Mr. Jitesh Agarwal, Founder of Treelife
“The abolition of angel tax is a landmark decision that will significantly strengthen India’s position as a global startup hub. Currently, India ranks third globally in the startup ecosystem, with 1,17,254 startups and more than 100 unicorns. The removal of the angel tax will alleviate the tax burden on investors, making it easier for startups to raise early-stage funding.This move is expected to attract more domestic and international investments, fostering innovation and accelerating the growth of the startup ecosystem in India”
Ms. Garima Mitra , Co- Founder of Treelife
” With the Indian space economy currently valued at around $8 billion, holding a 2% share in the global space economy, the government’s commitment to expanding it by five times over the next decade is a transformative initiative. The establishment of a ₹1,000 crore venture capital fund is a strategic move that will significantly bolster the sector. This fund aims to foster innovation, support startups, and attract global investments, positioning India as a key player in the global space economy. Additionally, the exemption of customs duties on 25 critical minerals and reduction of BCD on two will boost the processing and refining of essential minerals for sectors like space, further supporting this growth. With the potential to reach $44 billion by 2033 and capture about 8% of the global share, this initiative is expected to drive advancements in space technology, create high-tech jobs, and stimulate economic growth. At Treelife, we are enthusiastic about the opportunities this brings to boost entrepreneurial endeavors and advance technological progress in the country. For more insights, our detailed report ‘India’s Space Odyssey: A Launchpad for Innovation and Growth’ delves into the latest trends, funding mechanisms, and regulatory framework in India’s space technology sector.”
Prashant Sachan, Founder and CEO, Sri Mandir
“As the Indian budget paves the way for economic growth and opportunities, with a positive sentiment towards startups, we are delighted to be a part of the ecosystem and be able to contribute to the growth trajectory. At Sri Mandir, our efforts are aimed at developing services that help people in India and around the world, in their spiritual and devotional journeys. With the government’s focus on developing Bihar and Odisha as prominent tourist destinations, our network of temples in the region like Deo Surya Mandir among others, will attract more and more devotees to offer puja and chadhava services and enable them on their spiritual journey. We have over 20 million satisfied devotees and will continue to strive to bring happiness, peace, and contentment to even more individuals through enriching temple experiences,”
Zahara Kanchwalla, co-founder & CEO, Rite Knowledgelabs Limited
I wish to congratulate Madam Finance on the budget, especially on two aspects. As a start-up entrepreneur, I believe the increased credit limits on MSME (Mudra) loans will significantly enhance ease of doing business and create more business opportunities.
Moreover, as a working mother, I am particularly pleased with the announcement regarding the establishment of working women hostels and creches in collaboration with industry. This initiative is a significant step towards promoting gender equality and encouraging higher participation of women in the workforce. This is truly a forward-thinking measure”.
Roshan Aslam, Co-founder & CEO of GoSats
Mr. Mohammed Roshan Aslam, Co-founder & CEO of GoSats, feels abolishing Angel Tax and reducing Corporate Tax offers a unique opportunity for Indian startups to grow at an unprecedented rate, “The financial blueprint put forward by the Union Budget is highly favourable to the startup ecosystem in India. The Angel Tax has been one of the limiting factors for Indian startups, and doing away with it offers a unique opportunity for entrepreneurs to ensure scalability and attract angel investments. Furthermore, the Union Budget proposes to reduce the corporate tax rate on foreign companies from 40% to 35%, aligning with long-term business goals and FDI inflow, assisting the entrepreneurial spirit further.
Mukul Goyal, Co founder of Stratefix Consulting
“The Union Budget 2024 presents an ambitious framework aimed at revitalizing India’s economic landscape, particularly for MSMEs, startups, artificial intelligence, and job creation. With a proposed allocation of ₹22,000 crore for the MSME sector, this budget has the potential to catalyze significant growth and innovation.
However, while the expansion of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is commendable, it could have been further enhanced by introducing specific incentives for eco-friendly technologies, which are crucial for aligning economic growth with sustainability.
The budget’s focus on ease of doing business is promising, with measures to streamline regulatory processes and extend tax holidays for startups. Yet, the absence of substantial changes in GST rates is a missed opportunity. Simplifying compliance and reducing the GST burden on essential goods for MSMEs would have provided immediate relief and improved cash flow management.
Moreover, while the introduction of employment-linked incentives and a ₹2 lakh crore allocation for job creation is noteworthy, the framework for skill development remains insufficient. A more robust approach to job-ready education and targeted training programs is essential to bridge the growing employability gap, particularly in high-demand sectors like AI and renewable energy.
Additionally, the budget lacks a comprehensive strategy to address the potential job displacement caused by AI advancements. A proactive approach, including retraining programs and direct benefit transfers for affected workers, could have been beneficial.
while the Union Budget 2024 lays a strong foundation for growth, it is imperative that the government prioritizes effective implementation and creates synergies across sectors. By addressing these gaps, we can ensure that the coming fiscal year transforms not just the economy, but also the lives of millions of Indians.”
Mr. Anand V.S., Managing Director, NOCIL Limited
He has over 25 years of experience in the chemical industry, covering business management, sales and marketing, strategy, and operations. He has held various roles at BASF, both in India and internationally, and was previously the Managing Director of Chemetall India (a BASF Group Company).
Balajee Bobba, Director, Bobba Group
“We commend the government for its visionary Union Budget 2024-25, which strategically emphasizes infrastructure, manufacturing, and skill development. The spotlight on the logistics and supply chain sector is crucial for India’s growth trajectory. Introducing e-commerce export hubs and industrial centers under the Vikas Bhi, Virasat Bhi scheme is a praiseworthy approach to bolster MSMEs and foster regional development. The government’s commitment to green energy and EV infrastructure marks a significant step towards sustainable logistics. Additionally, the focus on technology and innovation will enable the industry to leverage AI, enhancing warehousing and optimizing every facet of the supply chain. At Bobba Group, we are enthusiastic about these initiatives and look forward to capitalizing on these opportunities to drive innovation, generate employment, and promote balanced economic growth.” –
Prateek Rastogi, Co-Founder & CEO of Greenday
The 2024 budget further strengthens the government’s commitment to agriculture and startups, with a significant focus on climate-resilient agriculture. This is a tremendous boost for biofortified varieties, which are the beacon of hope for climate resilient farming.
The emphasis on agricultural research is particularly exciting for us at Greenday. Our mission to enhance the nutritional value of food while supporting farmers is closely aligned with these initiatives. This will help us create nutrion dense and climate resilient farms that meet the growing demand for sustainable and nutritious food.
The removal of the angel tax and the major push for agri startups make this an ideal time for investors to dive into this sector. The budget’s increased allocation for agricultural infrastructure and support for innovation will drive remarkable growth over the next five years.
For Greenday and our Better Nutrition brand, this budget provides the perfect environment to scale operations and bring more innovative products to market. We are helping farmers create and market differentiated varieties, which is essential for improving food security and nutrition.
The focus on digital infrastructure and ease of doing business is another significant win for startups. Streamlined processes and better connectivity will enable us to reach more people, faster. It’s an exciting time to be in the agri-tech space, and we’re eager to leverage these new opportunities to drive growth and create lasting change.
Overall, the 2024 budget lays a strong foundation for innovation and growth in agriculture and startups. It’s a pivotal moment, and I’m optimistic about the future it promises for companies like Greenday.
Nirmit Parikh, CEO & founder, apna.co
“The Union Budget FY2024-25 underscores job creation as a critical priority, mirroring our shared focus on skilling and employment. The substantial Rs. 1.48 lakh crore allocation for education, employment, and skill development marks a significant stride forward. Introducing five schemes aimed at skilling over 40 million youth within five years, backed by an outlay of Rs. 2 lakh crore, is a monumental step toward shaping a skilled and future-ready workforce.
Moreover, the initiative to establish working women hostels and crèches in collaboration with the industry is a progressive move that will enhance workforce participation among women and promote gender equity. The partnerships for women-centric skills programs and the provision of market access for female SHG businesses are especially commendable, empowering women to play a more significant role in our economy. The three employment-linked incentive schemes, which support first-time job seekers, job creation in manufacturing, and employee support, are poised to drive significant employment growth.
Additionally, the emphasis on accelerating the growth of the rural economy, supporting MSMEs, and promoting tourism will further amplify employment opportunities across diverse sectors. This comprehensive approach reflects a visionary strategy to build a robust, inclusive, and dynamic economy that benefits all.”