Interim Budget 2024: Industry Reactions (Part-9)

Bharadwaj Rachamadugu, Senior Vice President, Sai Silks Kalamandir
“Increasing capital expenditure outlay by 33% is going to be big boost for overall growth of the economy, which will have percolating effect on the income levels, so as the increase in purchasing power. Any incremental spend on the capital expenditure will have a major impact on the overall economic growth which is very positive for expending the pie of middle class in the country. This would go a long way in supporting India consumption landscape across middle, low and upper end income levels, which is very positive for retailers.”

Akash Gupta, Co-Founder and CEO, Zypp Electric
“We applaud the government's commitment in the budget to nurturing the Electric Vehicle (EV) ecosystem. The allocation of resources towards the development of a robust infrastructure signifies a pivotal moment for our nation. This budget not only encourages entrepreneurship but also opens doors for a multitude of vendors, providing ample opportunities for supply and installation services. The emphasis on supporting manufacturing and charging infrastructure not only aligns with our company's mission but also ensures a sustainable future for the entire EV industry. Additionally, the focus on creating employment opportunities for the youth, particularly those with technical skills in manufacturing, installation, and maintenance, will catalyze innovation and growth. We look forward to collaborating with the government in realizing this shared vision and contributing to the electrifying transformation of our nation's mobility landscape.”
 
 

Rashi Agarwal, CBO & Co-Founder, Zypp Electric
“As a woman entrepreneur, the post-budget focus on empowering women is truly uplifting. The allocation of thirty crore Mudra Yojana loans reflects a powerful endorsement of our capabilities. The government's commitment to ease of living and preserving women's dignity has led to a commendable twenty-eight per cent rise in female higher education enrolment and forty-three per cent in STEM courses over the past decade. These initiatives are already making a substantial impact on women's workforce participation. Additionally, I applaud the government's forward-looking stance in supporting the electric vehicle (EV) sector. This move not only aligns with global sustainability goals but also presents immense opportunities for women entrepreneurs to contribute to a greener, technologically advanced future. The budget's dual focus on women's empowerment and the EV sector is a testament to our nation's commitment to inclusive progress and environmental sustainability.”
 

 
Benjamin Lin, President, Delta Electronics India
“The Budget 2024 brings a significant boost to the future of mobility. The dedicated support for manufacturing and charging infrastructure is a game-changer, promising exponential growth in our industry. The encouragement for greater adoption of e-buses in public transport networks, coupled with the implementation of payment security mechanisms, not only propels environmental sustainability but also sparks innovation and economic prosperity. This strategic move not only aligns with our values at Delta Electronics India but also signifies a significant leap towards a greener and technologically advanced future for the entire industry.”
 
 

Niranjan Nayak, MD, Delta Electronics India
“I welcome the strategic initiatives laid out in the 2024 budget.  The government's strong support for the e-vehicle ecosystem, including manufacturing, charging infrastructure, and incentivizing e-bus adoption, is likely to bring about important changes in our industry. Additionally, the introduction of secure payment mechanisms for e-buses addresses a crucial obstacle to public acceptance. At Delta Electronics India, we understand the transformative potential of e-mobility and are prepared to use our global expertise and local knowledge to accelerate its development. This budget represents a significant step towards cleaner air, sustainable transportation, and a thriving domestic EV industry. We are excited to be part of this journey.”

 
 
Hyder Khan, CEO of Godawari Electric Motors
“Our government is committed to advancing sustainable development by enhancing and strengthening the electric vehicle (EV) ecosystem. Through robust backing of manufacturing and charging infrastructure, they have reinforced the groundwork for a more environmentally friendly future. The focus on creating accessible and eco-conscious mobility solutions underscores the significance of this announcement in the budget. These efforts will enhance EV adoption, paving the way for a cleaner, more interconnected future. The details of this announcement in the forthcoming budget will play a crucial role in steering the country's net-zero agenda in a positive direction.”
 
 

Rohan Shravan, Founder and CEO of Tresa Motors
“Tresa Motors commends the Interim Budget 2024 for taking strides towards a greener future. The focus on strengthening the EV ecosystem through manufacturing support and state-wide charging infrastructure development is a welcome step. This will undoubtedly accelerate EV adoption, especially in the crucial commercial vehicle segment. We're also encouraged by the vision for rooftop solarisation and free electricity, empowering consumers and contributing to energy security. The installation of 1.3 crore LED street lights further demonstrates the government's commitment to sustainable infrastructure and improved road safety. While these initiatives are impactful, we believe the budget could have further fuelled India's economic engine by considering additional measures. Targeted incentives for local battery production and recycling facilities would bolster supply chain resilience and create valuable jobs. Additionally, extending FAME-II subsidies beyond two-wheelers to include commercial EVs would significantly accelerate their adoption, promoting cleaner logistics and reducing carbon footprint. We remain optimistic that future policies will address these points, and Tresa Motors stands ready to actively contribute to building a cleaner, more sustainable transportation future for India.”

Kishore Lodha, Chief Financial Officer, U GRO Capital
“Overall, this Union budget has been an excellent budget – it consists of something for everyone. Notably, the Government's commitment to green growth and energy infrastructure is commendable. The announcement of one crore solar units by the Prime Minister marks a significant stride, alleviating financial burdens on households and addressing environmental concerns.
The overall focus on GYAN initiative, which is Garib (Poor), Yuva (Youth), Annadata (Farmer) and Nari (Woman), will benefit the most economically disadvantaged individuals. The announcement of an 11 per cent increase in capex budget sounds promising, and the best part is that the government is not leaving fiscal prudence in any way. The next year's deficit target has been kept as 5.1 per cent, which is a pleasant surprise. Borrowing will be lesser compared to this year which is good news for the financial markets.
Extending Ayushman Bharat cover to Anganwadi and Asha workers, alongside consolidating maternal and child healthcare schemes, aims to address rural health challenges and fosters opportunities for Healthcare MSMEs who are crucial contributors to the healthcare sector's revenue growth. To achieve the vision of a $7 trillion economy, accelerating digitalization is paramount in today’s evolving digital global fabric.”

Bimal Khandelwal, Chief Financial Officer, STT GDC India
"The Union Budget 2024-25 presents encouraging prospects for the technology and digital infrastructure sector. The substantial increase in FDI inflow and the commitment to negotiating bilateral investment treaties signal a favourable environment for sustained foreign investment, aligning with the digital aspirations of the nation.
The noteworthy outlay of Rs 11.11 lakh crores for infrastructure development, with a focus on technology, is a promising move. This budget holds the potential to positively impact the data centre industry, fostering innovation and growth. The emphasis on technology, innovation, and infrastructure aligns seamlessly with the evolving needs of the data centre sector, and we anticipate contributing significantly to India's digital journey."

Manoj Nair, Head of India GDC, Fujitsu India
“We welcome India’s Union Budget 2024-25 unveiled today and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core. As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively. Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the Nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives. This is an exciting time for the country's green industrial and economic transition. At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!”

Alekh Sanghera, (Co-founder and CEO, FarMart)
‘’Budget 2024-2025 is a great step towards a promising and bountiful agritech future. The budget provisions strengthening agriculture value chains through food processing infrastructure, minimized wastage and crop insurance.
We, at FarMart, echo the vision of PMKSY & PM-FME, bridging the farm-to-fork gap. Better market access and post-harvest management empower smallholders with sustainable income. We are aligned with the government’s vision to boost productivity and farmer welfare through incentives around credit access, infrastructure, and public-private collaboration. This budget fuels India's agritech ecosystem, ensuring local and global food security."

 

Shauryam Gupta, CEO, Rupeezy
“Being an interim budget, some degree of populism was expected. On the contrary, it was a budget of fiscal prudence clearly outlining the fiscal deficit targets for the next two years. The 2024 interim budget showcases commendable fiscal responsibility with substantial infrastructure investments. The budget prominently emphasized affordable housing, clean energy, and technological advancement as key priorities for the government. 
Overall, the budget highlights the government's forward-thinking vision for ensuring the country's sustainable development, as stated in the budget speech aimed at propelling India towards becoming a developed nation by the year 2047.”

Dilip Modi, Founder, Spice Money
"At Spice Money, we're heartened by the Budget 2024's multifaceted approach to empowering individuals and businesses. Initiatives like the Digital Public Infrastructure (DPI) promoting formalization and financial inclusion, coupled with a strengthened financial sector paint a promising picture for inclusive growth. We're particularly encouraged by the government's focus on MSMEs, the backbone of our economy.
Schemes like PM Mudra Yojana's Rs 22.5 lakh crore sanctions and credit assistance to 78 lakh street vendors under PM-SVANidhi, Fund of Funds, Startup India and Startup Credit Guarantee are commendable steps towards fostering entrepreneurial aspirations. We're further encouraged by the government's priority to adequately finance technology for MSMEs and provide them with global competitiveness training. This aligns perfectly with Spice Money's commitment to equip businesses with digital tools and financial services.
However, skilling and access to capital are just two pieces of the puzzle. We believe real-time data insights are crucial for informed decision-making and growth. Our 12 lakh Adhikari touch points across 600 districts can play a vital role in gathering and analyzing such data, empowering MSMEs and individuals across remote regions. By collaborating with fintech players like Spice Money, the government can ensure these initiatives have a tangible impact on millions, propelling them towards financial inclusion and global competitiveness.
We eagerly await the July budget roadmap, hoping it outlines clear, measurable outcomes for both financial inclusion, MSME growth, and strengthening the financial sector. Together, we can truly create a #ViksitBharat where everyone has the opportunity to thrive."

 

Dr Saundarya Rajesh, Founder – President, Avtar Group
“The tabled interim Budget has set the tone for the next phase of growth and development of the nation. By way of acknowledging the importance of inclusivity and equal opportunities for all, the government is reiterating the potential that increased women’s workforce participation will contribute to overall GDP of the nation. The continuous allowances to entrepreneurship for women and youth, skilling or simply put towards the GYAN (Garib, Yuva, Annadatha and Nari) Bharath do promise growth and stability for the country. However, MSMEs and Start-ups – the key sectors that have the potential to boost women’s workforce participation, have not seen much push in the last two years, particularly by way of tax rebate in SEZs for companies operating in the STEM industry. While 43% of STEM graduates are women, they make up only 28% of the workforce in STEM. Moreover, women drop out of the workplace due to childbirth, childcare and elder care. Consequently, only 3 percent of women hold CEO posts in the STEM Industry. To fast-track the growth, the new government will have to usher initiatives and policy measures such as incentivizing targeted women-talent hiring and retention especially in the MSMEs and Start-ups sectors that will provide the much-required fillip towards women’s workforce participation.”

 

Sandeep Runwal, President, NAREDCO Maharashtra
“The Interim Budget for 2024-25 presented by Union Finance Minister Nirmala Sitharaman reflects a comprehensive vision aimed at fostering inclusive growth and sustainable development in India. The focus on transforming India into 'Viksit Bharat' by 2047 underscores the government's long-term commitment to national development. This vision, encapsulated in the slogan "sabka saath, sabka vikas" (together with all, development for all), emphasizes the inclusive nature of the government's approach.
The emphasis on GDP, redefined as governance, development, and performance, is a strategic move, particularly in the context of the upcoming general election. This redefinition indicates a shift towards a holistic view of economic growth, one that intertwines effective governance and sustainable development with performance metrics. It's a narrative that might resonate well with the electorate, considering the administration's bid for a third consecutive term.
The commitment to the PM Awas Yojana Grameen, with the target of constructing 2 crore additional houses, continues the government's focus on rural development. Achieving the milestone of 3 crore houses under the rural housing scheme and setting an ambitious target for the next 5 years reflects a significant investment in infrastructure development that addresses a basic need – housing.
The announcement of a new housing scheme for the middle class is particularly noteworthy. This initiative seems to be aimed at addressing the housing needs of those living in substandard conditions like slums and chawls or those burdened by rent. By facilitating home ownership, the government is not only looking to improve living standards but also to stimulate the real estate sector and associated industries.
Overall, the budget appears to be strategically crafted with an eye on both immediate and long-term goals. It caters to key segments of the population – the rural poor, the middle class, and those looking towards the government for improved governance and development. The success of these initiatives, of course, will depend on effective implementation and the government's ability to meet these ambitious targets.”

Arun Poddar, CEO & Executive Director, Choice International Limited
“We applaud the Interim Budget 2024-25 for its forward-looking approach towards the financial sector and the overall Indian economy. The government's commitment to fiscal consolidation, coupled with an aggressive fiscal deficit target, sets a positive tone for economic resilience. The commitment to Digital Public Infrastructure aligns with our tech-centric vision for innovative financial services.
Choice International is particularly encouraged by the focus on fostering private investment, enhancing MSME growth, and orienting the regulatory environment. The government's focus on International Financial Centres positions financial service providers to benefit from global capital. The decision to withdraw outstanding disputed tax demands is a significant boost for over one crore taxpayers. As we navigate these economic waters, Choice International remains dedicated to actively contributing to the India's financial sector and support its journey towards sustained economic prosperity."