Beyond the numbers, into the minds of industry leaders: This curated list of Union Budget reactions offers a unique perspective on the potential impact on various sectors. Prepare to be surprised, challenged, and informed by the diverse viewpoints of these entrepreneurial powerhouses.
Neal Wright - Managing Partner of Coin Chapter
The Indian Budget for 2024-2025 is a testament to the government's strategic foresight and commitment towards sustainable and inclusive economic growth. By emphasizing support for vulnerable sections through schemes like PM-SVANidhi and PM-KISAN, alongside bolstering the education and skill development sectors, the budget lays a robust foundation for empowering the Indian populace. The significant increase in capital expenditure to 11.11 lakh crore rupees, aimed at strengthening the Nation's infrastructure and fostering economic corridors, underscores the government's vision for modernizing India's core facilities. Additionally, focusing on renewable energy and housing initiatives is a commendable step toward addressing long-term environmental and societal needs. However, the real success of this budget will hinge on its effective implementation and the ability to navigate the challenges of global economic uncertainties. It's an ambitious blueprint that, if executed well, could propel India towards achieving its goal of 'Vikasit Bharat' and ensure a more equitable distribution of economic benefits." - Neal Wright, Managing Partner, Coin Chapter.
Rajat Pathak – Founder Director of Rajat Synergy Group
Not a populist budget is unlikely usually expected from an election year's Interim Budget. It reflects the government's confidence in electoral victory in the coming Union elections in 2024. No change in the Income Tax Slab and no clear sign of any motivational push to Textiles or Real estate in particular. The government's focus is evident on increasing the direct beneficiaries larger basis directly through various Government beneficiary schemes. The focus is clearly on the Macro level of the economy for a Vikasit Bharat by 2047. Clearly, it is a "Moving The Goal Post Strategy" with a chocolate coating of wonderful speech & amazing communication.
CA Deepakraj Murarilal Lala - Founder of Deepak Lala and Company Chartered Accountants
Finance Minister Nirmala Sitharaman presented the Interim Union Budget for 2024-25, the sixth under her tenure and the last of Prime Minister Narendra Modi's second term. Highlights include a focus on fiscal consolidation, infrastructure, agriculture, green growth, and railways. Despite expectations, there were no changes in tax rates, disappointing salaried individuals. The total budget is slated for presentation in July, following the formation of the new government post Lok Sabha Elections.
Sachin Patil - MD & CEO of Messe Stuttgart India Pvt. Ltd.
I commend the Union Budget 2024's strategic focus on infrastructure development. The launch of the National Infrastructure Pipeline and the PM Gati Shakti Yojana, backed by significant investments exceeding 150 lakh crores, is indeed a forward-looking move by the government. The emphasis on roads, railways, logistics, and green energy aligns seamlessly with the core facets of the exhibition and MICE industry. A strong infrastructure foundation sets the stage for successful exhibitions, fostering economic growth and creating a conducive environment for business collaborations.
Radhika Kalia - Managing Director of RLG Systems India Private Limited
The Interim Budget 2024 offers a mixed bag in terms of steps to foster a circular economy and build sustainability. While the budget shows a focus on infrastructure and renewable energy, which indirectly would support the sustainability sector, direct measures toward forging a circular economy seem underrepresented. Yes, the budget's emphasis on digital infrastructure and renewable energy initiatives like solar energy would provide direction to sustainability initiatives, albeit indirectly, by promoting environmentally friendly practices and technologies. Nevertheless, for a sector like ours dedicated to sustainability and circular economy principles, direct and targeted support is warranted to ensure that the efforts invested result in significant outcomes. So, while the indirect support for a greener economy is appreciated, a more focused approach and direct support for recycling and e-waste management is required for concrete progress.
Gurbaksh Dang - Partner at Dang and Associates Chartered Accountants
Govt's commitment to Startups remains unchanged as deductions are extended for one more year. Ample time went unproductive visiting the Tax Offices to correct petty demands outstanding since 2002; waiver of Petty demands exhibits the good intentions towards the productiveness of Taxpayers and tax officers. Commitment towards Aviation in smaller towns, Renewable Energy benefits, and Infrastructure growth possesses Ground-breaking plans for India's future. Keenly waiting for the Final Budget after the elections, further indulging towards the Nation's campaign.
Jasminder Khanna - Co-founder of Gresham Global
I am pleased to acknowledge the budget allocation for the education sector announced by the Finance Minister. The Skill India Mission stands as a testament to our commitment, having trained 1.4 crore youth and upskilled and reskilled 54 lakh individuals. Additionally, 3000 new ITIs have been established to enhance vocational training. Furthermore, these efforts have led to the establishment of numerous institutions of higher learning, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities. These endeavors underscore our dedication to fostering a skilled workforce and cultivating excellence in education.
It will prepare students for the global market, ensuring they possess the expertise to thrive abroad and facilitating access to world-class education. It will empower our youth to become global citizens and contribute meaningfully to the global community. Through investments in educational excellence, we aim to equip students with the necessary skills and knowledge to thrive globally.
CA Baldeep Kaur – Managing Director of Baldeep and Associates
The 2024 Interim Budget charts a positive course, emphasizing future technology, especially in electric vehicles (EVs), to position the Nation globally. It ensures international recognition and champions environmental conservation and responsible resource use. Embracing a forward-looking stance, the budget commits substantial benefits for education, technology, and the food sector, fostering a dynamic and globally competitive landscape. Strengthened agricultural infrastructure underscores a commitment to long-term food security while focusing on housing for the poor and boosting confidence in GDP growth, showcasing commendable positivity. The budget's strategic emphasis on youth, women, farmers, and the underprivileged, along with initiatives like PM Mudra Yojna, reflects a holistic approach to empowering diverse segments for a brighter and inclusive future.
Dr. Sheetal Nair – Director of DSSG Bespoke Solutions Pvt Ltd
The Finance Minister's Budget 2024-2025 is a visionary blueprint for Economic Growth and Sustainable Development, crafted with insightful Fiscal Prudence. It's a boon for Entrepreneurs, spotlighting Inclusive Development, infrastructure enhancement, and Sustainable Initiatives, ensuring broader access to opportunities. Prioritizing AspirationalDistricts, the budget fosters a fertile ground for BusinessGrowth and #Innovation. Key investments in Agriculture, Healthcare, and sectors like Tourism and Housing Infrastructure showcase a long-term commitment to Economic Resilience and social welfare. Tax reliefs for Startups and citizens align with fostering a Fair Economy. For effective outcomes, Policy Implementation is key. This budget is the cornerstone for Stable Economic Growth in a fair and just society.
Asher T. Gianchandani - CEO of Moksha Media Group
With an 11% surge in infrastructure spending and a spotlight on technology, healthcare, and MSMEs, Budget 2024 heralds an encouraging era for digital advancements. As a media-tech company, we welcome the emphasis on empowering the tech-savvy youth and boosting productivity through technology. This approach supports inclusive growth and lays the foundation for innovative developments in the digital realm. The budget's alignment with the evolving needs of the media and technology sectors bodes well for our industry's future.
Richank Tiwary- Founder of Mediatronics PR Private Limited
The 2024 budget elicits mixed sentiments from the commoner. Positive aspects include increased healthcare and education allocations, digital infrastructure focus, and environmental measures. However, rising fuel and commodity prices concern citizens. The lack of relief for the middle-income group and vague job creation plans add to financial worries. While the budget aligns with global trends on sustainability, a more precise roadmap for economic recovery and citizen involvement is desired for enhanced confidence in its impact.
Zeeshaan Pathan - Group MD & CEO of World Development Corporation
Working on Vikasit Bharat, Amritkal & Anusandhan, the budget has a more profound commitment to ESG, growth, research, and innovation. Deep-tech usage in defense will require PPP for cutting-edge tech development. The commitment to ESG with a Net-Zero target by 2070 is to be achieved through Coal Gasification & Liquefaction, E-Vehicles, and Blue Economy 2.0. The "Social" factor is reflected through the proposed strategizing of the population and demographic changes.
Dr. Aamir Junaid Ahmad - Founder and CEO of S S Systems
The budget's commendable focus on empowering tech-savvy youth is evident in establishing a ₹1 lakh crore corpus for interest-free loans, showcasing dedication to innovation. The commitment to generating employment, particularly for technically skilled youth, aligns with fostering a capable workforce. Furthermore, prioritizing electric vehicle adoption and funding private sector R&D reflects a strategic commitment to sustainability and innovation.
Anubhav Agarwal - Managing Director and CEO of BN Group
Finance Minister Sitharaman's Interim Budget holds promise for the edible oil industry. The continued focus on 'Atmanirbhar Oil Seeds Abhiyan,' emphasizing research, technology adoption, and market linkages, is a welcome step towards self-sufficiency. This, coupled with the increased capital investment outlay, paints a promising picture for rural development and increased consumption, directly impacting our industry's growth. However, the success hinges on the swift implementation of these initiatives. Streamlining access to high-yielding seeds, ensuring timely procurement at remunerative prices, facilitating value addition, and crop insurance is crucial for farmers to benefit truly. Additionally, sustaining the reduced import duties on key edible oils while strengthening domestic production can create a win-win situation for consumers and industry players.
Overall, the budget lays a strong foundation for self-reliance, but industry collaboration and swift execution will be key to translating vision into reality. We are optimistic and committed to contributing to a truly 'Atmanirbhar' edible oil ecosystem for India.
Dr. Vikram Mehta - MD of SPARTAN
Vikram Mehta, the Managing Director of SPARTAN Engineering Industries, has cherished the leadership of Prime Minister Modi. Under his leadership, India has seen tremendous economic growth on a global platform. Although no big announcement was made in the interim budget 2024, it continued its focus on infrastructure upgrades, which will benefit real estate growth. It will boost the urbanization in the country's Tier 2 and Tier 3 cities. With this rapid growth, real estate should also focus on building safer and fire-free infrastructure for the people of India.
