Agam Chaudhary, Founder & CEO Two99 "This budget aims for overall growth by supporting rural areas, improving skills, and encouraging new businesses. The small increase in tax slabs will leave more money with salaried employees. While the higher capital gain taxes seem surprising, it might help strengthen banks, which are currently over-leveraged.
Additionally, the increased focus on AI, Cybersecurity, and technology development is commendable. Investing in these areas will not only enhance our digital infrastructure but also position India as a leader in the global tech landscape. The emphasis on AI and Tech innovation will drive advancements in various sectors, from healthcare to agriculture, improving efficiency and productivity.
Cybersecurity investments are crucial in today's digital age, ensuring the protection of data and digital assets. These steps will help build a robust and secure digital economy.
Overall, it is a balanced budget that, if implemented well, can drive our nation towards higher and more inclusive growth in the coming years.
Tarun Saini, Co-founder and CEO of Vidyakul "The government announced job creation in the manufacturing industry as one of its key priorities, therefore kick-starting the pivot of the country from a service-based economy to a manufacturing powerhouse. We need a skilled and trained workforce to join these new jobs. Pleased to see skilling and employment have been allocated INR 1.48 lakh crore, which will benefit 4.1 crore youth. The proposal to abolish Angel Tax will make investing easy, and bring more mentorship on the captable in the startup ecosystem.Though there has been no change in the GST imposed on online education, we welcome the center's scheme for collaboration between state governments and industries to skill the labour force. It will create a powerful synergy to solve targeted problems and enable a level-playing field for the underprivileged youth of Bharat, especially women."
Raaja Kanwar, Chairman & Managing Director, Apollo International Group, says, "The 2024 Budget reflects a clear grasp of India's economic needs. It targets key areas, balancing immediate requirements with long-term goals. At its core are the allocations for infrastructure and rural development. The Rs 11.11 trillion for infrastructure will boost productivity and create jobs across sectors. The Rs 2.6 lakh crore for rural development recognizes our villages as growth engines. This will ease migration pressures, increase rural spending, and build a more balanced economy. The focus on green initiatives and energy transition puts India at the forefront of the global shift to a low-carbon economy. This is vital for our future economic strength. Empowering MSMEs through easier credit and fewer compliance burdens is a smart move. These businesses drive our economy and supporting them will spark entrepreneurship and job growth. This budget sets the stage for a stronger, more equitable, and environmentally conscious India."
“The Indian Start-up ecosystem is booming with innovation. Fuelling this growth, the Finance Minister Nirmala Sitharaman has abolished Angel Tax for all classes of investors, which is a step towards building a more supportive environment for angel investment and paves way for India to become a global innovation hub. We appreciate the step taken by the Government, and we remain bullish on the road ahead for Indian startup ecosystem as this move will enhance the investor confidence and attract more global investment into Indian startups.
With the ease of raising funds, Indian startups can further delve into innovation and development, introducing more ground-breaking ideas and products.
Alongside this positive development, the skilling programme introduced will open avenues for youth as they receive the industry competent skills and financial support. The implementation of such policies and incentives makes quality education and promising job opportunities more accessible. This programme is an important step forward in empowering youngsters and assuring a trained workforce for the future. – Mr. Gajendra Jangid, Co-founder and CMO, CARS24
Vikram Vuppala, Founder & Group CEO, NephroPlus - Asia's Largest Dialysis Centre Network.
"We were hoping that the healthcare sector would be granted infrastructure status in this budget along with an increase in healthcare expenditure which is less than 2.5% of GDP. But we welcome the government's commitment to skill development, with a promise to upskill 20 lakh youth over the next five years and a month's wage for new hires. This initiative will significantly boost employability and address the skill gap in various sectors."
Mr. K K Lalpuria who is the CEO and ED of Indi Count Industries
"The Union Budget 2024 is a progressive step towards fostering economic growth and enhancing the competitiveness of Indian industries. The reduction of the corporate tax rate for foreign companies to 35% and the simplification of FDI rules are commendable measures that will attract more international investments, benefiting sectors across the board. For the textile industry, the focus on MSMEs and the emphasis on employment and skilling are particularly noteworthy. The initiatives for job creation, skilling programs, and financial support for MSMEs will significantly bolster the textile sector, enabling us to scale up operations, enhance productivity, and remain globally competitive. Overall, this budget lays a foundation for sustainable growth and innovation, and we look forward to leveraging these opportunities to drive further advancements in the textile sector." from Mr. K K Lalpuria, CEO and ED of Indo Count Industries Ltd.
Sabyasachi Goswami, CEO, Perfios
“We welcome the decision taken by the new government to abolish the Angel Tax which had been levying a heavy 30.9% charge on investors and had been a contentious issue for the sector. The abolition of the tax will stride and strengthen the entrepreneurial spirit in the nation by enabling more and more investors to support startups, and thereby drive economic and technological growth of the nation. I am confident with decisions like these India is on the right path of becoming a ‘Viksit Bharat’ by 2047."
Mr. Rahul Garg, CEO & Founder of Mogilx.
Quote
"The removal of angel tax is a welcome move for India's startup ecosystem. This, coupled with the establishment of a ₹1,000 crore VC fund for the space economy, will foster innovation. The budget's focus on manufacturing, with the introduction of plug-and-play industrial parks, is progressive. MSMEs will benefit significantly from the credit guarantee scheme, new assessment models by PSU banks, and increased Mudra loan limits. The substantial allocation of ₹11 lakh crore for infrastructure especially nature resilient is crucial for building a Viksit Bharat. The strategic shift towards nuclear energy as a major power source is visionary. Finally, the emphasis on cultural heritage through the development of the Vishnupad, Mahabodhi temple corridors, Rajgir, and Nalanda is a welcome addition said Mr Rahul Garg, CEO & Founder Mogilx.
