On Tuesday, July 23, Finance Minister Nirmala Sitharaman made history by presenting her seventh straight Budget for the fiscal year 2024-25, surpassing the previous record held by former Prime Minister Morarji Desai. During her 83-minute speech, she received 71 rounds of applause from government members.
Industry experts are optimistic, expecting that the government's focus on reducing imports and increasing local production could lead to strong growth, experts from various sectors have reacted to this year’s budget, and they’ve discussed how it might affect the economy, businesses, and consumers. This article features their views and expected outcomes.
Jagdish Sakhiya - Founder and chief Dermatologist - Sakhiya Skin Clinic
Budget 2024 brings a wave of optimism for healthcare! With increased funding for hospitals, advanced medical research, and expanded access to quality care, we are on a path to a healthier future. This budget underscores the government's commitment to building a robust healthcare system, ensuring every citizen receives the best possible care. Together, we are creating a stronger, healthier nation.
Sailesh Lachu Hiranandani - Chairman - SRAM & MRAM Group
"We welcome the budget announcement as a progressive step towards fostering economic growth and stability. The initiatives aimed at enhancing infrastructure development and promoting digital innovation are particularly promising. As a group committed to global expansion and technological advancement, we are encouraged by the emphasis on boosting manufacturing and investment in key sectors. The focus on sustainability and healthcare infrastructure also aligns with our corporate values. Overall, this budget sets a positive trajectory for India's economic recovery and future prospects."
Glenn Gonsalves, CEO of RedSwitches.
The 2024 budget's abolition of the angel tax is a strategic move that will rejuvenate India's startup sector. This policy shift will create a more favorable environment for angel investors, which is crucial for advancing growth and sustainability. At RedSwitches, we applaud this decision as it aligns with our commitment to supporting startups and creating multiple employment opportunities. It will likely drive substantial development and opportunities within the startup community. The new digital infrastructure strategies will help solidify India’s position further as a hub for technological and entrepreneurial excellence. - Glenn Gonsalves, CEO of RedSwitches.
Dinesh Yadav - Founder and Director - Fine Acers Pvt. Ltd.
I anticipate that this Union Budget 2024-25, which I believe has a profoundly positive impact, particularly in regards to the reduced taxation and favorable regulations. These measures have the potential to significantly stimulate investments and innovation across various industries.
As per to my opinion, this budget is likely to be advantageous for investors with a long-term perspective. At Fine Acers Pvt. Ltd., where we strive to offer a distinctive blend of real estate and hospitality solutions, marking a new chapter in India's growth story.
For our esteemed investors, we are committed to providing a long-term fixed return on investment complemented by potential capital appreciation and hastle free maintenance.
Pancham Banerji - CEO - AdEngage
The Union Budget 2024-25, with its increased allocation for digital infrastructure, MSME credit support, and internship schemes, presents substantial growth opportunities for the IT, advertising, and marketing sectors. Enhanced capital expenditure and stable tax policies will drive sectoral innovation, while new workforce initiatives will elevate technical competencies. These strategic measures are set to optimize operational efficiencies and global service delivery, reinforcing the sectors' trajectory towards technological and economic advancement.
Mayank Choudhary- Partner - MARV & Associates LLP
"If I cover the tax-related part of the budget announced by our Hon’ble FM Nirmala Sitharaman ji, an effort has been made to simplify and rationalize the taxation policies in India. She also mentioned in her speech that in the next six months, the entire Income Tax Act will be reviewed. This indicates that the government feels the Income Tax Act needs to be overhauled for the middle class. This budget aims to reduce litigation between assessees and the Income Tax Department with the launch of Vivad se Vishwas Scheme version 2.0, which was a massive hit in 2020 as well."
Shammi Agarwal - Director - Pansari Group
We commend this year's Union Budget for its strong focus on agriculture, MSMEs, and traditional artisans. The allocation of Rs 1.52 lakh crore for agriculture and Rs 1.48 lakh crore for education, employment, and skilling demonstrates a clear commitment to growth and innovation. The establishment of e-commerce export hubs through public-private partnerships will empower MSMEs and artisans, enabling them to access international markets more easily. Overall, these initiatives reflect a visionary approach to India's economic development.
Mr Piyush Goel, Founder & CEO of Beyond Key
"Budget 2024's allocation of Rs. 1.48 lakh crore for education, jobs, and skill development demonstrates a strong commitment to fostering growth. Priorities include enhancing digital infrastructure, vocational training, and teacher professional development. Collaborating with local industries is crucial to align educational programs with market needs, preparing students for the job market and fostering a dynamic IT sector. This investment is a positive step towards building a brighter future for the nation."
Mr. Rajiv Sabharwal, Managing Director and CEO of Tata Capital Ltd
“The Union Budget 2024 represents a pivotal moment for India’s economic growth, emphasizing substantial infrastructure investments and sustainable development. • The extensive funding for infrastructure will propel economic momentum and modernize essential sectors • Enhanced Mudra loan limits and a new credit guarantee scheme are set to stimulate growth and innovation among small and medium enterprises (SMEs) • Targeted investments in energy security and green initiatives are poised to drive long-term stability and environmental progress. • Overall, the budget lays a solid groundwork for India’s future, driving progress and resilience”
Gaurav VK Singhvi - CEO & Managing Partner- Avinya Ventures
"We’re excited about the Union Budget 2024-25 abolishing angel tax, which will boost investments in DPIIT-registered startups. This landmark decision reduces financial burdens and supports startup growth, aligning with Avinya Ventures' mission to back visionary entrepreneurs. The ₹1000 crore allocation for space startups further highlights the focus on high-tech sectors."
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