Mr. Rajesh Gupta, Founder & Director at Recyclekaro on the Post Budget 2024:
"The union budget's "Panchamrit" targets, as highlighted by the finance minister, aim to support sustainable economic growth with a focus on using resources efficiently. This is expected to boost India's raw material capacity, especially in the manufacturing of Li-ion batteries. The commitment to strengthen the e-vehicle ecosystem through support for manufacturing and charging infrastructure shows a proactive approach to environmentally-friendly growth. By embracing economic policies for ongoing growth, the government is setting a path for a circular economy, emphasizing environmental responsibility and smart use of resources. This approach not only tackles challenges in the lithium-ion battery industry but also contributes to building a resilient and sustainable future for our nation."
Mr. Saral Talwar, COO at BikeWo:
"The 2024 budget turned out to be relatively uneven, considering it marked the final budget for this government. As anticipated, there were no significant surprises or substantial changes. However, there were notable positive initiatives, particularly for sunrise industries. The establishment of a 1 Lakh Crore Fund to provide interest-free loans of 50 lakhs could significantly benefit emerging sectors, such as the EV Industry - showcasing a forward-thinking perspective for the evolving landscape.
Moreover, the budget's emphasis on expanding India's electric vehicle charging infrastructure is poised to drive the adoption of EVs, instilling confidence in potential adopters. This move supports the EV ecosystem and opens up many entrepreneurship opportunities within the sector, further contributing to its growth. This strategic move extends the budget's impact beyond immediate fiscal implications."
Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd
"Nuvoco welcomes the initiatives in the latest Interim Budget, which acknowledges the Government's commitment to growing the economy in challenging geopolitical conditions. As part of the PM Gati Shakti program, to foster strong multimodal connectivity, three proposed major economic railway corridors focusing on energy, minerals, and cement will improve logistics efficiency and reduce costs. This will benefit both the industry and the economy.
In addition, the focus on the Individual House Builders (IHB) Segment, particularly the new housing scheme for the middle class, aligns perfectly with the nation's socio-economic goals. The initiative to construct two crore houses under the PM Awas Yojana and the progress of the Pradhan Mantri Awas Yojana (Grameen), with an additional two crore homes planned to be built over the next five years, is particularly noteworthy. The government's efforts to improve port connectivity, decongest high-traffic rail corridors, and transform metro rail are positive developments for the ready-mix concrete industry. These measures should further improve the standard of living for millions of people and offer numerous opportunities for economic and community development".
Murty LVLN, CEO, Dvara KGFS -
“The Interim Budget 2024-2025 has highlighted the importance of empowering 4 major castes - ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). We are happy to notice the significance given to farmers and women SHGs. The continuous focus of the budget on the MSME sector, to compete globally, will result in a positive incentive for the rural parts of the country, thereby, increasing the rural GDP. Sufficient importance is also given to ensure timely and adequate finances, relevant technologies and appropriate training is provided to MSMEs. The boost given to ‘Annadata’ through the various farmer schemes and e-mandis will also be in favor of many Fintech and Agritech companies.”
Ms. Archana Srinivasan, Chief Financial Officer, iOPEX Technologies
“The emphasis on GYAN, infrastructure and construction through schemes such as affordable housing and solar and EV investments is positive. The overall impact sets the tone for unprecedented development. We will wait to see the fine print for the changes in areas such as TCS. The budget is silent on the banking, IT sectors and we will continue to be optimistic on the proposed investments to result in more disposable income in the hands of the middle class and aggressively manage inflation”.
Joby CO, CEO & Co-founder, KiVi –
“The Interim Budget 2024-2025 has been positive for Agritech and AgriFintech companies. Under the various schemes for the ‘Garib’ and ‘Annadata’, many farmers belonging to small and marginal categories will be happy to receive financial assistance. The focus on Electronic National Agricultural Market and technology provisions made for mandis will benefit companies many Agri-fintech companies. The budget has also quoted value addition in the agricultural sector which will come in as a boon to farmers wherein schemes like PM Formalization of Micro Food Processing Enterprises Yojana will ensure reduction in post-harvest losses. Bringing in public-private investments in post-harvest activities such as aggregation, storage, supply chains, processing, marketing and branding of the yield will promote growth, productivity and improve farmer incomes.”
Budget 2024 – 2025 : Response by Mr. Suresh Mutha, Managing Director at M20 Urban Spaces
“It is great to hear that our economy is doing well, there is macro-economic stability, including in the external sector and that investments are robust. The mention of the geographical inclusivity through development of all regions of the country is great news for the real estate sector. The ‘housing for all’ scheme has already won the hearts of many in the country and I hope the scheme is continued in all good spirits. I welcome the scheme to help deserving sections of the middle class living in rented houses, or slums, or chawls and unauthorized colonies to buy or build their own houses. We stand with the country in building a modern infrastructure. Positioning India as an attractive destination for business and conference tourism is a great move which would give huge financial benefits. Promoting iconic tourist centres in the country will create more jobs, as well.”
Mr. Devndra Chawla, MD and CEO, GreenCell Mobility
We commend the major announcements made by Finance Minister Smt. Nirmala Sitharaman in the Interim Budget 2024. The government's commitment to promoting sustainable mobility is a welcome step towards a greener future. Focusing on increased usage of e-buses for public transport networks is a noteworthy initiative. As a green mobility firm, we applaud this effort for its potential to greatly cut carbon emissions and improve the overall efficiency of public transit networks. This decision is completely aligned with our aim to promote ecologically friendly urban mobility alternatives.
Furthermore, encouraging states to undertake the entire development of renowned tourist destinations and sell them worldwide is a smart decision. This not only benefits the tourism industry, but it also presents opportunity for sustainable transportation solutions in these places. We look forward to contributing to such projects with our environmentally friendly mobility solutions.
The commitment to a significant FY25 capex spend of 3.4% of GDP and a capex target of Rs 11.1 trillion, an 11.1% increase, is very bold and forward looking step. It demonstrates the Government's commitment to infrastructure development. The assistance for the production and manufacture of electric mobility is well aligned with our main business. We applaud the Government's measures in promotion of sustainable mobility which plays a crucial role in creating a cleaner and greener world.
The announcement highlights the promotion of charging infrastructure for electric vehicles and increased adoption of e-buses in public transport networks. This will be facilitated through a payment security mechanism. The government's initiative not only drives electric vehicle adoption but also creates entrepreneurial opportunities for vendors involved in the supply and installation of EV chargers. This approach contributes to employment generation, particularly for skilled youth, aligning with our vision of promoting sustainability and fostering economic growth.
Lastly, the focus on solar energy and the rooftop solarisation scheme is a forward-looking initiative. It not only aims to provide free electricity to households but also acts as a catalyst for the growth of the electric vehicle charging ecosystem. We appreciate the holistic approach towards sustainable development, which not only considers the end-users but also fosters entrepreneurship and employment opportunities across the value chain.
At last, the Interim Budget 2024 sets an optimistic tone for the future. We believe that the next few years will indeed be filled with golden moments as the nation progresses toward a more sustainable and resilient future. We eagerly look forward to contributing to and benefiting from these positive changes in the mobility and energy sector.
GreenCell Mobility, promoted by Eversource Capital, is a leading player in the shared e-mobility space. GreenCell Mobility operates NueGo, India’s first premium intercity electric coach service.
Dr. Sudhir Mehta, Founder & Chairman Pinnacle Industries & EKA Mobility
The union government has yet again reinstated its commitment to sustainably growing and strengthening the economy. Capital allocation of 11.11 lakh crore towards infrastructure development will play a pivotal role in fostering economic growth and prosperity. Additionally, investments in infrastructure create jobs, stimulate demand for goods and services, and attract private-sector investment. The government's initiatives and focus on uplifting women entrepreneurship will significantly enhance the startup ecosystem, propelling the Indian economy to new heights.
The emphasis on improving manufacturing and charging infrastructure aligns perfectly with our aim for a more environmentally responsible tomorrow.
Simultaneously, the growing adoption of e-buses for public transport networks is a commendable step that not only solves environmental issues but also paves the way for significant growth in the electric vehicle market. The emphasis on EV charging infrastructure not only accelerates the transition to greener energy, but also encourages entrepreneurial possibilities for vendors, creating jobs for young people skilled in manufacture, installation, and maintenance.
Furthermore, the introduction of the rooftop solarisation scheme, the conversion of 40,000 rail coaches to Vande Bharat standards, and the ambitious goal of establishing 100 million tonnes of coal gasification and liquefaction capacity by 2030 demonstrate a comprehensive approach to sustainable development. Additional efforts, such as starting a new biomanufacturing and bio-foundry plan and legislating the gradual mixing of CNG and biogas, add to the budget's optimistic tone for a future in which economic growth and environmental conscience coexist. And we look forward to benefiting from these positive developments. The implementation of such measures serves as a significant boost to Make in India and contributes to the realization of our vision to promote domestic manufacturing.
Mr. Nemin Vora, CEO, Odysse Electric Vehicles for your consideration.
“Following the Interim Union Budget 2024, we enthusiastically embrace government's vision for a 'Viksit Bharat' by 2047. As an electric vehicle (EV) manufacturer, we applaud the strategic focus on expanding the e-vehicle ecosystem, supported by manufacturing and charging infrastructure enhancements. The budget's commitment to research and innovation, exemplified by a one lakh crore rupees corpus with a fifty-year interest-free loan, signifies a golden era for our tech-savvy youth, aligning seamlessly with our mission for sustainable mobility solutions.
Prime Minister Modi's visionary expansion of "Jai Jawan Jai Kisan Jai Vigyan" underscores the pivotal role of innovation in India's development. We stand ready to contribute to this era of unprecedented growth, leveraging our expertise to push the boundaries of technology and sustainability. As we enter the next five years with 'Sabka Vishwas,' the trinity of demography, democracy, and diversity, backed by 'Sabka Prayas,' holds the potential to fulfill the aspirations of every Indian.”
Mr. Rajesh Sharma, Managing Director at Capri Global Capital Limited for budget:
The Interim Budget has maintained the continuity in the Government’s approach to ensure a balanced and inclusive growth without losing sight of the momentum needed to maintain the economy's pace. In an election year, it has positively surprised by staying on path of fiscal consolidation. It has avoided fiscal profligacy and raised allocation to infrastructure. The allocation of a corpus of Rs. 1 lakh crore for promoting innovation through interest free loans to the private sector is another step towards developing the future of India through innovation and research. The broader hints on financial sector reforms, an efficient economic management and adoption of green policies point to major announcements in the full Budget in July this year.
Mr. Madan Sabnavis, Chief Economist, Bank of Baroda.
The Budget has stuck to the task of following the path of fiscal prudence and indicated 5.1% as the deficit target for FY25. Given that the government was able to maintain the deficit ratio at 5.8% instead of 5.9% for FY24 even though the denominator was lower, it does look a pragmatic target. It does look likely that the target of 4.5% will be achieved in FY26.
Within the confines of the fiscal space that is available, the government is channelling enough for capex which is almost 40% of the additional total outlay. This is being directed to roads, railways and defence and it can have positive linkage effects with industries like steel, cement, capital goods etc. the states would continue to get around Rs 1.3 lakh crore from the centre and would be expected to also ramp up their spending.
From the banking perspective, a lower gross borrowing programme augurs well as there will be less pressure on the system for deployment of funds. Also given that more FPI will flow to GSecs, they can use their funds for financing credit.
– Madan Sabnavis, Chief Economist, Bank of Baroda
Rev. Daaji – Guide of Heartfulness and President of Shri Ram Chandra Mission on the Spiritual and Conference Tourism:
“It is heartening to see that spiritual and conference tourism has been on a rise since the last year and that the focus is very much there on this area in this year’s budget too. The Indian Government is making provisions towards spiritual pilgrimage through Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive or PRASAD Scheme and I think it is a great milestone. People from around the world are flocking to centres in India like Kanha Shanti Vanam that enable inner transformation. Last year alone Kanha Shanti Vanam had half a million footfalls. There are new airports in the pipeline, better connectivity and accessibility by road, rail or air, better infrastructure and technology connecting cities through tier 1, 2, 3 and 4. It can help generate more livelihoods and create an ecosystem as an economic booster. This is a remarkable time for tourism sector with visitors globally who want to come to India to explore and benefit from spiritual tourism here." - Rev. Daaji (Kamlesh D. Patel) - Guide of Heartfulness and President of Shri Ram Chandra Mission.
Mr. Mahesh Viswanathan, CFO, Finolex Cables
“The Union Budget 2024 strategically addresses key aspects with its focus on rooftop solarization through the Muft Bijli initiative. This move not only aligns with the global trend towards sustainable energy but also marks a significant stride in empowering one crore households with up to 300 units of complimentary electricity monthly. As a prominent player in the electrical cables industry, Finolex Cables is enthusiastic about contributing to this transformative initiative by delivering top-notch products that bolster and elevate solar infrastructure. The government's commitment to fostering inclusive and sustainable development, encapsulated in the 'Reform, Perform, and Transform' mantra, deeply resonates with our business principles. We eagerly anticipate engaging with the government and collaborating with stakeholders to build consensus, steering the nation toward the implementation of next-generation reforms that foster robust growth.
The focus on MSMEs aligns seamlessly with Finolex Cables' pivotal role in supporting infrastructure development. Furthermore, the budget's acknowledgment of the housing sector, exemplified by initiatives such as the Pradhan Mantri Awas Yojana and the Housing for Middle-Class scheme, sets the stage for Finolex Cables to make substantial contributions to the nation's infrastructure landscape. In essence, the budget appears poised to cultivate an environment conducive to Finolex Cables' success, positioning us to play a crucial role in driving the country's economic growth."
Dr. K. Anand Kumar, MD, Indian Immunologicals
“I commend the initiatives outlined in the Interim Budget 2024, particularly those addressing women and children's health. These measures signify a concerted effort to strengthen India's healthcare system by prioritizing preventive care, expanding access to essential services, and leveraging innovation for better health outcomes.
The decision to provide and actively encourage cervical cancer vaccines for 9–14-year-olds reflects a proactive approach to preventing a significant health burden among young girls. Cervical cancer is the fourth most common cancer in women globally, with millions of cases reported annually. Investing in this preventive measure is poised to reduce the incidence of cervical cancer and its associated morbidity and mortality rates in the future.
The budget has also allocated INR 1 lakh crore towards establishing a corpus, offering a 50-year interest-free loan to scale up research and innovation significantly in sunrise industries. This allocation presents a promising advancement within the vaccine industry. It allows for the integration of new-age technologies in vaccine development processes, especially for mRNA and Adenoviral vector vaccines.”
Prem Kumar Vislawath, Founder and CEO, Marut Drones
“It’s reassuring to hear the honorable FM prioritize agriculture as a key area of focus in her budget speech. She stressed on the push for widespread adoption of modern farming techniques. The FM also mentioned empowerment of ‘Annadatas’, our farmers, as an important goal. Agricultural drones can play a crucial role in minimizing risks while maximizing revenue for our farmers. The introduction of Nano DAP class of fertilizers in all agro-climactic zones FM mentioned is also exciting for us, as Marut drones are specially equipped for that. Farmer-centric policies with the government encouraging embrace of modern technology through start-ups will go a long way in helping rural parts of the country grow to their full potential.”
Radhika Choudary, Co-Founder, Freyr Energy
“The Budget 2024 has unveiled the Vision for Vikasit Bharat, emphasizing a harmonious relationship with nature. The government is actively promoting inclusive sustainable development through initiatives such as rooftop solar, as outlined in the Finance Minister's speech. Anticipating new guidelines and incentives under the 'Pradhan Mantri Suryodaya Yojana,' the industry is optimistic about India's rooftop solar energy transition.
The commitment to rooftop solarization and providing free electricity to one crore households is expected to infuse competitiveness and innovation into the solar sector. With the potential to contribute significantly to achieving the government's target of making India net zero by 2070, this boost is poised to generate employment opportunities for the youth engaged in manufacturing, installation, and maintenance within the solar industry. The interim budget has successfully unlocked the true economic potential of India's rooftop sector.”
Satyendra Prasad Narala – Managing Director, Regency Ceramics
“The government's initiative to facilitate homeownership for the middle class is a commendable step toward inclusive growth. Moreover, the commitment to construct another 2 lakh houses and providing over seventy percent of these houses under PM Awas Yojana to women as sole or joint owners not only enhances their dignity but also promotes gender equality in rural housing development. These two schemes is a big positive for the building materials industry.
Regency has always been a trusted supplier of tiles for most government schemes and with innovative manufacturing practices will provide natural tiles at lower prices with better durability to the beneficiaries of these two schemes. We welcome these transformative measures for a brighter, more equitable future, and a flourishing ceramic tiles sector.”
Dr. Silpi Sahoo, Chairperson, SAI International Education Group
The Union Interim Budget 2024 intends to be accessible and inclusive for all. It prioritizes the education sector among several others and is a step forward from last year’s focus on job creation. It promotes skill development, boosts employment, and encourages entrepreneurship – all towards the Government’s larger vision of “Viksit Bharat”. We welcome the well-rounded approach of bolstering the startup ecosystem, investments in progressive technologies like AI integrating with education and emphasis on digital literacy as well as STEM education, especially for women. If these policies are delivered to their full potential and spirit, we will not be far from Bharat attaining global leadership.
Empowering our youth is a critical success factor towards our nation’s prosperity, therefore, 43 Crore loans sanctioned in this Budget will go a long way to encourage entrepreneurship among them. Moreover, reforms under NEP 2020 such as PM Shri will that deliver top-quality teaching, and nurture holistic and well-rounded individuals is much much-needed intervention that will impact at the grassroots level.
The Government’s strong focus on sports has already generated a new civilizational confidence in our sportspersons. Our highest-ever medal tally in the Asian Games and Asian Para Games in 2023 stands as a testimony of this.
Mr. Venkatram Mamillapalle, Country CEO & Managing Director, Renault India Operations
“With the Interim Union Budget 2024 announcement completed, Renault India embraces the transformative vision outlined by Finance Minister Nirmala Sitharaman, steering towards a 'Viksit Bharat' by 2047. As a committed contributor to the nation's progress, we applaud the inclusive approach reflected in initiatives like the Fasal Bima Yojana, benefiting 4 crore farmers, showcasing the government's dedication to rural prosperity.
Renault India enthusiastically supports the impetus on advancing the e-vehicle ecosystem, recognizing its pivotal role in sustainable mobility. The promise of expanded manufacturing and charging infrastructure aligns seamlessly with the commitment to delivering innovative, eco-friendly solutions. Moreover, the emphasis on e-buses for public transport, echoes aspirations for fostering a greener, more sustainable future. Renault India stands poised to actively engage and collaborate in driving positive change and contributing to the realization of a prosperous and sustainable India.”
Mr. Karthik Kondepudi
Partner - Herbochem
“As we navigate this era of change and progress, let us seize the opportunities presented by this budget to drive innovation, promote sustainability, and contribute to the overall well-being of our nation.
Embracing the transformative power of new-age technologies and data, the budget has laid a solid foundation for fostering innovation and sustainable growth. The establishment of a one-lakh crore corpus with a fifty-year interest-free loan is a commendable initiative. This financial boost aims to catalyse long-term research and innovation in sunrise domains, providing the private sector with the necessary resources to scale up and drive progress.
Furthermore, the commitment to green growth is evident through the introduction of a new scheme for bio-manufacturing and bio-foundry. This forward-looking initiative supports the development of environmentally friendly alternatives such as biodegradable polymers, bioplastics, bio-pharmaceuticals, and bio-Agri-inputs. This not only aligns with global sustainability goals but also signifies a shift towards regenerative manufacturing practices.
In the realm of pharmaceuticals and nutraceuticals, these budgetary measures hold promising implications. The emphasis on bio-pharmaceuticals aligns with the growing demand for innovative and sustainable healthcare solutions. The focus on green alternatives may incentivize the pharma and Nutra industry to explore eco-friendly practices and contribute to a healthier, more sustainable future.”
Ondrej Kubik, Chief Executive Officer, Home Credit India
“Today's interim budget serves as an enabler for maintaining stable interest rates and increase in potential employment opportunities, thereby fostering a conducive environment for growth in the financial sector. It reflected the government's visionary approach in crafting a comprehensive roadmap for Viksit Bharat, emphasizing governance, development, and performance. The Indian economy has undergone significant transformation over the past decade; we believe that today’s interim budget will further aid this transformative journey, aligning with our common vision of fostering a progressive and inclusive India.”
Interim Union Budget Reaction Quote – Mr. Manoj Tulsian, CEO and Joint Managing Director, Greenply Industries Ltd.
“We embrace the optimistic outlook presented by the interim budget 2024-25, foreseeing transformative impacts on our industry. The government's forthcoming initiative to empower middle-income families with homeownership is truly commendable, holding the potential to stimulate demand for construction and positively influence our sector.
The budget's emphasis on clean energy, particularly in harnessing offshore wind and promoting CBG blending, perfectly aligns with Greenply's unwavering commitment to sustainability. The increased allocation for capital expenditure is a welcome signal, as it has undeniably acted as a catalyst for robust infrastructure development in recent years.
While the interim budget introduces promising measures, their ultimate success hinges on clear roadmaps, focused implementation, and addressing industry-specific concerns. We maintain hope that the government will engage in collaborative dialogue with stakeholders, ensuring these initiatives translate into tangible benefits for the nation's economic prosperity and environmental well-being.”