Ms. Mallika Srinivasan, Chairman and Managing Director, TAFE
“It is very heartening to see that the budget focuses substantially on focus important priorities namely agriculture, women, youth and poor. The emphasis on the aforesaid areas will put us on a robust path towards holistic development and support the journey of our country of being the third largest economy as envisioned by the Prime Minister under the roadmap for ‘Viksit Bharat’.
I would like to welcome the attention given to boost rural demand through the focuses allocation of Rs 1.54 lakh crore to the agriculture sector particularly for entry level tractors & two wheelers, which is vital to Indian small farmers. On the same note, significant increase in allocation towards MNREGA is a very welcome step.
Given our nation’s success with the digital public infrastructure in transforming farming through crop advisory & market prices, as a private sector initiative under CSR, we would be happy to partner closely with the Central and State governments to take these initiatives forward.
On a segment of the economy which is vulnerable to the vagaries of climate, agriculture research, release of new high-yielding climate resistant varieties and improving irrigation will aid in building resistance which is sustainable.
My special word of compliments to the government for their sustained efforts in continuously ensuring higher minimum support prices (MSP) for all major crops with 50% margin over the costs, is a clear demonstration of the “Atmanirbharta”.
I sincerely commend the finance minister for presenting a progressive, growth oriented and inclusive budget.”
Alison Barrett MBE, Director India, British Council
“The Union Budget 2024 stresses the critical importance of holistic development and higher education in driving inclusive and sustainable growth. There is a clear focus on empowering women through skilling programmes, increased workforce participation, and collaborative industry initiatives. The introduction of E-vouchers for higher education loans is a transformative step towards ensuring equal access to quality education. We remain committed to partnering the Government and working together to create opportunities that enable and empower all young people to thrive and contribute significantly to local and global progress,”
Ms. Sanjana Desai, Executive Director of Mother’s Recipe
“The 2024 budget brings a sense of optimism and growth opportunities for the FMCG sector. The proposal to abolish the so-called angel tax for all classes of investors will significantly bolster the entrepreneurial spirit and support innovation within our industry. Additionally, the increase in the standard deduction for salaried employees will enhance consumer purchasing power, which is beneficial for our brand as it may lead to increased demand for our products. We appreciate the government’s efforts to simplify taxation and promote a more business-friendly environment.”
Vishvanathan Subramanian, CFO & Director, PayMate
The government’s projection of a 4.9% fiscal deficit for the current year, with a target of 4.5% for the next, underscores its commitment to fiscal discipline. This strategic approach is expected to bolster investor confidence, attract FDI, and foster a conducive environment for economic growth in the coming years.
The honourable FM has proposed eliminating angel tax which will be a boon for India’s startup ecosystem. This move will facilitate early-stage funding, especially for the fintech startups, accelerating their growth and encouraging them to create innovative products which will improve India’s financial inclusion and bring the country a step closer to the Digital India dream.
MSMEs are the engine propelling the economy, credit is the essential fuel. And the credit to MSMEs without collateral is an outstanding move which will enhance access to much-needed capital, fostering growth for them. The self-financing guarantee fund of Rs 100 crore will help MSMEs in covering their CAPEX needs without requiring collateral or a third-party guarantee.
The aggressive steps towards skilling and employment of the youth in India are applausive. A comprehensive scheme offering internships in 500 leading companies to one crore youth will significantly address the skill gap in Indian companies. The skilling initiatives announced today will make the nation’s youth more tech-savvy, thereby potentially reducing the skill gap in the fintech sector. By reducing employer costs, providing wage support, and providing direct incentives, the government will not only enhance their employability but also potentially accelerate economic growth by increasing consumption, driving formalization, and improving productivity.
Sapan Gupta, Chief Financial Officer, Rodic Consultants
“The Union Budget 2024-25 places major emphasis on farmers, poor, women and youth of the country and various initiatives have been proposed to support the cause. Budget underscores the critical role of infrastructure in driving economic progress with substantial investments in railways, roads, and airports. The allocation of Rs 1.5 lakh crore for rail infrastructure and the expansion of the National Highway network will enhance connectivity, reduce logistical costs, and promote regional development.
The significant focus on the eastern regions, including Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, will transform these areas into growth engines, aiding in the attainment of Viksit Bharat. Furthermore, the ₹50,000 crore allocated for urban infrastructure, smart cities, and urban mobility projects will improve urban living, create jobs, and stimulate economic activity.
The government’s commitment to infrastructure development is evident and pivotal for achieving long-term economic growth and prosperity.”
Mr. Sarvjit Singh Samra, MD & CEO, Capital Small Finance Bank
The Budget 2024 announcements mark a significant step towards strengthening India’s economic backbone, focusing on MSMEs, agriculture, and middle-income segments while maintaining fiscal prudence. Measures like credit guarantee schemes, regulatory changes, and financing/technology adoption will boost MSMEs. The allocation of ₹1.52 lakh crore for agriculture and initiatives like new high-yielding seeds, natural farming, and digital public infrastructure will enhance agricultural productivity and rural demand.
The employment-linked incentives for employees and employers, along with measures to facilitate higher participation of women in the workforce, will support job creation and skill development. The government’s commitment to fiscal discipline, aiming to lower the fiscal deficit to below 4.5% of GDP by 2025-26, will ensure sustainable economic growth.
Looking ahead, we expect the Budget 2024 measures to have a positive impact on India’s economic growth trajectory, with MSMEs, agriculture, and employment opportunities driving growth. We foresee India’s economic growth rate stabilizing at around 7-8%, driven by domestic consumption and investment. We look forward to supporting the growth aspirations of MSMEs, farmers, and individuals through our tailored financial solutions and expert guidance in Middle Income Segment.
Mr. Sandeep Ahuja, CEO, Atmosphere Living
Today’s Union Budget announcements have generated a positive buzz in the real estate sector. The direction to reduce stamp duty for women is expected to increase property ownership among women, promoting financial independence and gender equality. This initiative can boost demand in the real estate market, stimulating economic activity. Additionally, it encourages joint ownership, leading to more equitable property distribution within households. Also, along with announcement of developing a National Industrial Corridor is likely attract investments, create job opportunities, and enhance the overall economic landscape. The emphasis by the FM on connectivity will surely lead to increased infrastructure development. New corridors in all modes that are in development and will be crucial for India’s growth and development. Finance Minister Nirmala Sitharaman announced significant changes in the Union Budget concerning property sales. The indexation benefit, which allowed property sellers to adjust the purchase price for inflation using the Cost Inflation Index (CII) issued by the Income Tax Department, has been removed. This means there would be equitable taxed and ensure transparency. In addition, the rate of long-term capital gains tax on property sales has been reduced from 20 percent to 12.5 percent. These changes are likely to have a substantial impact on the real estate market, influencing the way property transactions are taxed.
The digitization of land records and other technological reforms within the regulatory framework will greatly improve transparency in the real estate sector. These announcements, along with a focus on the affordable housing segment, are poised to drive growth and create a more robust and transparent real estate market in India.
Mr Baroruchi Mishra, Group CEO, NET Enterprise
Overall a balanced budget aimed at job creation which in turn will lead to increased consumption and propel growth. It also has a good focus on energy transition.
1.Focus on Water Management including solid waste management for large cities is particularly heartening. Proper implementation of the solid waste management will key to success.
There is great scope for 3 way collaboration here – Centre,States and private sector. The agencies that need to implement this will need to get innovative with the technology choices – proven techs like chemical recycling of single use plastics, plasma gasification of solids wastes etc should be evaluated. This should not be mired into the bureaucratic red tape as this can lead to reduction in fossil fuel use if done correctly.
2. Aspiration to involve private sector in modular nuclear reactors for green energy is a positive step in energy transition.
3. Instead of promising free electricity @300 units for I Cr households under PM Surya Ghar Bijli Yojna, the government should have announced more enabling subsidises for solar panel installations and battery procurement. And let the population get addicted to using Solar as much as they can. The word “free” is toxic for the economy and kills enterprise.
4. Emphasis on Climate Finance is good; Banks and lending Financial institutions should not stall the noble intent of the government.
I assume “ mitigation related investments” will cover carbon capture and storage (CCUS) as this is the only pathway to carbon reduction in the hard-to-abate sectors like cement and steel. Widespread use of DRI for making green steel will take at at least 10-15 years; we cannot wait that long as the EU’s Carbon Border Adjust Tax will hit steel exports by 2026. US and other countries may follow suit making our steel exports uncompetitive.
Counterfactual aspirational in some cases but clearly on the right tract ,I would say.