Mr. Ashish Singhal, Co-Founder and Group CEO, Peepal Co:
Crypto is experiencing a resurgence this year. The markets are showing positive growth, retail activity is increasing, and there is clear regulatory progress happening worldwide. However, due to it being an election year in India, the Interim Budget had limitations that prevented the necessary tax adjustments for the sector.
On a positive note, the Government of India now has the chance to introduce comprehensive crypto regulations and improved tax policies in the upcoming full Budget, with the full support of the electorate. We continue to urge:
- i) Allow offsetting and carrying forward losses
- ii) Reducing the TDS on VDAs, from 1% to 0.01%
iiI) and treating income from VDAs on par with other capital assets
At a broader level, the Budget is a statement of intent. From Skill India Mission to Startup India to Digital India, the growth engines of the country have been cranked up with special schemes and financial outlay. The corpus of Rs 1 lakh crore long-term loans to encourage innovation in sunrise sectors and the renewed commitment to develop deep technologies will be the GDP multipliers for the coming decade.
And I congratulate the Honorable FM for presenting the Budget for the 6th straight year!
Mr. Aditya Gupta, CEO, Credilio:
At Credilio, we wholeheartedly endorse the government’s visionary strides delineated in the Interim Budget 2024, a crucial approach of providing consistency in direction which is instrumental for fortifying India’s economic sector. We believe that the Budget aligns seamlessly with PM Modi’s resolve to propel India to the status of the world’s third-largest economy.
Central to this initiative is the emphasis on introducing 50-year interest-free loans tailored for the tech-savvy youth which not only resonates with our commitment to fostering financial literacy but also aligns perfectly with our goal of supporting the next generation in their ambitious endeavours.
Equally commendable is the government’s resolute commitment to women’s empowerment through the Mudra Yojana loans. In this significant stride, Credilio stands in solidarity with women entrepreneurs, dedicated to providing financial solutions and seamless access to credit.
Additionally, government’s efforts to make the MSME sector globally ready through training perfectly aligns with our steadfast commitment to empowering the youth of this nation, reinforcing their financial resilience and strength.
However, we believe there’s ample room for acknowledging the crucial role of fintech in empowering MSMEs and SMEs, coupled with targeted incentives for Tier 2, 3, and 4 cities. This strategic push will not only complement current initiatives but will also pave the way for a broader scope of lasting financial inclusion in the country.
Mr Ram Kewalramani, Co- founder & MD at CredAble
“The interim Union Budget for FY 2024-25 echoes the potential of advancing the economy forward in unison.
Given how this is a vote on account budget, it has set the tenor for what we can expect in the detailed budget in July, assuming all other factors remain unchanged.
Considering India’s unprecedented development in the last few years, it is heartening to see all stratas of the country becoming active participants in economic growth. The government is taking up a renewed focus on strengthening Digital Public Infrastructure, which will be instrumental in the formalisation of the economy.
We also applaud the prioritisation of economic growth, next-generation reforms, and the push towards a greener future. Moreover, the focus on sustainable development and renewable sectors, alongside supportive measures for MSMEs, signals a commitment to inclusive growth and trade sustainability.
Reinforcing the country’s commitment to net zero by 2070 and strengthening the e-vehicle ecosystem by supporting manufacturing and charging units—the budget sets an encouraging tone for the country to achieve its ambitious vision of green economic growth
The establishment of a corpus of 1 lakh crore with 50-year interest-free loans is expected to aid the private sector in accelerating research and innovation significantly in sunrise domains.
The FY25 capex target of Rs 11.1 lakh crore, up 11.1%, indicates a proactive approach to fiscal management. The revised estimate of fiscal deficit at 5.8% of GDP and plans for deepening and widening the tax base via GST further highlight the government’s commitment to economic stability and growth.
The India-Middle East-Europe Economic Corridor will mark a transformative shift in the country’s trade landscape. For MSMEs in the country, this spells enhanced market access, trade expansion, and global competitiveness. The opening up of this trade corridor will strengthen supply chain resilience and reduce dependency on single markets.
It’s evident that the government’s initiatives are forward-looking and cover various facets crucial to economic health, from enhancing financial sector proficiency to streamlining global trade facilitation. In the detailed budget in July, we eagerly anticipate supportive measures for startups and the FinTech industry, hoping for policies that align with digital infrastructure strengthening, ensure a continued emphasis on supporting MSMEs in India, and foster FinTech innovation.”
Tejinder Pal Singh, Senior Partner – Pharma, Healthcare & Life Sciences
“We welcome the Budget 2024-25 as a balanced, consistent & pro-development budget with focus on capex, Infrastructure development, public health & making India a knowledge economy. This year’s budget has paved the way for India to achieve universal health coverage. We appreciate the various initiatives announced by the Honourable Finance Minister to address longstanding gaps in the Indian healthcare ecosystem. Focus on public health programs & health insurance coverage is commendable. Furthermore, the stability and continuity of healthcare policies will further encourage the momentum of a strategic shift, positioning India as a high-value player in the global pharmaceutical market.
We believe that the budget, along with continuity in conducive policies and regulatory reforms, will facilitate research and development, fostering a culture of innovation, and promoting advanced manufacturing in the pharmaceutical and MedTech sectors. This will strengthen our global reach and influence to address unmet health needs and reduce the high disease burden.
The incentives for investment and value creation bode well for our country’s aspiration to emerge as a globally competitive centre of scientific excellence and knowledge, with a keen focus on delivering quality healthcare. With increased investment, the budget is poised to enhance employment opportunities and spur a rising demand, especially for skilled leadership in the scientific sector.”
Mr Ketan Mehta, CFO, CredAble:
It is notable that while there were commendable announcements, there is a missed opportunity to enable the growth of MSMEs as part of the Indian ecosystem. Acknowledging MSMEs as a cornerstone of our economy is crucial for sustainable global competitiveness. Without enhancing the competitiveness of our MSMEs, India cannot generate the requisite jobs and effectively compete on the global stage. A prime illustration of the potential impact lies in the announcement of long-term interest-free loans for R&D in sunrise sectors. This implicitly recognizes that strategic debt can act as a catalyst for innovation and research, positioning the younger generation of India to excel in emerging industries. The recent governmental emphasis on tourism (which was conspicuously absent in the budget speech), encompassing the construction of new monuments, exploration of remote areas, and a call for celebrating milestones within the country, necessitates robust tourist infrastructure development, both in terms of rail and air connectivity. This impetus on localized infrastructure growth is poised to catalyze the expansion of MSMEs, fostering their overall development.
Additionally, the budget’s recognition of technology’s transformative role across sectors, particularly the proposed scheme for enhancing deep technology in defense for achieving self-reliance (‘atma nirbharta’), is noteworthy. India currently boasts world-class digital public infrastructure, set to strengthen over time, facilitating easier access to both self-owned and borrowed funds. While the budget speech lacked focus on skill development in AI, a critical area for our future, we anticipate and hope for such initiatives in subsequent announcements
Spokesperson: Roland Landers, CEO, All India Gaming Federation
Further to the interim budget speech by Hon’ble Finance Minister today, Mr. Roland Landers, CEO, All India Gaming Federation expresses his opinion stating that, “Today’s interim budget announcement may not have directly addressed the needs of the gaming industry, however the clear focus on technology and the youth is one that we deeply appreciate. We believe that the annoucement proposing long term financing for the sunrise sectors to scale up on research and innovation will be beneficial for the technology and startup sector as a whole including the gaming and game-development sub-sectors. We are hopeful for more concrete and decisive measures addressing the online gaming industry in the upcoming Union Budget.
We urge progressive budgeting to empower responsible online gaming, aligning with AVGC policies and fostering self-regulation, as recommended by the I&B Ministry’s AVGC Task Force. This will unlock industry potential and benefit the economy, players, and creators.
As the apex industry body, we are committed to working with policymakers to create an enabling environment for the gaming sector’s growth and innovation. Our industry has immense potential, and we look forward to constructive policies that will drive its development in the union budget.”
