Interim Budget 2024: Industry Reactions (Part-4)

Nemin Vora, CEO, Odysse Electric Vehicles 
“Following the Interim Union Budget 2024, we enthusiastically embrace government's vision for a 'Viksit Bharat' by 2047. As an electric vehicle (EV) manufacturer, we applaud the strategic focus on expanding the e-vehicle ecosystem, supported by manufacturing and charging infrastructure enhancements. The budget's commitment to research and innovation, exemplified by a one lakh crore rupees corpus with a fifty-year interest-free loan, signifies a golden era for our tech-savvy youth, aligning seamlessly with our mission for sustainable mobility solutions.
Prime Minister Modi's visionary expansion of "Jai Jawan Jai Kisan Jai Vigyan" underscores the pivotal role of innovation in India's development. We stand ready to contribute to this era of unprecedented growth, leveraging our expertise to push the boundaries of technology and sustainability. As we enter the next five years with 'Sabka Vishwas,' the trinity of demography, democracy, and diversity, backed by 'Sabka Prayas,' holds the potential to fulfill the aspirations of every Indian.”

Sourav Mitra, Director - Consulting, CRISIL Market Intelligence and Analytics
“The interim budget has addressed the core issue of biomass aggregation associated with biofuels. Financial assistance has been announced for biomass procurement, which will provide impetus to the growth of the biofuels sector. Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes has been mandated, which will further boost the growth of CBG plants in the country. This should enhance production of CBG thereby savings on imported gas.” 

 Vishvanathan Subramanian, CFO & Director, PayMate
“It’s a forward-looking Interim Budget that places a premium on stability and predictability which is welcome. Among the measures announced by the Finance Minister, I especially welcome the one regarding the allocation of Rs one lakh crore for a 50-year period as support for tech savvy youth at low or no interest rates. This will set the stage for a thriving startup landscape and signals a bright future for innovation, job creation, and economic dynamism. I am confident this will significantly impact the startup ecosystem, fostering innovation and growth”.

Akash Sinha, Co-founder & CEO, Cashfree Payments
"The budget lays out a strategic roadmap towards building ‘Viksit Bharat’ by 2047. The emphasis on ‘innovation being the foundation of development’ is a big booster for entrepreneurs to adopt a research and innovation-led approach while building their businesses. This is an indication of how India wants to further scale up in developing and building technologies, products and services for the global economy. The focus on Digital Public Infrastructure reflects the government's ambition towards inclusive growth and development through the process of digitisation. The strong emphasis on technology, research and innovation coupled with financial support will have a huge multiplier impact on employment and entrepreneurship leading to sustainable growth and opportunity creation for the youth."

Rajan Bajaj, Founder CEO
"The government's allocation of a ₹1 lakh crore corpus for technological research in this year's budget is a game-changer. It positions India's R&D to capitalize on our young and dynamic demographic. The provision of interest-free support will undoubtedly catalyze scaling up research and innovation, fostering significant strides in filling economic gaps. Made in India tech is the future, and we’re here for it!”

Prajodh Rajan, Co-Founder & Group CEO, Lighthouse Learning
“The Interim Union Budget offers a beacon of hope for India's education landscape. As rightly mentioned by the Union Finance Minister, the National Education Policy 2020 has ushered in transformational reforms in terms of delivering quality education across the country. Upgrading Anganwadi centers through Saksham Anganwadi and Poshan 2.0 is a welcome step, to not only expedite the improved nutrition delivery but also prioritise early childhood care and development, laying the foundation for a brighter future for our country. The continued emphasis on STEM education and empowering girls and women is particularly encouraging.
We believe that these initiatives have the potential to unlock India's vast human capital and propel our nation towards becoming a developed country by 2047. We must ensure that the allocated funds reach the grassroots level and translate into tangible improvements in classrooms and learning outcomes. Collaboration between government, educators, and private stakeholders will be crucial in achieving these ambitious goals. We look forward to more positive changes in the future with hope and optimism and are committed to playing our part in building a brighter future for our children.”

 

Krishna Bodanapu, Executive Vice Chairman & Managing Director of Cyient
“On the whole, the Union Finance Minister has delivered another compelling budget that balances social needs along with economic needs, which accelerates growth and provides impetus to sunrise industries and societal imperatives.
We are steering toward a dynamic future. With the Union Budget 2024 announcement today, a commitment has been made to elevate the e-vehicle ecosystem with greater adoption of e-buses for public transport, and improving manufacturing and charging infrastructure is an optimistic step toward a sustainable future.
 The government's efforts to enhance the railway and aviation infrastructure are expected to positively impact ER&D Industry and manufacturing industry. Furthermore, the government’s focus on promoting green energy will significantly boost green manufacturing.”

 

Karthikeyan Natarajan, Executive Director, and Chief Executive Officer of Cyient 
"It is good the Government is continuing to take the lead with innovation to spur the growth of the technology sector and provide jobs aimed at further development. The announcement of the new scheme, aimed at strengthening deep-tech solutions for defence, signifies a strategic step toward a more secure and technologically advanced future.
The government’s commitment to supporting Research and Innovation is a boost to the ER&D industry. This will also catalyze industry growth and support youth in establishing start-ups and help youth who are seeking opportunities in the technology industry. Also, the interest-free investment will significantly enhance the ecosystem of our tech start-ups, particularly in emerging fields like 5G, Generative AI, Agritech, and health tech. The allocation of the ₹1 lakh crore fund, available for 50 years without interest for long-term financing or refinancing, aims to stimulate private sector expansion in Research & Development within emerging domains. This initiative is a positive development for the industry, positioning India as a leader in innovation and skill development.”
 

Abrarali Dalal, Director & CEO, Sahyadri Hospitals Pvt Ltd
"This year’s Union Budget is a testament to the government's dedication to improving public health in the country. The focus on establishing more medical colleges will help in utilising existing hospital infrastructure and creating quality professionals in healthcare. To enable wider access of preventive care and health cover, there is increased focus on vaccination for cervical cancer and extending health cover under the Ayushman Bharat scheme to ASHA and Anganwadi workers.
The consolidation of maternal and child healthcare schemes into a comprehensive program, alongside the expedited upgradation of Anganwadi centers and the rollout of the U-Win platform, reflects a holistic approach towards ensuring the well-being of women and children. These measures, coupled with the intensified efforts of Mission Indradhanush, signify a progressive leap towards a healthier and more resilient India. Mission Indradhanush is a critical health mission of the Government of India, aimed at achieving more than 90% full immunization coverage for children.
The mission's goal complements the comprehensive healthcare approach outlined in Budget 2024, reflecting the government's commitment to ensuring the well-being of all citizens through proactive healthcare measures.
The absence of specific allocations for AI in healthcare in this year's budget, despite the previous focus on setting up a Center of Excellence in AI for health, overlooks the potential of AI in diagnostics and medical advancements."

 Jaepy Kurian, Senior Vice President & Delivery Head - India, Orion Innovation 
“We appreciate the government’s vision of making India a developed nation by 2047 and its efforts to provide inclusive development and growth across various sectors and regions.
We support the government’s initiatives and schemes that aim to boost the digital economy, such as the PM SVANidhi scheme for street vendors, the PM Kisan Yojna for farmers, Mudra Yojana for women entrepreneurs, PM Mudra Yojana for entrepreneurs, the Digital India programme, the National Digital Health Mission, and the National Education Policy. We believe that these initiatives will empower millions of Indians with access to digital services, opportunities, and benefits.
We also suggest some areas where the government can further invest and collaborate with the private sector to accelerate the digital transformation of India, such as enhancing the digital infrastructure, promoting digital literacy and skills, fostering innovation and entrepreneurship, and ensuring data security and privacy. We are confident that with the government’s support and guidance, India can emerge as a global leader in the digital era.”

Jaya Vaidhyanathan, CEO, BCT Digital
“The budget presented was on expected lines. Being a vote-on-account, there were no major announcements, but at the same time it provided a clear overview of India’s economic trajectory and the government’s dedication to development through targeted schemes.Revenue receipts for the year exceeding budget estimates, robust growth in GST collections, and a fiscal deficit at 5.8% of GDP – lower than anticipated – all  indicate robust economic growth. This is bolstered by the formalization of the economy, which will have a positive impact on the banking system that lends to the formal economy. Further, despite the huge amount of welfare measures in place, the strong revenue figures have kept the fiscal deficit in check – estd at 5.1% in FY25 and on track for 4.5% by FY26 .
Significant capital expenditure growth of over 11% this year, accounting for 3.4% of GDP, underlines the focus on key areas like railway infrastructure and green energy. This is expected to transform the country while also ensuring employment generation to harness demographic dividend. Specific steps like viability gap funding and other financial assistance to achieve net zero by 2070 are expected to catalyze new industries and enable cleantech players to transform the landscape through innovative tech solutions. Overall, the budget aligns with India's path towards sustainable growth and development, balancing welfare measures with economic expansion.”

Nandan Mall, Founder & Managing Director, Hulladek Recycling
“With the increased focus on enabling technology adoption for those in the bottom of the pyramid and the commitment to be net zero by 2070, we are hoping for more stringent policies and regulations towards handling the electronic waste generated out of more technological development. Moreover the emphasis on sustainable mobility would definitely transform our country’s landscape. However with increasing EVs in the roads, an infrastructure for lithium ion battery recycling and regulations for disposal need to be in place for ensuring environmental sustainability.”

Harshad Patil, CIO, Tata AIA Life Insurance
“The Finance Minister stayed firmly on the path of fiscal consolidation by delivering the FY 2024 fiscal deficit at 5.8% and projecting the FY 2025 fiscal deficit at 5.1% in the Union Budget. There was a slew of initiatives for solar energy, railways, EV ecosystem, defence and tourism among others. The Union budget has been welcomed by the bond markets for adhering to fiscal consolidation and the bond market expects the FY 2025 borrowings to be comfortably absorbed. Overall, the Union budget ensures the continuation of fiscal discipline and extension of time-tested policies which have boosted the Indian economy in recent years.”

 

Anil Jain, MD, Refex Group 
“We are very happy with Interim Budget 2024-2025 as there is a lot of focus given to green and sustainable energy to promote Blue Economy 2.0. The government’s initiative to offer 1 cr households with solar rooftops is a step in the right direction. Their move of empowering and encouraging youth and women will act as a catalyst to the country’s GDP. To boost research and innovation in emerging sectors, various schemes will add value and enable accelerated growth for the overall economy and growth. This interim budget will open many avenues for all sectors while also ensuring every citizen’s development.”

Meenu Singhal, Regional Managing Director, Socomec Innovative Power Solutions 
“We welcome the focus on the Poor, Women, Youth and Farmers. Uplifting these segments will act as a catalyst to India's aspirations to become a 5 trillion-dollar economy. All the announcements made today will lead the country to become 'Vikshit' Bharat. Alternate sources of energy will continue to drive transformation in consumer tech especially the power saving sector.  The commitment to research and innovation, by a one lakh crore rupees corpus with a fifty-year interest-free loan, signifies a phenomenal growth opportunity for our tech-savvy youth, aligning seamlessly with our mission for sustainable technology solutions.”