Shriti Malhotra, Group CEO, Quest Retail, The Body Shop
"The focus in the budget on youth upskilling and creating greater support for working women, aligns perfectly with our company's goals for a future-ready workforce.
Higher investment in upskilling will equip our youth for our evolving economy and contribute to India's continued growth. We have experienced this first-hand, with incredible results from The Body Shop apprenticeship program, through which we work with government supported upskilling programs to train and recruit exceptional young people into our business. We are extending this companywide to promote young talent, skill and create future leaders across our stores.
Promoting women-specific skilling programmes are truly commendable steps towards creating a more inclusive and equitable workforce. The increased funding for the Women and Child Development Ministry's schemes perfectly aligns with our deep systemic focus on gender equity in the workplace and our very progressive maternity, childcare and flexible working policies. We have a formidable 100% post-maternity retention rate.
A more inclusive workforce that meaningfully represents our large youth demographic and our female population is crucial to unlocking our potential."
“The Union Budget 2024 stresses the critical importance of holistic development and higher education in driving inclusive and sustainable growth. There is a clear focus on empowering women through skilling programmes, increased workforce participation, and collaborative industry initiatives. The introduction of E-vouchers for higher education loans is a transformative step towards ensuring equal access to quality education. We remain committed to partnering the Government and working together to create opportunities that enable and empower all young people to thrive and contribute significantly to local and global progress,” said Alison Barrett MBE, Director India, British Council.
Dr. N K Pandey, Chairman & Managing Director- Asian Institute of Medical Sciences, Faridabad
The healthcare sector applauds the Union Budget 2024 presented by our finance minister Smt. Nirmala Sitharaman. It is assuring to see the government's focus on women, rural development and the country's youth.
The Union Health Ministry has been allocated Rs 90,658.63 crore, marking a 12.59% increase from the previous year's budget. Besides, the budget brings relief to thousands of cancer patients with the significant move to exempt three more cancer treatment medicines from customs duty.
Women-led development takes center stage with over Rs 3 lakh crore allocated for schemes benefiting women and girls. The PMGKAY scheme, which benefits over 80 crore people, has been extended for another five years. Additionally, five schemes aimed at empowering 4.1 crore youth over the next five years have been introduced, with a central outlay of Rs 2 lakh crore. This budget showcases the government's commitment to growth and development across various sectors, ensuring a brighter future for all.
Attributed to: Arun Balasubramanian, VP & MD, India & South Asia, UiPath
"Empowering youth with essential skills is crucial for bridging the gap between academia and industry. The new initiative to skill 20 lakh youth in the next 5 years and expanded Model Skill Loan Scheme coverage brings us closer to bridging this gap. Moreover, the three 'Employment Linked Incentive' schemes will empower the youth to apply their skills in meaningful careers. Initiatives aimed at improving employment and skilling opportunities for women will further enhance equality and promote women-led development across sectors.
Creating Digital Public Infrastructure (DPI) Applications for large populations will unlock significant productivity gains, business opportunities, and innovation, helping to boost private sector growth. At UiPath, we look forward to integrating our automation solutions to enhance efficiency and drive a tech-focused future for India."
Post Budget Quote by Chris George:
"The FM abolishing the Angel Tax is a much needed welcome news to all Indian Startups. The ability to fuel our startup economy that is generating so much employment is a step in the right direction." – Chris George, Co-founder and CEO – QubeHealth
Mr. Raoof Dhanani, Managing Director, Sayaji Hotels Ltd. on budget expectations.
"The 2024 Union Budget presents a transformative opportunity for the travel and tourism industry, underscoring the government's commitment to enhancing infrastructure and promoting sustainable growth. The proposed infrastructure status for hotels is a crucial step toward increasing the supply of branded accommodations, which is essential for attracting both domestic and international tourists. Additionally, the rationalization of Goods and Services Tax (GST) and modifications to the Leave Travel Allowance (LTA) will further stimulate domestic travel, encouraging more Indians to explore diverse destinations across the country.
With initiatives like 'Swadesh Darshan' aimed at developing iconic tourist sites, we anticipate a significant boost in domestic tourism, potentially generating an economic impact of Rs 10,000-15,000 crore. This budget not only aims to create jobs in hotels, restaurants, and transportation but also emphasizes the importance of promoting lesser-known destinations to alleviate pressure on popular sites. As we look ahead, the travel industry is optimistic that these strategic measures will position India as a premier global travel destination, fostering resilience and growth in the sector."
S Anand, Chief Executive Officer and Founder of PaySprint, a fintech venture
"As we eye on the budget 2024 today, we shift our gaze to the improvements in the manufacturing and services sector, where FM Nirmala Sitharaman announced the credit support for MSMEs, increasing the loan limit from ₹10 lakh to ₹20 lakhs, especially for those, who have availed and repaid loans under Tarun Category. I believe enhancing the mudra loan limit is a strategic move that supports the backbone of the Indian economy. It fosters a conducive environment for growth, innovation, and competitiveness, ensuring that these enterprises can contribute robustly to the nation's economic development.
Additionally, this declaration will witness an increase in capital access that will enable these businesses to expand operations, invest in innovation, and create more jobs, thereby solidifying economic growth. In light of this, it rewards responsible borrowing behaviour, enhancing MSME owner's confidence and encouraging growth. While simultaneously, helping MSMEs adopt new technologies, improve productivity and compete globally. Overall, this policy strengthens the resilience and competitiveness of MSMEs, reinforcing their crucial role in India's economic development. With this newfound development, SprintNXT wishes to strengthen the MSME sector with its innovative solutions and pave the way for a simplified path towards the business banking switch it endorses.
In continuation to this, the 2024 Union Budget introduces a range of significant measures that are set to revolutionize the fintech sector. At PaySprint, we are particularly excited about the implications of these changes. The government's Rs 50,000 crore investment in infrastructure development will greatly enhance the digital and financial frameworks essential for fintech growth.
The abolition of the angel tax is a noteworthy development, fostering a more favourable environment for investment in fintech innovations. Furthermore, the simplification of tax regimes, including the merger of charity exemptions and the revision of long-term capital gains tax to a rate of 12.5%, will streamline financial operations and create a more predictable landscape for our industry"
Vishal Goel, MD, Rx Propellant
We are happy to see innovation, research and development emerging as a priority for the government while planning budgetary allocation for the coming years. The private sector has been playing an important role in driving the innovation capabilities in India and the announcement to operationalise the Anusandhan National Research Fund will be a shot in the arm. This will be especially beneficial for the pharmaceutical sector as companies are increasingly looking to shift their R&D capabilities to India, evident by the rise in the number of global capacity centres (GCCs) in India. The announcement to rationalize GST is likely to provide further boost to this growth even as we await details of this welcome move.
Angad Bedi,MD,BCD Group
"The Union Budget 2024 provides a progressive roadmap for the real estate sector. The emphasis on infrastructure development in the form of affordable housing programs, roadways, water supplies, sanitation, etc., will drive sustainable economic growth throughout
the country. Moreover, the government's commitment to building an additional 3 crore houses under PMAY Urban 2.0 in rural and urban areas, supported by substantial allocations of Rs 10 lakh crore, which includes central assistance of 2.2 lakh crore rupees over the next five years, highlights its commitment to addressing the needs of urban poor and middle-class families. Additionally, Rs 2.66 crore announced for rural development will ensure a more balanced and sustainable real estate market besides contributing significantly to a stronger economy through optimised land use and adequate urban infrastructure. The call for states to lower stamp duty for women homeowners is another welcome step.
We are optimistic that these steps will stimulate demand and attract substantial investments. However, granting the industry status to the real estate sector would have further strengthened the sector's resilience and growth potential by streamlining credit access. Nonetheless, we remain hopeful about the positive framework set by this year's budget."
Sankey Prasad,Chairman & MD, India and CMD Middle East Project Leaders, Collier
India's rise as an economic powerhouse will be fueled further by today's budget announcements. Most important is the announcement of abolishing angel tax that will inject a fresh lease of life to startup investments in India. Addressing the urban housing shortage for low- and middle-income households in India went from 18.78 million in 2012 to 29 million in 2018 and the government's announcement of investing INR 10 lakh crore for 1 crore households will reduce that burden significantly. While creating the inventory of 1 crore or 10 million meets more than half of the current demand, it will also provide better access to asset creation opportunities to millions of Indians with their first homes. We also welcome the government's focus on efficient and transparent rental housing markets that will provide an impetus to rationally-priced accommodation to people, potentially facilitating corporate access to a wider pool of talent base.
Mr. Ashok Jayanthi, Chairman & Co-founder, Hosachiguru,Training and enabling 1 crore farmers in natural farming, along with certification and branding support, is a commendable step towards ecological sustainability. Moreover, the establishment of 10,000 bio-input resource centers across the country will provide essential bio-inputs on a constant basis. This initiative will significantly reduce the financial burden on farmers by offering cost-effective and eco-friendly alternatives. Together, these measures will greatly support the farming community, fostering sustainable agricultural practices and enhancing the overall agricultural ecosystem.
Bhavesh Kothari, Founder & CEO, Property First
Budget 2024 augurs well for the real estate sector. The investment of Rs 10 lakh crore in affordable housing through PMAY Urban 2.0 is fantastic news for the affordable housing sector. This initiative will stimulate demand, particularly among first-time homebuyers and middle-class families. This is in line with our expectations from the Union Budget 2024. Additionally, the budget's focus on infrastructure, with 11,111 crore rupees allocated for capital expenditure, equivalent to 3.4% of GDP, will stimulate economic growth.
Furthermore, the transit-oriented development plans for 14 large cities will improve and enhance the attractiveness of various localities, thus driving demand across all segments of the real estate market. The announcement regarding the creative redevelopment of cities is equally fascinating, as it will present a number of exciting opportunities for stakeholders. Also, the government's commitment to water supply, sewage treatments, and solid waste management projects in partnership with state governments and multilateral banks will further improve urban living conditions.
Tanya Singhal, Founder, Mynzo Carbon and SolarArise : The Union Budget 2024-2025 has introduced several commendable initiatives that align with our expectations in renewable energy, energy storage technology, and promoting climate consciousness to the masses.
1. Introducing a policy to promote pumped storage projects is a crucial development. This policy will facilitate the smooth integration of renewable energy sources into the grid, addressing the intermittency issues associated with solar and wind power. We are eagerly waiting to see the full policy.
2. Expanding the list of exempted capital goods for use in the manufacturing of solar cells and panels in India will further enhance domestic module manufacturing capabilities and reduce the cost of domestic modules, thus driving growth and reducing dependency on imports.
Rajeev Baid, Founder- Chai Chun and MD of Okayti.
As an entrepreneur deeply rooted in the tea industry and the startup community, I am encouraged by the provisions in this year's budget. The increased allocation for government-backed venture capital initiatives and grants specifically for agri-tech startups will greatly benefit innovative tea ventures, driving growth and sustainability in our sector.
The reduction in GST rates for startups and the simplification of compliance processes will ease financial and administrative burdens, allowing us to focus more on innovation and expansion. The introduction of tax holidays for the initial years of operation is a significant boost, encouraging new entrepreneurial endeavors in the tea industry.
The investment in digital infrastructure, including the expansion of high-speed internet access to rural and remote areas, will facilitate better connectivity for tea estates and help integrate advanced technologies like AI and IoT in tea cultivation and processing. This move is crucial for modernizing our industry and improving operational efficiency.
Furthermore, the focus on skill development programs tailored for the agri-tech and tech industries will ensure that we have a workforce equipped with the necessary skills to drive future innovations. This initiative is vital for sustaining growth and maintaining our competitive edge.
Overall, this budget demonstrates a strong commitment to nurturing both the traditional tea industry and the emerging startup ecosystem. I am optimistic that these measures will create substantial opportunities for growth, innovation, and sustainability in our sector."
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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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.
Quote by - Bipin Gupta, Product Manager, EZVIZ
"The 2024 Union Budget brings hopeful developments for the smart home security sector. As a global leader in smart home solutions at EZVIZ, we are encouraged by the government's focus on enhancing infrastructure and consumer spending.
The increase in the standard deduction to Rs 75,000 and the revised tax slabs—where individuals earning up to Rs 3 lakh will pay no tax, and those earning between Rs 3 lakh to Rs 7 lakh will benefit from a 5% tax rate—are likely to increase disposable income. This, in turn, could drive greater adoption of smart home technologies as consumers will have more flexibility to invest in such solutions.
The allocation of Rs 50,000 crore towards infrastructure development will also improve urban and residential environments, creating new opportunities for integrating advanced security systems in both new and existing properties. We at EZVIZ look forward to leveraging these positive changes to continue offering cutting-edge products that enhance safety and convenience for families worldwide."
Mr. Aman Mittal- Vice President, Lovely Professional University- The Union Budget 2024-25 marks a significant stride towards fostering higher education, job skills, and employment opportunities in our nation. The government's commendable initiative to enhance the Model Skill Loan Scheme, benefiting 25,000 students annually, will alleviate financial concerns and enable our aspiring youth to pursue their ambitions unhindered by financial constraints. Furthermore, the promotion of internships in 500 leading companies, accompanied by an internship allowance of ₹5,000 and a one-time assistance of ₹6,000, underlines the government's commitment to providing practical exposure and experiential learning opportunities to our students. The allocation of ₹1.48 lakh crore towards education, employment, and skilling exemplifies the government's resolute dedication to fostering a knowledge-driven economy. This substantial investment will equip our youth with the necessary skills to thrive in an ever-evolving and competitive world.
"The substantial 30% increase in funding for the education and skilling sector, now reaching Rs. 1.48 lakh crores, is fantastic news! It's commendable that loans up to Rs. 10 lakhs for domestic higher education are now available. The industry has also needed the upgrade of 1,000 Industrial Training Institutes. Although some find the new internship schemes challenging to implement, the goal of providing internships to one crore youth at over 500 firms is a bold move in the right direction. Additionally, skilling 20 lakh youth over the next five years is a promising initiative." - Gaurav Bhagat, Founder, Gaurav Bhagat Academy.
Mr Sagar Aggarwal, Managing Partner at Areness
The nine priority sectors as identified would provide the required growth momentum to fulfil India's vision of becoming the third largest economy, and with further focus on collaboration with the private sector, the necessary impetus for the target growth would be ensured. Further, budgetary reforms for MSMEs, women led development, research, IT, FDIs, taxes, etc. fundamentally stress upon intention of the government for the creation of the Indian economy as an attractive destination for investment, and at the same time, relief and concessions to domestic entrepreneurs have been efficiently allocated in the budget.
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.
---
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.
Mr. Aravind Maiya, Chief Executive Officer of Embassy REIT, We welcome today's budget announcement, a significant boost for Indian REITs. Reducing the holding period for long-term capital gains from 36 to 12 months puts us at par with listed equity shares, further popularizing the REIT asset class in India. Over the past five years, REITs have transformed the Indian real estate landscape, attracting around 2.3 lakh investors. The four listed REITs today have over ₹1.4 lakh crore in assets under management and have distributed over ₹17,000 crores. This move will further enhance the attractiveness of the REIT product, increasing investor participation.
Spokesperson: Mr. Amit Tandon, CEO & Managing Director, Asia Shipping India
Speaking on the Union Budget 2024-25 for the Shipping & Logistics industry, Mr. Amit Tandon, CEO & Managing Director, of Asia Shipping India, said, "As our FM Nirmala Sitharaman outlaid the Modi 3.0's first budget, and the 13th Budget of the Modi government, the FM brought the focus on the Purvodaya Plan, an all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh covering the human resource development, infrastructure, and generation of economic opportunities to make the region an engine to attain Viksit Bharat. We commend the government for its forward-looking budget, particularly the node to the Industrial Corridors of Amritsar-Kolkata, Gaya, Kopparthy node on the Vishakhapatnam-Chennai and Orvakal node on Hyderabad-Bengaluru, catalysing the industrial development of the eastern region and the reforms in ownership, leasing, and flagging, are commendable and will significantly boost the industry's competitiveness and employment opportunities. The government's support in the development of road connectivity projects, Patna-Purnea Expressway, Buxar-Bhagalpur Expressway, Bodhgaya, Rajgir, Vaishali and Darbhanga spurs, and additionally the 2-lane bridge over river Ganga at Buxar will open new avenues of opportunities in the region.
By improving these frameworks, the government is laying the groundwork for a stronger and more dynamic freight forwarding, shipping and logistics sector. The proposed simpler tax regime for domestic cruise tourism and the comprehensive review of customs duties are welcome measures that will support domestic manufacturing and boost export competitiveness. These initiatives reflect a strong commitment to strengthening India's position in the global shipping sector and addressing key economic challenges. Asia Shipping India is enthusiastic about these developments and is committed to working collaboratively with stakeholders to ensure their successful implementation. We look forward to contributing to the continued growth and global standing of India's shipping industry."
Dr. N K Pandey, Chairman & Managing Director- Asian Institute of Medical Sciences, Faridabad
The healthcare sector applauds the Union Budget 2024 presented by our finance minister Smt. Nirmala Sitharaman. It is assuring to see the government’s focus on women, rural development and the country’s youth.
The Union Health Ministry has been allocated Rs 90,658.63 crore, marking a 12.59% increase from the previous year's budget. Besides, the budget brings relief to thousands of cancer patients with the significant move to exempt three more cancer treatment medicines from customs duty.
Women-led development takes center stage with over Rs 3 lakh crore allocated for schemes benefiting women and girls. The PMGKAY scheme, which benefits over 80 crore people, has been extended for another five years. Additionally, five schemes aimed at empowering 4.1 crore youth over the next five years have been introduced, with a central outlay of Rs 2 lakh crore. This budget showcases the government’s commitment to growth and development across various sectors, ensuring a brighter future for all.
Dr. Aashish Chaudhry, Managing Director- Aakash Healthcare, New Delhi
The healthcare sector welcomes the Union Budget 2024. The finance minister announced a new medical college in Bihar. The Union Health Ministry received Rs 90,658.63 crore, a 12.59% increase from last year, and three more cancer treatment medicines are now customs duty-free. Over Rs 3 lakh crore is allocated for women's development, and the PMGKAY scheme, which helps 80 crore people, is extended for five more years. Five new schemes will support 4.1 crore youth over the next five years with Rs 2 lakh crore.
However, health was not one of the nine main priorities announced by FM Sitharaman. Some think the budget could have better tackled the broader challenges in healthcare with a more complete plan.
"The Union Budget 2024 makes big steps in healthcare with new investments and initiatives. But, by not making health one of its top nine priorities, it misses the chance to fully address the sector's broader challenges and opportunities."
Dr. Archana Dhawan Bajaj, Gynecologist, Obstetrician and IVF Expert, Nurture IVF Clinic, New Delhi
As the healthcare sector welcomes the Union Budget 2024 presented by the honorable Finance Minister, Smt. Nirmala Sitharaman, significant strides are noted in women-led development with over Rs 3 lakh crore allocated for schemes benefiting women and girls. Plans to enhance women's workforce participation include setting up working women’s hostels with industry partners, establishing creches, organizing women-specific skilling programs, and promoting market access for women SHG enterprises. Additionally, the budget highlights a focus on medical education with the proposal to open a new medical college in Bihar and exempts three more cancer drugs from customs duties.
However, along with the positive moves, the budget falls short in areas such as funding for genetic research and preventive healthcare. A more comprehensive strategy could have better addressed the broader challenges and opportunities in the healthcare sector, ensuring a more impactful approach to public health.
Dr. Aakaar Kapoor, CEO and Lead Medical Advisor, City-X Ray & Scan Clinic
"The nation embraces the Union Budget 2024 presented by our Finance Minister, Smt. Nirmala Sitharaman, with several key initiatives standing out. The government has proposed changes in the basic customs duty for X-ray tubes and flat panel detectors used in medical X-ray machines are set to support domestic manufacturing. Additionally, the decision to fully exempt three more medicines from customs duties provide relief to cancer patients.
The Finance Minister also proposed Digital Public Infrastructure Applications to enhance productivity and innovation across various sectors, including healthcare and announced the construction of a new medical college in Bihar and. Furthermore, the Union Health Ministry’s budget has seen a 12.59% increase, raising it from Rs 80,517.62 crore to Rs 90,658.63 crore.
Over Rs 3 lakh crore is allocated for women-led development, and the PMGKAY scheme, benefiting over 80 crore people, has been extended for five more years. Five new schemes will support 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore."