AltGraaf Jayaprakash, K, Chief Growth Officer, AI Growth Limited (Parent company of altGraaf)
We are delighted by abolition of angel tax. This would boost investments in the startup ecosystem and create jobs. We are also delighted to see that government is moving towards parity in taxation between financial asset classes as well as non-financial assets. Additionally, credit boost to MSME sector with guarantees, reduction of corporate tax rate on foreign companies from 40% to 35% and some minor improvements to New tax Regime promotes job & economic growth.”
Ravi Kaushik, Executive Director, Head of Asia Investments, Flourish Ventures
“This is a very progressive step in the right direction by the finance minister. This will not only open up opportunities for startups to freely raise capital from India’s thriving middle class, but also significantly reduce disputes and tax uncertainties. We wholeheartedly welcome this step.”
Mr. Prassann Daphal, CEO, Recyclekaro
“The government’s announcement of a 25% waiver on customs duty for nearly 25 critical minerals is poised to drive demand across various renewable sectors, including energy storage solutions, electric vehicles (EVs), high-tech electronics, defense, and space. This initiative will bolster the refining and processing of these minerals, strengthening a resilient supply chain ecosystem.
Additionally, the establishment of a ‘Critical Mineral Mission’ aims to oversee domestic production, recycling, and international acquisition of critical mineral assets. The mission will prioritize technology development, skilled labor, and an expanded producer responsibility framework, including Extended Producer Responsibility (EPR), which will benefit the e-waste and battery recycling sectors.
This well-planned budget reflects a strong commitment to supporting the critical minerals sector, which is crucial for advancing greener transformations.”
Mr Tushar Choudhary, Founder & CEO, Motovolt Mobility Pvt. Ltd.
‘We commend the Union Budget 2024-25 for its announcement to fully exempt customs duties on 25 critical minerals, including lithium, essential for EV battery manufacturing. This move is expected to significantly reduce battery costs and bolster domestic manufacturing capabilities. Furthermore, the incentives for hiring first-time employees are a welcome initiative that will stimulate job creation in the manufacturing sector. This initiative will not only help build a skilled workforce but also support our expansion plans by ensuring we have the talent needed to drive innovation and productivity.The ‘Purvodaya’ plan is another robust initiative that underscores the government’s commitment to fostering growth and innovation across the eastern states. By reducing import costs and encouraging regional development, this plan represents a significant step forward for our industry and the economy as a whole. Additionally, our products in the micro-mobility segment will benefit greatly from these measures, enabling us to offer more affordable and efficient solutions to consumers. This will particularly enhance our ability to cater to the urban and semi-urban markets, providing sustainable and cost-effective transportation options.Overall, these measures reflect a forward-thinking approach that will benefit the entire EV ecosystem, from manufacturers to consumers, and contribute to sustainable economic growth. By addressing critical supply chain issues and promoting regional development, the government is laying a strong foundation for the future of electric mobility in India. We are optimistic that these initiatives will drive significant advancements in technology and infrastructure, ultimately leading to a cleaner, greener, and more prosperous nation.’
Tom Joseph, Co-Founder of USDC Global
“The allocation of Rs 1.48 lakh crore in the budget is a positive move. As a company focused on designing skill-based courses for Higher Education Institutions, I appreciate the government’s emphasis on skill development and the introduction of new courses and programs aligned with this goal. We are eager to collaborate with the government in creating these new courses.
Students studying abroad, particularly in Ukraine, Israel, the UK, Canada, and Australia, have recently faced major challenges. Therefore, the government’s decision to offer education loans of Rs 10 lakh for pursuing higher studies in India is a commendable step. This initiative will encourage students to study in India where they will have a conducive learning environment and eventually it will reduce brain drain. Additionally, the 3% reduction in education loan interest will alleviate financial stress for students and allow them to focus more on their studies.
Announcing internship opportunities to 1 crore youth in 5 years by the government is a transformative step, this will provide youths an invaluable exposure to diverse professional environments. This industry engagement will enhance employability and practical skills
As an Edtech startup we believe that the removal of the Angel Tax by the government is anticipated to significantly benefit the Edtech sector. This announcement is expected to attract more domestic and international investors. This influx of capital can help Edtech companies expand their operations. It may also inspire more individuals to launch new Edtech ventures”.
Suman Bannerjee, CIO, Hedonova
The Union Budget 2024, while aiming to balance growth and equity, presents a complex mix of policies with varied impacts. The revised income tax slabs, offering relief for the middle class, are countered by significant changes in capital gains taxation. Short-term capital gains tax has been increased to 20%, and long-term capital gains tax is now 12.5% for specific assets, potentially discouraging investment. Additionally, the hike in Securities Transaction Tax (STT) from 0.1% to 0.2% for equity transactions and increases for futures and options trading could further dampen market activity and trading volumes.
Substantial allocations for infrastructure, with a capex outlay retained at Rs 11.1 lakh crore, and job creation initiatives, including a Rs 2 lakh crore allocation over five years, signal a strong commitment to economic stimulation. However, the efficacy of these measures depends heavily on effective implementation and the actual absorption of funds. The budget also emphasises women-centric schemes, with Rs 3 lakh crore allocated, and agricultural resilience, with Rs 1.52 lakh crore for agriculture and allied sectors, reflecting an inclusive growth agenda.
Despite these initiatives, the fiscal deficit target of 4.9% of GDP raises concerns about fiscal prudence and debt sustainability, particularly in a global economic environment fraught with uncertainties. The commitment to lowering duties for properties purchased by women and setting up industrial parks indicates a push towards socio-economic equity, but the actual impact remains to be seen. Ultimately, the Budget’s success hinges on efficient execution and the government’s ability to navigate external economic challenges while achieving its ambitious domestic goals.
Sandeep Lanjewar, Director, Palladium India
The budget announcement has brought smiles to MSMEs with its focus on sector development, employment promotion, and skilling. To address the need for better MSME-specific credit access, the government has introduced measures such as setting up 24 SIBDI branches, enhancing the Mudra Loan limit to INR 20 lakh for re-applicants who have repaid earlier loans, and providing up to INR 100 crore in guarantee cover for each applicant MSME through a credit guarantee scheme for the manufacturing sector, without collateral or third-party guarantees. The government has also reaffirmed employment and skilling as priority areas, with a 5-job scheme agenda worth INR 2 lakh crore, a revision of the Model Skill Loan scheme with additional allocations for e-vouchers for loans up to INR 10 lakh in domestic institutions, aiming to equip youths with skills at early stages in their education journey to build a future-ready workforce.
Furthermore, the government’s focus on infrastructure to promote skilling and MSMEs is a key highlight of the budget. Proposed interventions include upgrading 1,000 ITIs, establishing e-commerce hubs for accessing international markets, enhancing digital public infrastructure for credit, e-commerce, and legal compliance, and investing in infrastructure to support women-led development. Additionally, the budget proposes a new assessment model for MSME credit by public sector banks, which will rely on the digital footprint of MSMEs rather than the traditional asset and turnover criteria. This model is seen by many as a unique selling point of the budget. Overall, the budget appears promising for the country’s economic growth over the next five years.
Kailas Patil, Director, Palladium India
I welcome the Union Budget’s increased capital allocation for the Ministry of Road Transport and Highways (MoRTH) in FY25, rising to ₹2.78 lakh crore from ₹2.70 lakh crore in FY24. This significant investment underscores the government’s commitment to enhancing the nation’s infrastructure and addressing critical transportation needs. This investment will make our roads better, including national highways and expressways.
The Ministry has been allocated ₹ 270 crore in Road Transport and Safety fund for road safety initiatives, marking a 6.5 % increase from the previous years revised allocation of ₹ 256 Crore. This funding is intended to support safety programs, provide relief to accident victims, and enhance the safety infrastructure on national highways. The focus on road safety measures, backed by targeted funding for the installation of intelligent traffic systems and comprehensive safety programs, aligns perfectly with our Road Safety Practice to reduce road accidents and enhance commuter safety.
The expansion of Metro Rail projects and the emphasis on electric vehicle infrastructure further underscore the government’s commitment to sustainable and efficient public transport systems.
The 2024 Budget is a significant step forward, and as industry stakeholders, it is our collective responsibility to leverage these investments to build a better transport system that’s safe, efficient, and works for everyone.
Md. Sajid Khan, Director – India, ACCA (Association of Chartered Certified Accountants)
“The Union Budget for FY25 marks a significant milestone in the government’s ongoing efforts to drive India towards a ‘Viksit Bharat’ by 2047. Building on the momentum from the interim budget, the FY25 Union Budget demonstrates the Indian government’s sustained commitment to skilling, education, and employment with a substantial allocation of Rs 1.48 lakh crore towards these critical areas. As India continues on this growth trajectory, the role of skilled accountants will be crucial in driving business innovation, ensuring financial sustainability, and navigating emerging technologies in fintech, AI and sustainable accounting practices. Additionally, the introduction of a new assessment model for MSME credit, leveraging digital footprints, has the potential to unlock financing opportunities for this vital sector.
We are encouraged by the government’s efforts to create a future-ready workforce in accounting and finance, equipped with the skills needed to navigate emerging technologies and drive business innovation. Overall, this budget strikes a balance between short-term growth imperatives and long-term strategic vision, and we believe it will have a positive impact on India’s economy.”
Prajodh Rajan, Co-Founder & Group CEO, Lighthouse Learning
“The FY25 Union Budget marks a pivotal step in addressing the educational, skilling and employment needs of our nation. The significant allocation of ₹1.48 lakh crore for education, employment, and skilling reflects a strategic investment in our country’s future, particularly in equipping our youth with the skills necessary to thrive in an evolving job market. The comprehensive scheme for internships with top companies for the country’s youth is a visionary approach that will provide our youth with invaluable hands-on experience and exposure to real-world challenges. However, while the budget has taken commendable strides in terms of skilling, the absence of specific measures for early childhood education remains a critical gap. We hope that the future budgets will place a stronger emphasis on this foundational phase to ensure holistic development for India’s young generation.
As a franchise-run business with women entrepreneurs, we are encouraged by initiatives increasing women’s workforce participation and fostering an inclusive environment. Supporting women entrepreneurs is both a social and economic imperative, as women-led businesses can significantly contribute to growth. By facilitating market access and skilling opportunities for women, the government nurtures a robust ecosystem where women can thrive and lead with confidence. With effective implementation and collaboration between stakeholders, we are confident that we can create a world-class education system that prepares India’s students for success in the 21st century.”
Rajesh Khosla, CEO, AGI Greenpac
“The Union Budget 2024 presents a promising outlook for India’s manufacturing sector. Increased allocations for infrastructure and technology are significant steps towards solidifying India’s position as a global manufacturing hub.
The focus on employment-linked skilling initiatives is particularly encouraging. By incentivizing job creation, the government is empowering young talent and fostering a more productive workforce.
We are optimistic that these measures will create a robust manufacturing ecosystem and contribute to India’s economic growth. AGI Greenpac is well-positioned to capitalize on these opportunities and further expand its operations.”
Professor Manish Gangwar, Indian School of Business, Executive Director-ISB institute of Data Science
“The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, stands out for its strong emphasis on job creation. Through a series of innovative schemes and forward-thinking policies, this budget aims to generate substantial employment opportunities and address the existing skill gap in the workforce.
A key highlight is the introduction of three “Employment Linked Incentive Schemes” designed to provide direct financial support to both employees and employers. These schemes include support for first-time employees, incentives for manufacturing sector jobs, and financial reimbursement for employers hiring additional staff.
Recognizing the critical role of skill development and practical training in enhancing employability and productivity, the budget emphasizes the upgradation of ITIs and internships in top companies. Over the next five years, 1,000 Industrial Training Institutes (ITIs) will be upgraded, focusing on improving outcomes and quality. Additionally, 1 crore youth will gain valuable on-the-job experience through internships in top companies. The budget also plans to develop investment-ready “plug and play” industrial parks in or near 100 cities to stimulate job creation and a conducive environment for businesses to set up operations and generate jobs.
The Union Budget 2024 is a forward-looking plan. By introducing targeted employment schemes, enhancing skill development programs, and developing industrial parks, the government aims to not only provide immediate employment opportunities but also focus on a skilled and resilient workforce for the future to drive India’s long-term economic growth.”
Professor Bhagwan Chowdhry, Indian School of Business (ISB)
The Union Budget did not offer big surprises, but a positive way of looking at it is that a few good initiatives that we expected came through. The removal of Angel Tax was an anticipated but welcome move for startups. A focus on job growth by providing incentives to the private sector, for example, paying the first month’s salary, was also welcome. The focus on skilling is also essential for India. So the language of the Union Budget is consistent with that, but this ultimately matters if it is executed well. Here the details of how this will be achieved will evolve over time. This is not a simple nut to crack, but is absolutely essential.
Satyendra Prasad Narala – Managing Director, Regency Ceramics
“The Finance Minister’s announcement of a ₹10 lakh crore investment in urban housing through PMAY Urban 2.0 is a significant boost for India’s real estate sector and related industries such as Ceramics and Tiles Manufacturing. This substantial infusion, including ₹2.2 lakh crore to rejuvenate the affordable housing segment and is expected to drive demand for construction materials and stimulate growth in sectors like ceramics, fostering innovation in construction technologies for affordable housing.
Moreover, the enhanced focus on middle-class families is likely to encourage diverse housing types and urban design solutions.
In tandem with this, the focus on MSMEs is commendable. The introduction of a credit guarantee scheme for MSMEs in the manufacturing sector, along with support for E-commerce export hubs, will fuel growth and competitiveness. However, while welcoming these measures, we urge additional support for sectors like Ceramics to ensure sustainable growth.”
Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance
“The Union Budget, as expected, was in-sync with the announcements made in the interim budget earlier this year. The budget focusses particularly on Employment, Skilling, MSMEs, and the Middle Class with sustained efforts to be made across nine specific areas to achieve the vision of a Viksit Bharat.
This budget provides special attention to MSMEs and manufacturing, particularly labour-intensive manufacturing for which a solution that includes financing, regulatory changes and technology support for MSMEs to help them grow and also compete globally has been devised. While a number of initiatives have been taken by the Government for the MSME sector, the most significant announcement is the development of a new credit assessment model for MSMEs based on digital footprints easing their access to funds.
It is heartening to see that apart from the focus on Employment and Skilling of the youth, the Finance Minister extended their extensive support to the agriculture sector by committing to the development of large-scale clusters near consumption areas as critical strategies to improve supply chain efficiency in agriculture.
Infrastructure development has been at the core of India’s growth and the Government’s provision of Rs. 1.50 lakh crores for long-term interest free loans to support the states in their resource allocation and provision of viability gap funding, favourable policy and regulations will help attract private investments in the sector.
This budget, in a nutshell, has identified key areas which need to be supported to ensure all-round growth, identified issues that are hampering the growth and looked at finding logical, rational and viable solutions for these issues.”
Mr. Raman Bhatia, Founder & MD, Servotech Power Systems Ltd
“The Union Budget 2024 was built on the foundation of Viksit Bharat. A strong focus was put on solar energy. The remarkable achievement of PM Surya Ghar Muft Bijli Yojana with 1.28 crore registrations and 14 lakh applications reflected the growing public awareness and alignment with the government’s vision of a solar-powered India. As a leading solar panel manufacturer, this motivates us to make solar energy more adoptable, affordable, and accessible nationwide. The exemption of customs duty on lithium, a crucial mineral used in the renewable energy sector, will reduce costs, making lithium-based technologies more affordable. The pumped storage policy which includes pumped storage projects for electricity storage will facilitate the smooth integration of the growing share of renewable energy into the overall energy mix, paving the way for a sustainable energy future. Imposing customs duty on the import of solar glass for solar cell and module production will promote domestic manufacturing and boost the economy. The increase of BCD on non-biodegradable PVC flex banners from 10% to 25% is a commendable step towards environmental conservation. Power projects including setting up of a new 2400 MW power plant at Pirpainti, Bihar will add Bihar in the category of solar powered states, overall enhance the power quotient, add to the existing power capacity and create jobs. Overall, the budget highlighted the remarkable changes that will contribute to the development of a nation we all envisioned.”
Mr. Ajinkya Firodia, Managing Director, Kinetic Engineering Ltd.
“The Honourable Prime Minister has announced various good schemes and initiatives aimed at sustaining and accelerating India’s growth. Noteworthy among these is the reduction in corporate tax rates for foreign companies, a move that promises to facilitate the influx of technology and bolster the Make in India initiative.
The NPS Vatsalya program is another exemplary initiative, enabling parents to invest on behalf of their children, who can access these funds upon reaching adulthood. This program encourages savings for future generations, acknowledging that while individuals may neglect to save for themselves, they are often diligent in securing their children’s futures.
Additionally, the simplification of FDI rules is a strategic measure to attract foreign investment, strengthen the Rupee, and enhance technological self-sufficiency in the long term. A substantial budget of ₹2.66 lakh crore has been allocated for rural development, including infrastructure improvements, which is expected to drive overall economic growth and prosperity.
The government’s continued focus on digitization is evident in the announcement to digitize land records, a move poised to benefit the real estate sector. The special attention given to MSMEs, the backbone of India’s manufacturing sector, is also commendable. The introduction of a credit guarantee scheme for MSMEs and the facilitation of term loans for machinery purchases are crucial steps to address the challenges of working capital availability and encourage expansion.
India’s economic growth remains a beacon of resilience, underpinned by the government’s vision to promote MSMEs, rural development, and foreign investment. These measures collectively contribute to a stronger, more self-sufficient nation with a long-term perspective.
On the other hand, The silence on extending the FAME scheme or similar EV adoption incentives is concerning for the auto industry’s electric vehicle push. To achieve a greener India, we urge the government to swiftly address this by continuing and strengthening existing programs like EPMS or FAME subsidies.”
Mr. NS Rao, Group CFO, Ramky Group
We applaud the Finance Ministry and the Indian government’s enduring dedication to economic progress. Their decision to retain the Rs 11.11 lakh crore capex outlay for infrastructure over five years, alongside fiscal support, is warmly welcomed. This commitment, along with attracting private investment through viability gap funding and a market-driven financing framework, promises a bright future for infrastructure. Furthermore, the allocation of 3.4% of GDP to infrastructure, along with Rs 1.5 lakh crore in long-term, interest-free loans to states, empowers the industry to innovate and deliver cutting-edge projects that drive economic growth and job creation. The significant aspect is the emphasis on plug-and-play industrial parks, water, sewage and municipal solid waste treatment, paving way for SDG fulfillment and circular economy.
Mr. Y. R. Nagaraja, Managing Director of Ramky Infrastructure Limited
“Ramky Infrastructure Limited commends the Government of India’s vision for propelling overall economic growth. The Viksit Bharat mission’s nine priorities unveil a wealth of opportunities for both public and private entities through enabling policies and fiscal support.
One of the most important aspects of the infrastructure industry is the government’s unwavering commitment to skill development and the substantial capital expenditure outlay of ₹11.11 lakh crore designated for infrastructure developments. The sanctioning of twelve “plug and play” industrial parks, fully equipped with necessary resources promises to significantly enhance the nation’s manufacturing capabilities and generate a surge in employment opportunities. The roadmap for developing similar parks in 100 cities indicates a decentralised approach to industrial development, one that actively incorporates private-sector partnerships.
Furthermore, we applaud schemes like PM Awas Yojana, which addresses housing needs in both urban and rural areas. The government’s commendable allocation of Rs 2.66 lakh crore for rural development will facilitate the provision of essential infrastructure. In conclusion, Ramky Infrastructure Limited firmly believes the 2024 union budget paves the way for inclusive and sustainable growth across the nation”.
Dr Azad Moopen, Founder & Chairman, Aster DM Healthcare
With 66% of the Indian population still under the age of 35 and an estimated 7-8 million youth entering the job market annually, Union Budget 2024-25 provides a much needed impetus to advancing employment opportunities and youth upskilling, supported by focus on comprehensive development for the country. Although healthcare did not seem to have a major focus this time, it is promising to see the 12.5% hike in budget allocation for the sector at Rs. 89,287 crores as compared to the last Budget.
In a period of maintaining the status quo, the government is taking bold strides with initiatives outlined in the Interim Budget 2024, including the establishment of new medical colleges, the promotion of vaccines for cervical cancer, expanded maternal and child care schemes, and the innovative “You Win” platform for immunisation.
Additionally, the proposed reduction in customs duties on X-ray tubes and flat panel detectors for domestic X-ray machine production, alongside the exemption of three cancer medicines from customs duty, marks a significant relief for cancer patients nationwide. This progressive budget underscores a commitment to fostering inclusive growth within the healthcare sector, striving to bridge the rural-urban divide and ensure equitable access to essential services.