New Delhi: On Tuesday, the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, presented the Union Budget for 2024-25. This budget advances the government's vision of 'Viksit Bharat' (Developed India), focusing on key areas that aim for transformative changes.

Sitharaman outlined nine priority areas for the budget: Productivity and resilience in Agriculture, Employment and Skilling, Inclusive Human Resource Development and Social Justice, Manufacturing and Services, Urban Development, Energy Security, Infrastructure, Innovation, Research and Development, and Next Generation Reforms. Subsequent budgets will build on these priorities and add more, guided by the ‘Economic Policy Framework’.

While presenting the budget in Parliament, Sitharaman acknowledged that the global economy, though performing better than expected, remains impacted by policy uncertainties, elevated asset prices, political instability, and shipping disruptions. Despite these challenges, India’s economic growth continues to stand out and is expected to remain strong in the years ahead.

The budget estimates total receipts, excluding borrowings, at ₹32.07 lakh crore and total expenditure at ₹48.21 lakh crore. Net tax receipts are projected at ₹25.83 lakh crore, with a fiscal deficit of 4.9% of GDP. The government aims to reduce this deficit to below 4.5% in the next fiscal year. Inflation remains steady, with core inflation at 3.1%.

A key feature of the budget is the Prime Minister’s Package, which introduces five schemes to support employment and skilling for 4.1 crore youth over five years. Scheme A provides first-time employees with a one-month salary of up to ₹15,000. Scheme B offers incentives for creating manufacturing jobs, while Scheme C reimburses employers up to ₹3,000 per month for EPFO contributions. Additionally, a new skilling scheme will train 20 lakh youth and upgrade 1,000 Industrial Training Institutes.
 

In agriculture, ₹1.52 lakh crore has been allocated to release 109 new high-yielding, climate-resilient crop varieties and introduce 1 crore farmers to natural farming practices, supported by 10,000 new bio-input resource centres.

The budget also supports manufacturing and services with a new credit guarantee scheme for MSMEs, offering collateral-free loans for machinery purchases. E-Commerce Export Hubs will assist MSMEs and traditional artisans in accessing international markets. Advanced research and development in energy technologies, including policies for energy transition and small modular nuclear reactors, are also highlighted.

Urban development receives a substantial boost with a planned investment of ₹10 lakh crore over five years through PM Awas Yojana Urban 2.0. This investment will address housing needs, develop street markets, and implement transit-oriented plans for major cities.

Infrastructure investment includes ₹11.11 lakh crore for capital expenditure and provisions for rural connectivity under Phase IV of Pradhan Mantri Gram Sadak Yojana. Notable R&D initiatives include the establishment of the Anusandhan National Research Fund and a ₹1,000 crore venture capital fund for the space economy.

Tax reforms simplify GST and reduce customs duties for medical equipment and electronics. A new personal income tax regime offers lower rates and higher exemptions to enhance tax compliance and support economic growth.

Additional proposals include abolishing the ‘angel tax’ for all classes of investors to bolster the start-up ecosystem and support innovation. The corporate tax rate for foreign companies will be reduced from 40% to 35% to attract foreign capital. A simpler tax regime for foreign shipping companies operating domestic cruises aims to boost cruise tourism and generate employment.

A new centrally sponsored scheme under the Prime Minister’s Package will skill 20 lakh youth over five years and upgrade 1,000 Industrial Training Institutes. The Model Skill Loan Scheme will be revised to facilitate loans up to ₹7.5 lakh, benefiting 25,000 students annually.

The government will also develop a financial sector vision document to meet financing needs, enhance climate finance, and simplify rules for foreign direct investments. Legislative approval will be sought for efficient financing modes and the promotion of the Indian Rupee for overseas investments.

Overall, the Union Budget 2024-25 presents a comprehensive plan for economic development, focusing on key areas such as employment, agriculture, infrastructure, and innovation, in line with the 'Viksit Bharat' vision.

Various industry leaders expressed their views on the budget to Bureaucrats India.

KC Ravi, Chief Sustainability Officer, Syngenta India Pvt Ltd & Chairman, Crop Life India, said that the seventh Union Budget of the Finance Minister is a refreshingly no-frills budget that addresses the present realities and challenges of the agriculture sector. 

Ravi said, "The announcement of releasing 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation marks a significant step forward in advancing agriculture. Collaborative research of public institutions with the private sector for development of newer climate resilient varieties and farm practices for the various agro-climatic zones in the country would help farmers navigate and manage the emerging challenges in coming years. The Modi 3-0 government continues the emphasis on technology and digital advancements. The digital crop survey for Kharif in 400 districts is another important announcement and will strengthen the digital public infrastructure for agriculture. It will enhance transparency, empower farmers by providing them alternatives, and create more opportunities. We welcome the Government’s commitment to comprehensively review the Agricultural Research Setup, highlighting the need to raise productivity and develop climate-resilient varieties. As a company dedicated to high-end R&D, we believe this will strengthen India’s capacity to deliver solutions tailored to our diverse agro-climatic zones, benefiting a large number of farmers."

"Strategy to bring “atmanirbartha” in oil seeds like mustard, groundnut, sesame and sunflower is a welcome move and would not only conserve precious foreign exchange but also unleash the potential of domestic production. The private sector can play a major role in this effort.The agrochemical sector was also expecting schemes such as production linked incentive (PLI) scheme, income tax benefit of 200 percent weighted deduction on R & D and the rationalization of GST rates at par with other agri inputs," Ravi added.

Ajai Rana, Chairman, Federation of Seed Industry of India (FSII) & CEO & MD Savannah Seeds, said, "The seed industry welcomes the budget 2024-2025, which has allocated Rs 1.52 lakh crore to the agriculture and allied sectors, marking an increase from the Rs 1.25 lakh crore allocated in 2023. This budget has rightfully kept farmers at its core, identifying agriculture and its allied sectors as a top priority among the nine key focus areas. The emphasis on Productivity and Resilience in Agriculture highlights a strategic direction to strengthen the sector. The push towards agricultural research in India is a significant concern for the seed industry. The Honorable Finance Minister has addressed this concern by announcing a comprehensive review of the agricultural research setup. This review will ensure high productivity and development of climate-resilient varieties, which is a crucial step forward for our industry."

"The budget 2024-2025 reflects a comprehensive and progressive approach to strengthening India's agriculture sector. The Federation of Seed Industry of India applauds these initiatives and looks forward to contributing to the nation's agricultural advancement," added Rana.

Amit Porwal, Director at Aranyakaa Farms, said "The Urban Housing 2.0 initiative of PMAY is highly commendable. It is a clear indication that the government has a strong concern for urban housing issues, based on the allocation of ₹10 lakh crore with ₹2 lakh crore central assistance and subsidized rates. This is a big step towards solving the housing crisis for lower class in urban areas across the country.

Also, setting up digital agriculture infrastructure, annual digital crop surveys and mapping of farmers to their land parcels are progressive steps towards this direction. They will not only enable better credit risk assessment but also increase formal credit penetration in agriculture. A more robust and inclusive economic environment will be created as a result of these measures that will benefit urban as well as rural communities.”

Praveen Jaipuriar, CEO, of Continental Coffee Limited, a leading FMCG corporation with a strong presence in the coffee industry's B2C and B2B segments, found the budget to be highly encouraging for the manufacturing sector.

 
"The significant allocations for infrastructure development and technology upgrades highlight the government's commitment to enhancing domestic manufacturing capabilities. Increased funding for the PLI (Production-Linked Incentive) scheme is expected to attract more investments and boost production capacity, enabling us to compete more effectively on a global scale. The reduction in e-commerce TDS will also alleviate the tax burden on businesses, facilitating smoother operations and fostering growth. For the coffee manufacturing industry, while the budget announcement did not address some specific expectations, we remain optimistic. A future reduction in GST on products such as packaged foods and instant coffee, along with a decrease in import duty on green beans, would greatly support meeting market demand and improving the sustainability and profitability of coffee production. We look forward to continued dialogue and future measures that will further benefit our industry," said Jaipuriar.

Bipin Gupta, Product Manager, EZVIZ, said, "The 2024 Union Budget brings hopeful developments for the smart home security sector. As a global leader in smart home solutions at EZVIZ, we are encouraged by the government's focus on enhancing infrastructure and consumer spending. The increase in the standard deduction to Rs 75,000 and the revised tax slabs—where individuals earning up to Rs 3 lakh will pay no tax, and those earning between Rs 3 lakh to Rs 7 lakh will benefit from a 5% tax rate—are likely to increase disposable income. This, in turn, could drive greater adoption of smart home technologies as consumers will have more flexibility to invest in such solutions.The allocation of Rs 50,000 crore towards infrastructure development will also improve urban and residential environments, creating new opportunities for integrating advanced security systems in both new and existing properties. We at EZVIZ look forward to leveraging these positive changes to continue offering cutting-edge products that enhance safety and convenience for families worldwide."

S Anand, Chief Executive Officer and Founder of PaySprint, a fintech venture, said, "As we eye on the budget 2024 today, we shift our gaze to the improvements in the manufacturing and services sector, where FM Nirmala Sitharaman announced the credit support for MSMEs, increasing the loan limit from ₹10 lakh to ₹20 lakhs, especially for those, who have availed and repaid loans under Tarun Category. I believe enhancing the mudra loan limit is a strategic move that supports the backbone of the Indian economy. It fosters a conducive environment for growth, innovation, and competitiveness, ensuring that these enterprises can contribute robustly to the nation’s economic development. Additionally, this declaration will witness an increase in capital access that will enable these businesses to expand operations, invest in innovation, and create more jobs, thereby solidifying economic growth. In light of this, it rewards responsible borrowing behaviour, enhancing MSME owner’s confidence and encouraging growth. While simultaneously, helping MSMEs adopt new technologies, improve productivity and compete globally. Overall, this policy strengthens the resilience and competitiveness of MSMEs, reinforcing their crucial role in India’s economic development. With this newfound development, SprintNXT wishes to strengthen the MSME sector with its innovative solutions and pave the way for a simplified path towards the business banking switch it endorses."
 

"In continuation to this, the 2024 Union Budget introduces a range of significant measures that are set to revolutionize the fintech sector. At PaySprint, we are particularly excited about the implications of these changes. The government's Rs 50,000 crore investment in infrastructure development will greatly enhance the digital and financial frameworks essential for fintech growth. The abolition of the angel tax is a noteworthy development, fostering a more favourable environment for investment in fintech innovations. Furthermore, the simplification of tax regimes, including the merger of charity exemptions and the revision of long-term capital gains tax to a rate of 12.5%, will streamline financial operations and create a more predictable landscape for our industry," Anand added. 

Piyush Sohani, India Country Director, Sistema.bio, said, "The Union Budget 2024 shows a strong commitment to renewable energy and sustainable development. By investing in renewable energy projects and boosting climate financing, the government is accelerating India’s shift to a low-carbon economy. A notable highlight is the introduction of a Climate Finance Taxonomy, which will classify and standardize climate finance investments to enhance transparency and consistency. Additionally, the creation of a Carbon Trading Platform aims to facilitate the trading of carbon credits and incentivize emission reductions. This platform will benefit corporates by providing a structured market to meet their carbon neutrality goals, offering new revenue streams and competitive advantages. Biogas can be a valuable resource in this framework, by generating carbon credits through sustainable waste management and energy production."

Dr Suman Katragadda, CEO of Heaps.ai, says that the Union Government has overlooked the critical importance of healthcare in the budget announcement.

"According to the Economic Survey 2023-24, India has one of the world's highest out-of-pocket expenditures resulting in poor households being pushed below the poverty line. It is concerning that there were no specific measures for the healthcare sector. While infrastructure growth is vital for any country, it is equally important to address the challenges within the health insurance sector. Statistics show that Nearly 400 million individuals in India have zero access to health insurance. These figures are alarming, and the government of India should work towards reforms that will benefit the Healthcare Industry as a whole,"  Dr Katragadda said.

"Furthermore, there is a need to address the growing importance of care management services in India. The burden of hospitalisations and repeat hospitalisation takes a toll on the physical and psychological health of a person, the government should work towards improving care coordination and care management services in the country," added Dr Katragadda.

Raghav Gupta, Co-Founder, 1% Club, said, "The focus on education in the Union Budget 2024-25 is commendable. With a 6.8% increase in the Education Ministry’s budget, the ₹1.48 lakh crore investment in education, employment, & skilling is a big step forward. The government's plan to offer internships to 1 crore youth is a great move that will help boost employability in the country. Plus, initiatives like support for higher education loans and upgrading 1,000 ITIs will really improve our education system. Employment has been a major issue, and these measures will support educators and students, promote innovation and entrepreneurship, and create more opportunities for growth."

Shobhit Singh, CEO, Stone Sapphire India Pvt Ltd, said, "With the unveiling of the 2024 Union Budget by Finance Minister Nirmala Sitharaman, the toy industry is poised for a transformative period. The increased allocation for infrastructure development and the focus on boosting domestic manufacturing are particularly encouraging for us at Stone Sapphire India Pvt Ltd. The budget’s support for enhancing manufacturing capabilities and fostering innovation will undoubtedly strengthen our sector. The emphasis on promoting local production aligns perfectly with our commitment to quality and innovation. We are excited about the potential growth and the positive impact these measures will have on both the industry and consumers. We appreciate the government's efforts to create a more favorable environment for manufacturing and look forward to contributing to a thriving toy industry that prioritizes both creativity and safety."

Kaushik Das, Founder and CEO of AAO NXT, East India's premier OTT platform, remarked that the 2024 Union Budget presents a forward-thinking approach, especially in the realms of technology, regional development, and digital innovation.

Das said, "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."

Apurv Modi, Managing Director & Co-Founder of ATechnos Group said that he is 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 Union Budget 2024 focuses on nine key priorities and demonstrates a comprehensive approach to India's growth and development. 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," Apurva said. 

"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,"  Apurva added.
 

Sanjay Dighe, CEO & Director of Krystal Integrated Service Ltd, complimented the Union Budget 2024 presented by the Finance Minister for demonstrating a comprehensive and forward-thinking approach, significantly impacting various sectors.

Dighe said, "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," Dighe added.

Ashok Chhajer, Chairman and MD of Arihant Superstructures, said, "The latest budget represents a significant change for the real estate sector, with a focus on affordable housing and improved accessibility. Key measures, such as increased provisions for homeownership and reduced stamp duties for women, are expected to have a substantial impact. These initiatives aim to address the housing needs of a wider demographic and create a more supportive environment for real estate development. The emphasis on affordable housing and reduced barriers for homebuyers is anticipated to stimulate the market and align with broader objectives of inclusive growth and increased homeownership."

Real estate sector also welcomed the budget with great enthusiasm. 

Vikas Garg, Joint Managing Director, Ganga Realty, said, "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, said, "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, said, "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, said, "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."

Shiven Vikram Bhatia, Executive Director, Splendor Group, said, "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.”

Sanjeev Srivastva, Chairman & Founder of Assotech Group, a leading real estate company, remarked, "The 2024 Union Budget marks a pivotal moment for the real estate sector, and as the Chairman & Founder of Assotech Group, I am both encouraged and excited by the government’s strategic initiatives. The substantial allocation of Rs 50,000 crore towards infrastructure development is poised to invigorate our industry, enhancing both urban and rural landscapes. Moreover, the introduction of PM AWAS Yojana Urban 2.0 with a significant investment of Rs 10 lakh crore into urban housing underscores the government's commitment to addressing the country’s urban housing needs. This initiative will provide a substantial boost to the real estate market, fostering growth and creating new opportunities for developers and investors alike. The revised income tax slabs, including potential savings of up to Rs 17,500 per year for taxpayers, coupled with an increased standard deduction to Rs 75,000, are expected to enhance consumer purchasing power. This is likely to translate into increased demand for residential and commercial properties, further stimulating the real estate sector."

"With the focus on infrastructure development and the burgeoning real estate boom in states like Orissa, which is experiencing rapid growth and urbanization, we at Assotech Group are poised to leverage these developments. The enhanced financial environment and supportive government policies will enable us to continue driving innovation and delivering exceptional value in real estate. In essence, these budgetary measures collectively represent a transformative opportunity for the real estate sector, aligning perfectly with our vision of creating impactful and sustainable real estate solutions," Srivastva added.
 

Meera Ramakrishnan, Director & Co-founder, Zishta, a brand that specializes in handcrafted, traditional kitchenware, also shared her thoughts about the Union Budget. 
 

“Zishta wholeheartedly applauds the government’s visionary budget, which places a strong emphasis on rural development and skill development. The allocation of ₹2.66 lakh crore for rural development is a significant step towards empowering our artisans and craftsmen. We are particularly excited about the proposed e-commerce export hubs, which will provide a much-needed platform for MSMEs and traditional artisans like us to reach global markets. The focus on developing 100 weekly haats is also commendable, as it will create new opportunities for artisans to showcase their products to a wider audience. Schemes like PM Swanidhi and MGNREGA have already proven effective in uplifting rural communities, and we believe that the government's continued commitment to these initiatives will lead to a brighter future for India’s artisans. We are confident that these measures will not only revitalize rural economies but also contribute to preserving and promoting our rich cultural heritage,” said Ramakrishnan .

Dr Srinivasan K, Director, MBA ESG India, said that the management colleges across the country exude confidence in the Union Education Budget 2024, presented by the Union Finance Minister Nirmala Sitharaman, emphasizing the need for innovative and access-based education.

Dr Srinivasan said, "This commitment gets cemented for the future business leaders of our country due to the fact that an absolute allocation of ₹1.48 lakh crores has been made for education, employment, and skill development. The government has come forward with a scheme of providing loan assistance of up to ₹10 lakh for higher education in a domestic institution, therefore making the access to an MBA program easier and more accessible to a larger range of talent who dream of pursuing it. The most promising thing for MBA colleges is the introduction of a centrally funded scheme to train 20 lakh youth in five years in association with state governments and companies. This shall ensure that our students acquire industry-relevant skills to fill the gap between academia and professional practice. Apart from this, updating the 1,000 ITIs as per the need of the industry would further enhance the quality of management education."

"The stipend amounting to ₹5,000 and a one-time allowance of ₹6,000 that the students would get under the internship scheme will provide immense hands-on experience to them. This will come along especially with encouraging companies to use their CSR funds for this initiative that would fan the creation of collaboration between MBA colleges and the corporate sector. Overall, it makes India a global business and innovation hub by placing its students at the forefront in various industries." added Dr Srinivasan.

Shivam Singla, CEO & Founder of Leegality, India’s first document infrastructure platform, said, "The introduction of a credit guarantee scheme in the 2024-25 Union Budget is a commendable move. This scheme facilitates term loans without the need for collateral or third-party guarantees, representing a significant step towards empowering the growth of small and medium enterprises. At Leegality, we share this goal of making access to credit widespread and easy. We have been dedicated to building digital infrastructure for lenders that makes loan disbursal cheaper, faster, and easier. We are committed to making access to credit seamless for MSMEs and look forward to continuing our efforts in this direction."

Smita Shetty Kapoor, CEO & Co-Founder, Kelp, said,"The latest Union Budget marks a transformative step forward, particularly for the HR sector and our mission at Kelp. The abolition of the angel tax and the consolidation of charity tax exemptions will simplify financial operations and promote innovation.Moreover, the government’s ambitious plans to invest ₹2 lakh crore in skilling and employment schemes over the next five years are both commendable and inspiring. With initiatives aimed at reaching 4.1 crore youth, including a comprehensive internship scheme for one crore individuals, we are witnessing a substantial commitment to developing a skilled and industry-ready workforce."

"At Kelp, where our core focus is on creating safe, happy, inclusive and productive workplaces, these developments align perfectly with our vision. The new budget reflects a supportive environment for both businesses and employees, reinforcing our dedication to fostering workplaces where every individual can thrive and contribute meaningfully. We look forward to leveraging these opportunities to drive positive change and further our mission of building exceptional work environments,” Kapoor added. 

Sohail Mirchandani, Chief Operating Officer & Co-Founder of Ekostay, a homestay venture, said that the 2024 Union Budget brings transformative changes that hold great promise for the hospitality and homestay sector.

"As a co-founder of EKOSTAY, I am particularly excited about the implications of these developments for our business.The government’s substantial allocation of Rs 50,000 crore towards infrastructure development, including a major boost to urban infrastructure through the PM AWAS Yojana Urban 2.0, will significantly enhance connectivity and accessibility. This is especially beneficial for the homestay industry, as improved infrastructure will make our unique, personalized accommodation options more accessible to travelers," Mirchandani remarked.

"Furthermore, the emphasis on the 'Make in India' initiative and the Production Linked Incentive (PLI) scheme will likely foster economic growth and improve consumer spending power, which could lead to increased demand for experiential stays like ours.Overall, these budgetary measures are set to support and elevate the homestay sector, providing EKOSTAY with exciting opportunities to expand and offer even more exceptional experiences to our guests," he added.

Sumit Dassani, Partner at Dassani Brothers, a designer jewellery brand, said, "The latest Union Budget brings promising changes for the jewelry sector, and as Dassani Brothers, we are particularly enthusiastic about the reduction in customs duty on gold and silver to 6%. This pivotal move will make these precious metals more accessible, driving increased demand and allowing us to offer our clients even greater value.We are committed to pursuing artistic excellence and technical perfection in our creations, and this policy change aligns perfectly with our mission. Lower costs will enhance our ability to provide competitive pricing while continuing to deliver intricate and magnificent adornments that celebrate life’s key moments. This development not only promises to boost our sales but also reinforces our dedication to building lasting relationships with our clients. We look forward to leveraging these opportunities to strengthen our position as a symbol of luxury and creativity in the jewelry industry," said Dassani.

Naina Parekh, Founder, EUME, a premium luggage travel brand, remarked that the the Union Budget 2024-2025 brings several transformative changes for the growing D2C sector.

"The reduction of the TDS rate for e-commerce operators from 1 percent to 0.1 percent is likely to ease their financial burdens for e-commerce businesses, allowing them to concentrate more on scaling their operations and driving innovation. The proposed removal of angel tax is expected to be a game-changer for startups. This move could simplify the fundraising process and reduce the tax-related challenges faced by new ventures, fostering a more supportive environment for entrepreneurial growth. Furthermore, the new eco policy framework has put a spotlight on the development of tourism and regional growth in states like Bihar and Odisha. These states are projected to emerge as significant growth hubs, and this focused attention could stimulate local economies and open up new markets for D2C brands," Naina said.
 

Arun Chulani, Co-Founder, First Water Capital, said, "As an equity investor, one can’t be happy about the increase in both the long-term and short-term capital gains. However, we also understand that collectively we need to do our bit for the nation's development. Despite the current halo effect of India’s golden decade, we are still competing for foreign capital against other emerging markets which may offer more supportive tax regimes. From a sectoral perspective, we saw continued emphasis on infra and housing with a commitment of INR 10 lakh crore (USD 120 billion) towards the latter and 3.4% of the GDP provided to the former. We also saw a push towards energy security with an increased focus on nuclear and solar sources. Budget also provided some relief to the salaried employee with an increase of standard deduction from INR 50,000 to INR 75,000. From a fiscal discipline standpoint, it seems well balanced as the fiscal deficit continues to decline."

Edul Patel, CEO and Co-founder of Mudrex, a Bengaluru-based fintech start-up, said, "Finance Minister Nirmala Sitharaman's decision to maintain the current tax rates on virtual digital assets (VDAs) has both pros and cons. On one hand, not updating the tax laws might deter new investors and slow the sector's growth, as the current tax regime could be a barrier to broader adoption and investment. On the other hand, keeping the tax rates stable provides predictability for existing crypto investors, which can help support steady market growth. In addition, there have been positive developments such as initiatives to boost employment and skill development, as well as tax relaxations on the new regime and for angel investors that could drive innovation in the web3 and tech sector." 


Sunil S Deshmukh, Chair of Global Board of Directors, Institute of Management Accountants, said, "We commend the recent budget for fostering a business-friendly environment and providing tax relief. The introduction of a 12.5% tax on long-term gains and increased exemption limits will encourage longer-term investments and market stability. Raising the exemption limit for capital gains on financial assets to ₹1.25 lakh per year will boost individual investor participation. The abolition of the ANGEL tax for all investors will stimulate startup investments. Furthermore, reducing the corporate tax rate for foreign companies from 40% to 35% will attract more foreign investment."

"Finance Minister Nirmala Sitharaman's Budget 2024 announcement includes a ₹2 lakh crore package for employment and skilling. With ₹1.48 lakh crores allocated to education, employment, and skill development, this initiative addresses job creation and skill enhancement. First-time workforce entrants will receive a direct transfer of up to ₹15,000, enhancing employability and stimulating economic growth. Overall, these measures demonstrate a strong commitment to economic reform and growth, creating a favorable tax environment that supports innovation, investment, and long-term development,"  Deshmukh said.

Dharamveer Singh Chouhan, Co-Founder & CEO, Zo World, said that the  Union budget for the Financial year 2024-25 marks a significant boost for the tourism industry, underscoring the government's commitment to transform India into a preferred global destination for tourists. 

"The budget has allocated substantial resources into developing and enhancing tourist infrastructure, including scenic landscapes, historic temples, cultural heritage sites, wildlife sanctuaries, and pristine beaches across the country. The government has announced its intention to preserve cultural landmarks, improve accessibility, and promote diverse tourist attractions through comprehensive development programs. This is highly encouraging for pioneers behind new-age techno-cultural movements.These initiatives are designed to create jobs, attract investments, and stimulate economic growth in related sectors such as hospitality, retail, and transportation. The overarching goal is to leverage India's rich cultural and natural heritage to drive sustainable tourism, enhance India's position as a global superpower. The strategy also puts the spotlight on tourism as "the" industry that will enable both cultural preservation, and long-term economic growth, while simultaneously championing the cause of diverse communities around the country,"  Chouhan remarked. 

"These measures are commendable, and will undoubtedly boost confidence in both hospitality and tourism as lucrative startup sectors. At the same time, the Zo World community remains optimistic about enhancements that can propel this vision at least 10x, such as tax reductions for the hospitality industry (to encourage entrepreneurial strides in this direction), subsidies for startups that will contribute directly to the tourism sector, increased support for digital transformation in hospitality services, and additional funding allocation that will help market India's diverse tourist destinations on the global stage. Zo is excited to align its plans with such initiatives on a national scale, leveraging the enhanced infrastructure and increased tourism to expand its techno-optimistic hospitality footprint and offer truly unique & future-ready experiences across the map", said Dharamveer Singh Chouhan, Co-Founder & CEO, Zo World," Chouhan added. 

Dr Nikhil Sikri, Co-founder & CEO of Zolostays, said, "The government's initiative to reimburse employers up to Rs 3,000 per month for two years towards their EPFO contribution for each additional employee is a commendable move. This scheme not only promises to incentivize the employment of 50 lakh individuals but also significantly benefits the hospitality sector, which employs a large workforce. We believe this policy will provide a much-needed boost to our industry, enabling us to expand our team, enhance our services, and contribute to the overall economic growth. We look forward to leveraging this support to create more job opportunities and drive innovation in our sector."

Sammeer Pakvasa, Managing director and CEO, Eleganz Interiors, said, "The 2024 Union Budget brings promising developments that align with our commitment to excellence at Eleganz Interiors. The allocation of Rs 50,000 crore towards infrastructure development is particularly exciting for us, as it will significantly enhance opportunities for design and fit-out projects. Initiated in 1988, Eleganz Interiors has consistently aimed to set the benchmark in the commercial interior design and fit-outs. With Sammeer Pakvasa’s leadership since 1999, we have been at the forefront of transforming spaces in India and Singapore. The increased focus on infrastructure and urban development will not only bolster our industry but also enable us to leverage new opportunities for creativity and innovation. We look forward to contributing to and benefiting from the heightened investment in our sector, which will undoubtedly support our mission of delivering unparalleled design solutions and exceptional value to our clients."

Ashutosh Pandey, Co-Founder, Life n Colors Pvt Ltd, remarked, "Following the Budget announcement, there is a significant push to generate employment and expand the manufacturing base in the country. From a business perspective, the introduction of the credit guarantee scheme for MSMEs stands out as a potential game-changer for companies looking to enter the manufacturing sector. This scheme is expected to provide the much-needed financial support and boost to MSMEs, enabling them to scale operations and contribute to the broader economic goals."

Commenting on the Union Budget 2024, Anil Gudibande, Co-founder, 1crowd, said, “The Union Budget announcements by the Finance Minister Nirmala Sitharaman are a testament to the government's recognition of startups as vital drivers of economic growth. The emphasis on nurturing these enterprises highlights their importance as a key growth engine for the future. The removal of angel tax is a significant relief and fulfills a longstanding industry demand. Importantly, it is a very mature step by the Finance Minister as this will only spur innovation forward. By creating a more favorable regulatory framework, the government is enabling startups to thrive and contribute significantly to the economy.”
 

Ghazal Alagh, CIO & Co-founder, Honasa Consumer Limited, said, "The government's latest budget marks a significant leap forward for the startup ecosystem, especially with the abolition of the angel tax. This move will provide much-needed relief and encourage more investments, giving the startup community a substantial boost. The focus on digital transformation and AI integration is particularly exciting for the beauty and personal care industry. Increased support for technological advancements and the push for digital infrastructure will enable startups to leverage cutting-edge technologies to enhance their products and customer experiences. As a woman entrepreneur, I find these measures encouraging and believe they will catalyze a new wave of growth and opportunities within the startup ecosystem.”

Adith Podhar, Founder of Gemba Capital, remarked, "Assessing Fair market value for startups has always been complex and challenging. Abolition of angel tax comes both as a long awaited relief and a shot in the arm to the Indian startup ecosystem. The move will encourage flow of foreign capital, reduce tax harassment and foster a more conducive environment for entrepreneurship."

Bhavik Vasa, Cofounder of GetVantage, a fintech firm that provides equity free funding to startups, said, “The elimination of the angel tax will significantly benefit small and medium enterprises (SMEs), emerging brands, startups, and our GetVantage portfolio brands. This decision is expected to attract more investment and create a more favorable environment for innovation and growth in these sectors. Startups will no longer be viewed as an alternative asset class for investments but rather as a mainstream opportunity for every retail investor to participate in and gain high-yield returns by being a part of this growing sector. This change will attract all forms of capital and financing (including equity and quasi-equity) to the segment.” 

Kulmani Rana, Founder of Startup Accelerator Fibonacci Global, said that the Union Budget 2024 is excellent and is in line with the Startup India initiative. 

"Government is finally putting money where the mouth is. We are witnessing a phase where YoY startup funding has dropped by 30%-40%. This will help in unlocking new capital for the startup ecosystem,” added Rana.

Anisha Patnaik, Angel Investor and Founder of LexStart Partners, said,“The elimination of the angel tax is a significant relief for startups. Beyond the potential constraints on cash flow, the angel tax created numerous challenges during fundraising efforts, which worsened last year when even foreign investments became subject to this tax. The differing regulatory requirements, such as the RBI's pricing guidelines mandating the per-share price to be above fair market value (FMV) and the tax authorities imposing angel tax on any discrepancy between the share price and FMV, resulted in several complications for startups."

Kundan Shahi, CEO, Legal Pay, said, "The Finance Minister's announcement to strengthen the Insolvency and Bankruptcy Code (IBC) and enhance tribunal efficiency is a crucial step for India's financial sector. These reforms, along with the integration of digital public infrastructure, will boost creditor confidence and ensure timely insolvency resolutions. At LegalPay, we support these initiatives, which align with our commitment to providing innovative legal and financial solutions that drive market growth and resilience."

Shashank Singh, Co Founder, Poshn, said, "The budget continues its strong focus on MSMEs by enhancing the mudra loan limit from 10 to 20 lakhs. This is a huge booster for the cash-strapped MSME ecosystem. Setting aside 1.5 trillion INR for agri and allied sectors provides a strong impetus to the food ecosystem and will go a long way in making this sector “atmanirbhar”. This is a huge booster for the cash-strapped MSME ecosystem. The abolition of the angel tax is yet another decision to show how serious GoI is on the startup ecosystem in India."
 

"The government's commitment to supporting employers across all industries promises to create a robust employment landscape. The announcement of financial support for higher education loans up to Rs 10 lakh further underscores the government's commitment to empowering the youth. This holistic approach to employment and education is crucial for building a resilient and dynamic economy. We support the government's initiative to fast-track rural economic growth and create large-scale jobs. This budget is a testament to the vision of a self-reliant India, where every individual has the opportunity to thrive. Together, we can build a future where every Indian is equipped with the skills and opportunities to succeed," said Sameer Kanodia, CEO & Managing Director, Lumina Datamatics.


Dr Sujit Paul, Group CEO at Zota Healthcare Ltd, said, ""Union Finance Minister Nirmala Sitharaman, introducing the Pradhan Mantri Janjati Unnat Gram Abhiyan scheme, said it would be a transformational scheme with the goal to improve living conditions for 50 million tribal individuals across 63,000 villages. This scheme will strive toward a healthier and more connected India through enhanced provisions for road connectivity, telecommunication, and healthcare facilities. A major high point of this budget was the relief in customs duty to three more cancer medicines, bringing down drastically the prices for vital therapies. This provides ample evidence that it is, in reality, a gesture pro-people, born out of concern for the common man. More significantly, the outlay on the health sector at ₹90,171 crores, higher than last year, only goes to further reinforce this commitment."