Post Budget-2024 Quotes From Industry Leaders-4

“The Union Budget 2024 reflects a forward-thinking approach that will significantly benefit the consumer durables industry and bolster our efforts towards sustainable development. The full exemption of customs duties on 25 critical minerals, including lithium, copper, cobalt, and rare earth elements, is a substantial boost for sectors reliant on these materials, such as high-tech electronics and renewable energy. This policy will not only enhance the availability of these essential resources but also stimulate domestic processing and refining capacities, driving innovation and reducing costs.
 
Furthermore, the emphasis on energy transition, including the expansion of exempted capital goods for solar panel manufacturing, aligns well with Voltas' commitment to sustainability. While the non-extension of exemptions for certain solar components reflects a move towards encouraging domestic manufacturing, it also underscores the need for continued investment in domestic production capabilities.
 
The budget’s focus on substantial investment in manufacturing, presents a promising outlook for the industry. Voltas is optimistic about the positive impact of these policies on the electronics sector and looks forward to contributing to these ambitious goals.”
 
Pradeep Bakshi, MD & CEO, Voltas Limited.

“Government estimates an investment of ~Rs 10 lakh crore under the Pradhan Mantri Awas Yojana-Urban (PMAY-U)  2.0 for an additional 1 crore affordable houses over the next 5 years. The central assistance of Rs. 2.2 lakh per house announced in the Budget is higher than the Rs. 1.5 lakh per house disbursed during the last 8 years. Three crore additional houses planned under the PM Awas Yojana in rural and urban areas are expected to support cement demand.
Allocations under PMAY-U and Pradhan Mantri Awas Yojana-Gramin in the fiscal 2025 budget are higher than the revised estimates of fiscal 2024 by ~36% and ~70%, respectively. This will translate to ~20 million tonnes of cement demand in the current fiscal, or 4-6% of pan-India demand as of FY24. Further, allocations under PMAY-U and PMAY-G in the fiscal 2025 budget are ~15% and ~8% higher than the allocations in the interim budget.
Under the Pradhan Mantri Gram Sadak Yojana, the launch of phase-IV to provide all-weather connectivity to 25,000 villages is also a positive development for the sector and will support incremental cement demand. Given housing forms 55-60% of total cement demand, the impetus to affordable housing through the Pradhan Mantri Awas Yojana will keep cement demand on track for 7-8% growth in the current fiscal.”
Sehul Bhatt, Director-Research at CRISIL Market Intelligence and Analytics

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.”
Satyendra Prasad Narala - Managing Director, Regency Ceramics

"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."
Umesh Revankar, Executive Vice Chairman, Shriram Finance

“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.”
NS Rao, Group CFO, Ramky Group

“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”.
Y. R. Nagaraja,  Managing Director of Ramky Infrastructure Limited.

“The Finance Minister has presented a growth-oriented and pro-development Budget for 2024-25 by focusing on national infrastructure development, urban development, sustainable planning, and inclusive growth through a tech-enabled economy. With this budget, the government aims to address key issues, provide targeted support, and sets a robust agenda for growth and development. The continued emphasis on fostering investment and enhancing road infrastructure, especially in Andhra Pradesh and Bihar will facilitate growth in the manufacturing and automobile sectors. Focus on private investment in infrastructure, mining and housing sector is also likely to boost the sale of CVs. Furthermore, reduction in duties on rare earth minerals will help in promoting sustainable mobility and this resonates with our commitment to fostering a cleaner and more sustainable future.”
Dheeraj Hinduja, Executive Chairman, Ashok Leyland

“Budget 2024-25 allocations towards skilling and employment and Startup growth marks a watershed moment in India's journey towards becoming the world's largest talent economy. 
 
With a very strong emphasis on skilling and employment and bridging the talent-academia gap, GOI's allocations—to fuel aspirations of 4.1 crore youths, empower women to join the workforce, and provide tax benefits and loans like Skilling loan (upto INR 7.5 lakh) and Education loan (upto INR 10 lakh)—is a masterstroke, set to unlock India's demographic dividend and drive growth. This budget is not just a financial plan but a blueprint for a brighter future where India's youth will thrive and continue to lead global job requirements.
 
Innovative initiatives announced, such as the scheme to boost job creation in the manufacturing sector, incentives for EPFO contributions, and reimbursement for additional employee EPFO contributions, demonstrate the government's commitment to creating a conducive employment ecosystem. India's economic growth, described as a "shining exception," will propel its focus on innovation and growth with a focus on job creation and skilling. The skilling loan and education loan initiatives will further empower India's youth to drive growth and innovation.
 
Moreover, the government's scheme to provide internship opportunities to 1 crore youth in 500 top companies over 5 years will bridge the industry-academia gap and enhance employability, empowering India's youth with the opportunities they need to bridge the talent supply demand across global jobs. With such bold commitments towards jobs, skilling, and employment, Budget 2024-25 ignites a talent revolution in India, poised to propel the nation's youth to global leadership.
 
By abolishing angel tax, the government has given a major fillip to the startup ecosystem, fostering more investments, growth, and innovation in India, and enhancing its capabilities to cater to global demands. Additionally, the reduction of capital gains tax for unlisted equity aligns it with listed equity is another strong move, further boosting investor confidence and liquidity in the startup space.”
Mayank Kumar, Co-founder & MD, upGrad

"We welcome the 2024 Budget's progressive measures to reduce customs duties on gold, silver, and platinum. These changes, coupled with the government's commitment to enhancing domestic value addition and craftsmanship, are poised to significantly benefit the jewellery industry, further contributing to the sector’s growth. 
The new tax regime, with its focus on increased disposable income will boost demand for jewellery as consumers will invest in asset creation. 
Kalyan Jewellers looks forward to leveraging these positive changes to further enhance the quality and global competitiveness of the organised Indian jewellery sector, contributing to the industry's growth and India's continued economic prosperity." 
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers

“The 2024 Union Budget is commendable for its strong focus on agriculture and economic growth. It highlights the government's commitment to reshaping Indian agriculture and boosting productivity. The allocation of Rs 1.52 lakh crore to agriculture, along with new initiatives in research as well as roping in private sector is a welcome sign and will greatly benefit the sector. The budget’s emphasis on employment and skills development will help strengthen the economy. The government’s focus on energy transition is admirable, as it is a critical component in the fight against climate change. Overall, this budget is a positive step for India's growth and future.”
Atul Chaturvedi, Executive Chairman, Shree Renuka Sugars Ltd 

“The 2024 Union Budget's allocation of Rs 10 lakh crore for urban housing is a major boost for the real estate sector. This investment will significantly address the housing needs of urban families and spur growth. The PM 'Surya Ghar Muft Bijli Yojana' for rooftop solar installations is a commendable step towards sustainable living. The positive trends in housing loans reflect a balanced and encouraging outlook for the market. Saya Group looks forward to contributing to the urban development landscape with innovative and luxurious homes.”
Vikas Bhasin, Chairman & MD, Saya Group

“The Union Budget 2024–25 marks a significant stride in advancing education and skill development for the youth. By providing financial support for education loans up to ₹10 lakh, the government enhances access for students to pursue higher education. The plan to upgrade 1,000 Industrial Training Institutes (ITI) in partnership with industry and States will elevate vocational training quality to meet industry demands. The initiative to skill one crore youth through internships in top companies offers invaluable practical experience, boosting employability. These measures will cultivate a skilled workforce, drive economic growth, and harness our demographic dividend for inclusive growth and national prosperity.”
Udhan Kumar Chordia, Secretary, A.M. Jain College

“The agriculture budget this year focuses on a structural measure through 4 C’s- climate, credit, cutting-edge-technology and critical infrastructure. One can see a clear focus on long-term measures to enhance productivity of crops and combat climate change through High-Yeilding and climate resilient variety of seeds. Development of infrastructure cluster for vegetables near consumption centers to bring price stability, given that post-harvest losses in vegetables can be upwards of 10%. On the technology front digital crop survey, mapping of farmers to their land parcels, and issuance of Jan Samarth based Kisan Credit Cards indicate commitment of government towards promoting better credit risk assessment, and enhanced formal credit penetration for farmers, which currently stands at around 60%. Additionally, allocations under PM KISAN and MNREGA have remained at par with last year levels. “
Pushan Sharma, Director-Research, CRISIL Market Intelligence & Analytics

“I congratulate the Hon’ble Finance Minister for an excellent budget that lays strong emphasis on strengthening the fundamental pillars that would propel Indian economy towards a Viksit Bharat.
 
The focus on natural farming and agricultural productivity, incentivizing job creation and employment, continued impetus to bolster MSMEs, modernizing urban cities and policies aimed at accelerating India’s energy transition will have a long-standing affect that would significantly improve economic resilience in an otherwise volatile world economy. I would also particularly commend the fresh-thinking and approach of the government in ‘Skilling’ and ‘Urban development’ both of which demanded urgent attention.
Infrastructure creation, which is a direct contributor to India’s competitiveness and positioning as a favoured investment destination, has been the hallmark of Prime Minister Modi’s governments; continued attention towards roads, ports, plug & play industrial parks, irrigation projects and affordable housing is noteworthy. Special thrust given on promoting Tourism is a welcome move which would have a great multiplier effect on local economies.
I greatly appreciate the operationalization of Anusandhan NRF and the exclusive venture-fund for Space segment. More importantly, the 1-lakh crore financing pool to bolster private sector driven research and innovation at commercial scale will have a great impact in transitioning India towards a Product’s Nation in the long-term.
 
While the budget allocation for Defence Industry is in expected lines, creation of the Critical Minerals Mission and articulation of India’s strategy on Small Modular Nuclear Reactors will go a long way in bolstering the AatmaNirbhar Bharat agenda.
We are all greatly inspired by the vision for a Viksit Bharat by 2047 and I am confident that these initiatives collectively signal a robust blueprint for India’s progressive, integrated and inclusive development.”
Baba Kalyani, Chairman & MD, Bharat Forge Ltd

“The Union Budget 2024–25 provides an impetus for rural development and growth. Furthermore, it underscores a continuous focus on supporting women and girls through schemes that aid inclusive growth and development. The Union Budget aims to maintain fiscal discipline with a targeted fiscal deficit of 4.9%, which is commendable. The allocation of Rs 2.66 lakh crore for rural development will significantly boost economic activity, create job opportunities, and improve rural living standards and incomes. Its emphasis on job creation and incentivizing skill development initiatives will effectively channel the demographic dividend, benefiting the overall economy.”
Sadaf Sayeed, CEO, Muthoot Microfin

"The removal of angel tax is a welcome move for India's startup ecosystem. This, coupled with the establishment of a ₹1,000 crore VC fund for the space economy, will foster innovation. The budget’s focus on manufacturing, with the introduction of plug-and-play industrial parks, is progressive. MSMEs will benefit significantly from the credit guarantee scheme, new assessment models by PSU banks, and increased Mudra loan limits. The substantial allocation of ₹11 lakh crore for infrastructure especially nature resilient is crucial for building a Viksit Bharat. The strategic shift towards nuclear energy as a major power source is visionary. Finally, the emphasis on cultural heritage through the development of the Vishnupad, Mahabodhi temple corridors, Rajgir, and Nalanda is a welcome addition.”
Rahul Garg, CEO & Founder, Moglix

“Budget 2024-25 allocations towards skilling and employment and Startup growth marks a watershed moment in India's journey towards becoming the world's largest talent economy. 
With a very strong emphasis on skilling and employment and bridging the talent-academia gap, GOI's allocations—to fuel aspirations of 4.1 crore youths, empower women to join the workforce, and provide tax benefits and loans like Skilling loan (upto INR 7.5 lakh) and Education loan (upto INR 10 lakh)—is a masterstroke, set to unlock India's demographic dividend and drive growth. This budget is not just a financial plan but a blueprint for a brighter future where India's youth will thrive and continue to lead global job requirements.
Innovative initiatives announced, such as the scheme to boost job creation in the manufacturing sector, incentives for EPFO contributions, and reimbursement for additional employee EPFO contributions, demonstrate the government's commitment to creating a conducive employment ecosystem. India's economic growth, described as a "shining exception," will propel its focus on innovation and growth with a focus on job creation and skilling. The skilling loan and education loan initiatives will further empower India's youth to drive growth and innovation.
Moreover, the government's scheme to provide internship opportunities to 1 crore youth in 500 top companies over 5 years will bridge the industry-academia gap and enhance employability, empowering India's youth with the opportunities they need to bridge the talent supply demand across global jobs. With such bold commitments towards jobs, skilling, and employment, Budget 2024-25 ignites a talent revolution in India, poised to propel the nation's youth to global leadership.
By abolishing angel tax, the government has given a major fillip to the startup ecosystem, fostering more investments, growth, and innovation in India, and enhancing its capabilities to cater to global demands. Additionally, the reduction of capital gains tax for unlisted equity aligns it with listed equity is another strong move, further boosting investor confidence and liquidity in the startup space.”
Mayank Kumar, Co-founder & MD, upGrad

“Union Budget 2024 presents a balanced approach that supports sustainable growth in the real estate sector. The attention on augmenting tax incentives for first-time homebuyers and amplifying benefits for women is notably heartening as it invigorates market demand. The stress on affordable housing, expedited project approvals, and urban infrastructure development would definitely boost market efficiency, yielding benefits for both developers and homebuyers alike. Furthermore, the provision for upskilling initiatives is a commendable step that caters to the industry’s evolving requirement for a technologically adept workforce.”
Ajitesh Korupolu, Founder & CEO, ASBL