Mr. V. P. Nandakumar, MD and CEO of Manappuram Finance
The Finance Minister’s decision to slash import duty on gold to 6% from 15% in the Union Budget 2024-25 will boost the business of gold loan companies going forward. In my view, the decision will set off an uptick in gold buying cycle in the short-to-medium term and will be mirrored in the retail sales of gold in the upcoming festive season. Consumers will use this window to buy ornaments to meet their pent-up demand. Demand for gold loans from households is more a function of their requirement for money to meet contingencies than just prices. Secondly, reduction in gold prices at the retail end is not significant to impact LTV offered by gold loan companies. This means that lower prices will neither trigger margin calls nor will it lead to repricing or restructuring of existing loans. Finally, it is geo-political factors that exert a predominant influence on gold prices.
Gaurav Juneja- CRO of Kapture CX
The Budget 2024 marks a significant milestone for the Indian startup ecosystem, with initiatives fostering innovation and growth. Abolishing the angel tax for all investor classes creates a more supportive environment for angel investments, benefiting startups and paving the way for India to become a global innovation hub.
The financial infusion, slated over the next five years, is envisioned to catalyze various components of the IndiaAI Mission. This includes pivotal initiatives like the IndiaAI Compute Capacity, IndiaAI Innovation Centre (IAIC), IndiaAI Datasets Platform, IndiaAI Application Development Initiative, IndiaAI FutureSkills, IndiaAI Startup Financing, and Safe & Trusted AI. With a new allocation of Rs 551.75 crore, the IndiaAI Mission reflects the government’s focus on advancing AI research and applications, positioning
India as a leader in the global AI landscape.The introduction of the Anusandhan National Research Fund and a financing pool of Rs. 1 lakh crore to spur private sector-driven research and innovation is a game-changer. This fund will power basic research and prototype development, driving commercial-scale innovation and enabling startups to bring cutting-edge solutions to the market.
Additionally, the Finance Minister’s announcement of a PM Package with five schemes aimed at facilitating employment and skilling, along with a provision of Rs 1.48 lakh crore for education, employment, and skilling, underscores the government’s commitment to building a skilled workforce that will drive the startup ecosystem forward.
Shriti Malhotra, Group CEO, Quest Retail, The Body Shop
“The focus in the budget on youth upskilling and creating greater support for working women, aligns perfectly with our company’s goals for a future-ready workforce.
Higher investment in upskilling will equip our youth for our evolving economy and contribute to India’s continued growth. We have experienced this first-hand, with incredible results from The Body Shop apprenticeship program, through which we work with government supported upskilling programs to train and recruit exceptional young people into our business. We are extending this companywide to promote young talent, skill and create future leaders across our stores.
Promoting women-specific skilling programmes are truly commendable steps towards creating a more inclusive and equitable workforce. The increased funding for the Women and Child Development Ministry’s schemes perfectly aligns with our deep systemic focus on gender equity in the workplace and our very progressive maternity, childcare and flexible working policies. We have a formidable 100% post-maternity retention rate.
A more inclusive workforce that meaningfully represents our large youth demographic and our female population is crucial to unlocking our potential.”