Post Budget-2024 Quotes From Industry Leaders-6

Sebi Joseph, President, Otis India
“It was heartening to witness the growth-oriented budget focusing on infrastructure and urban development, presented today by the Honorable Finance Minister, Smt. Nirmala Sitharaman. The thrust on affordable housing and developing 14 cities as growth-hubs is commendable. Establishment of industrial parks near 100 cities, increasing spend to 3.4pct of the GDP towards infrastructure, boost to skilling and employment generation will help the elevator and escalator industry and provide an impetus to the overall economy.” 

 Sudarshan Venu, MD, TVS Motor Company
“The focus is on growth in this budget and the government is clearly looking at a long-term strategy. The schemes to get more people into the formal sector will go a long way in tapping into the potential of India’s young workforce, and the government’s continued commitment to infrastructure development is a big boost for economic growth and opportunities. This helps build on the momentum created in the previous two terms.”
 

Dheeraj Hinduja, Executive Chairman, Ashok Leyland
“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.”
 

Amit Bansal, CEO, Solv
“The budget's emphasis on local kirana shops and MSMEs shows the government's commitment to revitalizing this sector. Introducing a credit guarantee scheme and raising the Mudra loan limit to 20 Lakhs for previous borrowers will facilitate finance access. By prompting banks to consider digital footprints for eligibility and implementing the MSME guarantee plan and internal assessment models, credit access for kirana shops is simplified. The collateral-free credit guarantee scheme and support for MSMEs in financial distress are crucial. Establishing export hubs and providing technological support will enhance global competitiveness and innovation for local kirana shops.” 

P R Seshadri, MD & CEO at South Indian Bank
“The Finance Minister has announced many impactful measures in the Union Budget. The proposal to rationalise both direct taxes and GST are heartening and may potentially lead to a truly progressive tax structure. The push for housing and employment are commendable. Similarly, the measures announced for improving credit delivery to MSMEs – enhancement of MUDRA loan limits and introduction of credit guarantee scheme, will incentivise financial entities to lend to India’s small entrepreneurs. Besides, the Budget has made provisions to improve the rural economy, including increasing outlay under PMAY, and for agricultural research and rural development. The Union Budget has enough incentives to spur India’s youth, farmers and business class to seek fulfilment of their aspirations. It will allow the economy to move ahead on its growth trajectory.”

Pinkesh Kotecha, MD & Chairman, Ishan Technologies
“The Union Budget 2024-25 brings several promising developments for the IT and Telecom sector. With the country’s aim to become a digital-first nation, we welcome the government’s commitment to leveraging technology for improving productivity and bridging inequality over the past decade. We acknowledge the importance of digital infrastructure for inclusive growth that will help enhance opportunities beyond urban India. 
 
The government’s commitment to enhancing data governance will help boosting data centers and undoubtedly support the rising data-intensive needs of our country. Moreover, the focus on increasing FDI will spur investments in technology innovations, furthering India’s growth as a tech hub. The slew of measures to boost employment for Youth, the establishment of working women hostels, and skilling loans with government guarantees, will drive more women and youth participation in the IT sector. These initiatives are crucial for building a skilled workforce ready to meet the demands of our evolving industry.
 
Having said that, we were hoping for an increased attention to two pressing issue – rise of AI and cybersecurity. These will be crucial aspects that will help India build a robust and secure digital infrastructure that can support India's aspirations of becoming a USD 5 trillion economy. Overall, the Union Budget 2024-25 takes significant strides in the right direction, and we look forward to seeing these initiatives unfold. At Ishan Technologies, we remain committed to driving innovation and growth in line with the government's vision for a digitally empowered and inclusive nation.”

Siddarth Bhamre, Head of Research at Asit C Mehta Investment Interrmediates Ltd 
“The budget is economy-centric and especially targets grassroots issues like employment and rural economic stress. Multiple direct and indirect schemes and announcements will target the upliftment of the poor, women, youth, and farmers. The finance minister has made this budget to enhance employment, increase skill sets, ease business for MSMEs, and provide tax measures for the middle class. From the capital markets point of view, it would be slightly disappointing as far as taxation is concerned. The economic measures announced are the need of the hour for rural employment and reduce stress in the MSME space. This budget has targeted the pain points in the economy.
 
This budget focuses on the rural economy, employment, and MSMEs. The biggest beneficiary from a stock market perspective will be consumption space especially FMCG and Auto (2-wheelers).”

Gyanesh Chaudhary, CMD, Vikram Solar Limited

"The Union Budget 2024 has positioned India as a frontrunner in the global solar energy landscape. By allocating a substantial Rs. 7,327 crore for solar projects and introducing initiatives like the PM Surya Ghar Muft Bijli Yojana, which aims to provide free electricity to one crore households, the government has demonstrated a strong commitment to clean energy. This budget is a catalyst for the growth of the Indian solar industry, empowering millions of households with access to affordable and clean electricity. Moreover, by supporting ancillary sectors like pump storage and creating a conducive environment for innovation through tax incentives for solar cell and panel manufacturing, the budget has laid a robust foundation for India's energy transition."

Jaya Vaidhyanathan, CEO, BCT Digital
“Budget 2024 has introduced nine main priorities to boost the economy, including notable rewards for taxpayers who have opted for the new regime. From a banking and fintech perspective, it has tabled several positives:
The emphasis on Digital Public Infrastructure for applications, including credit, is welcome. It will help formalize lending processes, thereby expanding the market share for banks and fintech players. A vision for the financial sector has been announced to enable our country to become a fintech powerhouse. The success of UPI and the JAM trinity needs to be monetized at a global level. While it's still early days, this is good news. The announcements regarding taxonomy for climate risk are welcome, as it is important to have a homegrown framework for climate risk rather than adopting those from countries with different climate and industry conditions to ours.
Overall budget 2024 has brought forth some interesting perspectives, setting the stage for a transformative financial landscape ahead, focused on growth and development.”

FADA President Manish Raj Singhania
"The recent budget announcement by the Government of India brings a blend of optimism and challenges for the auto retail sector. The focus on 'Garib', 'Mahilayen', 'Yuva', and 'Annadata' highlights a comprehensive approach towards inclusive growth, which is commendable. The enhanced Minimum Support Prices for major crops and the launch of Phase IV of PMGSY are positive steps that will boost rural incomes and improve rural connectivity, thereby potentially increasing rural auto sales.
The budget's emphasis on employment, skilling, MSMEs, and the middle class is particularly relevant for our industry. The Employment Linked Incentive scheme and the enhancement of Mudra loans are encouraging developments that will support job creation and entrepreneurship, leading to increased consumer spending power.
ignificant infrastructure investments, with an allocation of Rs. 11,11,111 crore for capital expenditure, will have a multiplier effect on the economy. Improved infrastructure is a boon for the auto sector, facilitating better logistics and enhancing the overall consumer experience.
The adjustments in personal income tax, including increased standard deductions and relief for salaried employees and pensioners, are welcome measures that will enhance disposable incomes, fostering a more favorable environment for auto sales.
However, the industry must also navigate certain challenges. While the budget provides a robust framework for growth, the effective implementation of these policies will be crucial. We hope for continued support from the government in addressing specific issues faced by the auto retail sector, such as the transition to green mobility and the need for policies that support sustainable practices.
Overall, the budget lays a strong foundation for future growth, and we are optimistic about the positive impact it will have on the auto retail industry."

Kalyan Chakrabarti, CEO, Emaar India
“We at Emaar India welcome the Union Budget 2024-2025, as it reflects the government's strong commitment to improving urban housing. This budget lays a robust foundation for a dynamic, inclusive, and sustainable urban housing environment, ensuring long-term benefits for all stakeholders We are excited about these positive changes and are committed to playing our part in building high-quality projects that support this vision."
 
This ₹10 lakh crore investment is a strong step towards creating an inclusive and sustainable urban ecosystem. Making affordable loans more accessible will effectively help people in achieving the dream of homeownership. At Emaar, transparency is our core value and   therefore we firmly support the emphasis on transparency and believe that a fair rental housing system will create a more trustworthy and balanced housing market.
 
Key infrastructure developments, such as better water supply and sanitation, effective sewage treatment, and solid waste management, will significantly enhance the quality of life across the country. Additionally, lowering of stamp duty for properties purchased by women is a commendable move towards gender equality in property ownership and empowering women. Furthermore, the comprehensive internship program for one crore youth in leading companies, along with women-specific skilling programs, are strategic initiatives designed to boost workforce participation and drive economic growth.