to seize opportunities and surmount challenges on the global stage.”
Harshvardhan Lunia, Chair, Fintech Convergence Council, and Founder & CEO, Lendingkart
“In examining the Interim Budget, it is evident that Finance Minister Nirmala Sitharaman has crafted a vision encapsulating the themes of inclusivity, self-reliance, and comprehensive national development. The focus on marginalized groups and regional empowerment reflects a nuanced understanding of the diverse needs driving India’s progress. Zooming into the Fintech and Lending landscape, the budget introduces strategic measures to catalyze long-term financing for private sectors, aligning with the nation’s pursuit of technological advancement. The emphasis on innovation, skilling initiatives, and MSME support underscores a forward-looking approach tailored for India’s digital age, aligned with the imperative of steering India’s economic growth in the digital era. The financial sector’s preparation and borrowing targets for the upcoming year signify a well-balanced approach to meet investment requirements. From a bird’s eye view, the budget appears to set a positive tone for the convergence of technology and finance, contributing to the overarching goal of national development.”
Sabyasachi Goswami, CEO, Perfios
“We are delighted to witness the government’s focus and commitment to fostering the startup ecosystem in the Interim Budget 2024. This pivotal attention comes at a crucial time when the industry grapples with a funding winter, compounded by challenges such as the geopolitical crises and global slowdown. The announcement of a substantial corpus of Rs 1 lakh crore, featuring 50-year interest-free loans for Startups & MSMEs, is a commendable move that will undoubtedly provide the private sector with long-term financing opportunities at low or nil interest rates. This initiative aligns seamlessly with our vision to foster innovation and scale up research in sunrise sectors.
The extension of tax benefits for startups until March 31, 2025, further reinforces the government’s commitment to nurturing the entrepreneurial spirit. This gesture not only provides financial relief but also instills confidence in the startup ecosystem.
We also express our appreciation for the government’s proactive approach in incentivizing digital transactions in the previous year. Anticipating a continuation of such initiatives for the broader financial ecosystem this year, we look forward to a collaborative effort that will drive digital transformation for Banks and NBFCs, which will also result in financial inclusion. These measures collectively pave the way for a robust and resilient startup landscape, and we at Perfios are optimistic about the positive impact they will have on the industry as a whole.”
Mr. Anil Agarwal, CEO, and Co-Founder of InCruiter
“While we appreciate the focus of the Skill India Mission on training and upskilling millions of youths, the emphasis should be on bridging the gap between skilling initiatives and industry needs. Hiring skilled talent for the right opportunities remains a challenge for HR professionals, and a more targeted approach could be the adoption of AI tech-driven HR software to make the process faster and more efficient. Fostering a culture of continuous learning to align skill development with emerging sectors and specific job profiles is crucial. The new institutions of higher learning are commendable, but ensuring quality education and industry exposure is key. We also need to see stronger industry-academia partnerships to equip graduates with the practical skills that businesses demand.
Furthermore, for the startup ecosystem, access to skilled talent can make or break their ventures, and schemes like PM Mudra Yojana and Start-Up India are positive steps for budding entrepreneurs. We stand ready to collaborate with the government and skill development bodies to bridge this gap, ensuring that India’s startup ecosystem can hire skilled talent for the evolving economy.”
Mr. Piyush Goel Founder and CEO of Beyond Key
“In 2024, a transformative surge in technology is predicted, propelled by India’s unwavering commitment to skill development and innovation, as articulated by Finance Minister Nirmala Sitharaman. The Skill India Mission has actively educated 1.4 crore youths, imparting essential skills and upskilling 54 lakh youths, alongside establishing 3,000 new ITIs. The academic arena has witnessed remarkable growth with the establishment of 7 IITs, sixteen IITs, 7 IIMs, 15 AIIMSs, and 390 universities, fostering a strong atmosphere for technological advancement. Furthermore, the fiscal budget 2024 allocates resources to increase the number of airports, rail infrastructure, and other infrastructure, undoubtedly impacting mass lives. Artificial Intelligence (AI) would become a pivotal force, and stronger funding to harness its benefits is poised to elevate the technological landscape. Corporate sectors also stand to benefit from the decreased corporate tax of 22%, fostering a greater favorable commercial enterprise environment and selling economic growth through accelerated investments and expansion opportunities. The budget’s strategic investments underscore India’s steadfast determination to a dynamic and tech-driven future.”
Saurabh Rai, CEO, ARAHAS Technologies
The Indian Government’s forward-looking Interim Budget for FY 2024-25 marks a transformative moment, aligning perfectly with mission and values. The introduction of ‘Kartavya Kaal’—a call to duty for the private sector to significantly boost research and innovation—resonates deeply with our ethos. We’re poised to lead in pioneering sustainable solutions across sunrise sectors, leveraging this budget as a springboard towards a greener, more innovative India. This budget not only fosters a circular economy and sustainable development but also emphasizes India’s role on the global stage through initiatives like the India-Middle East-Europe Economic Corridor. It’s a clarion call for us to harness technology and innovation, ensuring India’s vibrant future. We’re committed to contributing to ‘Innovation India,’ driving transformative changes that will benefit our society and economy.
Vishvanathan Subramanian, CFO & Director, PayMate
“It’s a forward-looking Interim Budget that places a premium on stability and predictability which is welcome. Among the measures announced by the Finance Minister, I especially welcome the one regarding the allocation of Rs one lakh crore for a 50-year period as support for tech savvy youth at low or no interest rates. This will set the stage for a thriving startup landscape and signals a bright future for innovation, job creation, and economic dynamism. I am confident this will significantly impact the startup ecosystem, fostering innovation and growth”.
Pravin Agarwala, Co-founder and Group CEO, BetterPlace
“The Union Budget 24-25 presented by FM Nirmala Sitharaman strongly echoed Centre’s vision of further increasing & scaling up employability in India, with holistic training, skilling, and reskilling being the decisive pillars. The vision of furthering domestic tourism is set to create a plethora of job opportunities for local workers, thereby bolstering the employment landscape for frontline workers in India.
The Budget also stressed upon taking collective efforts towards bringing more women, youth, farmers, and the underserved workers to the forefront, which strongly mirrors our collective efforts of empowering the dignity & wellbeing of these different cohorts of the population, who are resiliently driving India’s growth. Extension of Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to all ASHA and Anganwadi workers will further ensure medical & health care facilities reach women workers.
It was truly exciting to hear how India’s tech stack has become a robust case study for the world and with our innovation-first approach, tech-first companies, like ours, are providing solutions to the global markets.
While we were looking forward to more concrete policies directed towards extending the social security of gig workers, thereby enabling the formalisation of the workforce, it will be important now for industry leaders and enterprises to have an open dialogue and with the support of policymakers, develop frameworks which can be conducive for the employing companies and the gig workers alike.”
Ratheesh D, Director, CABT Logistics- First Mile, Mid Mile & Last Mile services
“Logistics gets a shot in the arm with Budget 2024! The visionary conversion of 40,000 rail bogies to Vande Bharat standards and doubling of airports to 149 signal a major infrastructure push. This, coupled with the procurement of 1,000 new aircraft by Indian carriers, creates a powerful ecosystem for seamless freight movement.
FM Nirmala Sitharaman’s announcement of three major railway corridors and dedicated economic rail corridors for specific commodities showcases a proactive approach to tackling logistics bottlenecks. These initiatives are poised to significantly reduce logistics costs (currently at 12% of GDP), a major pain point for the industry. The focused strategy on freight movement aligns seamlessly with the National Rail Plan and promises to catapult India’s manufacturing competitiveness by ensuring efficient and cost-effective delivery of goods.”
Mr. Sourabh Bansal, Co-founder and Managing Director, Magicrete
With Finance Minister Sitharaman’s announcement that an additional 20 million houses will be taken up in the next five years and a scheme for housing middle class, there is a positive outlook for the construction industry. It is notable that the government puts emphasis on long-term economic growth and development. The withdrawal of standing direct tax demands and maintenance of tax rates reduce the burden on many construction business owners. The fact that interest-free loans are to continue and the commitment to bring down the Fiscal Deficit implies an exercise in good fiscal policies. The focus on affordable housing, rooftop solarization, and green energy is in sync with Magicrete’s emphasis on environment-friendly construction technologies. We anticipate a proactive role in fulfilling the mission of Viksit Bharat towards nation-building.
Dr. Prof Anand Achari, Principal, Vivekanand Education Society’s College of Architecture
“At VESCOA, we appreciate the budget’s focus on empowering the youth for a prosperous future. The significant impact of the Skill India Mission, training 1.4 crore youths and upskilling 54 lakh individuals, aligns seamlessly with our commitment to skill development.
As we navigate the educational landscape, we are encouraged by the initiatives that prioritize quality teaching and nurture well-rounded individuals. The rise in female enrollment reflects positive strides towards gender inclusivity, contributing to the increasing participation of women in the workforce. Within these achievements, we also acknowledge the potential impact of a heightened focus on R&D, which could have further amplified the transformative era in education. As we look to the future, we express our anticipation for strategic initiatives that place increased emphasis on R&D, fostering innovation, improving learning outcomes, and propelling our nation’s educational advancement.”
Mr. Suresh Sethi, MD and CEO, Protean eGov Technologies
“Starting from addressing the foundational challenge of identify at population scale, India’s visionary DPI
framework built on open standards and protocols, is now permeating across multiple sectors of the economy across ecommerce, agriculture,
education & health, to name a few!
We applaud the Honourable Finance Minister’s recognition of Digital Public Infrastructure (DPI) as a key driver of economic formalization and believe that with the DPIs firmly in place, India in the 21st century is poised to bridge the digital divide, eliminate barriers to entry, and create a more inclusive and prosperous future.
Protean eGov Technologies has forever championed the power of Digital Public Infrastructure (DPI) in our mission to drive social and financial inclusion while building for billions. “
Sanjeev Bhandari, Founder and CEO, AirBrick
We appreciate the government’s commitment to improving taxpayer services, as highlighted by the Finance Minister’s announcement. The proposal to withdraw outstanding direct tax demands up to Rs. 25,000 for years up to 2009-10 and Rs. 10,000 for the period from 2010 to 2015 is a welcome relief for 1 crore taxpayers. This step aligns with the government’s efforts to ease the burden on taxpayers and foster a more supportive financial environment. Furthermore, the decision to maintain the current tax rates for both direct and indirect taxes, including import duties, provides stability and predictability for businesses. The extension of tax exemptions for startups and IFSC units until March 31, 2025, is a strategic move to encourage continued growth and innovation in these sectors.
The announcement of interest-free loans with an outlay of Rs. 1.3 lakh crore for the next year is a noteworthy initiative. This scheme aims to provide financial support and stimulate economic activities. The government’s focus on fiscal discipline, with an estimated Fiscal Deficit of 5.1% of GDP in 2024-25, reflects a responsible approach to economic management. In the housing and construction sector, the announcement of a scheme to assist the middle class in buying or building houses is a significant step towards addressing housing challenges. Additionally, the focus on green energy, e-vehicles, and bio-manufacturing reflects a forward-looking approach.
Mr. Vikas Kumar Mittal, Managing Director, Nova Formworks
We commend the government for its determination to ensure economic growth and the steered path the country has been placed on. The proposed intention to streamline tax processes and preserve ongoing stability in tax rates is a welcome move toward the manufacturing sector. Prolongation of tax exemption for startups and IFSC units until March 31, 2025, will ensure continuity and promote innovativeness. This focus on green manufacturing, which is geared toward e-vehicle and bio-manufacturing sectors, coincides with our sustainability goals. Nova Formworks thanks the efforts of the government’s initiative to develop improved performance logistics efficiency institutes through a corridor of railway programs. We hope to be a part of the creation of Viksit Bharat and to engage constructively with the Government’s vision for India as an advanced Nation.
Mr. Nikhil Rajpal, CEO, Hero Electronix (makers of Qubo)
“In the unveiling of the Interim Union Budget 2024, Finance Minister Nirmala Sitharaman has strategically charted out a path not just for driving economic growth, but for a transformative era of inclusive prosperity.
The strategic emphasis on empowering entrepreneurship with robust financial support is a game-changer. It paves the way for innovation-led development, mirroring our own ambition to be at the forefront of ‘Viksit Bharat’, and resonates deeply with our vision of building successful technology businesses out of India.
This budget is not just a financial statement; it’s a blueprint for a resilient and self-reliant India, capturing the spirit of ‘Sabka Prayas’ and our collective resilience through challenging times.
As we at Hero Electronix (Qubo) stay buoyed by the government’s sustained support, we are more committed than ever to be instrumental in India’s journey. It’s a journey not just towards economic success, but towards establishing India as a beacon of innovation and visionary leadership on the world stage.”
Mr. Sanjay Mendiratta, Director, Heat Cure
As the Finance Minister presents the Interim Budget, Heat Cure welcomes the government’s focus on sustainable growth and development. The commitment to green energy is particularly noteworthy, with initiatives like Viability Gap Funding for shore-wind energy and the establishment of coal gasification and liquification capacity. The emphasis on the e-vehicle sector and bio-manufacturing aligns with Heat Cure’s dedication to eco-friendly practices. In the housing sector, the proposed scheme to assist the middle class in acquiring homes is a positive step towards inclusive development. The extension of tax exemptions for startups and IFSC units until March 31, 2025, is also encouraging for startups. The Finance Minister’s decision to withdraw outstanding direct tax demands and maintain the current tax rates reflects a balanced approach. Heat Cure applauds the government’s efforts to simplify tax procedures and reduce the compliance burden.
Pritesh Mahajan, Co-Founder Revamp Moto
“For our country’s vibrant youth, the government’s unwavering dedication to fostering entrepreneurship is demonstrated by programmes like PM Mudra Yojana and extensive support from Fund of Funds, Startup India, and Start Up Credit Guarantee schemes. These initiatives, which have sanctioned loans worth `22.5 lakh crore, empower young entrepreneurs and promote growth. Within the electric vehicle industry, this kind of support acts as a spark for innovation. In addition to advancing us towards a sustainable future, the budget’s priority on building up the EV ecosystem, manufacturing, and infrastructure for charging EVs puts Revamp Moto and other EV businesses at the vanguard of green growth. This budget steers us closer to a future of sustainable employment, ground-breaking discoveries, and good economic effect as we navigate the rapidly changing field of green technology.”
Rishabh Khanna, Cognitive Scientist & CEO of Suraasa
The recent budget’s emphasis on youth empowerment and skill development is a testimony of the Indian government’s commitment to advancing the nation’s educational landscape. The strategic initiatives aimed at addressing teacher shortages and implementing transformative reforms under the National Education Policy 2020 are commendable. The anticipated support for technology-enabled education, particularly in tier 3+ towns, and the emphasis on digital infrastructure, teacher training, and vernacular education, is expected to significantly enhance the learning experience of our students. At Suraasa, we remain dedicated to skill development of teachers for the 21st-century and transforming their careers. This budget aligns seamlessly with our objectives, and we look forward to leveraging these opportunities to further empower our educators and contribute to the growth of the education sector.”
Mr. Prateek Sachdev, Managing Partner of Mobikasa
“In the 2024 budget, our country’s dedication to fostering a thriving start-up ecosystem stays unwavering. Recognizing the pivotal role of entrepreneurs in driving economic growth, maintaining the current tax benefits for both direct and indirect taxes, and preserving stability for enterprises. However, acknowledging the impending expiration of tax advantages for start-up investments utilizing sovereign wealth or pension budget, and tax exemptions for particular IFSC units, a pragmatic extension till 31.03.2025 is being recommended, ensuring continued support for innovation. The achievement of PM Mudra Yojana, sanctioning 43 crore loans totaling 22.5 lakh crore, exemplifies the nation’s dedication to nurturing the entrepreneurial spirit of the youths. Complemented by initiatives like Fund of Funds, Start Up India, and Start Up Credit Guarantee schemes that empowers the youth to become ‘rozgardata’—contributors to employment and economical prosperity. This budget reaffirms India’s dedication to catalyzing the growth of start-ups, making sure they remain the pushing force behind India’s financial resurgence.”
Sachin Jain, Country Manager, ETS India and South Asia
“The Finance Minister’s recent budget presentation reveals a strong commitment to enhancing India’s educational landscape and skill development. Highlighting an impressive milestone, over 14 million students have benefited from the Skill India Mission. This move aligns with the government’s focus on fostering a skilled workforce ready for the challenges of the modern economy. The budget prioritizes the upskilling of the youth and endorses the spirit of ‘Jai Anusandhaan,’ envisioning a future where Indian youth lead in innovation and research. This strategic investment in education and research is poised to empower the next generation, ensuring they are well-equipped to navigate a rapidly changing world. The government’s dedication to this cause is evident, and we look forward to the comprehensive budget details for the education sector.”
Manisha Zaveri, Joint Managing Director, Career Mosaic
“I commend the government for its achievements over the past year and appreciate the budget’s focus on inclusive growth. The remarkable increase in women’s higher education enrollment, with significant representation in STEM, is a major step towards gender equality. The budget’s alignment with modern data and technology use reflects a forward-thinking approach. The introduction of a substantial fund for interest-free loans to support private sector research and innovation is a positive development. This budget is foundational for empowering India’s youth in shaping the country’s technological advancements and international stature. We eagerly anticipate the details the full budget will unveil for the higher education sector.”
Ravi Mittal, Founder and CEO of QuackQuack
“As the Founder of a startup, I am thrilled to witness the visionary steps taken in the Union Budget 2024. The allocation of a One lakh crore fund for long-term, low-interest loans towards deep tech in defence is a testament to the government’s commitment to fostering innovation. With 43 crore loans sanctioned through PM Mudra Yojana, totaling 22.5 lakh crore, our youth’s entrepreneurial aspirations are also being significantly supported. The extension of tax benefits and continued support through schemes like Fund of Funds, Start-Up India, and Start-Up Credit Guarantee until March 2025 further exemplifies the government’s dedication to empowering startups. At QuackQuack, we are excited about the opportunities ahead.
Mr. Anil Pinapala, CEO & Founder, FlexPay by Vivifi
This is a status quo budget with no changes made to direct or indirect tax regimes. The 50-year near-interest-free loan for the sunrise segment shows government’s commitment towards promoting innovation. The government also has plans to withdraw direct tax disputes up to Rs. 25,000 dating to before FY2010, re-iterating the government’s approach to ‘Minimum Government, Maximum Governance’. The government’s focus on the middle class with schemes to promote Buy or Build own homes could become a driver for growth.
Overall the interim budget was more of a status quo budget with a focus on promoting innovation.’
Saurabh Arora, CEO, University Living
“I applaud the government for its commendable achievements over the past decade and express gratitude for the Budget’s unwavering focus on fostering inclusive growth. In this era where new-age technologies and data are transforming lives and businesses, the budget recognizes their role in creating economic opportunities and providing high-quality services at affordable prices, particularly for those at the ‘bottom of the pyramid.’ The expanding global opportunities for India are being driven by innovative solutions and entrepreneurial spirit. With Rs 73,008 crore allocated to the School Education, strategic investments and accomplishments in the education sector, this budget lays a crucial foundation for empowering India’s youth, enabling them to aspire for higher education avenues beyond boundaries and elevate India’s international standing.”
Vikram Bhandari, Founder & CEO of Yantra
“I think the impact of the new age technologies will bring about much excitement for the sphere. We at Yantra remain deeply committed to discovering new economic opportunities that will allow more Indians to join the workforce and benefit from it. Yantra’s goal remains to impart state-of-the-art yet affordable services to everyone out there, with a special focus on those who couldn’t manage it before. The budget 2024-25 indicates that the potential of India is reaching an all-time high and we stand ready to contribute to it through innovation and entrepreneurship. Our futuristic solutions promise to imitate India’s new-age solutions throughout the world and I’m sure that Yantra will make a significant contribution to Digital India and the honorable PM’s vision of Sabka Saath Sabka Vikas.”
Dr. Charit Bhograj, CEO and Founder of Tricog Health
“Interim Budget 2024 presented by Finance Minister Nirmala Sitharaman promises a boost for healthcare in India. The proposed measures include broadening health insurance coverage, reinforcing immunization efforts, investing in maternal and child health, and prioritizing rural healthcare. These initiatives will enhance medical service accessibility in vulnerable regions. The budget reflects a commitment to inclusivity, accessibility, and establishing a robust healthcare foundation for all citizens, signaling a significant move toward strengthening the healthcare infrastructure in the country.”
Mr Arun Poddar, CEO & Executive Director, Choice International Limited.
“We applaud the Interim Budget 2024-25 for its forward-looking approach towards the financial sector and the overall Indian economy. The government’s commitment to fiscal consolidation, coupled with an aggressive fiscal deficit target, sets a positive tone for economic resilience. The commitment to Digital Public Infrastructure aligns with our tech-centric vision for innovative financial services.
Choice International is particularly encouraged by the focus on fostering private investment, enhancing MSME growth, and orienting the regulatory environment. The government’s focus on International Financial Centres positions financial service providers to benefit from global capital. The decision to withdraw outstanding disputed tax demands is a significant boost for over one crore taxpayers. As we navigate these economic waters, Choice International remains dedicated to actively contributing to the India’s financial sector and support its journey towards sustained economic prosperity.”
Mr Vishal Jain, Co founder, Roadcast- End to end supply chain management solution provider
“Interim budget 2024 heralds a seismic shift in the logistics landscape, steering towards unprecedented growth.
With airports doubling, and 1,000 aircraft orders, India propels into a new era of efficiency. The unveiled railway corridors, particularly the port connectivity and energy corridors, promise de-congestion, slashing logistics costs and boosting competitiveness. This logistics sector is estimated to grow to 563 billion dollars in 2030, at a compound annual growth rate 9.4 percent. These new developments will halo achieve this number and bring reduce the Indian logistics costs as well which are currently higher than other countries. India has a higher logistics cost as a percentage of GDP at 14 percent, compared to the BRICS average of 11 percent. These new announcements will help propel growth.
Nirmala Sitharaman’s visionary corpus of Rs 1 lakh crore, featuring a 50-year interest-free loan, is a beacon for tech-savvy innovation. This strategic blend of infrastructure overhaul and technological investment will bring forth a dynamic future, elevating India’s logistics sector to unparalleled heights of efficiency and global competitiveness.”
Aneef Tas, CEO of Endefo
“With the interim budget promoting the India-Middle East corridor, there will be a boom in infrastructure. This initiative will enhance the business prospects of exporting goods to the Middle East and Europe 40% faster. It will not only connect India with commercial hubs but also make the nation stand out. ‘Made in India’ goods will become the next sought-after market. India will no longer be just the tech backend; instead, this initiative will increase the entrepreneurial drive of the nation, making it a product-oriented country.
Speaking of entrepreneurship, the challenges faced by startups in raising investments are evident, with Indian startups experiencing a significant drop in funding over the past year. However, this initiative is poised to boost foreign investment in India. Made-in-India products, especially consumer durable products, will get a whole new global exposure.”
Mr. Rajan Bajaj, Founder CEO, slice
“The government’s allocation of a ₹1 lakh crore corpus for technological research in this year’s budget is a game-changer. It positions India’s R&D to capitalize on our young and dynamic demographic. The provision of interest-free support will undoubtedly catalyze scaling up research and innovation, fostering significant strides in filling economic gaps. Made in India tech is the future, and we’re here for it!”
Mr Edwin, Co Founder, Boxigo
“The budget outlines India’s focus on development, with Finance Minister Sitharaman’s strategy for Amrit Kaal and tech-savvy growth policies, including a Rs 1 lakh crore corpus with a 50-year interest-free loan. The government aims for economic policies fostering sustainable growth, inclusive development, improved productivity, and creating opportunities. The Middle East-Europe-India corridor reflects a commitment to technological growth, offering businesses opportunities for expansion. Interim budget 2024 marks a seismic shift in logistics, with doubled airports,, and unveiled railway corridors promoting efficiency and competitiveness. The budget promotes tech-savvy innovation, shaping a dynamic future for India’s logistics sector.”
Mr. Prashant Vasan, CEO at Madras Mandi
As Madras Mandi, we extend our appreciation for the government’s unwavering support to our ‘Annadata’ through key budgetary initiatives. The direct financial assistance under the PM-KISAN SAMMAN Yojana and the extensive coverage of crop insurance through PM Fasal Bima Yojana underscore a commitment to the well-being of our 11.8 crore farmers, including marginal and small farmers. The integration of 1361 mandis into the Electronic National Agriculture Market, with a trading volume of ₹3 lakh crore, aligns with our mission to modernize agricultural practices and empower 1.8 crore farmers.
The budget’s emphasis on farmer-centric policies, income support, risk coverage, and technology promotion resonates with Madras Mandi’s commitment to fostering a sustainable agricultural ecosystem. We applaud initiatives like Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, contributing to value addition, employment generation, and the reduction of post-harvest losses. Madras Mandi looks forward to actively participating in the government’s vision, leveraging private and public investment in post-harvest activities for aggregation, modern storage, efficient supply chains, primary and secondary processing, marketing, and branding. Together, we aim for inclusive, balanced, and higher growth in the agricultural sector.”
Mr. Sarvagya Mishra, Co-founder & Director at Superbot
“It’s encouraging that the government recognizes the importance of addressing skill development to meet the demand for a high-quality workforce in the emerging technology sector, crucial for India’s ambitious goal of a $5 trillion economy..All the initiatives mentioned in the Interim budget speech like establishment of more IITs, IIITs, STEM courses etc., are cementing the foundation of the growing India, which is youth. Commendably, the government’s embrace of deeptech in critical sectors like defense underscores our country’s progressive stance. Given that R&D is a capital-intensive step for businesses in deeptech, blockchain, machine learning, and Generative AI, increased allocation towards MUDRA schemes and the announcement of a 1-lakh crore corpus with 50-year interest-free support will undoubtedly fuel technological growth.”
Mr. Amit Patjoshi, CEO, Palladium India
“We commend the government’s strong commitment to the agricultural sector evident in the Budget. The focus on value addition and income augmentation for farmers is pivotal, and the success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers, is truly commendable. The support extended through Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, assisting 2.4 lakh SHGs and 60 thousand individuals, reflects a holistic approach towards empowering the agricultural community. The emphasis on reducing postharvest losses and enhancing productivity aligns with the sector’s long-term sustainability. Furthermore, the launch of schemes promoting climate-resilient activities for the blue economy 2.0 is a forward-looking step. This integrated and multi-sectoral approach for coastal aquaculture and mariculture, coupled with restoration and adaptation measures, holds promise for sustainable growth. Overall, this budget signals a positive trajectory for the agricultural sector, laying the foundation for a more resilient and prosperous future.”
Abhay Deshpande, Founder and CEO, Recykal
“As we reflect on the latest budget announcement, the significant allocation of Rupees 11 lakh crores towards infrastructure and the resounding encouragement of domestic and global investments underscore India’s resolute commitment to economic progress. With a strategic focus on bolstering the MSME sector, lowering duty, and fostering an environment conducive to manufacturing, India’s potential as a global economic powerhouse is resoundingly clear. Importantly, the emphasis on comprehensive development and the welfare-centric ‘Sabka Prayas’ initiative further exemplify the government’s dedication to holistic growth.
Mr. Asish Saraf, VP and Country Director, Thales – India
“We welcome the Research and Innovation focused steps outlined in the Budget. The allocation of INR one-lakh crore corpus, backed by a fifty-year interest-free loan, is a game-changer. As underscored, this will provide long-term financial support, offering low or nil interest rates to catalyse private sector participation in research and innovation across sunrise domains. This golden era for our tech-savvy youth will undoubtedly spur breakthroughs and drive progress. For Thales, R&D is collaborative by definition, and we work hand-in-hand with start-ups, industry partners and the academic research community to provide our customers with the most advanced solutions possible. We look forward to leveraging our global tech expertise, continue with our R&T efforts in India, and support in fostering the innovation ecosystem in the country collectively with the local teams, talent and industry.”
Amit Khatri, Co-Founder, Noise
“The Interim Union Budget 2024 presented by FM Nirmala Sitharaman reflects the Government’s undeterred focus on inclusive growth. The focus on boosting employability through training and skill development, along with the significant support to foster the entrepreneurial spirit of Indian youth through 43 crore loans amounting to Rs. 22.5 lakh, is indeed a commendable step towards pushing India’s growth at a global stage. These reforms encourage us to work towards India’s vision to become a developed nation by 2047 through enhanced capability and empowerment.
Being a homegrown brand, we believe that initiatives like PM Mudra Yojana & Start Up India will play a crucial role in catalyzing the growth of the startup ecosystem in India and eventually further strengthen the ‘Make in India’ efforts. We appreciate the economic policies adopted to foster growth, improve productivity, increase opportunity, and fulfill aspirations through strategic technological advancements. Driven by the vision of Vikasit and Aatmanirbhar Bharat, we look forward to actively participating in the nation’s journey towards global prominence and innovation leadership.”
Mr. Hitesh Garg, Vice President, and India Managing Director, NXP Semiconductors
“Union Budget 2024 delivers a resounding commitment to sustainable tech, spotlighting support for EVs and bio manufacturing. Metro Rail and Namo Bharat projects elevate city connectivity, while the dual focus on public transport and defence tech reveals a visionary agenda.
The game-changing move of a Rs 1 lakh crore corpus for our tech-savvy youth, coupled with a 50-year interest-free loan, sets the stage for long-term financing, propelling research and innovation. This bold step positions India for a golden era in technology and innovation.
Aligned with our pre-budget expectations, the government’s emphasis on fostering a conducive environment for research and development perfectly mirrors the semiconductor industry’s trajectory. The collaborative spirit and proposed incentives position India as a global semiconductor hub, solidifying its commitment to cutting-edge technological advancements. Budget 2024 charts the course for India’s robust future in sustainable tech and innovation.”
Kaushal Sampat, Founder of Rubix Data Sciences
“In the midst of an election year, India’s interim budget for 2024 has defied fears of fiscal recklessness, maintaining a commendable level of prudence. Despite the political climate, the government has opted for a lower borrowing number for the next year, signalling a commitment to fiscal responsibility. This budget stands out for its focus on infrastructure, capital expenditure, and fostering entrepreneurship—a clear continuation of a decade-long trajectory of GDP, to borrow the Finance Minister’s acronym for “Governance, Development, and Performance.
If India is to reach the ambitious target of $7 trillion GDP by 2030, it is important to focus on infrastructure development, energy security, skill development and emphasis on innovation and entrepreneurship. The budget touches on all these aspects. Capex outlay has increased by 11.1%, there have been announcements on solar energy and electric vehicle infrastructure, and skill development is also being given importance.
The allocation of a significant 1 lakh crore for a 50-year loan dedicated to innovation, research, and development underlines the government’s recognition of the pivotal role these elements play in India’s journey to becoming a developed economy.
The budget speech not only highlighted government achievements but also provided a roadmap for the future, emphasizing macroeconomic stability, robust investments, and a thriving economy. With a fiscal deficit estimate below budgeted levels, a clear focus on reducing it further in the coming years, and targeted support for farmers, job creation, and infrastructure, India’s interim budget for 2024 lays the foundation for sustained growth and development”.
Anjali Bansal, Founding Partner, Avaana Capital
“In India’s pivotal shift towards enhancing Electric Vehicle (EV) adoption, significant strides have been made through PLI schemes and substantial R&D investments in electric mobility. There is a parallel focus on supporting the charging infrastructure, recognizing that its accelerated development is important in realizing this transition. The emphasis lies in establishing interoperable, shared infrastructure adaptable across OEMs and diverse vehicle configurations and hardware. Government can continue to support a green fund facility to support innovation and indigenous technology solutions for climate action, particularly in adaptation and resilience building.”
Mr. Eswara Rao Nandam, Founding President of Polymatech Electronics.
“Polymatech commends the Finance Minister’s visionary approach in allocating a substantial ₹1 lakh crore for long-term interest-free loans aimed at fostering innovation. As a semiconductor chip manufacturer, we acknowledge the pivotal role of innovation in our industry. This substantial financial backing not only grants us the capacity to invest in cutting-edge research and development but also highlights the government’s dedication to fostering growth in emerging sectors. The funding will empower the private sector to lead initiatives that push the boundaries of technology, positioning us at the forefront of semiconductor development. These strategic investments align with our pursuit of excellence, steering us toward a future where India takes a global lead in semiconductor innovation.”
Mr. Shreeranganath Kulkarni, Managing Director, InfoVision
InfoVision warmly welcomes the budget announcement by Finance Minister Nirmala Sitharaman. The introduction of a 1-lakh crore fund with a 50-year interest-free benefit for private sector research and development is a transformative step, particularly for innovation-driven enterprises like ours with a strong focus on edge technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
The injection of such long-term, interest-free capital promises to substantially boost our research and development initiatives that serve not only India but also the global market. It arrives at an opportune time, aligning with InfoVision’s recognition in the Zinnov Zones for Engineering R&D and Digital Services 2023, particularly for our work in Data & AI Engineering.
This financial support will undoubtedly speed up efforts to create top-tier innovations in India for the world. It underscores our commitment to leveraging India’s rich talent pool and contributes to our nation’s technological progress.-
Nikhil Goyal, CEO & Founder, Beyond Imagination Technologies & BitMemoir
“The Union Budget 2023-24 has set the stage for a transformative era, particularly laudable in its focus on empowering the youth and fostering sustainability. By earmarking a significant corpus of one lakh crore with a fifty-year interest-free loan, the government is not only acknowledging the potential of our youth but also fostering entrepreneurship opportunities on an unprecedented scale, with a keen eye on sustainability practices.
This budget paves the way for a golden era for our tech-savvy youth, offering employment avenues in manufacturing, installation, and maintenance, while also emphasizing the importance of sustainable practices. The commitment to deep-tech technology for defense purposes reflects a strategic vision towards self-reliance (atmanirbharta), aligning with the broader goal of Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan. This forward-looking approach not only recognizes the pivotal role of innovation in driving growth, employment, and overall development but also places a strong emphasis on sustainable solutions.
The inclusion of sustainability in the budget highlights the government’s commitment to addressing environmental challenges and fostering eco-friendly practices. The emphasis on long-term financing and low-interest rates will undoubtedly catalyze private sector involvement in cutting-edge research and innovation across sunrise domains, with a particular focus on sustainable technologies. This approach propels India onto the global stage as a solutions-driven and environmentally conscious nation.
In essence, this budget is a resounding endorsement of the symbiotic relationship between our youth, technology, economic prosperity, and sustainability. It lays the foundation for a future where India not only keeps pace with global advancements but also leads through indigenous innovation, entrepreneurial vigor, and a steadfast commitment to sustainable practices.”
Mr. Akshay Hegde, Co-Founder, ShakeDeal
Coming from the supply chain sector, we express our gratitude to the Finance Minister for outlining the aspirations for our industry. The creation of commodity-specific economic rail corridors in the eastern region will enhance accessibility, fostering the growth of the country’s supply chain. This, coupled with the reduction in India’s logistics cost from 12% of GDP, is poised to benefit the manufacturing sector. Additionally, initiatives like the biomanufacturing scheme and the Compressed Biogas (CBG) blending mandate align with the nation’s green vision.
The budget also underscores the government’s support for startups through tax benefits, and we eagerly anticipate witnessing these initiatives unfold in alignment with the broader vision for comprehensive GDP, governance, development, and performance.
Umesh Revankar, Executive Vice Chairman, Shriram Finance
“The interim budget aptly focuses on tourism, agri-based industry, infrastructure, research and innovation, and skilling. It encompasses both social and geographical dimensions and will pave the way for sustainable, inclusive growth. We anticipate that the announcements will yield significant advantages in the near future.
The identification of three major economic railway corridors under PM Gati Shakti underscores policymakers’ focus on enhancing logistics efficiency, fostering crucial multi-modal connectivity essential for the success of ‘Make in India.’ These corridors will drive economic growth, and streamline transportation networks.
The announcement of the creation of a corpus of Rs 1 lakh crore, coupled with 50-year interest-free loans for research and innovation in sunrise domains will accelerate the country’s digitalization journey, positioning it as a leader among global digital economies and fostering opportunities for emerging entrepreneurs. The policy emphasis on providing training to MSMEs to enable them to compete globally is a promising step. With a capex target of Rs 11.1 lakh crore for FY25, up by 11.1 percent, the budget reaffirms the government’s steadfast commitment to economic growth. Further, the focus on the EV ecosystem, in the form of support for manufacturing and charging infrastructure, is set to catalyze business opportunities and significantly contribute to employment generation.”
Ms. Monica Malhotra Kandhari, MD, Aasoka & MBD Group
“The interim budget 2024 stands out for its renewed dedication to the aspirations of young India, as the government directs its focus towards advancing the nation’s prosperity through the empowerment of its vibrant youth. The Finance Minister highlighted promising statistics, including a substantial 43 percent increase in women’s enrollment in STEM-related fields, a 28 percent rise in women pursuing higher education, and a commendable uptick in female participation in the workforce.
Building upon the foundation laid by the NEP 2020, the budget places a strong emphasis on propelling the nation forward by promoting cutting-edge technologies, especially by nurturing the growth of innovative startups. We commend the administration’s allocation of 50-year interest-free loans to provide long-term financing for the private sector to scale up research in sunrise sectors. This support would be helpful for upcoming EdTech startups to invest in cutting-edge education technologies and providing new-age learning services for students. This contribution serves as a guiding light for us, as we aim to steer the nation towards a bright future.”
Mr. Aarul Malaviya, Founder Zamit.
“Minister Nirmala Sitharaman expressed pride in the nation’s current status, it’s lofty aspirations and confidence in a promising future. Emphasising innovation as the bedrock of development, she highlighted the upcoming golden era for our tech-savvy youth. A fund of Rs. 1 lakh crore, supported by 50-year interest-free loans, aims to provide extended and low to zero interest rate financing for the private sector, facilitating research expansion in sunrise sectors. Additionally, Mudra Yojana has disbursed thirty crore loans to women entrepreneurs, contributing to a notable rise of twenty-eight percent in female enrollment in higher education over the past decade. In STEM courses, girls and women constitute forty-three percent of enrollments, marking one of the highest figures globally. These promising developments for the country’s education landscape are laudable.”
Sanjay Tripathy, CEO, BRISKPE.
“Budget 2024 reaffirmed the government’s commitment towards economic growth through strategic investments in capital expenditure, digital infrastructure, and innovation. With a dedicated focus on facilitating ease of doing business for MSMEs, the emphasis on timely finances, relevant technology, and global competitiveness signals a positive trajectory. Extending tax benefits for startups and fostering investments aligns with the evolving global landscape. The Viksit Bharat roadmap, along with initiatives like the PM Matsaya Sampada Scheme, will set the stage for unprecedented growth in MSMEs, exporters, and startups. Also, the government’s vision to double seafood exports and extend support through schemes like RoSCTL showcases a forward-looking approach, paving the way for a resilient and globally competitive India. As the world witnesses a redefined globalisation, the India-Middle East-Europe trade corridor project will strategically position India as a global leader in cross-border trade.”
Dhruv Kohli, Founder at Boba Bhai
“Post the Interim Budget, we at BobaBhai are optimistic about the future of GST and expect more updates in the annual budget scheduled to be announced in July 2024. GST has reduced the compliance burden on trade and industry, and the reduction in logistics costs and taxes has enabled us to offer products at competitive prices and broaden our customer base. We look forward to the Government’s move to simplify the tax structure and reduce the compliance burden on businesses, which will further boost the economy and benefit all stakeholders.
We are also hoping for more investment in technology to streamline customs, automate warehousing, and optimize every facet of the supply chain. Investing in workforce skilling is crucial, not just for filling gaps but also for establishing talent pipelines in AI, supply chain management, and last-mile solutions. We are looking forward to the Government rationalizing GST rates to ensure a simplified and more transparent system.”
Mr. Alok Kashyap, Founder and CEO at Yatiken Software Solutions
“In line with the government’s ambitious vision of technology contributing 20-25% to the GDP by 2025, this forward-looking budget charts a promising course for the IT sector. The allocation for EV infrastructure development is particularly noteworthy as it opens avenues for software development in EV systems, IoT integration, and data analytics. The 1-lakh crore corpus for long-term financing is another indispensable boon for the IT industry, fostering innovation and research. Moreover, the Skill India Mission’s initiatives and tax benefits for startups provide a robust foundation for skill development and entrepreneurial growth.”
Mr. Sumit Singh, CEO and Co-Founder of DashLoc
The budget has clearly exhibited that the government is extending full-fledged support towards adoption of technology across sectors. The special mention that deeptech in defence section gained in the speech truly indicates that the government is going to support emerging technologies in crucial sectors too. Alongside, it is a matter of pride that STEM courses have seen aggressive enrolment from women. We can expect a quality and skilled workforce in India that will keep the wheel running towards striking progress.”
Mr. Atul Gupta- Co-founder & Director at e-Sprinto
“Certainly, particulars in regard to the E-Mobility mission and encouragement of EV infrastructure were missing in the speech, however, the budget did point towards creating ambitious policies towards adoption of EVs in the public transportation sector. Furthermore, since the budget has circumscribed the requirement to strengthen manufacturing of EVs and infrastructure, we can be sure that it stands high on the government’s agenda, and we do expect supporting policies to follow soon.”
Dr Neerja Agarwal, Psychologist and Co-founder Emoneeds (Mental & Health Wellness)
While the interim budget lacked specific policies or initiatives for the mental health sector, we remain optimistic that post-election, the full budget will address this critical area. With approximately 150 million Indians requiring mental health care services and a stark shortage of professionals – only 0.3 psychiatrists, 0.07 psychologists, and 0.07 social workers per 100,000 people – the need is urgent. On a positive note, we commend the government’s commitment to other health initiatives, including the extension of Ayushman Bharat, consolidation of maternal and child healthcare schemes, and the remarkable 1-lakh crore corpus for private sector R&D. These efforts reflect a commendable focus on the nation’s well-being, growth and innovation.
Mr. Kumar Gaurav, Founder and CEO of Cashaa (Fintech)
We indeed were expecting some progress on the lines of the regulatory framework in the crypto sector, which has been one of the primary speculations all this while. Nevertheless, the government is whole heartedly accepting technological disruption in different sectors by emerging technologies like AI, machine learning, blockchain etc. Adoption of deeptech in sectors like defence indicates a positive sentiment. We do understand that it is an interim budget, and there has been no mention of any regulatory framework or rationalization in tax or TDS structure, in regard to the crypto sector which has been long pending. However, we are hopeful about the coming months and expect to hear encouraging policies soon.
Mr Edul Patel CEO of Mudrex
The Finance Minister, Nirmala Sitharaman’s decision to keep tax rates unchanged sends a message of stability. However, the long-term impact will depend on the government’s ability to manage fiscal challenges and promote sustainable economic development through other policy measures. As the interim budget sets the tone for the upcoming fiscal year, it will be interesting to observe how these decisions play out in the broader economic landscape.
Mr Sandeep Shah Co-Founder & MD at Optimized Electrotech.
A strategic roadmap that not only balances fiscal prudence but also seeds the ground for sustainable growth, innovation, and resilience. Investing in a future that champions progress, inclusivity, and economic vitality. Beyond numbers, it signifies a transformative shift in the defence industry, where innovation now takes center stage alongside capital. This strategic move reshapes the landscape, redefining the playbook for the next decade. The winners will be those who innovate, adapt, and champion progress. This budget is not merely a financial plan; it’s a small step towards a comprehensive modification of the defence sector, heralding an era where the game-changers are the innovators. Crucially, the increased capital expenditure is a beacon for Aatmanirbharta—self-reliance in its truest sense. It empowers the nation to forge ahead with indigenous capabilities, fostering innovation, and creating a robust ecosystem that not only meets immediate defence needs but also positions India as a global player in the defence arena.
Ms. Radhieka Mehta, CEO and Head of Campus (Mumbai), SP Jain School of Global Management
We commend the government’s steadfast commitment to reforming the education sector. The notable surge of female enrolment in higher education by 28% over a decade underscores a significant stride towards gender inclusivity and empowerment. This trend bodes well for the future, reflecting positively on the increasing participation of women in the workforce. The establishment of prominent educational institutions and universities further underscores the government’s commitment to providing quality education and fostering innovation. These initiatives align with our mission of nurturing global leaders, and we look forward to contributing to India’s journey towards excellence in education and skill development
Mr. Rakshit Agarwal, Co-founder, Rupicard
“At Rupicard, we are heartened to see a budget focused towards promoting a financially inclusive India. As we witness a substantial 50% increase in the average real income of our fellow citizens, it is clear that a wave of progress is sweeping through our nation, which in turn increases the need for credit products for individuals from all walks of life. The government’s unwavering commitment to ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ aligns perfectly with our mission, to provide a secured credit card that is truly designed for Bharat.
The budget’s emphasis on infrastructure and development creates a ripple effect on the entire economy. As opportunities multiply, the need for smart financial tools like Rupicard’s secured credit card grows. We stand ready to partner with the government’s vision, ensuring no one is left behind in this exciting journey towards Viksit Bharat by 2047”
Mr. Vinay Maheshwari, Executive Chairman, New York Academy
“The Finance Minister, highlighting the importance of youth empowerment, sheds light on the transformative reforms initiated by the National Education Policy 2020. Aligned with the vision for a ‘Viksit Bharat’ by 2047, the government reaffirms its commitment to raising India to international standards, starting with education. Particularly notable is the twenty-eight per cent increase in female enrollment in higher education over the past decade, indicating significant progress towards achieving inclusive education. The government’s developmental approach is marked by its comprehensive, inclusive nature, nurturing a generation of young leaders dedicated to shared ideals. This commitment aims to position India as a global leader in quality and excellence, contributing to the vision of a ‘Prosperous Bharat’ characterized by harmony with nature, modern infrastructure, and opportunities for all citizens.”
Mr. Rajesh Gupta, Founder & Director at Recyclekaro
“The union budget’s “Panchamrit” targets, as highlighted by the finance minister, aim to support sustainable economic growth with a focus on using resources efficiently. This is expected to boost India’s raw material capacity, especially in the manufacturing of Li-ion batteries. The commitment to strengthen the e-vehicle ecosystem through support for manufacturing and charging infrastructure shows a proactive approach to environmentally-friendly growth. By embracing economic policies for ongoing growth, the government is setting a path for a circular economy, emphasizing environmental responsibility and smart use of resources. This approach not only tackles challenges in the lithium-ion battery industry but also contributes to building a resilient and sustainable future for our nation.”
Darshil Shah, Founder and Director, TreadBinary,
“The Budget for the Retail Sector gave a positive way forward to the overall development of the sector in the country. The dedication of the scheme for infrastructure and technological development, the India Middle East Europe Economic Corridor, will be a game changer for India, aiding growth on the aspects of trade and global connectivity. The multi-modal connectivity infrastructure, under PM Gati Shakti, will improve the logistics and reduce cost, benefiting the industry.”
Mr. Ashok Rajpal, Managing Director – Ambrane India
The Skill India Mission has achieved commendable milestones, training 1.4 crore youth, upskilling and reskilling 54 lakh, and establishing 3000 new ITIs, marking a transformative era for our workforce. These accomplishments are promising, particularly for India’s manufacturing industry, aligning with our goal to cultivate a skilled workforce for a robust $300 million electronics sector. The Finance Minister rightly emphasizes the expansion of India’s global opportunities driven by innovation and entrepreneurship. While positive strides are acknowledged, further emphasis on incentives for innovation, R&D, and export-oriented measures would contribute to our industry’s sustained growth. Additionally, anticipated adjustments in import duty on electronics raw materials and higher dumping duty on imported electronics products could fortify our domestic market further. Addressing these considerations will be vital for ensuring a resilient and globally competitive electronics industry.
Mr. Dilip Modi, Founder, Spice Money
At Spice Money, we’re heartened by the Budget 2024’s multifaceted approach to empowering individuals and businesses. Initiatives like the Digital Public Infrastructure (DPI) promoting formalization and financial inclusion, coupled with a strengthened financial sector paint a promising picture for inclusive growth. We’re particularly encouraged by the government’s focus on MSMEs, the backbone of our economy.
Schemes like PM Mudra Yojana’s Rs 22.5 lakh crore sanctions and credit assistance to 78 lakh street vendors under PM-SVANidhi, Fund of Funds, Startup India and Startup Credit Guarantee are commendable steps towards fostering entrepreneurial aspirations. We’re further encouraged by the government’s priority to adequately finance technology for MSMEs and provide them with global competitiveness training. This aligns perfectly with Spice Money’s commitment to equip businesses with digital tools and financial services.
However, skilling and access to capital are just two pieces of the puzzle. We believe real-time data insights are crucial for informed decision-making and growth. Our 12 lakh Adhikari touch points across 600 districts can play a vital role in gathering and analyzing such data, empowering MSMEs and individuals across remote regions. By collaborating with fintech players like Spice Money, the government can ensure these initiatives have a tangible impact on millions, propelling them towards financial inclusion and global competitiveness.
We eagerly await the July budget roadmap, hoping it outlines clear, measurable outcomes for both financial inclusion, MSME growth, and strengthening the financial sector. Together, we can truly create a #ViksitBharat where everyone has the opportunity to thrive.”
Sujatha Kshirsagar, President & Chief Business Officer, Career Launcher
As a female entrepreneur, witnessing the commendable budget allocations is truly empowering. The finance minister revealed that female enrollment in higher education has risen by 28 percent with a 43 percent increase in enrollment for STEM-related fields. This has placed the country among a world leader in fostering inclusivity and these statistics represent the breaking of societal barriers. This transformation is also evident in the core of our workforce, where we are observing a significant surge in the active participation of women. The FM also reported that 30 crore Mudra Yojana loans have been extended to women entrepreneurs, highlighting the inclusive and people-centric aspect of the budget. Such an accomplishment reflects a visionary commitment to women empowerment as we recognise the important role women play in shaping the future of the country. I am inspired by this stride as this is an investment in celebrating the untapped potential of women across sectors.
Nikky Gupta, Founder & CEO, Teamwork Communications Group
In her impactful interim budget address, the Finance Minister underscored the Government’s unwavering dedication to nurturing ‘Nari Shakti’ over the past decade. As a female entrepreneur, witnessing the commendable budget allocations towards empowering women through entrepreneurship, improving quality of life, and ensuring dignity are truly empowering. The budget’s inclusive nature is exemplified by the announcement that 30 crore Mudra Yojana loans have been disbursed to women entrepreneurs, representing a significant leap forward in fostering women-led businesses.
The remarkable 43 percent increase in female enrollment in STEM-related fields and a 28 percent rise in higher education enrollments signify a transformative shift in the workforce landscape. This upsurge in women’s active participation positions India as a global leader in championing inclusivity and women’s empowerment, acknowledging the impactful role of women in shaping the nation’s future.
I am also deeply inspired by the budget’s healthcare initiatives. The declaration of a vaccination drive for young girls to prevent cervical cancer demonstrates a proactive commitment to preventive healthcare, emphasizing the holistic well-being of the population. This budget is not merely an allocation of funds; it represents a valuable investment in celebrating the untapped potential of women across sectors and fostering a healthier, more empowered future for all.
Ravi Chandarana, Co-Founder & CEO, KwikFix Auto
“The Union Budget 2024’s emphasis on infrastructure and sustainable development offers new horizons for the automotive sector, particularly in vehicle maintenance and safety. We are encouraged by the government’s vision of a more connected and environmentally conscious India. This aligns with our mission to provide top-notch vehicle maintenance services. We anticipate these developments will foster a safer and more efficient automotive landscape, where quality maintenance is accessible to every vehicle owner, contributing to the nation’s broader goals of road safety and environmental stewardship.”
Sebi Joseph, President, Otis India
“We at Otis India, would like to applaud Hon’ble Finance Minister, Smt Nirmala Sitharaman for presenting a progressive budget accelerating the momentum in infrastructure sector and for the contribution to affordable housing. The thrust on building digital public infrastructure along with the three major economic railway corridor programmes will enable multi-modal connectivity and help grow demand for new elevators. Otis India welcomes this transformative budget recognising its potential to foster holistic urban development.” – Sebi Joseph, President, Otis India
Pallvi Sing Marwah, Senior VP of Super Plastronics Pvt. Ltd (SPPL)
“I applaud the ease of securing a 34cr loan for entrepreneurs. The 43% women enrollment in STEM courses and Allocating 1/3 seats in government reflects a commitment to equal representation. Women setting up their businesses will lead to job creation for the same gender and recent studies have shown that empowering women economically leads to increased GDP and poverty reduction, benefiting families and communities. Overcoming various challenges and barriers as a woman entrepreneur in India is not an easy feat and with encouragement from the government, this will provide a boost, especially to those from economically weaker backgrounds. Increased women entrepreneurship is also a step towards global collaborations and will provide India with an additional platform to expand networks and access global markets. ”
Bimal Khandelwal, Chief Financial Officer, STT GDC India
“The Union Budget 2024-25 presents encouraging prospects for the technology and digital infrastructure sector. The substantial increase in FDI inflow and the commitment to negotiating bilateral investment treaties signal a favourable environment for sustained foreign investment, aligning with the digital aspirations of the nation.
The noteworthy outlay of Rs 11.11 lakh crores for infrastructure development, with a focus on technology, is a promising move. This budget holds the potential to positively impact the data centre industry, fostering innovation and growth. The emphasis on technology, innovation, and infrastructure aligns seamlessly with the evolving needs of the data centre sector, and we anticipate contributing significantly to India’s digital journey.”
Alekh Sanghera, Co-founder and CEO, FarMart
‘’Budget 2024-2025 is a great step towards a promising and bountiful agritech future. The budget provisions strengthening agriculture value chains through food processing infrastructure, minimized wastage and crop insurance.
We, at FarMart, echo the vision of PMKSY & PM-FME, bridging the farm-to-fork gap. Better market access and post-harvest management empower smallholders with sustainable income. We are aligned with the government’s vision to boost productivity and farmer welfare through incentives around credit access, infrastructure, and public-private collaboration. This budget fuels India’s agritech ecosystem, ensuring local and global food security.”
Mr. Aryaman Vir, CEO of WiseX
“The FM’s interim budget is balanced from the point of view of adhering to fiscal prudence, boosting infrastructure growth, and prioritizing focus on four key sections of the economy – the poor, women, youth, and farmers.
While the silence on real estate specifics is noticeable, the increased allocation for infrastructure is a promising indicator for the economy’s overall health and an indirect boon for the real estate sector. The focus on reducing the fiscal deficit to below 4.5% by FY26 offers stability, likely to enhance investor confidence in Indian equities and bond markets. Of particular interest is the substantial ₹1 lakh crore innovation fund, a significant stride towards fostering technological growth. This is a beacon of optimism for startups and fintech firms, signaling strong governmental support for their crucial role in shaping India’s economic future”
Dr. Sat Kumar Tomar, Founder & CEO, Satyukt Analytics.
“The Budget 2024 has resonated positively with the agriculture sector, aligning with our expectations for a technologically driven, sustainable farming approach. While the integration of IoT devices for precision farming wasn’t explicitly mentioned, the focus on farmers is evident. Crop insurance coverage for 4 crore farmers under the PM Fasal Bima Yojana ensures risk mitigation. Additionally, the announcement of rooftop solarisation benefiting 1 crore households aligns with sustainable farming goals. The commitment to Direct financial assistance for 11.8 crore farmers under the PM Kisan Samman Yojana reflects a dedication to enhancing the 3Ps of agricultural business: productivity, predictability, and profitability. However, the industry was expecting more industry-centric announcements in this budget to further catalyze growth and innovation in the agricultural sector.”
Mr. Dhananjaya Bharadwaj – Co-founder & CEO at ParkMate
ParkMate applauds the interim Union Budget 2024-25 for its commendable focus on fortifying the electric vehicle ecosystem, a positive development for all parking management stakeholders. The government’s pledge to allocate a 1-lakh crore corpus with a 50-year interest-free financing scheme for private sector R&D holds tremendous promise, capable of ushering innovative solutions across sectors. Importantly, this substantial financial commitment not only empowers ongoing research and development initiatives but also lays the foundation for transformative, long-term projects. In addition, the extension of tax benefits to startups until March 31, 2025, reflects the government’s ongoing support for entrepreneurial ventures, including those in the auto-tech space like ParkMate” said Mr. Dhananjaya Bharadwaj, Co-Founder and CEO of ParkMate.
Sarvjeet Herald, Director – India STEM Foundation
‘Reflecting on the strides made last year, with increases in girls’ enrollment in schools and STEM programs, as well as efforts in skilling India through Skill India programs and initiatives, we recognize the importance of building upon these successes. While no new initiatives were unveiled this year, there’s an opportunity to shift focus towards holistic child-to-adult development. Let’s prioritize measures to eliminate school dropouts, enhance career awareness, and promote industry inclusion, motivating both students and parents to embrace learning, skill-building, and excellence.’
Saurabh Jain, Co-Founder, Stable Money
“Effective policies have been instrumental in positioning India as the third-largest global ecosystem. Initiatives like the PM Mudra Yojana are set to accelerate this growth, offering a unique opportunity to overcome challenges faced by fintech startups and foster innovation with greater inclusivity.
Building on the success of schemes such as the Fund of Funds, Start Up India, and Start Up Credit Guarantee, extending similar support to the fintech sector could amplify the nation’s economic resilience and technological capabilities. This would not only nurture the startup ecosystem but also encourage more individuals to venture into the entrepreneurial landscape.
By consistently nurturing such a conducive environment, the government has not only driven India’s ascent in the global ecosystem ranking but has also actively contributed to enhancing the country’s position on the world map, demonstrating a commitment to growth and innovation.”
Ms. Kajal Malik, Co-founder and CBO at PickMyWork
“We understand this is an Interim Budget and did not introduce much on the policy aspect for startups specifically, nevertheless, with the allocation of an INR 1 lakh crore corpus for interest-free loans, the government not only acknowledges but firmly supports the pivotal role startups play in our economy’s fabric. The extension of tax benefits for another year further cements the commitment to nurturing the immediate needs of this vibrant sector. As we look ahead, we remain hopeful for policy reforms that will further invigorate angel and foreign investments, setting the stage for an unprecedented era of growth and opportunity post-elections. This budget, indeed, is a testament to the belief that startups are not just businesses, but the very backbone of our nation’s future prosperity.”
Mr. Chakravarthi C. – Managing Director – Quantum Energy
“The emphasis on eco-conscious initiatives in the previous budget, with environmental sustainability among the top 7 priorities, set a commendable precedent. In today’s budget, this commitment is not only sustained but elevated, reflecting a clear understanding of the urgent need to address environmental challenges. While applauding the positive aspects of the interim budget, we note certain expectations that remain unmet. The imminent expiration of the FAME II subsidy program by March 2024 sparked hopes for its extension, aligning with the government’s ambitious 2030 target of 30% electric vehicles on Indian roads. An extension would have solidified support for the EV industry. Furthermore, a substantial reduction in GST on lithium-ion battery packs and cells, from 18% to 5%, would have alleviated manufacturing costs, making EVs more competitively priced and boosting consumer adoption. The absence of a standardized policy for the battery-swapping market is also a missed opportunity. A unified policy would enhance safety, streamline charging infrastructure, and create a more reliable and secure environment for EV users. As we look forward to the full budget post-general elections, we hope these crucial aspects receive due consideration for the sustainable growth of the electric vehicle sector.”
Amit Kothari CFO -Chief Finance Officer Propelld
“After landmark changes in the tax regime in budget 2020-21, the increase in threshold limits for higher tax rates for individuals in budget 2024 is another significant reform by the Government. Increase disposal income for individuals will be fuelling growth in the economy. Allowance of exemptions for say employee contribution to PF and national pension scheme under new tax regime is beneficial move for individuals to move towards new regime and sunset the old regime. This will help take away the confusion between the two regimes and offer higher net cash for the individuals,”
Mr Sameer Dhanrajani, CEO, 3AI
“We look forward to welcoming the points from the Interim Union Budget 2024-2025 made by FM Shreemati Nirmala Seetharaman on the AI sector. We appreciate the acknowledgement made by the government that AI adoption in various sectors of the government will usher in a golden era for citizen welfare . We have seen various sectors like education, agriculture, manufacturing and healthcare embrace AI to progress further. The Interim Union Budget 2024-2025 encourages this to make significant moves forward to a developed India. The Government’s commitment to inclusive development and profound positive transformation in the last 10 years, despite challenges from pandemic, is making strides towards an Atmanirbhar Bharat. We look forward to the future roadmap that will be outlined in the full budget later this year.”
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.
Hiranmay Mallick, CEO & Co-Founder, Tummoc
“As we embark on this transformative journey outlined in the budget, I’m truly inspired by the emphasis on technology, youth empowerment, and sustainable development. The commitment to expanding Metro Rail, fostering EV manufacturing, and providing interest-free loans for the tech-savvy youth reflects a vision for a smarter, more connected nation. It’s not just about infrastructure; it’s about building the foundation for smarter cities where mobility plays a pivotal role. The focus on equipping and empowering the youth is not just an economic strategy; it’s a pathway to nation-building. In this new world order, where every form of infrastructure is being built at an unprecedented pace, the prosperity of our nation hinges on our ability to innovate, connect, and create a sustainable future.
These measures are catalysts that will drive our nation towards unparalleled development over the next five years and beyond, where accessibility, digital footprints, seamless payments, and policies become the driving force behind digitizing public transport.”
Tejinder Pal Singh, Founder Director & Senior Partner – Pharma, Healthcare & Life Sciences, TRANSEARCH India
We welcome the Budget 2024-25 as a balanced, consistent & pro-development budget with focus on capex, Infrastructure development, public health & making India a knowledge economy. This year’s budget has paved the way for India to achieve universal health coverage. We appreciate the various initiatives announced by the Honourable Finance Minister to address longstanding gaps in the Indian healthcare ecosystem. Focus on public health programs & health insurance coverage is commendable. Furthermore, the stability and continuity of healthcare policies will further encourage the momentum of a strategic shift, positioning India as a high-value player in the global pharmaceutical market.
We believe that the budget, along with continuity in conducive policies and regulatory reforms, will facilitate research and development, fostering a culture of innovation, and promoting advanced manufacturing in the pharmaceutical and MedTech sectors. This will strengthen our global reach and influence to address unmet health needs and reduce the high disease burden.
The incentives for investment and value creation bode well for our country’s aspiration to emerge as a globally competitive centre of scientific excellence and knowledge, with a keen focus on delivering quality healthcare. With increased investment, the budget is poised to enhance employment opportunities and spur a rising demand, especially for skilled leadership in the scientific sector.”
Amandeep Panwar, Co-Founder & Director, BharatRohan – Agri-tech Drone Startup
“As an advocate for sustainable agriculture and technological advancement, I want to express my profound appreciation for the recent Financial Budget announcement by the Government of India. This budget represents a resolute commitment to empowering youth, fostering sustainability, and promoting innovation in the agricultural sector, all of which are crucial for elevating farming practices, mitigating post-harvest losses, and securing a more prosperous future for Indian agriculture.
The 20 lakh crore INR allocation for targeted agricultural credit and the launch of the Agriculture Accelerator Fund are commendable. They ensure vital financial support for farmers to adopt new technologies and improve their farming practices, while also being equally promising for driving rural innovation and supporting agritech startups.
I believe this budget announcement demonstrates a promising path forward for Indian agriculture and technology-driven agritech initiatives. It reflects a shared vision of fostering sustainable and technologically advanced farming practices to secure a prosperous future for our nation’s agricultural landscape.”
Rohit Pandit, Managing Director and Chairman, Shuzlan Energy
As the founder of an electric vehicle startup, I am incredibly encouraged by the government’s commitment to expand and strengthen the e-vehicle ecosystem. The support for manufacturing and charging infrastructure, along with the encouragement for greater adoption of e-buses for public transport through a payment security mechanism, signals a significant step towards a sustainable and green future. With the growing number of startups in the electric vehicle industry, this commitment will undoubtedly spur our Financial Minister’s vision.We are optimistic about the opportunities that lie ahead and is committed to contributing to the EV revolution in India. The budget speaks volumes – a clear reflection of the concrete effects these initiatives will have on the startup ecosystem in the electric vehicle industry.
Mr. Anuj Kumbhat, Co-Founder & CEO, WRMS
The interim budget 2024 reflects a commendable commitment to supporting our ‘Annadata’—the farmers, who are the backbone of our nation. The allocation of direct financial assistance to 11.8 crore farmers through PM-KISAN SAMMAN Yojana, along with crop insurance for 4 crore farmers under PM Fasal Bima Yojana, underscores the government’s dedication to safeguarding the agricultural community. The emphasis on value addition in the agricultural sector and efforts to boost farmers’ income is a welcome step that aligns with the broader goal of enhancing food production for our country and the world.
The success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers and creating 10 lakh employment opportunities, showcases the positive impact of strategic policies. Additionally, the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, aiding 2.4 lakh SHGs and sixty thousand individuals with credit linkages, demonstrates a holistic approach towards uplifting the rural economy.
Overall, the budget’s focus on reducing postharvest losses, improving productivity, and augmenting farmers’ incomes reflects a comprehensive strategy to strengthen the agricultural sector, ensuring sustainable growth and prosperity for our ‘Annadata.’
Mr. Sumit Aneja, Founder, Speedways Electric
“In the pursuit of a greener and more sustainable future, the greater adoption of e-buses within public transport networks emerges as a pivotal step. Not only do electric buses significantly reduce carbon emissions, but they also contribute to cleaner and quieter urban environments. To fortify the e-vehicle ecosystem, it is essential to focus on infrastructure development, battery technology advancements, and supportive policies.
One critical aspect that requires attention is the implementation of a robust payment security mechanism. As e-buses become more prevalent, ensuring secure and efficient payment systems will be vital for user convenience and trust. Integration of secure digital payment methods, encrypted transactions, and real-time monitoring will not only streamline the payment process but also safeguard user data.
As we reflect on the budget 2024, it is encouraging to witness a commitment to fostering sustainability and technology-driven initiatives. The increased allocation for e-mobility infrastructure, research, and development signifies a forward-looking approach. This budget reflects the government’s dedication to steering the nation towards a cleaner, more energy-efficient future. Together, with a strengthened e-vehicle ecosystem and enhanced payment security mechanisms, we can accelerate the transition towards sustainable urban transportation, benefitting both the environment and the well-being of our communities.”
Pratik Kamdar, CEO & Co-Founder, Neuron Energy
The Interim Budget focused on key sectors and one of the promising ones is Electric Vehicles (EV). The initiatives will enhance and fortify the EV ecosystem by bolstering manufacturing and charging infrastructure. Additionally, the encouragement of greater adoption of e-buses for public transport networks through payment security mechanisms is a notable benefit. These investments not only pave the way for increased EV sales and adoption but also open doors for burgeoning job opportunities and entrepreneurial ventures within the sector. These efforts remain dedicated to driving India’s green mobility revolution forward. There is also an anticipated outcome in the form of economic empowerment which will equip the youth with valuable technical skills, ensuring a robust workforce for the manufacturing of EV chargers, and associated equipment. We look forward to the July budget where the focus will be on the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme and the much-anticipated FAME III scheme.
Dinesh Arjun, Co-founder and CEO, Raptee Energy
“Various initiatives announced by the FM today clearly demonstrate the government’s intention to further accelerate EV adoption and also generate significant employment opportunities for the youth. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem. We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest. This will also break the ‘range anxiety’ , the biggest barrier for EV adoption in our country. The government’s support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies. Growth in EV charging infra will also generate employment opportunities for the youth as companies will be on a look out for people with technical know-how of running and maintaining charging infra. EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make in India EV vehicles”.
Tarun Sharma, Founder and CEO, Yodda – Elder Care
“The interim budget showed a glimpse of promoting the startup ecosystem in India but didn’t have much takeaway for the senior citizens. It was positive to see that certain tax exemptions for startups and IFSC units, which were expiring on March 31, 2023, have now been extended till March 31, 2025. There is an urgent need to address the growing challenges faced by senior citizens in India by making various elder care services more affordable and accessible. With no change in income tax slabs and continued higher GST rates on various elder care services offered by private players, including at-home elder care services, there is an urgent need to address these challenges. We need robust economic policies that foster the growth of the elder care service sector in India and make such services affordable.”
Mr Pulak Jain Co-founder, Chief Business Officer and Head Strategy at TransBnk:
“We welcome the government’s move for training in MSME. Micro, Small, and Medium Enterprises will play the most crucial role in the Indian economy in the coming days. It’s already considered the backbone of the country’s industrial development and with this move it will help the Indian economy in additional Employee generation. They provide job opportunities to a large section of the population, particularly in rural and semi-urban areas, thereby contributing to inclusive economic growth.
MSMEs make a substantial contribution to India’s Gross Domestic Product (GDP) and make a significant impact on the overall economic output of the country. Therefore, we look forward for government focused on training towards more Digitization and technology adoption so that it can help MSME’s leverage technology for improved efficiency and competitiveness which can lead to further participation of MSME’s in Global business.”
Mr Amandeep Panwar, Co-Founder & Director, BharatRohan:
“As an advocate for sustainable agriculture and technological advancement, I want to express my profound appreciation for the recent Financial Budget announcement by the Government of India. This budget represents a resolute commitment to empowering youth, fostering sustainability, and promoting innovation in the agricultural sector, all of which are crucial for elevating farming practices, mitigating post-harvest losses, and securing a more prosperous future for Indian agriculture.
The 20 lakh crore INR allocation for targeted agricultural credit and the launch of the Agriculture Accelerator Fund are commendable. They ensure vital financial support for farmers to adopt new technologies and improve their farming practices, while also being equally promising for driving rural innovation and supporting agritech startups.
I believe this budget announcement demonstrates a promising path forward for Indian agriculture and technology-driven agritech initiatives. It reflects a shared vision of fostering sustainable and technologically advanced farming practices to secure a prosperous future for our nation’s agricultural landscape.”
Mr Neeraj Gupta, MD, Branch International:
“In India, we’ve seen countless dreams stifled by financial hurdles this groundbreaking initiative holds the key to unlocking boundless potential. One lakh crore, interest-free for fifty years, signifies a monumental opportunity to harness the strength of our youth-centric demographic mix, fostering business innovation tailored for the unique nuances of the Indian ecosystem. Along with financial backing; robust mentorship is equally crucial. Nurturing the aspirations of young entrepreneurs requires experienced individuals who can provide insightful guidance and support, steering them through the complexities of their growth story. Together, with this holistic approach, we can pave the way for a flourishing era of innovation and economic empowerment in India.”
Divam Sharma, Founder and Fund Manager at Green Portfolio, PMS
Focus on Infracture and populist stance before elections as expected. No changes in tax are surprising as the masses had faced the burnt of a fall in disposable income and this announcement could have appeased the masses. We are seeing a different form of Governance in India, which is positive for the long term.
Aquaculture is in good focus this year as the PM Matsya Sampada Yojana has revised to increase productivity by 2 tonnes per hectare, a goal of further doubling down exports here on. 55 lakh new employment opportunities are said to be generated as 5 new aqua parks are being set up. This was interesting for us as we just saw the share prices of one of our portfolio companies that works in the seafood industry go up by 6% in a fraction of a second.
Infrastructure allocation has been increased slightly to make up for 3.4% of the GDP. This has come in mainly with railways to be revamped with 3 new corridors and an increased number of Vande Bharat trains. We don’t invest directly in PSUs but we saw some action as our portfolio companies manufacture parts for railways. The IMEC, agreed upon during the G20 summit was also mentioned so we should see the development of the corridor starting soon. Lakshadweep tourism, which has been in conversation for some time now, along with local and religious tourism will be promoted.
Green Energy as expected has some developments. Wind Energy in particular is very interesting for us as we invest in a company that works in the wind industry. The share price of that company also went up as the announcement was made to promote offshore wind energy harnessing by gap funding.
Sonam Srivastava, Founder and Fund Manager at Wright Research, PMS
The budget allocation for sectors such as infrastructure, healthcare, technology, and renewable energy indicates a strategic focus on sustainable development and digital transformation. For instance, the emphasis on affordable housing and infrastructure development will likely spur growth in the construction, real estate, and related manufacturing sectors (cement, steel). The allocation towards healthcare and technology suggests an acceleration in digital health initiatives and tech-driven innovation, opening up new avenues for businesses in these sectors.
The introduction of policies and schemes aimed at supporting MSMEs, promoting deep tech in defense, and facilitating affordable housing for the middle class are poised to stimulate economic activity across various sectors. These initiatives can lead to increased demand for goods and services, encourage entrepreneurship, and attract investments, contributing to overall economic growth. The focus on deep tech and defense modernization could also catalyze research and development, fostering innovation within the tech industry.
Efforts to improve the ease of doing business, such as streamlining regulatory processes and enhancing digital infrastructure, are expected to have a positive impact on all sectors by reducing bureaucratic hurdles and operational inefficiencies. This can attract foreign investment, encourage startups, and facilitate expansion of existing businesses, thereby boosting sectoral growth and contributing to economic resilience.
The budget’s focus on next-generation reforms, including digitalization and sustainable development, indicates a shift towards a more modern, efficient, and environmentally friendly economy. Sectors related to renewable energy, digital services, and sustainable technologies are likely to witness significant developments and growth opportunities as a result of these changes.
The stock market’s reaction to the budget announcements has been mixed, with positive momentum observed in the FMCG sector due to initiatives aimed at increasing disposable income among the middle class. However, railway stocks experienced a decline, possibly due to concerns over the implementation and impact of announced projects. Overall, the market’s muted reaction suggests cautious optimism, with investors closely monitoring the implementation of budget measures and their tangible impacts on various sectors. Sectors benefiting from direct budget allocations or policy support may see positive momentum, while others may face challenges if perceived to be negatively impacted or overlooked by the budget.
One notable omission in the budget discussions was the lack of specific measures for the technology sector, especially in terms of direct incentives for startups and innovation hubs. While the focus on deep tech in defense and digital infrastructure improvements indirectly benefits the tech industry, targeted initiatives could have provided a more significant boost. Going forward, it will be crucial for the government to address this gap through policy measures and incentives to ensure the continued growth and competitiveness of the Indian tech sector on a global scale.
In conclusion, Budget 2024 sets a foundation for sustainable growth and digital transformation across various sectors. While the budget has been met with mixed reactions, the long-term impact will depend on the effective implementation of the announced measures and the government’s ability to adapt to emerging challenges and opportunities.
Anirudh Garg, Partner and Fund Manager at Invasset
The Interim Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, is a blueprint for India’s journey towards inclusive and sustainable growth, encapsulating ten years of transformative economic policy.
The Interim Budget for 2024-25 outlines India’s strategic advancement in key sectors:
Infrastructure & Railways: The focus is on enhancing connectivity with the India-Middle East-Europe corridor, alongside a boost in capital expenditure to 3.4% of GDP. The expansion of the Dedicated Freight Corridor (DFC) and addition of new rail corridors for energy, cement, and minerals, complemented by upgrading 40,000 rail bogies to Vande Bharat standards, mark a transformative era for Indian Railways.
Housing: PM Awas Yojana Grameen’s success is set to continue with 2 crore additional houses. A new scheme will enable middle-class families in temporary accommodations to move towards homeownership, stimulating demand for construction materials.
Healthcare & Welfare: Healthcare reform continues with the extension of Ayushman Bharat to all workers under ASHA and Anganwadi, alongside efforts to integrate various health schemes. Plans to utilize existing hospital infrastructures for new medical colleges signify an infrastructural and educational leap in healthcare.
Green Energy & Environment: The introduction of new solar power schemes and the provision of free electricity units to households highlight the push towards renewable energy. A corpus with 50-year interest-free loans for sunrise domains is set to further incentivize green advancements.
Tourism: With an aim to fortify the tourism sector, long-term interest-free loans are slated to support the development of tourist centers, and expansion plans for metro and ‘Namo Bharat’ trains to more cities are expected to boost domestic travel.
Fiscal Policy: Maintaining fiscal discipline, the budget sets a target deficit at 5.1% of GDP, with a gross market borrowing of INR 14.13T and a net of INR 11.75T. The tax regime remains stable, extending benefits for startups until March 31, 2025.
Each sector is poised for growth, aligned with the government’s vision for a developed India by 2047.
Dr. Malini Saba, a self-made businesswoman, Founder & ex-chairman, Saba Group, and founder & chairman, Anannke Foundation
As a woman in the startup ecosystem, the proposed corpus for tech-savvy youth is a beacon of hope for aspiring entrepreneurs. Schemes like Start Up India and Start Up Credit Guarantee provide crucial support for turning ideas into reality. The government’s recognition of the contributions of SHGs through honoring them reflects the essence of philanthropy and community building. I am encouraged by the positive trajectory set by the government, promoting innovation and inclusivity in the startup landscape.”
