Interim Budget 2024: Industry Reactions (Part-3)

N D Mali, Founder, KDM
“The focus on laying Rs. 1 lakh crore long term funding support for innovation will go a long way in building Make in India, which would put the country in the likes of developed countries. Unlike expectations of the market, this budget is well balanced, more of growth oriented than welfare focused. The increase in outlay across all major infrastructure built up will increase the per capita consumption of the people which should boost the overall growth of the enterprises like us so as the economy of the country. KDM is focusing on innovation to bring technology in to our Make India. We strongly support Viksit Bharat initiative of India and we are very confident that we will become developed country by 2047.”

Pushan Sharma, Director-Research, CRISIL Market Intelligence & Analytics
“Agriculture-1: “As per government estimates, ~6% of crops in India suffer post-harvest loss, which translates to a whopping ~Rs 1.2 lakh crore loss. Of this, highly perishable fruits and vegetables comprise a significant ~48% share. Hence, the increase in allocation under Food Storage and Warehousing Fund by ~17% over fiscal 2024RE should improve post-harvest infrastructure. While this will not increase cash-in-hand of farmers in the short term, it should yield sustainable benefits by reducing crop losses and boosting the processing infrastructure.
 
Agriculture-2: Expanding the usage of nano di-ammonia phosphate (DAP) across all agroclimatic zones is a win-win for the farmer as well as the government. For the farmer, a 500 ml bottle of nano DAP is equal to a 50 kg bag of conventional DAP. Also, a bottle of nano DAP is priced at less than half of a bag, at Rs 600. For the government, it has the potential to reduce imports and the subsidy bill. This is particularly beneficial as India imports ~60% of its DAP requirement, with DAP comprising 14-15% of the fertiliser subsidy.” 

Ravichandran Purushothaman, President, Danfoss India:
“We commend the government's continued visionary approach towards green and sustainable economic growth as outlined in the interim Budget.  
The measures introduced for developing green energy capacity in the country - viability gap funding for offshore wind energy, boost for electrification and promotion of compressed biogas - demonstrate the nation’s focus towards building a cleaner energy ecosystem. These initiatives will also stimulate innovation and growth within the renewable energy sector.
The budget's focus on agriculture and food processing, along with investments in efficient supply chains, align with Danfoss's commitment to sustainable solutions for Cold Chain sector. The emphasis on urbanization, especially Metro Rail and NaMo Bharat, creating more residential infrastructure powered by solar, etc. resonates with our ambition to contribute to India's green transition with our energy efficient technologies.
Furthermore, the emphasis on technology, research and innovation, including the establishment of a corpus for tech-driven advancements, will accelerate new 'India for India' solutions in the field of engineering and technology.
At Danfoss, we look forward to actively participating in these transformative initiatives, contributing our 9 decades plus expertise to drive sustainable development and innovation in India.”

Sajid Khan, Director-India, ACCA (Association of Chartered Certified Accountants)
“The Interim Union Budget paints a promising picture of India's transformation. The focus on skilling India's youth through initiatives like NEP and Skill India Mission, and the emphasis on both traditional and non-traditional skilling avenues is a laudable step towards India's aspirations of becoming a ‘Viksit Bharat’ by 2047. Public-private partnerships and leveraging industry expertise will be crucial in bridging the skill gap and empowering the ‘Amrit Peedhi’ for a developed India by 2047. Unleashing GIFT IFSC's potential as a global financial hub requires fostering a future-ready accounting workforce through industry-aligned training programs and internships. A robust pipeline of skilled accountants adept in FinTech, international finance, and global regulations is key to propel India's economic growth and achieve ‘Viksit Bharat’.
 

Sudhakar Reddy Chirra, Founder & CEO, Fresh Bus
“Firstly, I would like to applaud the steps announced by Hon'ble Finance Minister Nirmala Sitharaman in Budget 2024. The government's ambitious goal of expanding the EV and consolidating the ecosystem, which includes manufacturing and charging is highly admirable.
 
Adoption of E-vehicles will not just contribute to lower carbon emissions as well as lower cost of operation. With a strong payment protection mechanism in place, we can contribute to the changing travel landscape by offering efficient and ecologically friendly intercity bus services that match the evolving needs of our communities, therefore raising the bar. This Budget Statement reaffirms our commitment to enhancing India's green mobility environment and represents a milestone in our shared collective pursuit of a cleaner, greener future.”

Devndra Chawla, MD and CEO, GreenCell Mobility
“We commend the major announcements made by Finance Minister Smt. Nirmala Sitharaman in the Interim Budget 2024. The government's commitment to promoting sustainable mobility is a welcome step towards a greener future.  Focusing on increased usage of e-buses for public transport networks is a noteworthy initiative. As a green mobility firm, we applaud this effort for its potential to greatly cut carbon emissions and improve the overall efficiency of public transit networks. This decision is completely aligned with our aim to promote ecologically friendly urban mobility alternatives.
Furthermore, encouraging states to undertake the entire development of renowned tourist destinations and sell them worldwide is a smart decision. This not only benefits the tourism industry, but it also presents opportunity for sustainable transportation solutions in these places. We look forward to contributing to such projects with our environmentally friendly mobility solutions.
The commitment to a significant FY25 capex spend of 3.4% of GDP and a capex target of Rs 11.1 trillion, an 11.1% increase, is very bold and forward looking step. It demonstrates the Government's commitment to infrastructure development. The assistance for the production and manufacture of electric mobility is well aligned with our main business. We applaud the Government's measures in promotion of sustainable mobility which plays a crucial role in creating a cleaner and greener world.
The announcement highlights the promotion of charging infrastructure for electric vehicles and increased adoption of e-buses in public transport networks. This will be facilitated through a payment security mechanism. The government's initiative not only drives electric vehicle adoption but also creates entrepreneurial opportunities for vendors involved in the supply and installation of EV chargers. This approach contributes to employment generation, particularly for skilled youth, aligning with our vision of promoting sustainability and fostering economic growth.
Lastly, the focus on solar energy and the rooftop solarisation scheme is a forward-looking initiative. It not only aims to provide free electricity to households but also acts as a catalyst for the growth of the electric vehicle charging ecosystem. We appreciate the holistic approach towards sustainable development, which not only considers the end-users but also fosters entrepreneurship and employment opportunities across the value chain.
At last, the Interim Budget 2024 sets an optimistic tone for the future. We believe that the next few years will indeed be filled with golden moments as the nation progresses toward a more sustainable and resilient future. We eagerly look forward to contributing to and benefiting from these positive changes in the mobility and energy sector.
GreenCell Mobility, promoted by Eversource Capital, is a leading player in the shared e-mobility space. GreenCell Mobility operates NueGo, India’s first premium intercity electric coach service.”
 

Dr. Sudhir Mehta, Founder & Chairman Pinnacle Industries & EKA Mobility
“The union government has yet again reinstated its commitment to sustainably growing and strengthening the economy. Capital allocation of 11.11 lakh crore towards infrastructure development will play a pivotal role in fostering economic growth and prosperity. Additionally, investments in infrastructure create jobs, stimulate demand for goods and services, and attract private-sector investment. The government's initiatives and focus on uplifting women entrepreneurship will significantly enhance the startup ecosystem, propelling the Indian economy to new heights.
 The emphasis on improving manufacturing and charging infrastructure aligns perfectly with our aim for a more environmentally responsible tomorrow. 
Simultaneously, the growing adoption of e-buses for public transport networks is a commendable step that not only solves environmental issues but also paves the way for significant growth in the electric vehicle market. The emphasis on EV charging infrastructure not only accelerates the transition to greener energy, but also encourages entrepreneurial possibilities for vendors, creating jobs for young people skilled in manufacture, installation, and maintenance.
Furthermore, the introduction of the rooftop solarisation scheme, the conversion of 40,000 rail coaches to Vande Bharat standards, and the ambitious goal of establishing 100 million tonnes of coal gasification and liquefaction capacity by 2030 demonstrate a comprehensive approach to sustainable development. Additional efforts, such as starting a new biomanufacturing and bio-foundry plan and legislating the gradual mixing of CNG and biogas, add to the budget's optimistic tone for a future in which economic growth and environmental conscience coexist. And we look forward to benefiting from these positive developments. The implementation of such measures serves as a significant boost to Make in India and contributes to the realization of our vision to promote domestic manufacturing.”

Sarvagya Mishra, Co-founder & Director at Superbot
"It’s encouraging that the government recognizes the importance of addressing skill development to meet the demand for a high-quality workforce in the emerging technology sector, crucial for India’s ambitious goal of a $5 trillion economy..All the initiatives mentioned in the Interim budget speech like establishment of more IITs, IIITs, STEM courses etc., are cementing the foundation of the growing India, which is youth. Commendably, the government’s embrace of deeptech in critical sectors like defense underscores our country’s progressive stance. Given that R&D is a capital-intensive step for businesses in deeptech, blockchain, machine learning, and Generative AI, increased allocation towards MUDRA schemes and the announcement of a 1-lakh crore corpus with 50-year interest-free support will undoubtedly fuel technological growth."

Niranjan Kirloskar, Managing Director, Fleetguard Filters Private Limited, 
“The Finance Minister proposed a well-crafted budget that balances growth and social development. The focus on infrastructure development, with the Interim Budget 2024 proposing to raise capital expenditure—for the fourth consecutive year—by 11.1% to ₹11.11 lakh crore, which is 3.4% of the GDP, presents a significant opportunity for the auto and construction industry. The impetus on Research and Innovation for catalysing growth, employment, and development is a welcome move for a Viksit Bharat. With reforms supporting the adoption of sustainable mobility and skill development, India is poised to become a global leader in automotive technology.”