"Today's budget announcement marks a transformative initiative for India's workforce. The Finance Minister's focus on employment-linked skilling through innovative schemes aligns perfectly with the mission of fostering growth and operational excellence. This initiative is not just a policy change; it's a game-changer for millions of young Indians entering the formal workforce for the first time.
With provisions for a direct benefit transfer of one month's salary in three tranches, up to Rs 15,000, this scheme ensures financial stability for newcomers. Additionally, the government's commitment to supporting employers across all industries promises to create a robust employment landscape. The announcement of financial support for higher education loans up to Rs 10 lakh further underscores the government's commitment to empowering the youth. This holistic approach to employment and education is crucial for building a resilient and dynamic economy.
We support the government's initiative to fast-track rural economic growth and create large-scale jobs. This budget is a testament to the vision of a self-reliant India, where every individual has the opportunity to thrive. Together, we can build a future where every Indian is equipped with the skills and opportunities to succeed." - Sameer Kanodia, Lumina Datamatics, CEO & Managing Director.
"The Government's strategic focus on job creation in the manufacturing sector is a crucial step towards boosting India's economic landscape. By providing employment incentives for first-time employees and introducing a comprehensive credit guarantee scheme for MSMEs, we are paving the way for Indian businesses to expand operations and thrive without the burden of collateral or third-party guarantees. This support is vital for fostering innovation, enabling MSMEs to become key contributors to the nation's growth trajectory.
The emphasis on skilling and employment in this Budget further underscores a transformative step towards unlocking India's immense potential. The comprehensive internship scheme for one crore youth will open invaluable opportunities for young Indians to gain essential skills and experience. This move will be crucial in creating a workforce that is not only educated, but also industry-ready.
Moreover, the government's dedication to enhancing women's participation in the workforce through specific skilling programs and infrastructure support is commendable. As someone who values inclusivity, I believe that empowering women to actively contribute to our economy is essential for achieving balanced and sustainable growth.
I believe these initiatives are promising steps in developing a resilient and empowered workforce that will be instrumental in driving the nation's economic success."
----------------------- Akshay Adhalrao, Managing Director, Dynalog India.
Quote 2: "The government's focus on sustainable agriculture and technological integration is a game-changer for the F&B industry. The push towards natural farming and establishing bio-input resource centres align perfectly with the growing consumer demand for organic, sustainably-produced food. This shift will not only enhance the quality of our raw materials but also open up new market segments for health-conscious consumers. The emphasis on agri-research, particularly in developing climate-resilient crop varieties, is crucial for ensuring a stable supply chain in the face of environmental challenges. As a food company, we're excited about the potential of the 109 new high-yielding varieties across 32 crops, which could diversify our product range and improve food security.
The Digital Public Infrastructure for farmers is a revolutionary step. It will streamline our sourcing processes, enabling us to work more closely with farmers and reduce intermediaries. This, coupled with the support for FPOs and start-ups in the vegetable supply chain, will lead to more efficient operations and potentially lower costs.
The focus on shrimp production and export facilitation through NABARD is particularly promising for the seafood industry, potentially boosting India's international market presence. As an expanding firm, we intend to take advantage of the employment and upskilling incentives proposed. Largely, this is a good and balanced budget that will boost the industry overall."
------------------------- Shakir Haq, CEO of NKP Empire Ventures Pvt Ltd
Rupak De, Senior Technical Analyst, LKP Securities-
"The Bank Nifty continued to fall, remaining below the short-term consolidation breakdown. The sentiment might remain weak as it closed below its support level of 51,700 and its 21-day exponential moving average. A sell-on-rise approach might favor traders until the index closes above 52,000. The support is placed at 50,900, where the 50-day EMA lies. On the other hand, resistance is seen at 51,550 and 52,000."
Inderveer Singh, Founder & CEO, EVage Motors said,
"The union budget 2024 has definitely brought good news for the EV battery manufacturers with the announcement of exemption from custom duties on crucial minerals such as lithium and cobalt. However, the OEM side had been hoping for additional incentives and policy support to help decarbonize the commercial vehicle segment, which accounts for almost 65-70% of total vehicular pollution. We remain optimistic and are hopeful that the current government will address these demands in the coming months through its much awaited FAME III scheme, if we are to meet the ambitious target of 30% EV sales by 2030."
Commenting on the Union Budget 2024, Anil Gudibande, Co-founder of 1crowd said, "The Union Budget announcements by the Finance Minister Nirmala Sitharaman are a testament to the government's recognition of startups as vital drivers of economic growth. The emphasis on nurturing these enterprises highlights their importance as a key growth engine for the future. The removal of angel tax is a significant relief and fulfills a longstanding industry demand. Importantly, it is a very mature step by the Finance Minister as this will only spur innovation forward. By creating a more favorable regulatory framework, the government is enabling startups to thrive and contribute significantly to the economy."
Jindal Stainless today welcomed the Union Budget 2024-2025 as an empowering one for its focus on employment generation and skilling.
Managing Director, Jindal Stainless, Mr Abhyuday Jindal, noted, "It is a mature, forward-looking and inclusive budget with its focus on employment and skilling, manufacturing, infrastructure, innovation and R&D. In the manufacturing sector, particularly labour-intensive manufacturing, the package covering financing, regulatory changes and technology support for MSMEs to help them grow and compete globally is very welcome. Continued investments in infrastructure with an annual outlay of INR 11.11 lakh crore (estimated at 3.4% of GDP) will help maintain the tempo of creating overall growth enablers for a viksit Bharat.
Also, earmarking a central outlay of INR 2 lakh crore as Prime Minister's Package for Employment and Skilling to benefit more than 4 crore youth will go a long way in building a sound foundation for a robust economy that thrives with time. The upgradation of 1,000 ITIs will also help augment supply of trained workforce for industries. Already, at Jindal Stainless, we consider it paramount to deepen industry-academia collaboration as well as developing and upskilling an ecosystem that drives awareness and appropriate adoption of stainless steel, especially downstream.
We welcome exempting duties on ferro nickel the continuation of zero duty on ferrous scrap and pure nickel and that will help the domestic stainless steel industry and alloy steel industry to maintain its competitiveness. Exemption of customs duties on 25 critical minerals will help to provide a boost to the refining and processing of such minerals within the country leading to greater self-reliance in line with our shared vision of an Atmanirbhar Bharat.
The decision to sanction 12 industrial parks under the National Industrial Corridor Development will help in strengthening upstream and downstream facilities in large and heavy manufacturing sectors like iron and steel. Again, the government's push for R&D in nuclear technology is a welcome move; it will help energy dependent sectors to obtain clean energy, thereby increasing India's competitiveness in emissions-sensitive markets such as the EU."
Ms. Srishti Dhir, Founder at Hub and Oak- Budget 2024-25: Big Relief to Homebuyers! "In the latest Union Budget presentation, the Finance Minister, Nirmala Sitharaman, announced PM-Awas Yojana Urban 2.0, emphasizing the "housing for all" objective of the Indian government. With this initiative, housing needs of 1 crore poor and middle-class families will be fulfilled with an investment of INR 10 lakh crores. In addition to this, central assistance of Rs 2.2 lakh crores will be provided to support the new PMAY-U for the next five years. This initiative will definitely give a much-needed boost to homeownership in the middle-class segment. In order to support rental housing in India, the FM Minister conceded to implement effective policies and regulations for a transparent rental market. The central government will also facilitate dormitory type accommodation for industrial workers in PPP mode."
"We applaud govt's move to lower the stamp duty for women homebuyers that can make the property purchase even more affordable. This will probably result in increasing the number of female homeowners in the country."
“We appreciate the Union Budget 2024 for its emphasis on infrastructure development, job creation, and skill enhancement in the manufacturing sector. The Finance Minister's introduction of programs focused on skilling and offering employment opportunities for youth represents a significant step towards economic advancement. At Yokohama India, we are particularly encouraged by the focus on diversity hiring and incentives for job creation in manufacturing facilities. These efforts resonate with our dedication to fostering a diverse and inclusive workplace, as demonstrated by our 1,000-strong female workforce across our four plants. The government's backing of internships and skill development initiatives will equip young people and strengthen our industry, driving innovation and growth. This budget signals a strong vision for India's manufacturing sector and aligns with our mutual objective of building a resilient and inclusive economy.”Harinder Singh, Managing Director & CEO, Yokohama India.
Spokesperson - Kami Viswanathan, President, FedEx, MEISA
We welcome the reduction in corporate tax rates for foreign companies. The Union Budget 2024's forward-looking proposals to balance infrastructure development, build a skilled workforce, promote environmental stewardship, and advance digitization are set to drive transformative growth. Allocating 3.4% of GDP towards infrastructure, strengthening the Jan Vishwas Bill 2.0, and incentivizing states to implement Business Reform Action Plans will create seamless trade corridors. Additionally, the abolition of angel tax will positively impact the startup ecosystem, fostering innovation and growth. A strong focus on supporting MSMEs and manufacturing will further strengthen India's position in the global trade landscape
Spokesperson - Mr. Rahul Malodia Founder and CEO, Malodia Business Coaching
Finance Minister Nirmala Sitharaman announced the abolition of Angel Tax for all investors in the Union Budget 2024-2025. This aims to boost investment in startups and promote innovation nationwide. The budget also allocates Rs 2 lakh crore to empower youth and strengthen the economy. It includes plans for 1 crore internships over 5 years with monthly allowances and skill-enhancement aid. Additionally, financial support for higher education loans and interest subsidies on e-vouchers ensures education accessibility. Emphasizing skills, SMEs, and digital infrastructure, the budget aims to enhance growth and global competitiveness for India's youth.
Spokesperson - Balu Ramachandran Founder and CEO of OC Academy
I am encouraged by the 2024 Indian budget's commitment to advancing healthcare and education. The continuing funding for healthcare, reduction in taxes for cancer drugs and x ray's coupled with initiatives to promote digital health and skill development are all positive. The measures to enhance skills for the youth and funding to support higher education will ensure availability of more healthcare professionals in the country. We look forward to collaborating with the government and other stakeholders to enhance skill development and availability of talent to build a robust healthcare ecosystem that benefits all.
Spokesperson - Anup Patil, Co-founder & CEO Intangles
The Union Budget for 2024-25 demonstrates a robust commitment to strengthening the nation's workforce through significant investments in education, employment, and skilling. The allocation of Rs 2 lakh crore over five years to benefit 4.1 crore youth is a commendable initiative aimed at bridging the skills gap and fostering a more robust workforce.
Commitment to improving productivity through incentivized reforms and technological enablement will have far-reaching impacts on the manufacturing and services sectors. Prioritizing urban development and infrastructure, the government is laying the groundwork for enhanced connectivity and economic resilience. The Pradhan Mantri Gram Sadak Yojna Phase 4, which aims to provide all-weather connectivity to 25,000 habitations, underscores the focus on inclusive development. The overarching economic policy framework proposed by the government will set the stage for sustained growth and holistic development.
Spokesperson - Ashish Agarwal, MD & CEO - Seros
The Union Budget's focus on energy transition and sustainability is praiseworthy, balancing economic growth with environmental goals. We're optimistic about India's energy future and eager to collaborate with the government on policies for energy security, affordability, and accessibility to support national growth.
Additionally, the budget's ownership, leasing, and flagging reforms are crucial for the Indian shipping industry. Simplifying registration and incentivizing ship flagging will boost our national fleet's competitiveness, increase India's share in the global shipping market, and create substantial employment opportunities.
Spokesperson - Suman J, Partner, Xynteo
The 2024 Indian Budget demonstrates a strong commitment to sustainability and environmental, social, and governance (ESG) principles, integrating these priorities across various sectors. Significant allocations have been made towards green energy, sustainable agriculture, and waste management, reflecting a holistic approach to environmental stewardship. Additionally, the budget emphasizes social equity, with targeted interventions aimed at improving the livelihoods of marginalized communities through inclusive policies and social welfare programs. The move to introduce taxonomy for climate finance for enhancing the availability of capital for climate adaptation and mitigation is a welcome step. These initiatives align with global ESG standards and position India as a proactive player in the sustainable development arena.
Budget Reaction 2024-25: "The exemption of customs duty on cancer medicines is a significant step towards making healthcare more accessible and affordable. This will help patients access quality cancer care and will reduce financial burden on patients. However, custom duty on Radiation Therapy equipment and PET/CT scan equipment which are not manufactured in India should also have been exempted. Duty on these equipment eventually make patient care more expensive.
We also were expecting announcements on strengthening of public healthcare initiatives, particularly rural. Every section of the society deserves the best quality healthcare. On one hand we talk about heart transplantation and CAR T Cells therapy while on the other hand, the basic requirements for cancer care and cardiac care are missing. Those opportunities should have been created. As an Oncologist, I feel that the Government needs to look toward high end treatments like Radiation Therapy, and Bone Marrow Transplant and make these within the reach of the common man.
The government's employment-linked schemes are commendable. This year's budget has put significant focus on employment generation and skill development which will ensure that the youth remain more focused and work towards the country's growth," says Dr Raj Nagarkar, MD & Chief of Surgical Oncology & Robotic Services, HCG Manavata Cancer Centre (HCGMCC).
"We are pleased to welcome this positive budget which outlines a clear roadmap on various aspects, addressing the need for sustainable growth of the manufacturing industry. The emphasis on – employment-linked incentives for creation of jobs, credit guarantee schemes for MSMEs in manufacturing will help propel the sector's growth trajectory. Furthermore, a significant move towards reduction on customs duty for minerals such as lithium, copper, cobalt and rare earth elements will give a boost to high-tech electronics, defence, telecommunications and other sectors.
There was a growing need for a skilled workforce to address the demands of industry 4.0, and the Government's focus on employment and skilling programs will help ensure sustainable growth and maintain a competitive edge. Ongoing support through financial incentives and infrastructure development will play a key role."- A Kulandai Vadivelu, Chief Financial Officer, TVS Electronics (TVS-E).
"The government's initiative to reimburse employers up to Rs 3,000 per month for two years towards their EPFO contribution for each additional employee is a commendable move. This scheme not only promises to incentivize the employment of 50 lakh individuals but also significantly benefits the hospitality sector, which employs a large workforce. We believe this policy will provide a much-needed boost to our industry, enabling us to expand our team, enhance our services, and contribute to the overall economic growth. We look forward to leveraging this support to create more job opportunities and drive innovation in our sector." - Dr. Nikhil Sikri, Co-founder & CEO of Zolostays.
Abhishek KG, Co-founder, Clapingo
"We are pleased to see a strong emphasis on job creation and upskilling in the Union Budget 2024. The significant allocation of INR 1.48 lakh crore towards education, skilling, and employment aligns perfectly with our mission to empower young professionals and students with English speaking skills across the country. More and more investors will be encouraged to invest in young startups, and entrepreneurs will have a confidence boost to start their own ventures, with the proposal to abolish angel tax. As a player in the language learning industry, we are thrilled to support the skilling journey through English language training, providing individuals with the opportunity to succeed both in India and globally."
Girish Aggarwal, MD – APM Terminals Pipavav.
"The Union Budget 2024 marks a significant course for India's economic growth. At APM Terminals Pipavav, we commend Union Finance Minister Nirmala Sitharaman's strategic vision - particularly the emphasis on streamlining the logistics, boosting domestic manufacturing, and export promotion to catalyze India's global competitiveness.
The planned reforms in shipping and the critical mineral mission are poised to generate substantial employment opportunities and fortify India's position in international trade. Moreover, the establishment of innovative E-Commerce Export Hubs through public-private partnerships, will revolutionize our export ecosystem by offering comprehensive services under one roof. We're especially encouraged by the increased focus on infrastructure spending and investment, which will undoubtedly stimulate economic activity across sectors and regions. These initiatives collectively pave the way for India to reach its ambitious $5 trillion economy goal.
This budget provides a transformative step towards positioning India as a global economic powerhouse in the near future." Girish Aggarwal, MD – APM Terminals Pipavav.
Mr Varun Gada, Director of LP Logiscience
"As a fast-growing warehousing and 3PL service provider, I commend the Union Budget for its focus on infrastructure and sustainable energy. The provision of ₹11,11,111 crore for infrastructure, including Phase IV of PMGSY and key industrial corridors, is a significant boost for connectivity and economic activity. The allocation of ₹2.66 lakh crore for rural infrastructure and transit-oriented development in major cities will enhance transportation and urban mobility. Additionally, the skilling programme to upskill 20 lakh youth and support for solar energy transitions are commendable. Simplified tax regimes and climate finance initiatives will further promote growth and investment. Streamlined FDI processes will improve access to foreign investment, driving further development and economic expansion. We look forward to leveraging these advancements to enhance our services and contribute to national development."
Mr. Jayesh Rajpurohit, Co-founder & CEO Brick & Bolt
"As a construction tech start-up, we commend the Union Budget for its forward-thinking initiatives aimed at comprehensive urban development and infrastructure growth. The provision of ₹11,11,111 crore for infrastructure, amounting to 3.4% of GDP, underscores the government's commitment to robust infrastructure growth. The focus on urban development, including Transit Oriented Development plans for 14 large cities with populations above 30 lakh, is particularly encouraging and will significantly enhance urban residential property development.
We applaud the government's initiatives to promote water supply, sewage treatment, and solid waste management projects for 100 large cities through bankable projects. These efforts will improve the quality of life and sustainability in urban areas. The introduction of the Unique Land Parcel Identification Number, or Bhu-Aadhaar, for all lands, along with the digitization of land records and cadastral maps, represents a major step toward greater transparency and efficiency in land management. The digitization of land records will drive transparency in the construction and real estate sector by making property transactions more secure and reducing the potential for disputes. The government's encouragement for states to lower stamp duties for properties purchased by women is a commendable step towards gender equality and empowering women in the real estate market.
Additionally, the establishment of a land registry and the digitization of cadastral maps will streamline property transactions and enhance land ownership transparency. These measures, combined with the survey of map sub-divisions and linkages to farmers' registries, will modernize land management and benefit both urban and rural stakeholders. We are excited to leverage these initiatives to drive our growth, enhance our services, and contribute to the nation's development story."
Mr. Sandeep Nailwal, Founder of Blockchain for Impact.
"As a philanthropic organization dedicated to healthcare research, we appreciate the Union Budget's focus on advancing health and innovation. The allocation of ₹89,287 crore for healthcare underscores the government's commitment to strengthening our health infrastructure. The introduction of the Anusandhan National Research Fund and the ₹1 lakh crore financing pool for private sector-driven research are pivotal for accelerating medical technology advancements. The increase in R&D funding to ₹1,200 crore for 2024-25 and additional support through the PLI scheme for the pharma sector will drive essential medicine development. Simplified FDIs and improved data governance will enhance international collaborations and streamline philanthropic efforts. We look forward to supporting these initiatives and advancing public health."
Dr. Sanjay Sharma, Co-Founder of FootSecure:
"As a podiatric surgeon and founder of a foot and ankle wellness start-up, I am pleased with the Union Budget's emphasis on innovation and healthcare. The Anusandhan National Research Fund and the ₹1 lakh crore financing pool for private sector-driven research are crucial for advancing treatments in podiatry. The increase in R&D funding to ₹1,200 crore for 2024-25, up from ₹840 crore, and the PLI scheme's boost for the pharma sector will drive essential innovations. We also welcome the enhanced Mudra Loan limit to ₹20 lakh, which supports MSMEs, and the skilling programme to upskill 20 lakh youth. These measures will greatly benefit healthcare advancements and public health."
Input by Dr. Sanjay Katkar, Jt. Managing Director of Quick Heal Technologies
Dr. Sanjay Katkar, Jt. Managing Director of Quick Heal Technologies Limited said, "The government's commitment to innovation is evident with the announcement of a comprehensive package that includes financing, regulatory changes, and technology support for MSMEs, aiding their growth and global competitiveness. This special focus on MSMEs highlights the dedication to nurturing the backbone of our economy. By providing essential technological support, the budget ensures that MSMEs can thrive in an increasingly digital world. The forward-thinking vision, encompassing physical, digital, and social infrastructure, empowers our youth further and emphasizes sustainable development, fostering a path for stringent cybersecurity adoption and integration. At Quick Heal and Seqrite, we understand the critical role of technology in driving economic progress across all industries and sectors, including MSMEs. Our domain expertise and cutting-edge cybersecurity solutions are designed to protect companies, ensure business continuity, and help them remain compliant with regulatory norms such as DPDP. We are committed to supporting our government's vision, contributing to a digitally secure and economically vibrant India.
Input by Nishith Rastogi, Founder & CEO, Locus.sh
We appreciate the Union Budget 2024's strategic emphasis on infrastructure expansion. The substantial allocation of ₹11.1 lakh crore, equivalent to 3.4% of GDP, is a significant commitment to elevating India's infrastructure landscape by facilitating the creation and improvement of key elements such as airports, highways, and logistics hubs.
We are particularly heartened by the government's dedication to augmenting rural infrastructure and promoting sustainable practices. These initiatives will enhance accessibility, streamline goods transportation, and foster economic growth across the nation.
Equally exciting is the ₹2 lakh crore allocation for youth employment and skill development, which will cultivate a skilled workforce that is essential for driving innovation and growth across all sectors. We believe that the Union Budget 2024 aligns with our vision of creating an efficient, resilient, and sustainable logistics network that supports India's growth ambitions. We look forward to contributing to the nation's progress by harnessing the growth opportunities that these initiatives will create.
Ravi Sonnad, Founder and CEO, Enabling Leadership.
"It is very encouraging to see Skill Development listed among the top 9 priorities in the Union Budget 2024, reflecting the Government's commitment to sustained efforts in this area. The partnership between state governments and industry to skill 20 lakh youth over the next 5 years is a commendable initiative. It is essential that we place equal emphasis on life skills development as a critical component of Skill Development. At Enabling Leadership, we have seen firsthand how life skills—such as communication, teamwork, and problem-solving—are crucial for empowering youth to thrive in today's dynamic world. Integrating these skills into skill development programs will ensure that young people are not only job-ready but also equipped to be effective leaders and contributors to society."
Bipin Preet Singh, Co-founder and CEO at MobiKwik –"India’s visionary Budget 2024 has resonated positively with the masses, focusing on employment, skilling, and MSMEs, thereby laying a strong foundation for the next five years. By introducing a new credit guarantee scheme to offer term loans to MSMEs and raising MUDRA loan limits, the budget aims to support and strengthen the MSME ecosystem. Additionally, eliminating the angel tax will help build a healthier startup ecosystem with higher access to capital and a lesser burden on investors. The long-term capital gains tax (LTCG) scheme, with its increased exemption limit to Rs 1.25 lakh, will offer investors the opportunity to earn higher tax-free gains, promoting greater investment participation and enhancing overall tax efficiency. With this move, the startup industry will witness more innovation and development across different sectors, showcasing India as a global powerhouse in the startup ecosystem. Furthermore, the government’s emphasis on youth with job creation and skilling programs will boost India’s economic growth. Overall, the union budget underscores a strategic approach towards long-term economic resilience and innovation."
Dr. Himani Narula, Developmental and Behavioral Pediatrician Director & and Dr. Puja Kapoor: Pediatric Neurologist & Co-founders of Continua kids Jointly said:
In her Union Budget 2024 speech, Finance Minister Nirmala Sitharaman unveiled several important updates related to the healthcare sector. The government has allocated ₹89,287 crore for the development and maintenance of the health system, a marginal increase from ₹88,956 crore in FY24. While these measures are encouraging, they may not fully address India's broader health issues. The budget stressed the urgent need for increased investment in primary health care to improve the overall health of the population.
To achieve meaningful progress, substantial investments and comprehensive reforms in basic healthcare are needed, particularly in areas concerning children with special needs. The budget needs to allocate more resources towards specialized training for healthcare professionals, development of dedicated facilities, and provision of early intervention programs. Integrating advanced technologies and innovative healthcare solutions can further streamline the delivery of specialized services, making them more accessible and effective for this vulnerable population.
Sauvik Banerjjee, MD & CEO of First Livingspaces Pvt Ltd, powering Ziki, Sirrus.ai, and Yukio
"Abolishing the angel tax will significantly reduce the financial burden on startups, enabling them to allocate resources more effectively towards research, development, and scaling operations. This move will not only encourage entrepreneurship but also enhance investor confidence, thus attracting more funding into the ecosystem. Similarly, the reduction in TDS rates for e-commerce operators is a welcome move. It will promote ease of doing business and bring down operational costs."
Arjun Ranga, Managing Director, Cycle Pure Agarbatti-"The budget for fiscal year 2024-2025 looks promising and is poised to advance India's growth journey. The new credit assessment framework will increase credit eligibility for MSMEs, particularly those without formal accounting systems, by moving beyond traditional asset- or turnover-based assessments. The Mudra loan limit increase to ₹20 lakh will further address financing challenges in the sector. Traditional artisans are vital to India's economy and have immense potential to boost exports and promote soft power globally. The establishment of e-commerce export hubs through Private-Public-Partnerships will enable artisans to access international markets, aligning with the growing trend of online retail. The promotion of digital public infrastructure and e-commerce export hubs will open new avenues for Indian retailers to tap into global markets. To enhance employability, vocational training and industry-relevant skills are crucial. The initiative to update 1,000 industrial training institutes in a hub-and-spoke model will drive progress, boosting employment in Tier 2 and Tier 3 cities. Currently, India's skilled workforce is concentrated in metropolitan cities, this restructuring will create a more distributed workforce, leveraging unique geographical and demographic strengths. Furthermore, an economy's progress is directly tied to disposable income; the government's tax reforms promise to increase spending power, especially for the middle class."
Shridhar Venkat, CEO, The Akshaya Patra Foundation-
"The 2024-2025 budget brings positive direction for education and nutrition in India. The National Means cum Merit Scholarship Scheme has received a significant boost, with ₹377 crore allocated for 2024-25. Together, these initiatives will help talented students from economically weaker sections continue their education beyond schooling, reducing dropouts and nurturing potential.
The PM POSHAN (formerly Mid-Day Meal) scheme has been allocated ₹12,467.39 crore for 2024-25. This represents a significant 24.67% increase from the revised estimate of ₹10,000 crore in 2023-24. This substantial investment in our children's nutrition is heartening.
These strategic allocations, coupled with the five-year extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), form a comprehensive approach that directly addresses multiple Sustainable Development Goals. By combating hunger and promoting education, we're making significant strides towards SDG 2 (Zero Hunger), SDG 4 (Quality Education), and SDG 10 (Reduced Inequalities). This budget takes us another step closer to achieving the Zero Hunger SDG and ensuring quality education for all."
Suresh Babu, CEO, Restolex-
"The Union Budget 2024 includes several measures aimed at boosting opportunities in the manufacturing and retail sector. The FM has presented a new broad-based credit guarantee scheme for term loans to MSMEs for procuring machinery and equipment that previously required collateral or third-party guarantees, enabling MSMEs to upscale their operations and boost technology adoption with low levels of risk exposure. For retailers, the budget promises to streamline operations through its emphasis on urban growth and infrastructure upgrades, such as improved supply chain networks and logistics,enabling more timely delivery of goods and higher consumer satisfaction.The taxation reforms will also mean increased savings and spending power, especially among the middle class. This in turn will greatly boost local demand for consumer goods, pushing firms to boost local manufacturing and scale their businesses. While such measures promise to boost demand and streamline production for retailers, a strong execution framework is necessary to ensure the operationalisation of the same."
Mahankali Srinivas Rao (MSR), CEO, T-Hub- "Budget 2024 marks a significant milestone for the Indian startup ecosystem, with initiatives that will undeniably foster innovation and growth. The abolition of the Angel Tax for all classes of investors is a pivotal move that will create a more supportive environment for angel investments, ultimately benefiting startups and paving the way for India to become a global innovation hub. The establishment of a ₹1,000 crore venture capital fund dedicated to boosting the space sector is another forward-thinking initiative. This substantial investment will propel growth in the space economy by supporting innovative startups and groundbreaking research, positioning India at the forefront of space technology and exploration.
Moreover, the introduction of the Anusandhan National Research Fund and a financing pool of ₹1 lakh crore to spur private sector-driven research and innovation is a game-changer. This fund will power basic research and prototype development, driving commercial-scale innovation and enabling startups to bring cutting-edge solutions to the market.
At T-Hub, we are excited about these developments and the positive impact they will have on our vibrant startup ecosystem. These initiatives will provide startups with the necessary resources and support to thrive, innovate, and contribute significantly to India's economic growth and technological advancement."
Raj Mruthyunjayappa, Chairman and CEO, Talisma Corporation-
"The government's move to launch a scheme for providing internship opportunities in 500 top companies to 1 crore youngsters in the next 5 years will go a long way in creating new jobs in the country. This will also enable the youngsters to upskill themselves, and move up the value chain. Acquiring the requisite skills needed for the industry is most important and this move to provide internships will accelerate that process.
The finance minister has also said that the government will allocate Rs.1.48 lakh crore for the education sector, jobs and skill development. This is a tremendously encouraging move.
The FM has also announced financial support for loans upto Rs.10 lakh for higher education in domestic institutions. This measure will encourage students to continue their education in India thereby creating a situation where their technical skills can be utilised in the country itself."
Nita Kapoor, CEO, ISWAI.-Employment and Skilling as a priority under Viksit Bharat sends out a strong signal that the government is keen to mitigate the crisis of rising unemployment , and low skills. The alcobev industry welcomes the formal announcement in the budget to keep ENA outside the purview of central tax.