Mr. Anthony Fernandes, Founder of Shaalaa.com.
"In the education sector, the announcement of government-funded loans up to Rs 10 lakh for higher education is promising, but clarity on the sanctioning criteria is crucial. With a significant Rs 2 lakh crore allocation over five years to boost employment and skill development, and Rs 1.48 lakh crores allocated this year for education and skilling, the budget focuses on empowering youth. Model skill loan schemes benefiting 25,000 students annually and the expansion of medical institutions in Bihar highlight commitments to education and healthcare. These steps are essential for nurturing a skilled workforce and promoting inclusive growth."
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.
SK Chaudhary, Founder Director, Safex Chemicals Ltd.
The Union Budget is quite progressive for the agriculture sector. The abolition of the Angel Tax is a visionary step that will significantly empower startups, catalyzing innovation and growth within the agricultural sector. This, along with the comprehensive review of agricultural research, announces a new era of productivity and climate resilience. The introduction of the National Cooperation Policy promises a structured and inclusive development of the cooperative sector, which is crucial for the collective progress of our farming communities.
The release of 109 new high-yielding and climate-resilient crop varieties is a testament to the government's foresight in fortifying our food security amidst changing climatic conditions. The push towards Atmanirbharta in oilseed production reflects a strategic move towards self-reliance and a reduced import burden.
We are also inspired by the government's commitment to natural farming, with plans to initiate 1 crore farmers into this practice and establish 10,000 bio-input resource centers. The establishment of a Digital Public Infrastructure for agriculture will revolutionize the way we approach farming, with digital crop surveys and the issuance of Kisan Credit Cards under the Jan Samarth initiative paving the way for a tech-enabled agricultural landscape.
Ms. Aanchal Saini, CEO - Flyrobe said,"The abolition of this tax is a significant boost for startups in India. It will not only ease the financial burden on new businesses but also foster innovation and growth in the entrepreneurial ecosystem. At Flyrobe, we are excited about the positive impact this change will have on our operations and expansion plans, allowing us to serve more customers and create sustainable fashion solutions."
Avneet Singh Marwah, CEO of SPPL, Exclusive brand licensee of Blaupunkt TVs in India
The Union Budget 2024 demonstrates a strong commitment to job creation in the manufacturing sector. By providing targeted incentives for EPFO contributions, the government aims to generate significant employment opportunities for both employers and the 30 lakh young people entering the workforce. This initiative reflects a strategic approach to meeting employment needs in our rapidly evolving economy.
With a substantial allocation of INR 2 lakh crore towards skilling programs, the budget emphasizes equipping our workforce with the skills necessary to succeed in a competitive global market. The focus on Micro, Small, and Medium Enterprises (MSMEs) is further supported by the introduction of a credit guarantee scheme, designed to enhance the financial stability and growth potential of the vital enterprises.
Additionally, the budget's focus on the middle class is evident through tax relief measures, such as an increase in the standard deduction for salaried individuals and additional benefits under the new tax regime. These measures aim to boost disposable income and stimulate consumer spending, thereby fostering economic growth.
In summary, the Union Budget 2024's initiatives in the manufacturing sector represent a forward-thinking strategy to create sustainable jobs, enhance skills, and support MSMEs. These measures are poised to play a crucial role in empowering our youth, strengthening the middle class, and guiding the nation towards a prosperous future.
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Prerna Kalra, Co-founder and CEO Daalchini Technologies
The Union Budget 2024 marks a significant and encouraging shift towards inclusive and equitable growth. The budget's emphasis on job creation through EPFO contribution incentives promises to generate opportunities for 50 lakh youth, including a substantial number of women. This is a pivotal moment, opening doors for greater female participation and advancement in the workforce.
A new centrally sponsored scheme to skill 20 lakh youth over the next five years, coupled with the upgrade of 1,000 ITIs to offer industry-relevant courses, will prepare a workforce ready for emerging sectors. This initiative is particularly valuable for women seeking to acquire new skills and excel in various fields.
Moreover, the facilitation of term loans for machinery purchases is a welcome development for entrepreneurs. This support will help scale up operations, invest in innovative technologies, and boost productivity, driving growth and success for businesses.
The allocation of over 3 lakh crore for schemes benefiting women and girls is especially inspiring. It highlights a robust commitment to supporting women entrepreneurs and addressing their needs across various sectors. This investment in women's empowerment will foster entrepreneurship and contribute to broader socio-economic development.
Overall, the Union Budget 2024 reflects a progressive vision for India, emphasizing job creation, skill development, and inclusive growth.
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Rajat Grover, Founder & CEO, Elite Marque
The Budget 2024 introduces new opportunities for vegetable production and its supply chain. By incentivizing innovation and streamlining the market entry process, this initiative aims to boost production and improve the efficiency of distribution networks. Startups in agri-marketing and logistics will play an important role in connecting farms to homes, using technology to optimize supply chains and ensure fresh produce reaches consumers efficiently.
Due to the hike in global interest rates, investments in Indian agritech startups fell by 45% between FY 22 and FY 23. With this amendment, we expect increased visibility from VCs and investors, seeing the government take initiatives in this space. More agriculture-focused incubation centers should emerge in Tier 2 and Tier 3 cities, providing startups with direct benefits in building technology, mentorship, grants, and R&D. This will also encourage talented individuals from these regions to contribute to the agritech sector, fostering innovation and growth.
MSME Credit Scheme
The MSME credit scheme will provide vital financial support to new ventures. With easier access to credit, startups can invest in infrastructure, technology, and skilled manpower, accelerating their growth and contributing significantly to economic revitalization. This approach not only supports scalability but also strengthens the economy by fostering a competitive and resilient MSME sector. We will see more business initiatives from Tier 3 and Tier 4 cities, the scheme will attract more talented individuals from these areas, enriching the startup ecosystem with diverse and dynamic talent.
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Ratan Singh Sehgal, MD, Hybon elevators & escalators Pvt Ltd.
The budget's focus on developing cities as 'Growth Hubs' through economic and transit planning is an important initiative. By partnering with states and implementing town planning schemes, this approach aims to upgrade urban infrastructure and stimulate economic development at the micro level. The expansion of the tourism corridor will benefit the hotels and restaurant industry. Increased construction of hotels, motels, and tourism spots will expand global footprints and stimulate local economies. This will lead to job creation and attract investments from corporates into these states. The government has also planned to invest ₹26,000 crore in Bihar, which will also see improvements in infrastructure such as airports and highways.
Job creation and manufacturing in Tier 3 and 4 cities will attract and retain local talent, fostering economic growth and development. The government's plan to invest in these regions, including the Amritsar Kolkata Industrial Corridor and the development of an industrial node at Gaya, aims to generate economic opportunities and contribute to the vision of Viksit Bharat. Infrastructure development at the micro level will enhance connectivity and create a conducive environment for businesses to thrive, further driving economic activity and job creation.
Union Budget 2024 represents an approach to addressing India's urban housing needs and supporting economic growth. The allocation of ₹10 lakh crore for Urban 2.0 is notable, with plans to construct 1 crore (10 million) houses for the urban poor, alongside an additional 3 crore houses under the Pradhan Mantri Awas Yojana (PMAY). This commitment will improve living conditions across both rural and urban areas, reflecting the government's dedication to enhancing housing accessibility and quality.
In the manufacturing sector, the introduction of the Credit Guarantee Scheme for MSMEs, a new assessment model for MSME credit, and the enhanced limit for Mudra Loans under the 'Tarun' category are significant measures. These initiatives will provide support to small and medium enterprises, facilitate job creation, and strengthen the economic foundation. Additionally, Scheme B, which offers incentives for EPFO contributions for first-time employees and employers for the first four years, is expected to benefit 30 lakh youth, further boosting employment.
Overall, the Union Budget 2024 sets a path towards a prosperous and inclusive future for India, with targeted investments and strategic initiatives aimed at enhancing economic opportunities across the country.
AltGraaf Jayaprakash, K, Chief Growth Officer, AI Growth Limited (Parent company of altGraaf)
1. We are delighted by abolition of angel tax. This would boost investments in the startup ecosystem and create jobs. We are also delighted to see that government is moving towards parity in taxation between financial asset classes as well as non-financial assets. Additionally, credit boost to MSME sector with guarantees, reduction of corporate tax rate on foreign companies from 40% to 35% and some minor improvements to New tax Regime promotes job & economic growth."
2. Ravi Kaushik, Executive Director, Head of Asia Investments, Flourish Ventures:
"This is a very progressive step in the right direction by the finance minister. This will not only open up opportunities for startups to freely raise capital from India's thriving middle class, but also significantly reduce disputes and tax uncertainties. We wholeheartedly welcome this step."
Budget marks a step towards strengthening India's Economic backbone with a focus on MSME, Agriculture and Middle income segment
The Budget 2024 announcements mark a significant step towards strengthening India's economic backbone, focusing on MSMEs, agriculture, and middle-income segments while maintaining fiscal prudence. Measures like credit guarantee schemes, regulatory changes, and financing/technology adoption will boost MSMEs. The allocation of ₹1.52 lakh crore for agriculture and initiatives like new high-yielding seeds, natural farming, and digital public infrastructure will enhance agricultural productivity and rural demand.
The employment-linked incentives for employees and employers, along with measures to facilitate higher participation of women in the workforce, will support job creation and skill development. The government's commitment to fiscal discipline, aiming to lower the fiscal deficit to below 4.5% of GDP by 2025-26, will ensure sustainable economic growth.
Looking ahead, we expect the Budget 2024 measures to have a positive impact on India's economic growth trajectory, with MSMEs, agriculture, and employment opportunities driving growth. We foresee India's economic growth rate stabilizing at around 7-8%, driven by domestic consumption and investment. We look forward to supporting the growth aspirations of MSMEs, farmers, and individuals through our tailored financial solutions and expert guidance in Middle Income Segment.
- Mr. Sarvjit Singh Samra, MD & CEO, Capital Small Finance Bank
Dr Sangita Reddy, Joint Managing Director of Apollo Hospitals Group
"The budget announcement reflects the Government's commitment to enhancing the healthcare system, emphasising a holistic approach that extends beyond mere financial allocations. With an increase to 90,171 crore for the health sector in 2024-25, this pivotal investment indicates a proactive stance for building sustainable healthcare strategies across India. The PM-JAY scheme offers annual cashless and paperless insurance coverage of Rs 5 lakh per family at empanelled hospitals. The initiative aims to increase the beneficiary count of the Ayushman Bharat health insurance scheme twofold within the next three years, beginning with individuals aged 70 and above.
These initiatives are pivotal in improving healthcare services in the nation. The budget highlighted the importance of strengthening healthcare infrastructure, establishing more medical colleges using existing hospital infrastructure, and focusing on preventive care. Exempting three cancer medications from customs duties is a promising strategy and undoubtedly a good move taken by the Government to improve the accessibility and affordability of treatment options for this fatal disease that causes higher mortality and morbidity rates in India and across the globe.
The exemption signifies the strong support of the Government when it comes to focusing on and addressing the cancer burden in the country. This vital step taken in the budget will reduce the financial burden of the cancer patient to a greater extent. Recognizing the mortality linked to cervical cancer, the focus is on preventive care with initiatives aimed at increasing cervical cancer vaccinations among young girls highlighting a paradigm shift towards early intervention by reducing fatalities".
Quote by Sandeep Lanjewar, Director, Palladium India
The budget announcement has brought smiles to MSMEs with its focus on sector development, employment promotion, and skilling. To address the need for better MSME-specific credit access, the government has introduced measures such as setting up 24 SIBDI branches, enhancing the Mudra Loan limit to INR 20 lakh for re-applicants who have repaid earlier loans, and providing up to INR 100 crore in guarantee cover for each applicant MSME through a credit guarantee scheme for the manufacturing sector, without collateral or third-party guarantees. The government has also reaffirmed employment and skilling as priority areas, with a 5-job scheme agenda worth INR 2 lakh crore, a revision of the Model Skill Loan scheme with additional allocations for e-vouchers for loans up to INR 10 lakh in domestic institutions, aiming to equip youths with skills at early stages in their education journey to build a future-ready workforce.
Furthermore, the government's focus on infrastructure to promote skilling and MSMEs is a key highlight of the budget. Proposed interventions include upgrading 1,000 ITIs, establishing e-commerce hubs for accessing international markets, enhancing digital public infrastructure for credit, e-commerce, and legal compliance, and investing in infrastructure to support women-led development. Additionally, the budget proposes a new assessment model for MSME credit by public sector banks, which will rely on the digital footprint of MSMEs rather than the traditional asset and turnover criteria. This model is seen by many as a unique selling point of the budget. Overall, the budget appears promising for the country's economic growth over the next five years.
Quote by - Sammeer Pakvasa, Managing director and CEO- Eleganz Interiors
The 2024 Union Budget brings promising developments that align with our commitment to excellence at Eleganz Interiors. The allocation of Rs 50,000 crore towards infrastructure development is particularly exciting for us, as it will significantly enhance opportunities for design and fit-out projects. Initiated in 1988, Eleganz Interiors has consistently aimed to set the benchmark in the commercial interior design and fit-outs. With Sammeer Pakvasa's leadership since 1999, we have been at the forefront of transforming spaces in India and Singapore. The increased focus on infrastructure and urban development will not only bolster our industry but also enable us to leverage new opportunities for creativity and innovation. We look forward to contributing to and benefiting from the heightened investment in our sector, which will undoubtedly support our mission of delivering unparalleled design solutions and exceptional value to our clients.
"While the UDAN scheme allocation has been adjusted, we appreciate the government's efforts to boost the MRO sector and regional connectivity. The uniform 5% GST rate on aircraft components and extended timelines for repairs will significantly benefit regional airlines. These changes demonstrate the government's understanding of our sector's needs. We remain optimistic about regional aviation's future in India and look forward to continuing our work in connecting underserved areas." - Capt. Saanjay Mandavia - CMD, flybig
