The post-budget sentiment is overwhelmingly positive, with leaders across sectors applauding the government’s comprehensive approach to economic growth, innovation, and inclusivity. The budget reflects a holistic vision aimed at driving progress and development in various facets of the Indian economy.
Startup and Tech
Amit Relan, Co-founder and CEO, mFilterIt
In the election year, the interim budget was expected to offer some illustrious announcements. However, the government remained focused on maintaining consistency, developing infrastructure, and encouraging entrepreneurs. For budding entrepreneurs, this is a golden period of growth. A corpus of Rs 1 lakh crore with a 50-year interest-free loan will be a major boost for the start-up ecosystem. The long-term financing and re-financing will encourage the private sector to scale up research and innovation to chart new horizons.
The Indian entrepreneurs are also becoming ‘rozgardata’. The Fund of Funds, Start-Up India, and Start-Up Credit Guarantee schemes are assisting our youth. Also, a drop in corporate tax rate from 30 percent to 22 percent for existing domestic companies and to 15 percent for certain new manufacturing companies is also a step in the right direction encouraging existing business and will have a positive long-term impact on the market.
Amit Prasad, Founder and CEO, SatNav
The prediction of unprecedented growth in the next five years is very encouraging and will ensure the vision of becoming one of the top 3 economies of the world becomes a reality. This will help existing companies and new industries tap the humongous opportunities that arise as a result of this growth. The figures on continued uptrend in collection of taxes as well as the subtle reference to formalization of economy should not be read casually, it indicates how the grey economy that still exists in large numbers is slowly and surely being targeted by the Government to make it mainstream. We are very confident that all these positive signals will benefit Businesses and help them scale their Enterprises faster in the coming years.
Roopak Gupta Founder & CEO mTap
Post the Union Budget announcement, mTap stands enthused by the visionary measures outlined by Finance Minister Nirmala Sitharaman. The government’s commitment to nurturing entrepreneurial dreams through initiatives like PM Mudra Yojana, sanctioning an impressive 43 crore loans totaling Rs. 22.5 lakh crore, along with the support from Fund of Funds, Startup India, and Startup Credit Guarantee Schemes, reflects a concerted effort to empower our youth.
The establishment of a corpus, earmarked at Rs 1 lakh crore with a 50-year interest-free loan, heralds a golden era for our tech-savvy youth. It catalyzes private sectors, including mTap, to scale up research and innovation significantly, especially in sunrise domains. As FM Sitharaman hints at presenting a detailed roadmap for Viksit Bharat in the full Budget in July, we eagerly await a strategic vision that aligns with our pursuit of innovation and growth. This budget sets the stage for a progressive and vibrant technology landscape in the country, and we look forward to leveraging these opportunities to contribute to India’s technological prowess.”
Welcoming the Interim Budget 2024-25 presented by Union Finance Minister Smt. Nirmala Sitharaman, ESC Chairman Mr. Sandeep Narula said: “What stands out for the ICT sector in the Union Interim Budget is the exemplary record of pushing incrementally digital economy and infrastructure to the forefront, which can result in an unparalleled scale of growth in the sector. I believe that this could be one of the pivotal reasons for India being judged as one of the fastest-growing economies by multilateral funding agencies like the IMF.
Furthermore, Finance minister rightly highlighted the future course of India’s path-breaking journey in the ICT sector by focusing on digital infrastructure, which has become the fourth factor of production, positively impacting all segments of the Indian economy such as agriculture, manufacturing, healthcare and governance. That is the course that we have tread to reach the trailblazing objective of reaching Amrit Kal by 2047 as envisioned by Prime Minister Shri Narendra Modi, as India gears to join the league of developed countries. We also welcome the reference the Finance Minister made about the need for focusing on R&D, innovation, Deep Tech in defense, further e-connecting agricultural markets, application of digitization of the logistics sector, and e-security, which are the future growth pointers that can deepen not only inclusive growth but also build a strong technology base to catalyze a multidimensional economic growth.”
MSME
Mr. Gurmeet Singh, Executive Director, ESC.
“The Union Budget 2024 brings forth a transformative outlook for the electronic and computer software industry, and as the Electronic and Computer Software Export Promotion Council, We welcome the strategic initiatives outlined by Finance Minister Nirmala Sitharaman. The Focus given to MSMEs, startups, exports and efforts to link the growth dimensions to demographic profiles to consciously create an advanced economy that focuses on more employment are visionary steps to take the economy to the next level of growth. Finance minister rightly highlighted the future course of India’s path-breaking journey in the ICT sector by focusing on digital infrastructure, which has become the fourth factor of production, positively impacting all segments of the Indian economy such as agriculture, manufacturing, healthcare and governance.
We feel this budget not only addresses immediate concerns but also lays the foundation for a robust and globally competitive electronic and computer software industry in India.”
Amit Jain, Founder Paaduks
“Paaduks commends the Finance Minister’s visionary approach, placing a strong emphasis on training for global competitiveness, particularly in the context of MSMEs, startups, and exports. This strategic focus, coupled with efforts to align growth dimensions with demographic profiles, demonstrates a conscious effort to shape an advanced economy that prioritizes increased employment opportunities.
Aligned with Paaduks’ commitment to promoting regional craftspeople, we recognize the significance of this progressive strategy. The foundation of sustained growth, in our perspective, lies in empowering MSMEs with new skills. We are pleased to witness the government’s initiatives and believe that they will contribute to the success of our talented artisans.
As we strive towards creating a more robust and independent India, let us collaboratively work towards developing a competitive and resilient MSME sector. The current budget’s focus on sustainability is commendable, and we anticipate that the upcoming budget will outline a comprehensive roadmap for brands dedicated to contributing to sustainability. Together, we can pave the way for a thriving and environmentally conscious economic landscape.”
Women Quote
Saloni Verma, Co-Founder and chairperson, Sunshine Corporate Creches
This Government’s focus on Women as one of the pillars to drive the country forward, as mentioned today, is already strongly backed by recent laws related to Women’s welfare. Compliance with the Maternity Act which ensures higher Maternity leave and mandatory creche facilities for all employees is being driven well. Earlier this week a meeting of various ministries was held, and they released guidelines to ensure easy compliance with the law. We expect that this focus on women highlighted again now, coupled with such measures will help significantly bridge the gender gap in the coming years, and also reduce the percentage of women dropping out of the workforce after childbirth.
Dr Rashmi Saluja is the Executive Chairperson of Religare Enterprises Limited :
The Interim Union Budget reflects the government’s commitment to bringing about positive change and ensuring equal opportunities for all. It highlights the significant milestones achieved towards women’s empowerment and the financial inclusion of marginalized communities.
The Interim Budget, in conjunction with prior legislative and policy endeavours, signifies a united effort toward fostering a society that is both inclusive and empowered. Women’s rising participation in the workforce and the noteworthy 28% surge in female enrolment in STEM courses over the past decade reflects commendable progress.
The allocation of over 70% of houses built under the PM Awas Yojana Grameen to women beneficiaries, either through single ownership or through joint ownership, will prove to be a monumental step in the long term. This initiative will undoubtedly improve the financial independence of women.
Various social reforms until now, including the reservation of one-third of seats for women in the Parliament and state assemblies, will continue to empower women and contribute significantly to more equitable and representative governance. The Budget’s overall focus on uplifting the status of women will contribute significantly to the nation’s progress.
Startup and EV – Sanjay Gupta, Chairman, IESA
Today’s interim budget signals a crucial juncture for India’s growth, spotlighting strides in startups and electric vehicles (EVs). The Finance Minister’s endorsement of PM Mudra Yojana, with 43 crore sanctioned loans totaling Rs. 22.5 lakh crore, empowers youth to forge new business paths. The focus on the E-vehicle ecosystem, backed by robust support for manufacturing and charging infrastructure, aligns with global environmental goals, offering avenues for innovation and economic growth.
Emphasizing Fund of Funds, Startup India, and Startup Credit Guarantee Schemes underscores the government’s commitment to a vibrant startup culture. As stakeholders in electronics and semiconductors, we anticipate a surge in entrepreneurship, job creation, and a flourishing innovation ecosystem. The budget’s support for semiconductor usage in EVs aligns with global trends, positioning India at the forefront of the electric mobility revolution. We eagerly anticipate actively contributing to this transformative journey.
Housing – Mr Rahul Mehrotra, MD & CEO, RHDFCL:
This budget lays the foundation for a more inclusive and prosperous India, showcasing the government’s commitment to holistic growth and development.
The Interim Union Budget 2024 has prioritized the betterment of the economically weaker sections, women, farmers, and the youth, recognizing their crucial role in nation building. The pledge to build an additional two crore houses in the next five years under the PM Awas Yojana Grameen is laudable. It underscores the government’s commitment to ensuring housing for all.
Honourable Finance Minister Ms. Nirmala Sitharaman’s announcement of an upcoming scheme targeting the middle class, especially those living in rented houses, slums, and unauthorized colonies, is a positive stride towards inclusive growth.
Anticipating a comprehensive roadmap for Viksit Bharat in the Full Budget this July, we believe it will reinforce the government’s dedication to economic development and welfare.
MSMEs
Mr. Krishan Gopal, CFO, Aye Finance
MSMEs are the backbone of the Indian economy, and we appreciate the government’s focus on empowering this sector with the budget announcement. The government’s commitment to training MSMEs for global competitiveness is a welcome step. This initiative will unlock opportunities for MSMEs to adopt cutting-edge technologies and solutions, propelling them into the new-age economy.
Aye Finance, with its deep understanding of the micro and small business landscape, is ready to participate in this endeavor by offering innovative financing solutions tailored to the specific needs of these businesses. The government’s emphasis on building consensus with stakeholders further strengthens our optimism. As a responsible lender, we actively engage with industry bodies and policymakers to create an ecosystem that enables MSMEs to flourish. We believe collaborative efforts are key to driving inclusive and sustainable growth.
