- Ms. Brinda, Chief Executive Officer at eVidyaloka-India's Union Budget 2024-25 reflects a commendable commitment to education and skill development. With an allocation of ₹1.48 lakh crore, the allocations aims at enhancing human capital. Financial assistance through e-vouchers for higher education, loans up to ₹10 lakh with a 3% interest subsidy, and a focus on skill development are a few highlights. The budget also emphasizes female enrolment in STEM courses and infrastructure to improve women's labour force participation rate. However, effective implementation and regional inclusivity remain critical for realizing these goals.
Allocation of ₹1 lakh crore to boost research and innovation in education will provide long-term financing is a welcome step towards fostering breakthroughs and technological advancements. The focus on emerging technologies, including AI research, will drive innovation within the education sector. The budget allocations will also have significant implications for rural education with the scope to improve infrastructure, enhance teacher training, promote digital literacy, and provide financial aid. However, successful implementation and community collaboration are essential for maximizing impact. The onus is on policymakers to ensure effective implementation, monitor outcomes, and address regional disparities.
Amar Nagaram, Founder and CEO of Virgio:
"The Finance Minister's budget theme, with its emphasis on Employment, Skilling, and MSMEs, showcases a forward-thinking approach that is well-suited to the evolving needs of the Manufacturing and D2C industries. This budget, aligned with the Viksit Bharat vision during the Amrit Kaal, introduces several key incentives aimed at boosting job creation and enhancing workforce skills. The special focus on MSMEs will provide critical support for innovation and expansion, facilitating growth across various sectors. Importantly, the abolishment of the Angel Tax will play a pivotal role in supporting startups, easing fundraising, and encouraging more investment in innovative businesses. Overall, this growth-oriented budget represents a significant step toward creating a more inclusive and dynamic economy, fostering opportunities for businesses and entrepreneurs alike."
Mr. Rohan Rai, CEO and Co-Founder, Edupull-"India is poised to achieve remarkable growth in the rapidly evolving digital era, outpacing the economies of its neighboring nations. With this in mind, we are thrilled about the new measures announced in the 2024–25 interim budget to support education, employment, and skill development.
The government has allocated Rs 1.48 lakh crore for these important areas, showing a strong commitment to improving opportunities for our youth. One highlight is the plan to provide internships for one crore young people in 500 top companies . Each intern will receive a stipend of Rs 5,000 and a one-time assistance of Rs 6,000. This is a fantastic opportunity for young people to gain valuable work experience. Companies will fund these internships through their CSR funds, creating a great partnership between the public and private sectors.
A new centrally funded scheme will also be launched in partnership with state governments and companies to train around 20 lakh youth over a five-year period. As part of this initiative, 1,000 ITIs will be updated, with training content and design linked to industry skill requirements.
The Education Ministry's budget has increased by 6.8%, now totaling Rs 1,20,627.87 crore, up from Rs 1,12,899.47 crore last year. This extra funding will help improve schools, colleges, and educational programs across the country. Another important announcement is the support for loans up to Rs 10 lakh for higher education in domestic institutions. This will make it easier for students to afford college and university, opening doors to better careers.
At Edupull, we know how crucial these measures are. For example, many young people struggle to find internships through campus placements that provide real-world experience. This new internship program will help bridge that gap. Additionally, the increased budget for education means more resources and better learning environments for students. The loan support will help students from all backgrounds access higher education, giving them the chance to succeed. We believe these initiatives will make a big difference in the lives of young people across the country, helping them take informed decisions about their career path."
Rupak De, Senior Technical Analyst, LKP Securities-"The index experienced a correction during the day due to weakness in the market. Additionally, the index slipped below the 21-day exponential moving average, indicating a weakening trend. Sentiment might remain weak in the short term or until the index stays below 52,100. On the lower end, it might move towards 51,200–51,000. On the higher end, resistance is placed at 52,100/52,550."
In a major boost to the startup ecosystem, the government has proposed to abolish the angel tax on all asset classes, finance minister Nirmala Sitharaman said Tuesday, while presenting the Union Budget for 2024-25.
Further commenting on this development, Sanjay Sehgal, Chairman & CEO at MSys Technologies, Venture & Angel Investor, Philanthropist said, "This is a welcome move from the government for the Indian startup ecosystem. It took 12 years but now it removes a significant barrier for early-stage funding and will undoubtedly encourage more investment in innovative ideas. This will lead to a surge of new startups and accelerate India's journey towards becoming a global innovation hub."
Dr Parul Saxena from Sharda University- The Union Budget 2024–25, which Finance Minister Nirmala Sitharaman delivered, has my utmost approval. This budget is a critical step in the direction of achieving the goals of "Viksit Bharat," since it gives the education sector—a vital component of national development—a great deal of attention. The government's choice to devote a larger portion of GDP on education is indicative of its steadfast dedication to developing India's pool of talent and intelligence.
A number of sectors have responded favorably to the Finance Minister's pronouncement that increasing women's involvement in the workforce through focused programs is a top priority. In order to solve the issues of safety and housing that frequently discourage women from finding work away from their homes, it is thought that the establishment of hostels specifically for women is essential. Additionally, it is anticipated that the development of skill-building programs tailored to women in collaboration with business executives will equip women with the abilities and know-how needed to succeed in the workforce. It is expected that these steps would not only help women become more economically independent, but they will also make a substantial contribution to the nation's overall economic growth. According to experts, targeted programs like these can reduce gender gaps in the workforce.
(Dr.) Kapil Pandla, Dean, Sharda School of Business Studies
The ₹1.48 lakh crore allotment shows a significant commitment to improving the job and education sectors. This substantial money can help with important issues including teacher preparation, infrastructure development, and digital literacy.
An emphasis on skill development is placed in line with the necessity of providing workers with industry-relevant skills, which will increase productivity and employability. This is essential to ensure sustainable economic growth and to fulfill the demands of a job market that is changing quickly.
It is admirable that first-time employees who register with EPFO will receive a direct transfer of one month's salary up to ₹15,000. This would help new workers get started in the workforce. This cash support can help smooth the transition to work and act as a safety net in the beginning.
Dr Anupam Anand , Department of General Medicine, Sharda Hospital.
Salient points of Budget and Healthcare:
Budget Allocation: The Union Health Ministry has been allocated Rs 90,658.63 crore in the interim Budget for 2024-2025, a 12.59% increase from the previous year.The govt seems to be committed for allocation of budget to improve the quality of healthcare. Rural India specially needs this boost.
-The Key highlights are three cancer treatment medicines have been exempted from basic customs duty which is going to benefit the needy patients a lot.
TheHealthcare cover under the Ayushman Bharat insurance scheme will be extended to all ASHA and anganwadi workers and helpers .This will provide both,incentive as well as broad reach of welfare schemes.
The government plans to set up more medical colleges by utilizing existing hospital infrastructure.By doing this the doctor patient ratio will be improved.
Various schemes for maternal and child healthcare will be brought under one comprehensive program for synergy in implementation.
The government will encourage vaccination for girls in the 9-14 year age group for the prevention of cervical cancer. This is a remarkable step.
"Today's budget announcement marks a transformative initiative for India's workforce. The Finance Minister's focus on employment-linked skilling through innovative schemes aligns perfectly with the mission of fostering growth and operational excellence. This initiative is not just a policy change; it's a game-changer for millions of young Indians entering the formal workforce for the first time.
With provisions for a direct benefit transfer of one month's salary in three tranches, up to Rs 15,000, this scheme ensures financial stability for newcomers. Additionally, the government's commitment to supporting employers across all industries promises to create a robust employment landscape. The announcement of financial support for higher education loans up to Rs 10 lakh further underscores the government's commitment to empowering the youth. This holistic approach to employment and education is crucial for building a resilient and dynamic economy.
We support the government's initiative to fast-track rural economic growth and create large-scale jobs. This budget is a testament to the vision of a self-reliant India, where every individual has the opportunity to thrive. Together, we can build a future where every Indian is equipped with the skills and opportunities to succeed." - Sameer Kanodia, Lumina Datamatics, CEO & Managing Director
Comments from Sneha Pai- Senior Director, Direct Tax, Nexdigm
FDI and ODI regulations will be simplified. FDI regulations to focus on nudging investment in priority sectors. For ODI to see how rupees investment will be promoted. These will go a long way in getting investment into India as well as Indian Industry going global.
Skilling programme - 20 lakh youth to be skilled over 5-year, course will be aligned to industry requirement - an attempt to reduce the glaring gap between unemployment and lack of skilled work force.
Manufacturing and service - MSME focus - it is appreciated that MSME will help in making ' make in India' program a success. Some measures for them - Scheme for financial and regulatory assistance - credit guarantee scheme against payment of guaranteed fee and mechanism to facilitate availability of bank credit even during stress periods. This will help in msme raising funds for their smooth functioning and expansion.
Internship in top companies to 1 crore youth, internship allowance of INR 5000, industry to take this as CSR cost.
Tourism - in the interim budget the tourism sector was given a special focus keeping in mind our landscapes and employment generation opportunities in this sector. Further boosts announced to make India a global tourism sector. More temples and tourist centres announced including Nalanda University tourist centre bringing back the glory to the ancient university
Comments from Vikas Thakur, Associate Director, Entity Setup & Management, Nexdigm
Narishakti Program: India's women labor force participation rate is significantly lower than the global average. While it has seen some recent increases, it remains a major challenge. Setting up hostels, creche, and creating partnerships to organize women-specific skilling programs. The government is likely to outlay INR 3 lakh crore for schemes benefitting women and girls is a welcome move in this budget 2024 to increase women participation in the labor force.
Ease of doing business in India: The government is focusing on improving ease of doing business in India by collaborating approach to incentivize state government on digitization and active usage of technology tools. This will improve registrations and regular compliances currently filed using paper-based forms at local and municipal levels. This will help the domestic and MNC companies to manage the compliances digitally at a local level as well.
Quote on MSME's from Dr Vijay Kalantri, Chairman, WTC Mumbai and President, All India Association of Industries
"I welcome the Union Budget for its thrust on increasing Mudra loan limit, enhancing credit guarantee fund for MSMEs, expanding SIDBI's branches in MSME clusters operation, skilling of 4.1 crore youth and financing small scale labour intensive units, along with relaxation of fresh credit disbursement norms for stressed MSME loans. By taking these actions, Indian MSMEs will become more competitive worldwide. By introducing a skilling programme for 4.1 crore youngsters, energy security measures, recycling of vital minerals, and reforms to accelerate insolvency proceedings under the Insolvency and Bankruptcy Code, the Union Budget FY25 has established the path for a USD 40 trillion GDP vision."
Quote on MSME's from Aatish Hundia, Director EVM India
"The new mechanism facilitating the continuation of bank credit during periods of stress will provide much-needed financial stability and support, ensuring that our MSMEs can navigate challenging times with greater resilience. Another major improvement is the raising of the Mudra loan limit from 10 to 20 lakh rupees. It will provide entrepreneurs access to larger funding, which will boost their firms, generate employment opportunities, and add to the economy's expansion."
By Pranay Prakash, Head of Human Resources, BluWheelz
The Finance Minister has focused on the growth of MSMEs, which is critical in generating more employment opportunities. Equipping them with adequate finances, modern technologies, and appropriate training will ensure that they thrive in the global space.
The Budget 2024–25 reiterates the government's commitment to empowering and enabling its citizens to truly transform the country into "Viksit Bharat. The trinity of "demography, democracy, and diversity" will ensure the inclusive economic participation of every individual, which will pave the way for our nation's progress.
Ankit Aggarwal, Founder & CEO, Unstop on the budget announced by the FM of India today.
"I am glad to see Budget 2024's focus on youth employment and skilling. The Rs 2 lakh crore allocation for employment schemes is the beginning to a brighter future.
The incentives for job creation and the plan to skill 20 lakh youth over five years is what we needed.The support for higher education loans and the push for women in the workforce is also a big plus. It feels good to see the government recognising the need to focus on key areas that can make our journey towards a skill based economy smoother.
Gul Basantani, Partner, Government, Infrastructure, Development sector Advisory Services, Forvis Mazars in India:
"Finance Minister Nirmala Sitharaman's focus on energy security is crucial for addressing India's growing energy demands and meeting NDC targets. The Economic Survey 2023-24 emphasises the need for a diversified energy mix to ensure sustainable growth. With energy needs projected to grow 2-2.5 times by 2047, addressing renewable energy challenges is imperative. The new 2400 megawatt power plant and the PM Suryaghar Muft Bijli Yojana, providing free solar electricity to 1 crore households, are significant steps. These initiatives will boost our energy infrastructure and encourage renewable energy adoption.
Ms. Pearl Agarwal, Founder & Managing Partner, Eximius Ventures" budget quote:
"While the increase in capital gains exemption from ₹1 lakhs to ₹1.25 lakhs will encourage the middle class to invest more in equities, mutual funds, and other linked products, an increase in long-term capital gains tax to 12.5% will have a significant impact on HNIs' decision-making process of investing in alternative asset classes where money is typically tied in for 4-5 years. As domestic capital in India has started to explore alternative investments more actively, it is important for India to become a competitive jurisdiction for more fund managers to set up in India, invest in its local economy, and create jobs."
Recent financial proposals from the Finance Minister demonstrate a strong commitment to tackling important problems in employment, education, and skill development, especially with an emphasis on boosting the involvement of women in the workforce. As she stated, establishing hostels and forming alliances for skill-building initiatives tailored to women is a big step in the direction of empowering women. Through the safe and welcoming environment this initiative will offer, women will be encouraged to pursue chances for career and education outside of their homes. This is consistent with what we have said about how important it is to make targeted investments in order to create a trained workforce in multicultural environments that supports economic inclusion and gender equality.
The ₹1.48 lakh crore allotment shows a significant commitment to improving the job and education sectors. This substantial money can help with important issues including teacher preparation, infrastructure development, and digital literacy.
An emphasis on skill development is placed in line with the necessity of providing workers with industry-relevant skills, which will increase productivity and employability. This is essential to ensure sustainable economic growth and to fulfill the demands of a job market that is changing quickly.
It is admirable that first-time employees who register with EPFO will receive a direct transfer of one month's salary up to ₹15,000. This would help new workers get started in the workforce. This cash support can help smooth the transition to work and act as a safety net in the beginning.
Ms Roma Priya, Founder, Burgeon Law - a boutique law firm focused on the startup and VC community.
"The entire nation awaits for Hon'ble Finance Minister Ms Nirmala Sitharaman's 7th consecutive budget, expecting the announcement of several key measures that can accelerate India's growth momentum towards becoming a $5 trillion economy. The start-up ecosystem anticipates a transformative phase that could set new benchmarks for innovation and growth. We hope the Government will heed the DPIIT's recommendation and remove the angel tax on start-ups to send a positive message across startup ecosystem.
As startups operate with limited resources, announcing relief on corporate and industry-specific tax will boost both the manufacturing and tech-driven service industry. Increasing the allocation for Startup India Seed Fund Scheme and similar programs and their effective implementation will also attract foreign startups based in India with a huge potential of domestic capital. Recently, we witnessed the return of startups like Zepto, Meesho and Pine Labs.
We encourage the Government to seize this opportunity by offering incentives to attract more startups to reverse flip their structures back to India, thereby enhancing job creation and opportunities within the country. To support startups, ESOPs should be taxed only at the final sale of shares. With the rise of startups in EV, deep tech, AI, defense, and space sectors, we hope for increased government allocation to these domains, reinforcing India's position as a global tech powerhouse. We look forward to the measures that will drive the entrepreneurial ecosystem."
B.Santhanam – CEO, Saint-Gobain India and APAC-"We welcome this year's Union Budget, that marks a significant stride towards a brighter future for India. The government's focus on job creation, consumption, and women's empowerment is truly commendable. The financial support and completion of key projects, such as the Polavaram Irrigation Project in Andhra Pradesh, along with investments in the Vishakhapatnam-Chennai Industrial Corridor, and major announcements for the North and West region will boost infrastructure, economy and ensure food security. The emphasis on create, design and 'Make in India' further strengthens domestic manufacturing and promotes self-reliance. Investments in industrial corridors, MSME credit, and PM Awas Yojana Urban 2.0 will drive growth. The budget strikes a balance between economic growth, social welfare, and innovation, charting a robust path for India's future. At Saint-Gobain India, we are eager to contribute to and be a part of this journey towards a stronger, more resilient India."
Ravi Goel, Chief Business Officer, RapidShyp-The budget announcement by the Hon'ble Finance Minister Smt Nirmala Sitharaman is extremely progressive. The government has continued focusing on steps to help the economy by prioritizing infrastructure development and fiscal discipline. The allocation of ₹11.1 lakh crore, representing 3.4% of GDP, is a significant leap towards transforming India's infrastructure landscape. We are hopeful that this budget will greatly enhance infrastructure investments, especially in multi-modal transport and state-of-the-art warehousing.
The TDS for eCommerce operators will be slashed to 0.1% from the current 1%, which is commendable. The government's initiative is crucial to tapping into this massive eCommerce opportunity.
The ₹2 lakh crore allocation for youth employment and skill development is not just an investment but a strategic move to cultivate a skilled workforce. This workforce is vital for driving innovation and growth in the logistics sector, and this investment will significantly improve turnaround times and expedite our progress towards a robust logistics infrastructure. The initiative is expected to create new jobs, stimulate economic growth, and enhance India's position as a global eCommerce leader.
Ms. 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.
