Mr. Prasanna Kumar, Rural CEO, Vilcart.
"We welcome the union government's allocation of ₹2.66 lakh crore in today's budget for rural development. This investment reflects a profound commitment to uplifting rural communities and accelerating their growth. At VilCart, we are dedicated to enhancing the rural supply chain and providing better opportunities for rural entrepreneurs. This allocation will significantly bolster our efforts to bring about sustainable development and bridge the urban-rural gap."
Mr. Om Narayan Singh, founder of Digital Gramin Seva, IMOC Digital Financial Services Private Limited, I am thrilled to see the FY2024 budget presented by Financial Minister Nirmala Sitharaman which is wholly focused on employment, skilling, MSME, and the middle class to strengthen the poor, women, youth, and farmers. For employment and skilling, the government has allotted 2 lakh crore. The budget provided tech support for MSMEs by introducing credit guarantee schemes in which they will provide funds to the startups during their time of stress, which will eventually help the entrepreneurs grow even in their adversities. Along with this, another scheme has been announced, which is a self-financing guarantee fund. This scheme will operate on pooling the credit risks of such MSMEs. A separately constituted self-financing guarantee fund will provide each applicant with a guarantee of up to INR 100 crore, while the loan amount may be larger. Other than this, the limit of Mudra loans has been enhanced, earlier it was 10 lakh, which now has increased to 20 lakh rupees for those who have paid their previous loans under the Tarun Category. They want to promote "Vikaas bhi Virasat bhi". To strengthen the startups, FM has announced SIDBI will open new branches to serve more MSMEs over the next three years, along with 24 new branches in FY25. The Finance Minister stated that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow. This move aims to prioritize and promote the use of the Rupee for overseas investments.
Mr. Divyam Shah, Director of Euro Panel Products Limited, feels the government's continued push on developing and revitalising infrastructure projects will assist the overall construction sector to ensure growth, "The centre's renewed interest in maintaining its focus on infrastructure development in the Union Budget is a gratifying sight. The construction of several key road connectivity projects, including highways and others, along with a new airport in Bihar and across India aligns with Eurobond's long-term objectives. Furthermore, the incentivization of job creation in the manufacturing sector will help the sector to generate more jobs for skilled professionals, helping to streamline and increase the efficiency of the manufacturing process, leading to future growth."
Mr. Akash Sharma, Director of Admissions and Outreach at Noida International University(NIU)-
Post-Budget 2024|| Education Sector- Noida International University
"I am thrilled to see the Union Budget 2024 prioritize education and skills along with internship opportunities for students. The implementation of financial aid for higher education and the e-voucher system will substantially assist our students by making quality education more accessible and cheap. It will also inspire students to pursue a job of their choosing. This project is an important step forward in empowering youngsters and assuring a trained workforce for the future. The direct benefit transfers for first-time employees will also incentivize formal employment and provide much-needed support during their transition into the workforce.
The internship opportunity scheme for youth upskilling will help them enhance their skills and the provision of a small amount of ₹5,000 will boost their motivation as they work in top-notch companies. These measures will have a positive impact on the education industry and contribute to the nation's growth and development.
The Union Budget 2024 prioritizes employment and skilling, announcing five projects worth ₹2 lakh crore for 4.1 crore youth over five years. This reflects a clear commitment to empowering our youth. The financial support for loans up to ₹10 lakhs for higher education will enable many students to pursue their academic goals within local institutions.
This will provide essential support and motivation for fresh graduates entering the workforce.
These steps will not only improve our youth's employability, but will also greatly contribute to the nation's economic growth and provide students with the skills required for an ever-changing work market. This integrated approach to education and work benefits the education sector and future generations.--
Mukul Goyal, Co founder of Stratefix Consulting
"The Union Budget 2024 presents an ambitious framework aimed at revitalizing India's economic landscape, particularly for MSMEs, startups, artificial intelligence, and job creation. With a proposed allocation of ₹22,000 crore for the MSME sector, this budget has the potential to catalyze significant growth and innovation.
However, while the expansion of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is commendable, it could have been further enhanced by introducing specific incentives for eco-friendly technologies, which are crucial for aligning economic growth with sustainability.
The budget's focus on ease of doing business is promising, with measures to streamline regulatory processes and extend tax holidays for startups. Yet, the absence of substantial changes in GST rates is a missed opportunity. Simplifying compliance and reducing the GST burden on essential goods for MSMEs would have provided immediate relief and improved cash flow management.
Moreover, while the introduction of employment-linked incentives and a ₹2 lakh crore allocation for job creation is noteworthy, the framework for skill development remains insufficient. A more robust approach to job-ready education and targeted training programs is essential to bridge the growing employability gap, particularly in high-demand sectors like AI and renewable energy.
Additionally, the budget lacks a comprehensive strategy to address the potential job displacement caused by AI advancements. A proactive approach, including retraining programs and direct benefit transfers for affected workers, could have been beneficial.
In conclusion, while the Union Budget 2024 lays a strong foundation for growth, it is imperative that the government prioritizes effective implementation and creates synergies across sectors. By addressing these gaps, we can ensure that the coming fiscal year transforms not just the economy, but also the lives of millions of Indians."
Bakul Chandra Mentor and Design Strategist
The Indian Union Budget 2024 has taken significant and strategic decisions for both the healthcare and real estate sectors, with the potential to create positive impacts in these areas.
In the healthcare sector, with increased budget allocation, the same is focusing on expanding medical education by leveraging existing hospital infrastructure to establish new medical colleges, enhancing preventive care, and improving maternal and child health. It also emphasizes the upgradation of anganwadi centers, expansion of immunization efforts, broadens the coverage of Ayushman Bharat, and integrates digital infrastructure to streamline healthcare delivery.
In the real estate sector, the same is focusing on affordable housing, tax incentives & financial relief for existing and prospective homeowners, clarity on various tax aspects and improving access to finance for small and medium-sized real estate firms, sustainable urban development with incentives for green and smart building practices and introduction of a streamlined single-window clearance system which may fast-track projects.
In conclusion, the various decisions made for these two sectors appear to be valid, forward-thinking and are expected to significantly benefit these sectors, supporting broader economic growth and improving quality of life. They address both immediate needs and long-term goals, focusing on accessibility, efficiency, affordability, and sustainability.
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"Reintroducing the interest subsidy under the Credit Linked Subsidy Scheme is a welcome move, especially after its discontinuation in 2022. With rising home loan rates, this subsidy will provide much-needed relief for home buyers in the affordable category." - Jash Panchamia, Management, Suraksha Realty.
Mr. Rishi Agrawal, CEO and Co-Founder of Teamlease Regtech.
I am thrilled to see that the finance minister has put the spotlight on the expedited closure of LLPs. This measure will aid in reducing the duration of closure for non-viable limited liability companies. She has also addressed the issue of reforming and enhancing the Insolvency Business Center (IBC) in order to expedite the resolution of insolvencies. These steps will help ease the ease of doing business by helping improve the efficiency of corporate exits, which has been an issue in the country. In the past, we have seen greater emphasis on single window clearance for faster setup. The ease of corporate exits has not received sufficient attention. This represents a significant advancement in the right direction. It will assist investors in exiting an unviable venture in a timely manner. FM has announced the launch of Jan Vishwas 2.0. Deeply entrenched hostility in India's employer compliance must be placed in the museum where it belongs. Population scale DPI, particularly in corporate governance, is a step in the right direction towards improving ease of compliance via digitization.
From Sandeep Chaudhary, CEO, PeopleStrong
"As India eagerly anticipates the Union Budget 2025, we hope the Government will prioritize investments in skill development, employment generation, the startup ecosystem, and sustainable development sectors. With India's economy projected to reach the $5 trillion mark, it is crucial to channel substantial investment into transforming Tier 2 & 3 towns into economic hubs, formalizing labor participation, and increasing female workforce participation.
Developing a world-class education system is essential to preventing brain drain to foreign universities and retaining talent within the country. We anticipate a budget that prioritizes economic advancement, employment generation, and technological investments, paving the way for a progressive and inclusive India."
