Mr. Sagar Sinha, India's Leading Finance Influencer, motivational speaker, well-known Corporate Trainer, and Business Coach.
The Budget for Fiscal Year 2024 has presented some historical changes that will benefit retail investors and startups with the abolishment of the angel tax. This will contribute significantly to achieving the Viksit Bharat goal of the government by fostering a culture of startups. The market is all set to become dynamic with the likely increase of IPOs and market activities as a result of increased startup activity. Another significant move is the increase in security transaction tax on futures and options, which is going to have a multi-dimensional impact on the market. The higher transaction costs may result in less efficient markets due to the higher cost of arbitrage. That may lessen the effectiveness of price discovery in futures and options markets. Hence, institutional investors may extend hedging and trading activities to other markets or instruments to bypass the effect of a higher STT in the domestic market.
1. Rohit Kumar, Founder and CEO, XPay Life: "The Union Budget 2024 aligns perfectly with XPay Life's mission to enhance digital transactions and financial inclusion in rural India. The substantial allocation for rural development, including infrastructure and housing, will bolster our efforts. Enhancing Mudra loans to ₹20 lakh and focusing on MSMEs will empower small businesses. Rationalizing the GST structure and setting up an integrated technology system for the IBC will simplify compliance. Abolishing the Angel tax will attract more funds for rural development. The PM Surya Ghar Muft Bijli Yojana and the Jobs Budget emphasize sustainability and employment, driving digital literacy and economic empowerment in rural India."
2. Saroj Kumar Mahapatra, Executive Director, PRADAN "This budget marks a significant step forward in agricultural development. By prioritizing agricultural research focused on climate-resilient crop varieties, it aims to bolster future food security and mitigate inflation risks. The substantial outlay of ₹1.52 lakh crore for the agricultural economy is a positive move for rural demand. Investment in agriculture and employability/skilling is poised to yield future productivity gains. 1 crore farmers will be initiated into natural farming, supported by branding and certification in the coming two years. 10,000 bio-input resource centers will also be established. These agricultural reforms are designed to enhance rural incomes and are expected to have a positive impact on credit demand and asset quality for lenders.
Mr Manish Kothari, Co-Founder and CEO, ZFunds
"For the last few years, the NDA government's economic policy was strengthening the investment side of the economy and was mainly CAPEX and infrastructure growth led. However, this year's budget marks a shift towards restoring consumption, with a focus on enhancing the purchasing power of the middle class and below and fostering employment opportunities for them. The tools that the government has used in this budget will have a double impact of boosting job creation and increasing the disposable income of lower and middle-income earners.
The Union Budget 2024 announcements such as the direct benefit transfer of up to Rs. 15,000 through the Employees' Provident Fund Organization (EPFO) for new entrants to the workforce, the provision of internships with top 500 companies, and the introduction of a monthly internship allowance of Rs. 5,000, along with a one-time assistance of Rs. 6,000, are expected to integrate more individuals into the formal economy. These measures are anticipated to create formal employment for skilled individuals. The adjustments to the new tax regime, including the raise in standard deduction from Rs. 50,000 to Rs. 75,000 and the introduction of new tax slabs, are also positive developments. By increasing disposable income of the middle and below class, we will also see an uptick in demand for discretionary goods and services/ Fintechs and healthcare. This vision will lead to more individuals participating micro savings like in monthly or daily SIPs, becoming more credit worthy for lending institutions. This will push the mutual funds industry towards 20 crore investors much faster than initially anticipated.
Over the last couple of years, a significant portion of retail investors' money has been invested into economy-facing themes like PSUs, Infrastructure & Capital Goods, Manufacturing, and so on. These segments have performed exceptionally well, delivering returns of over 25-30%. Investors should now consider building a part of their portfolios around themes like Consumption and Pharma, which have been underperforming for the past three years but now present attractive growth opportunities."
Mr. Anand K - Managing Director & CEO of Agilus Diagnostics :-
The Economic Survey has highlighted the growing concern of obesity. Recent studies show that the burden of Non-Communicable Diseases (NCDs) has tripled since 1995. Addressing these issues demand robust budgetary and policy measures, yet the overall health budget allocation remains low. As the industry grapples with post-pandemic challenges, strong initiatives are needed to build a resilient health system.
We welcome the Union Budget's measures in the healthcare sector. The custom duty changes on x-ray tubes and flat panel detectors is a positive development. Moreover, the exemption of three critical cancer medicines from custom duty is a crucial step in making life-saving treatments more accessible to patients across the country.
Additionally, the announcement of new airports and medical facilities for Bihar is a commendable move towards enhancing regional healthcare and overall development. These initiatives reflect the government's commitment to improving healthcare accessibility and infrastructure, which will benefit both healthcare providers and patients alike.
The anticipated growth rate of 6.5-7% is encouraging, but achieving this will require more substantial investments in healthcare infrastructure and workforce development to meet the rising demand and ensure equitable access to quality care across all regions.
Ms. Radhika Kalia, Managing Director at RLG Systems India Private Limited
"The allocation of over ₹3 lakh crore towards schemes benefiting women and girls in the Union Budget 2024 shows a strong commitment to women-oriented development programs. Such investment will enhance women's role in economic activities and empower them to assume leadership roles. The government's initiatives as reflected in the budget to promote inclusive human resource development and social justice should see the upliftment of women entrepreneurs, self-help groups, artisans, communities, and drive sustainable growth. As a result of these initiatives, we expect to see better participation of the workforce in the waste management sector also."
Mr. Satyam Kumar, CEO & Co Founder- LoanTap
The FY 24-25 budget is in line with the expected mandate. There has been a huge push in the rural sector with sufficient allocation towards linked infrastructure, mainly road infrastructure and urban housing. Even the rental housing schemes under the PPP model for urban, poor and migrant laborers working in industrial sectors is a very thoughtful step in improving their standard of life.
There has been continuous talk that the availability of a skilled labor force is not in line with the development of the industry. In response, we can see the introduction of direct benefits for skilling. For general apprenticeships and internships, top 500 corporates have been targeted with a separate category created for those expenses through the CSR funds, something that was highly requested from the industry.
Lastly, one of the most important updates was for the MSME sector. As evident from an economic survey, the MSME sector has been impacted heavily by COVID and demonetization, and other factors like GST norms. This budget comes out to strengthen the support system for the MSMEs. The limit for the government enabled MUDRA Loans scheme is increased from Rs 10 lakh to Rs 20 lakh. Also, the introduction of the credit guarantee scheme of up to Rs 100 Cr for the purchase of machinery without any guarantor or collateral is a huge step in supporting MSMEs.
There have also been indications towards SMA relief, saying that MSMEs should be given ratings by the individual lender as per their rating mechanism instead of third-party rating agencies. These steps are very essential to supporting MSMEs.
CA (Dr.) Vijay Kumar Gupta, Member NIRC (ICAI)
The much-anticipated Budget 2024, presented by the Modi 3.0 government, introduces significant financial reforms. Key highlights include the revision of short-term capital gain tax on certain financial assets to 20% and long-term capital gain tax to 12.5%. The exemption limit on capital gains for financial assets has been increased to ₹1.25 lakh annually. Additionally, the TDS rate for e-commerce operators has been reduced from 1% to 0.1%. Customs duties have been exempted for the manufacturing of connectors and oxygen-fused copper. Duties on gold and silver have been lowered to 6%, and on platinum to 6.4%.
Finance Minister Nirmala Sitharaman has revised the tax rate structure under the new income tax regime, providing an estimated ₹17,500 savings in income tax. The Mudra loan limit for MSMEs has been doubled from ₹10 lakh to ₹20 lakh. The budget also abolishes the ANGEL tax for all investor classes and introduces a simpler tax regime for domestic cruise operations. Safe harbour rates are provided for foreign mining companies selling raw diamonds, and the corporate tax rate for foreign companies has been cut from 40% to 35%. For salaried employees, the standard deduction has been increased from ₹50,000 to ₹75,000, while the deduction on family pensions for pensioners rises from ₹15,000 to ₹25,000.
Post Budget quote by Ujjwal Minocha, Co-Founder and COO of Velmenni
Budget 2024 brings in a significant boost for 'Make in India' in the defense sector to uplift domestic markets, which is a positive sign. This initiative is expected to bring fundamental changes in the next 3-4 years by generating employment and placing India on the global map as a center for defense sector exports.
"Digital Public Infrastructure (DPI) is crucial for the future of our nation, and we are pleased to see the government taking significant steps in this direction. By integrating AI with DPI, the government will efficiently serve the bottom of the pyramid, ensuring that every citizen is reached in their native language. This initiative marks a transformative era in public service delivery, bringing inclusivity and accessibility to the forefront. We are proud to support this journey of building a new India, Nava Bharat Nirman Yatra, as it paves the way for a more connected and equitable society." - BKesava Reddy, Chief Revenue Officer, E2E Networks Ltd - a leading hyper scaler from India with a focus on advanced Cloud GPU infrastructure, listed on the National Stock Exchange (NSE).
The 2024 Budget's abolition of the Angel Tax is set to create a more supportive environment for angel investments, significantly benefiting the entirestartup ecosystem. This removal will facilitate startups in raising funds and investing in their growth, thereby fueling job creation. Additionally, MSME lending through new assessment models based on the digital footprints of MSMEs, rather than relying solely on assets or traditional credit appraisal methods, is expected to spur a new wave of fintech and banking innovation in MSME credit. This approach will help bridge the credit gap in the MSME sector. The government's focus on creating digital public infrastructure in areas such as e-commerce, health, law, logistics, and lending will further digitize the Indian economy, providing numerous opportunities for startups to innovate." - Sandeep Garg, Co-Founder & CEO- Blostem, a pioneer in fintech enterprise revolutionizing the integration of fixed deposit solutions for B2C platforms.
"It looks like the budget is quite comprehensive, aiming to cater to various sectors and individuals alike. The mixed reactions suggest both positives and negatives depending on the perspective. For individuals, there seem to be some gains alongside certain setbacks. However, the overarching goal appears to be fostering growth for Indian businesses, which is crucial for the economy's overall health. This focus reflects a strategic approach to ensure sustainable economic development. From the Startup ecosystem perspective, Steps like abolishing angel tax will help eliminate a barrier for early-stage investments in startups, encouraging more angel investors to support innovative ventures. Also, lowering corporate tax rates for foreign companies makes India a more attractive destination for foreign direct investment (FDI). This can lead to increased investments in various sectors such as manufacturing, services, infrastructure, etc. Higher investments can spur economic growth, create jobs, and improve overall business environment competitiveness". - Mr Pulak Jain Co-founder, Chief Business Officer, and Head of Strategy, TransBnk- Leveraging API platforms, AI/ML & blockchain, TransBnk digitizes transactions, enhancing transparency, trust, and independence in the financial ecosystem.
Swati Bhargava, Co-Founder of CashKaro
The Union Budget 2024 is a significant step forward for India's growth, focusing on empowering women in the workforce, supporting employee welfare, and driving innovation. The allocation of over ₹3 lakh crore for schemes benefiting women and girls, along with new initiatives like skilling programs and salary support for first-time employees, highlights the government's commitment to gender inclusivity and employment generation.
For startups, the abolition of the angel tax for all investors is a significant boost, fostering a more vibrant and innovative startup ecosystem. The reduction of the TDS rate on e-commerce transactions from 1% to 0.1% is a crucial step for digital businesses, easing the tax burden and encouraging growth. Additionally, the comprehensive review of the customs duty structure over the next six months and the proposal to decriminalize TDS delays up to the filing of the tax date reflect a forward-thinking approach to taxation. Overall, these measures will propel India towards a brighter, more innovative future, driving economic growth and development across various sectors.
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Attributed to Rohan Bhargava, Co-Founder of CashKaro
The Union Budget 2024 brings substantial changes to personal finance that will benefit a large number of taxpayers. The increase in the standard deduction from ₹50,000 to ₹75,000 and the revision of the tax slab limit for the 5% tax rate from ₹5 lakh to ₹7 lakh will significantly enhance disposable income. These changes will provide much-needed financial relief to the middle class and boost overall consumption.
Furthermore, the proposal to increase the deduction of employer expenditure towards NPS from 10% to 14% of the employee's salary will improve social security benefits for the workforce. The revamp of the capital gains tax regime will impact investment decisions and financial planning, ensuring a more balanced and fair approach to taxation. These measures collectively contribute to a more robust and financially secure environment for individuals and families across India.
Ashley Menezes, Partner and COO, ChrysCapital & Chairperson, IVCA
" This budget reflects a robust commitment to creating an enabling environment for startups and fostering innovation and entrepreneurship. We extend our heartfelt gratitude to the Honorable Finance Minister, Nirmala Sitharaman, for presenting a forward-looking Union Budget. The announcement of the removal of Angel Tax for all classes of investors is a monumental reform and a major step forward for Indian companies & investors. This decisive move ensures that our unlisted companies can thrive and scale from within India.
Additionally, the announcement of a venture capital fund of Rs. 1,000 crores dedicated to space technology development will undoubtedly spur innovation and growth in this critical sector. The future looks promising with these initiatives as India's startup and space economy aim new heights."
2. Mr. Ashish Kukreja, Founder & CEO, Homesfy.in & mymagnet.io
"The much-anticipated support for affordable housing is addressed with Rs 10 Lakh Cr to meet the housing needs of one crore lower and middle-class families in the urban regions. Over the next five years, an additional Rs 2.2 Lakh Cr support would be provided as central assistance.
The whopping Rs 11.11 lakh Cr support to enhance infrastructure will boost connectivity and facilitate the overall development of cities as growth hubs.
FM Smt. Nirmala Sitharaman emphasised that states should reduce stamp duty in the new Budget. We can see well-planned urbanisation with more movements in terms of housing developments. There will be a significant movement in terms of overall demand and supply. Buyers will be motivated to buy their first dream home, and developers will be excited to launch new residential units.
The Rs 2.66 Lakh Cr allocated to rural development will significantly upgrade rural infrastructure. Additionally, the announcement of 3 crore house construction in rural and urban areas is an addition to PMAY's visionary scheme, and "housing for all" seems achievable."
Media & Entertainment OTT: Kaushik Das, Founder and CEO of AAO NXT, East India's premier OTT platform:
"The 2024 Union Budget presents a forward-thinking approach, especially in the realms of technology, regional development, and digital innovation. The reduction of Basic Customs Duty on mobile phones and related components to 15% is a significant step that will lower costs and enhance accessibility to digital devices, which is crucial for platforms like AAO NXT. Additionally, the government's commitment to supporting the development of regional storytelling and the tourism sector, including backing the development of Nalanda in Bihar and extending support to Odisha's tourism, aligns perfectly with our vision to showcase Odisha's rich cultural heritage through digital content.
Moreover, the initiative to set up a ₹1,000 crore venture capital fund for space economy highlights the government's dedication to fostering innovation and technological advancement. This, coupled with the enhanced focus on employment-linked skilling programs and the emphasis on energy security, will undoubtedly create a conducive environment for startups and established companies alike. These measures will not only boost the regional OTT landscape but also propel us towards our goal of making AAO NXT a global platform for localized content.
Overall, the budget's focus on promoting digital infrastructure, regional development, and innovation reflects a robust framework for sustainable growth and positions India as a leader in the digital entertainment space."
Martech Sector Post Budget Quote: Mr. Apurv Modi, Managing Director & Co-Founder of ATechnos Group
"The Union Budget 2024 focuses on nine key priorities and demonstrates a comprehensive approach to India's growth and development. I am excited about the emphasis on Innovation, R&D, and Next Generation reforms. These priorities align perfectly with the digital revolution that's reshaping our economy.
The focus on Manufacturing and Services, coupled with Urban Development and Infrastructure, creates fertile ground for technological advancements. We see immense potential for digital solutions to drive efficiency and innovation across these sectors.
Also, the budget introduces a new mechanism to facilitate the continuation of bank credit to MSMEs during their stress period. This is a crucial step in ensuring that MSMEs, which form the backbone of our economy, receive the necessary financial support to navigate challenging times. The introduction of a new MSME guarantee plan to enable loans up to ₹100 crore further underscores the government's commitment to supporting small businesses. The increase in the limit of Mudra loans from ₹10 lakh to ₹20 lakh is another significant measure that will empower small businesses and entrepreneurs, enabling them to expand their operations and contribute to economic growth.
In the taxation domain, the removal of the Angel Tax on all classes of assets is a welcome move, promoting a more favorable investment climate. The standard deduction limit has been increased to ₹75,000 from ₹50,000, providing much-needed relief to taxpayers. Additionally, the lowest slab in the new tax regime has been increased to ₹3 lakh from ₹2.5 lakh.
Moreover, the government's decision to allocate ₹2 lakh crore for job creation over the next five years is a significant step towards addressing unemployment and fostering economic stability.
The synergy between these priorities and the digital realm will be key. Whether leveraging AI for better urban planning, using IoT for energy management, or developing innovative solutions for employment generation, the digital sector stands ready to contribute significantly to realizing this vision."
Soham Avlani, General Partner, PROMAFT Partners:
"The government has announced an important reform in the treatment of long-term capital gains (LTCG) from the sale of startup shares. In a move to bring parity with listed shares, LTCG on the sale of unlisted shares has been rationalized to 12.5%, with the removal of indexation for calculation. This long-awaited change is expected to simplify tax computation for taxpayers and promote investment in startups."
Mr. Sanjay Dighe, CEO & Director of Krystal Integrated Service Ltd-vThe Union Budget 2024 presented by the Finance Minister demonstrates a comprehensive and forward-thinking approach, significantly impacting various sectors.
The government's partnership with State Governments and Multilateral Development Banks to promote water supply, sewage treatment, and solid waste management projects in 100 large cities will fuel the demand for facility management services. These projects will require specialized skills and expertise in managing complex systems and infrastructure, aligning perfectly with the goals of skilling and employment outlined in the budget.
Moreover, the focus on industrial development, particularly the establishment of an industrial node in Gaya as part of the Amritsar-Kolkata industrial corridor, will drive the need for comprehensive facility management solutions to support the burgeoning industrial activities. This will not only involve managing and maintaining industrial facilities but also ensuring compliance with environmental and safety standards.
We are particularly optimistic about the focus on creating employment opportunities. The one-time wage incentive for first-time employees through DBT and the internship program launching in 500 companies for one crore youth over five years are commendable initiatives. Additionally, clarity on tax exemptions for services provided to government entities would be highly beneficial.
Overall, the strategic priorities set forth in the Union Budget will create a robust demand for facility management services, as the industry will play a critical role in supporting the growth and sustainability of India's economic infrastructure.
Anubhav Agarwal, MD and CEO, BN Group-
"This budget was in line with our projections, with a primary emphasis on increasing productivity and creating yield varieties that are resilient to climate change. The plan to attain Atma Nirbharta for oil seeds, including soybean, sunflower, sesame, groundnut, and mustard, will not only reduce import dependencies but also open up new opportunities for growth and expansion in domestic markets. Additionally, this means greater availability of domestically produced oils, potentially leading to more stable prices and higher quality products. Customers can anticipate a more consistent supply of cooking oils, which are vital and indispensable in Indian homes and support both economic stability and overall food security."
Divyesh Shah, Director, CareEdge Ratings-“As anticipated by CareEdge, the budget focuses on boosting affordable housing by introducing PM Awaas Yojana Urban Housing 2.0, with a proposed outlay of Rs. 10 lakh crore to deliver 1 crore houses. Additionally, the increase in standard deduction, revision of tax slabs under new regime, and initiatives to reduce stamp duty, especially with further reductions for women, are expected to positively impact demand in the housing sector”.
Amit Bhargava, Partner & National Head - Mining & Metals, KPMG in India
Budget Implications for Metals and Mining Sector
- Union Budget 2024 has recognized the significance of the metals and mining sector to the economy and has measures that would help in sustaining the sectors' growth momentum, progress on the energy transition path, increase competitiveness, critical minerals exploration, recycling of metals, logistics efficiencies and support the ongoing capacity additions.
- Some of the underlying takeaways are:
- Impetus on key end user segments like infrastructure, housing, city redevelopment, roads network, industrial parks, super critical thermal, and solar plants This would help drive demand
- Emphasis on solar power and related duty rationalization on capital equipment along with pumped storage would incentivize availability and generation of solar power.
- Custom duty exemption on key inputs like ferro nickel and blister copper that would help in improving cost structures
- Climate finance, local carbon market and focus on energy efficiencies would be important in the sector's plan to net zero
- Critical minerals mission, offshore mine auction and exemption of custom duty on 25 critical minerals is a step towards encouraging critical mission processing and recycling
- Roads and highways spend especially in mineral rich Jharkhand would help in easing logistics for iron ore, coal and bauxite
Parizad Sirwalla, Partner and Head, Global Mobility Services, Tax, KPMG in India
Aiming for simplicity and job creation, the honorable FM announced schemes for benefit for new employees as well as for individuals choosing new tax regime - increased standard deductions, revised income slabs and tax rates. There are significant changes in tax rates and holding periods for LTCG, STCG, and STT on Futures & Options which may have an impact on the capital markets. Further simplification expected with review of Income tax law in next six months and easing of litigation procedures.
Vishnu Pillai, Office Managing Partner - Kochi, KPMG in India
The FM, Ma'am Sitharaman has just presented her record setting seventh straight budget. This has set strong tones for continued support for infrastructure growth while setting robust guardrails such as focus on fiscal deficit narrowing and taxation alignment for capital markets, to put the nation on a sustainable growth trajectory, as was estimated in the Economic Survey.
For states such as Kerala, the focus on tourism linked incentives for segments such as cruise-liners, and further focus on sustainable growth initiatives, will aid in further job creation in sunrise sectors. The reduction on custom duty for jewellery will also give this traditional sector a fillip. Additionally, increased allocation for schemes benefiting women and girls, is a great sign for the development factoring the country's demographic dividend. Significantly, the mention of major budget allocation for initiating land reforms including digitalization of records will also be seen as a positive.
Anvesha Thakker, Partner and Industry Lead - Clean Energy, KPMG India
Statement No 1
Moving hard to abate industries from energy efficiency to emission targets will widen the focus beyond optimizing demand for energy, to looking at fossil fuels to clean fuels switch, for heating, cooling, electricity as well as feedstock requirements of the industry. This will significantly help to move the needle on green transition unlocking the industrial demand for energy transition solutions.
Statement No 2
It's encouraging to see the upstream thrust on debottlenecking the energy transition sector, which is absolutely critical if strong foundations have to be laid for a sustained transformation. Measures such as announcement of the Critical Mineral Mission for domestic production, recycling, and overseas acquisition of critical mineral assets, rationalization of customs duty on minerals such as copper, lithium, cobalt, and rare earth elements can significantly debottleneck the supply chain for energy transition sector and encourage domestic manufacturing of renewables, batteries, electrolyzers and other electrical equipment. Equally heartening is the thrust on skilling through centrally sponsored skilling programme, incentives for first time employees in manufacturing , internship programme, enhancement of education/ skilling loans, women participation in workforce which will all be fundamental if we have to cater to the 5 to 6 million jobs requirement by 2030 for supporting the country's energy transition.
Statement No 3
Even by conservative estimates, close to USD 100 billion is required annually by the economy till 2030 to deliver its energy transition targets. Developing a taxonomy for climate finance will bring market clarity, enable targeted interventions by all stakeholders for promoting financing to support the country's green transition.
Neeraj Bansal, Partner and Head, India Global, KPMG in India
The first full budget of the new government highlights its consistent economic strategy, geared towards expanding India's economy through inclusive growth, targeted upskilling, manufacturing-oriented reforms and continuous focus on R&D. The clear direction on upskilling—the announcement of five schemes with an INR 2 lakh crore outlay—is a welcome move as this will equip India's large youth workforce with the skills required for existing industry and emerging needs, paving the way for a more self-reliant economy as well as aim for Viksit Bharat by 2047.
FY25 capex continues at INR11.11 lakh crore—at 3.4 per cent of the GDP. Fiscal deficit is pegged at 4.9 per cent of the GDP, with a target to bring it down to 4.5 per cent by FY26, a move that will revitalise the economy further. To facilitate trade, the budget focuses on the development of MSMEs, introducing special incentive packages to address key issues, such as funding gaps and technological advancement. Reforms targeting ease of doing business and simplification of FDI norms will also spur more trade and investment activities. On the infrastructure front, several initiatives have been announced. For instance, the development of the Amritsar-Kolkata industrial corridor along with multiple road connectivity and power projects in the eastern regions will enhance logistics and boost exports from India's key eastern ports. Finally, the increase in the deduction limit in the new tax regime is expected to increase spending and spur domestic consumption.
Housing for all continues to remain a pivotal focus with the announcement of PMAY 2.0, covering the housing needs of 1 crore urban poor and middle-class families with an investment of INR10 lakh crore. Overall, the budget sends out the message of strong, inclusive and sustainable economic growth, rightly placing skilling, self-reliance and innovation as the pillars of development.
Himanshu Parekh, Partner, Tax, KPMG in India
"The Union Budget highlights the fact that India's economic growth story continues unabated amidst global geopolitical uncertainties. In this backdrop, the Budget provides for some far-reaching proposals that intend to simplify the Income Tax law and provide certainty to the taxpayers. The Budget addresses investors long-pending need for overhaul and simplification of capital gains tax and TDS regimes. Further, it is proposed to abolish the controversial Angel Tax and tax income from buy-back of shares in the hands of the shareholders. To reduce litigation, the Budget proposes to introduce VSV 2.0 and reduce the time-limit for initiation of re-assessment proceedings. On the international tax front, it is proposed to reduce the corporate tax rate applicable to non-residents from 40% to 35% and withdraw Equalisation Levy of 2%. Also, a comprehensive review of the Income Tax Act is proposed to be completed in 6 months. Overall, the Budget has taken a balanced approach by outlining proposals that will not only address key issues on the tax front but also help Government to achieve its vision of 'Viksit Bharat' in the 'Amrit Kaal'."
Prof. Mahadeo Jaiswal, Director, IIM Sambalpur, said "This year, the Education Ministry's budget allocation has increased by 6.8 per cent, which signifies the government's commitment to advancing the education sector. Through this budget, the Finance Minister has outlined a comprehensive and forward-looking plan that emphasizes the importance of education, employment, and skill development by allocating an impressive Rs 1.48 lakh crore for these crucial areas, which is indeed commendable. The provision of financial support for loans up to Rs 10 lakh through E-vouchers for students aiming for higher education in domestic institutions is a significant step towards making higher education more accessible for all. This initiative will undoubtedly empower many aspiring students to pursue their academic goals without the burden of financial constraints and increase job opportunities. Additionally, the introduction of a new centrally-sponsored scheme for skilling, in collaboration with state governments and industries, is another praiseworthy move. Skilling 20 lakh youth over the next five years will create a robust workforce ready to meet the evolving needs of the industry. The upgrade of 1000 ITIs and the alignment of course content to industry requirements will further enhance the employability of our youth. Furthermore, the government's internship scheme, providing internships to one crore youth with a stipend and assistance, will offer invaluable hands-on experience and financial support. This initiative, supported by CSR funds, will bridge the gap between education and employment, ensuring that our young talent is work-ready."
Prof. Ram Kumar Kakani, Director of IIM Raipur, said, "To support our youth who haven't been eligible for any benefits under government schemes and policies, Finance Minister Nirmala Sitharaman announced several initiatives. For example, loans of up to Rs 10 lakh for higher education in the domestic sector, e-vouchers directly to 1 lakh students, and over the next five years, 500 top companies will provide internship opportunities with a monthly allowance of Rs 5,000, giving our young people valuable work experience. By integrating financial support for education, robust internship opportunities, and a strong focus on skill development, these measures not only empower our youth but also lay a solid foundation for sustainable growth and innovation. This holistic approach ensures that every segment of our society—from aspiring students to new startups—can contribute to and benefit from India's evolving economic landscape."
Dr. Pankaj Priya, Deputy Director and Dean-Academics at BIMTECH, said, "Since 2014, the central government's focus on skilling has remained consistent, as highlighted in the present budget. The prime Minister's package for skilling envisages a collaboration with all state governments as well as industry. This new centrally sponsored scheme for skilling will support our 20 Lakh youth in up skilling over the next five years. It will translate in to more jobs for our youth in rural as well as urban areas. The above investment, along with newly announced scheme targeting 4.1 crore youth will propel India towards its goal of becoming a developed nation by 2047. The Finance Minister's far-sighted vision to combine the power of youth and technology in the Viksit Bharat Budget is commendable."
Dr. Maithili Tambe, CEO, The Academy School (TAS), Pune-"The government allocating a remarkable Rs 1.48 lakh crore for education, employment, and skilling is a significant stride towards empowering the nation's youth and enhancing the educational landscape. This move not only highlights the importance of education as a cornerstone for economic growth, but also addresses critical issues such as dropout rates and literacy levels, particularly in rural areas. With the addition of favourable loan terms, it will encourage students to invest in their future and empower students to chase their academic dreams without the constant worry of debt. Also, the budgetary allocation of over 3 lakh crore for initiatives benefiting girls and women aims to enhance access to quality education. It will aid by funding scholarships, building girl-centric schools, and establishing mentorship programs that inspire young women to pursue careers in fields traditionally dominated by men, such as science, technology, engineering, and mathematics (STEM)."
Spokesperson- Mr. Somesh Agarwal, Chairman and MD at Radisson Blu Palace Resort & Spa, Udaipur-This year's Union Budget 2024-2025 comes as a ray of hope and relief for the hospitality and tourism sectors. Tourism has always been an integral part and driver of the hospitality industry. It's encouraging to see the government's focus on positioning India as a global tourist destination. This was required considering India's growing popularity as a tourist hub. The strong fiscal support announced in the budget will undoubtedly unlock new economic opportunities for the sector. Additionally, under the government's Viksit Bharat Vision, the substantial CAPEX allocation of Rs. 11,11,111 crore for infrastructure, accounting for 3.4% of GDP, stands as a testament to their commitment to robust infrastructure development over the next five years. Moreover, Phase IV of the PMGSY will be launched in the future, providing all-weather connectivity to 25,000 rural habitations. Such reforms will be pivotal to enhancing connectivity and infrastructure, making destinations like Udaipur even more accessible and attractive to tourists from around the world. We look forward to leveraging these developments to provide our guests with unparalleled experiences. We hope and expect to attract a diverse array of tourists, enriching their travel experiences while contributing to the growth of the Indian tourism industry in the times to come
Avneesh Sood, Director Eros Group basis the Union Budget 2024-
The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman is a significant boost for the real estate sector emphasizing urban development as a pillar of 'Viksit Bharat'. The commitment to address the housing needs of one crore urban poor and middle-class families with an investment of ₹10 lakh crore under PM Awas Yojana-Urban is a game-changer. This allocation, with ₹2.2 lakh crore in central assistance over the next five years, demonstrates the government's serious intent to tackle the urban housing crisis and stimulate economic growth. Establishing industrial parks with a Plug & Play model near 100 cities and the emphasis on rental housing with dormitory-type accommodation for industrial workers in PPP mode with VGF support will further enhance infrastructure and provide affordable housing options. These initiatives will not only invigorate the construction sector but also generate millions of jobs, positively impacting allied industries. Additionally, the focus on urban development and transparent rental markets will benefit both developers and buyers, fostering a more robust and inclusive real estate market.
Vikas Garg, Joint Managing Director, Ganga Realty
We welcome Budget 2024 wholeheartedly as it introduced PMAY Urban Housing 2.0 with a budget allocation of Rs 10 lakh crore. It will help the lower strata of society residing in slums and ghettos to get a permanent roof over their heads. The central government will incentivize housing projects with financial aid of close to ₹2 lakh crore which will be given to the needy people at subsidized rates. Furthermore, Rental housing was also the cynosure of the Budget which will be built on PPP mode for the amelioration of industrial workers. Moreover, the Budget proclamations raise hopes and aspirations for a bright future ahead in terms of both infrastructure and housing.
Neeraj K Mishra, Executive Director, Ganga Realty
As one of the largest employment-generating sectors in India, a renewed focus on employment creation in the Union Budget 2024 is noteworthy and will attract upskilled talent in real estate too. It also recognizes infrastructural development as one of the critical growth propellers and promote state-level infrastructural developments to attract key investments in different parts of the country. With the promulgation of PMAY Urban Housing 2.0 and the earmarking of 10 lakh crore for the programme, the government once again prioritizes its core agenda of achieving Housing for All in Budget 2024. Providing homes at subsidized rates will be instrumental in alleviating thousands of people from a life of poverty and destitution and imbuing their lives with one of the qualitative facilities, which is also a crucial marker of judging the quality of life- housing. While allocating fresh budgets for emboldening housing has become a commonality in Budget announcements, the focus on rental housing for industrial workers, which will be taken up in a PPP mode, comes off as a good surprise and a refreshing step towards promoting diverse forms of housing.
Saransh Trehan, Managing Director, Trehan Group
In the Budget 20024, the status quo on Infrastructure spending was maintained and comprises ₹11.1 trillion which equals 3.4% of GDP. The essentiality for Housing for All becomes the mainstay for Budget 2024 yet again as the announcement of PMAY Urban Housing 2.0 becomes one of the salient attractions. Under the scheme, the government offers to provide homes at subsidized rates and allocates Rs 10 lakh crore for the initiative. The introduction of Rental housing to be built on PPP mode and upsizing of retail infrastructure will be crucial in empowering the real estate sector and housing segments and promoting all forms of property developments in the metro as well as Tier 2 and 3 cities.
Dushyant Singh, Director, Orion One 32
The Union Budget 2024 offers some promising roads to development, urbanization, and infrastructural developments. The announcement of Urban Housing 2.0 with a budget allocation of ₹10 lakh crore will secure the lives of thousands of people struggling to make two ends meet and living in makeshift homes in urban cities and towns. The availability of homes at subsidized rates will incentivize them to invest in properties. On the other hand, the government's focus on rental housing expected to be built on PPP mode is also approbation-worthy and designed to improve living conditions for industrial workers.
Mr. Shiven Vikram Bhatia, Executive Director, Splendor Group
The Budget 2024 betokens a pivotal moment in India's housing, infrastructure, and real estate sector. The introduction of PMAY Urban Housing 2.0 with an allocation of ₹10 lakh crore underscores the government's unwavering commitment to achieving Housing for All. This substantial investment will not only provide subsidized housing to those in need, uplifting thousands from poverty and enhancing their quality of life, but also stimulate economic activity across the real estate market. Moreover, the Budget's focus on infrastructure development, with strategic investments in roads, railways, and urban amenities, is set to drive robust growth in the real estate sector. The commitment to improving connectivity and urban infrastructure will undoubtedly attract more investment, enhance property values, and improve the living standards of millions. However, a contemplation on rebates on cement rates would have been appreciated, in its entirety, the Union Budget holds doors to enhanced development, growth, and infrastructural progress."
