Rushabh Gandhi, MD & CEO at IndiaFirst Life Insurance
This Union Budget is aimed at enhancing employment, skill development, MSMEs, and the welfare of the middle class. By raising the standard deduction and adjusting tax slabs, taxpayers under the new regime will face lower tax burdens, thus improving their disposable income, which bodes well for consumer spending.
The introduction of a clause pertaining to non-deductible expenses in Section 37 for life insurance companies may lead to tax litigation. The proposed hike in Capital Gain Tax is expected to impact the tax liabilities for ULIP policyholders. However, the ULIP holders purchasing policies with premium of less than 2.5 lakh p.a. can continue to avail benefits under Section 10 (10D) and are not liable to pay any tax on maturity.
The decrease in TDS rate from 5% to 2% on policy payouts is anticipated to boost customers’ liquidity, which is a welcome move
Murty LVLN, MD & CEO, Dvara KGFS
“The Union Budget 2024 has acknowledged the need to support MSMEs and improve skill training, especially among the rural population. Significant focus is given to the agricultural sector to increase digital public infrastructure which will push more farmers to be a part of the registry making the agriculture sector more transparent. This move will pave the way for fintechs and agricultural fintechs to support farmers with better financial offerings. We welcome the government’s initiative to introduce a new mechanism for MSMEs to continue seeking bank credit during stress period to ensure smooth functioning. The continuous focus of the budget on the MSME sector, to compete globally, will result in a positive incentive for the rural parts of the country, thereby, increasing the rural GDP.” –
Rohit Taneja, Founder and CEO, Decentro
“The 2024 Union Budget showcases the government’s dedication to fostering innovation and technological growth. It focuses on SMEs and manufacturing with initiatives like the self-financing guarantee fund and enhanced PSB capabilities for the SME assessment. A five-scheme package supports financing, regulatory changes, and technology, amplifying Make In India movement that is a huge tail wind for infrastructure building companies like us.
These measures, coupled with the extension of tax benefits for startups, indicate a promising environment for digital growth. At Decentro, we see this as a prime opportunity for fintech to contribute deeper across India’s digital infrastructure and double down on the technology-driven reforms that have boosted productivity and financial inclusion over the last decade.
We are particularly excited about the potential to leverage these initiatives further to enhance the fintech infrastructure and drive seamless integrations across banking.”
Mr. Kishan Jain, Director, Goldmedal Electricals
“We extend our sincere gratitude to the Honourable Finance Minister for presenting the forward-looking Budget 2024. The focus on bolstering manufacturing practices through targeted incentives and policy reforms represents a significant step towards fostering growth and innovation within the consumer electronics sector.
This budget not only addresses the prevailing industry challenges but also lays a solid foundation for a more prosperous and sustainable future in manufacturing. With the government’s strategic vision and commitment to fostering a conducive environment for business development, we are optimistic about the promising opportunities this budget will offer to both the sector and the broader economy. We look forward to contributing to and benefiting from this transformative journey.”
Sachin Alug, CEO, NLB Services
“Union Budget 2024-25 highlights the government’s commitment to transform India’s employment landscape through its strategic focus on diverse segments like- youth, women, MSMEs, and tourism sector. With ‘Yuva’ as one of the four critical points for the Union budget, the Finance Minister’s ambitious plan to create jobs for 4.1 crore youth, supported by a ₹2 lakh crore allocation, is a game-changer. This includes important action points such as incentives for 30 lakh first-time employees, the establishment of working women hostels, and the enhancement of MGNREGA to ensure 100 days of wage employment for manual workers.
The commitment to skilling youth is equally impressive, with plans to upskill 20 lakh youth and provide higher education loans up to ₹10 lakh for 1 lakh students annually. This investment in education and skill development will significantly boost employability and economic potential. Moreover, the proposed scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs. 5000 per month as internship allowance and one-time assistance of Rs. 6000 will further help in achieving employment goals.
Furthermore, the budget’s support for over 4.4 crore MSMEs, coupled with a ₹100 crore guarantee fund, is set to uplift this sector, with currently reporting 19.09 crore jobs. The initiative will increase the number of jobs by 12-15% in the MSME sector. Additionally, the focus on infrastructure development and improved connectivity is expected to elevate India’s status as a global tourism destination, generating further employment in both the tourism and infrastructure sectors. This will further boost employment in the tourism sector by 15-20%, creating roles such as Tour Operator, Business Development, Travel Consultant, Hospitality Manager, Destination Marketing, and Tour Guide, and the 10-12% growth in the infrastructure sector with roles like Civil Engineer, Architect, Project Manager, and liaison officer, etc.
Collectively, these initiatives represent a bold and essential step toward a more inclusive and dynamic economy. They will not only address immediate employment needs but also lay the foundation for long-term economic prosperity and growth.”
Jayesh Jain, Group CFO, Balancehero India
“The Union Budget 2024 is a transformative step toward strengthening India’s economic fabric, emphasizing employment, skilling, and MSMEs. The allocation of ₹2 lakh crore for job and skill development schemes over the next five years will empower the youth and foster a skilled workforce, essential for driving innovation in the fintech sector. The budget’s focus on social justice and inclusive human resource development ensures growth benefits reach every segment of society.
For the fintech industry, simplified tax exemption regimes and TDS adjustments will streamline operations, creating a more favourable business environment. Abolishing the angel tax for all classes of investors is a ground breaking move to bolster the Indian start-up ecosystem, boost entrepreneurial spirit, and support innovation. Initiatives to develop cities as growth hubs and significant investments in urban housing and infrastructure will stimulate economic activities and provide a robust foundation for sustainable growth. Enhanced support for MSMEs, including the new credit guarantee scheme, will bolster the backbone of our economy, driving innovation and job creation. This budget sets a promising trajectory for inclusive growth, positioning India as a resilient and forward-looking economy.”
Tarun Chugh, MD & CEO, Bajaj Allianz Life
“The FM has secured a few critical aspects for the future readiness of the country in terms of strengthening the start-ups eco-system, focus on new age technology, space tech and encouraging clean tech. There was a significant focus on sectors like agriculture, infrastructure at large as well as developing skills and generating employment, which will have a positive compounding effect on the economy going forward. It lays the groundwork for a robust and sustainable economic growth with India remaining one of the bright spots in the global economic landscape. All in all, I believe it has been able to deliver on the growth agenda in a significant manner.
Furthermore, the reduction in the fiscal deficit target to 4.9% for FY25, down from the 5.1% estimated earlier in February 2024 (interim budget) paves the way for increasing fiscal discipline and enabling sustainable economic growth. This will positively impact India Inc. especially the insurance segment as we believe it will enable many more customers save and invest adequately in our financial instruments to secure their future.”
Mr. Amit Sharma, Managing Director & CEO, Tata Consulting Engineers
“The Indian government’s transformative and futuristic initiatives are set to accelerate the growth of the nation’s infrastructure landscape while enabling technological advancement and ensuring a viable and sustainable energy transition. The 2024 Union Budget’s focus on green growth with a ₹35,000 crore investment, the adoption of nuclear, clean energy with Bharat Small Reactor (BSR) and Bharat Small Modular Reactor (BSMR), and private participation in the nuclear energy arena, incentivising the adoption of higher efficiency Advanced Ultra Super Critical (AUSC) thermal plants, and focus on Pumped Storage Projects (PSP) for renewable energy integration, alongside a national critical metals and minerals policy, and the promotion of domestic solar cell and module manufacturing, create a comprehensive roadmap for the energy transition in hard-to-abate sectors.
On the infrastructure front, the enhanced focus on water and waste management in 100 large cities, along with an investment of ₹10 lakh crore for the construction of 1 crore houses under Pradhan Mantri Awas Yojana-Urban 2.0, underscores the strategic approach towards transformative growth.
Tata Consulting Engineers has been a key player and thought leadership partner in these specific initiatives with the Government of India and leading industry players. Our efforts have been fully aligned and committed to these national priorities. Keeping the Vikasit Bharat vision clear, we see this as a progressive roadmap towards building a sustainable, technologically advanced, and resilient India. Tata Consulting Engineers is committed to our promise of ‘Engineering a Sustainable & Better Tomorrow.’”
Mr. Ashish Saraf, VP and Country Director
“We applaud the government’s special emphasis on skilling, research and innovation, complementing the ‘Viksit Bharat 2047’ vision, in the Union Budget 2024-25. The Budget’s commitment to skilling 20 lakh youth over the next five years through centrally sponsored schemes and the provision of skilling loans will pave the way for cultivating a strong and future-ready workforce. These measures will create pathways for youth to gain essential skills, enhancing employability. We also welcome the focus towards inclusive and holistic growth through a number of other announcements including employment-linked skilling schemes, internship opportunities to students in 500 top companies as well as the allocation of over ₹3 lakh crore to advance women’s roles.
Another key aspect of the budget is the establishment of the Powering Innovation, R&D Anusandhan National Research Fund. This will indeed provide a boost to private sector-driven research and innovation leading to development of cutting-edge technologies in the country. We commend these visionary steps and are committed to supporting India in nurturing a highly skilled workforce and deep-tech innovations by leveraging our local and global expertise and experience.”