Post Budget-2024 Quotes From Industry Leaders-7

Anant Jain, Head of Customer Success - India, GfK – an NIQ company
"In the Union Budget 2024, the Finance Minister's focus on uplifting the poor, women, youth, and farmers aligns with India's aspirations towards a developed nation. It reflects the government's commitment to 'Viksit Bharat' and is poised to benefit the tech sector. The proposed reduction in the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile chargers to 15% expected to make mobile devices and accessories more affordable, thereby boosting consumer demand and driving growth in the tech industry. Additionally, the increase in duty on printed circuit board assemblies (PCBA) for specific telecom equipment from 10% to 15% aims to encourage local manufacturing. Government’s prioritization on jobs, agriculture and energy sector will provide long term growth opportunities to tech & durables sector."

Sanjay Dighe, CEO of Krystal Integrated Limited Services:
 
“The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman outlines a comprehensive vision for India's growth, with a strong emphasis on job creation, skill development, and social justice. The government's focus on employment generation and upskilling initiatives is particularly encouraging for the facility management and staffing sector.
 
The introduction of three key schemes under the Prime Minister's package is a significant step towards boosting the job market. The government's commitment to support 210 lakh first-time employees, incentivize job creation in the manufacturing sector, and reimburse employers for additional hires will undoubtedly stimulate employment opportunities. The plans to upgrade 1,000 Industrial Training Institutes and the new centrally sponsored scheme to skill 20 lakh youth over five years are welcome moves. These initiatives, coupled with the focus on women's participation in the workforce through working women hostels and specific skilling programs, will foster a more inclusive and skilled labour force. These progressive measures lay a strong foundation for building a more prosperous and skilled India.”

Niranjan Kirloskar, Managing Director - Fleetguard Filters Pvt. Ltd.
“The Union Budget presented today aligns well with the Government's vision of a Viksit Bharat. The budget highlights several positives aimed at boosting economic growth, employment, sustainability, and inclusive development.

Special focus and reiteration of skilling, employment, manufacturing, strong infrastructure development, agriculture, and R&D, among other mentions, should positively reassure companies to focus on investing in all levels of its employees – especially newer ones, and also concentrate on becoming future-proof, by investing in rigorous research and development.

In addition to the above, proposing a climate taxonomy or climate finance to encourage greener businesses and, in turn, create a greener economy in the long run, signifies the important role of Indian companies in the fight against global climate change and aligns with global ESG goals which can make Indian companies attractive for FDI.
Overall, the government aims to balance economic growth with sustainability and inclusivity ensuring long-term benefits across various sectors.“

Aayushman Jain, Director, Siddha Group
“The government's interest subsidy scheme for urban housing is a positive step towards making home ownership more accessible. The PM Awaas Yojana-Urban aims to meet the housing needs of one crore poor and middle-class families through an investment of  Rs 10 lakh crore, including Rs 2.2 lakh crore in central assistance over five years. This initiative will boost the real estate market and stimulate demand for affordable housing.

The central government will be  proposing a lowering of stamp duty rates especially for women owners, this is a great initiative for the Real estate market.

Additionally, the proposal to provide rental housing for industrial workers through PPP mode with Viability Gap Funding support is a strategic move. It addresses the housing needs of industrial workers and encourages private sector participation.

Overall, these budget measures will foster growth in the real estate sector, promote inclusivity, and ensure housing for all.”

Sahil Saharia, CEO, Bengal Shristi Infrastructure Development Ltd.
"The government's new interest subsidy scheme and additional funding for affordable housing mark a substantial move towards tackling urban housing issues. The ₹10 lakh crore investment under PM Awas Yojana-Urban, set to aid one crore families, alongside the ₹2.2 lakh crore central assistance over the next five years, is a commendable effort. Furthermore, promoting rental housing for industrial workers via PPP mode with Viability Gap Funding support will enhance housing accessibility and affordability."

Rishi Jain, Managing Director, Jain Group
“The Budget 2024 has been crafted in alignment with long-term goals of the Central Government as is the style in the previous 6 budgets too.
It is obvious the Government is aware of the massive profits that Stock Market investors have made in the past 4-6 quarters and now it wants its share of profit when these investors cash out their gains.  The introduction of specific fiscal measures to capture a portion of these profits is a prudent move, ensuring that the benefits of economic growth are equitably shared and reinvested into the nation's development. The extra STT and investment gain income will obviously be offset to provide sops and relief to the salaried class through lower tax rates and higher standard deductions. A clear populist measure, but after the 2024 elections debacle, this was not unexpected.  
I feel the populist measures will be far outweighed by the long terms benefits. The slight pinch to investors will be outweighed by the burgeoning India prosperity.  The general populace will be somewhat satisfied while fostering economic inclusivity and stability.
The government demonstrates its commitment to a balanced and forward-thinking economic strategy.
I am personally very happy with the thrust on affordable housing, developing the transport infrastructure as well as the Human Capital which has been proposed. Achieving even 50% of these lofty goals would greatly boost the India Story in the world markets.”

Nandan Mall Founder & CMD, Hulladek Recycling Pvt Ltd.
“⁠Exempting custom duties on critical minerals will boost the recycling industry, inviting more entrepreneurs to invest and venture into the recycling industry
- Setting up of a Critical Mineral Mission is a landmark decision which will help procuring precious metals and minerals from recycling of electronic waste
- ⁠Availability of finance in the climate sector will boost businesses and encourage new entries
- As a youth driven organisation, we are happy to see the inclusion of paid internship opportunities to 1 crore youth in 5 years. Internship allowance of 5000 per month along with bonus on 6000 will be provided by the government. 10% of internship cost can be borne from the CSR funds.”

Debashis Dhar, Senior Vice President & Chief Business Development, ILS Hospitals.
"Tertiary care services are significantly lacking in Tier-3 cities compared to Tier-1 cities. There is a pressing need to vigorously promote preventive healthcare. Public-private partnerships (PPP) are crucial for setting up quality healthcare facilities. Moreover, the salaried class expected greater tax relief, which was not sufficiently addressed. Exempting certain additional medicines from customs duties to support cancer patients is a commendable initiative."

Prof. Manoshi Roychowdhury, Co-Chairperson, Techno India Group
“The Union Budget’s Rs. 1.48 lakh crore allocation for education, employment, and skill development is a major boost for India’s youth and workforce. This focus complements Techno India Group's mission to provide quality education , encourage  skill development and innovation.
The continued implementation of schemes from the Interim Budget, coupled with this renewed financial support, strengthens our efforts to build a strong educational ecosystem.India’s stable economic growth and inflation create a favorable environment for educational and economic reforms.”

Dr. Silpi Sahoo, Chairperson, SAI International Education Group
“The Union Budget 2024–25 shows a strong commitment to youth empowerment, acknowledging that it is essential to the success of our country. A 30% increase in funding to Rs 1.48 lakh crores has been allocated for education, employment, and skill development; this is a necessary and promising initiative. Students from low-income backgrounds benefitting from the provision of financial support for loans up to ₹10 lakh for higher education is a welcome move by the Government. Internship chances at 500 leading companies for 1 crore students during a 5-year period coupled with an internship allowance of ₹5,000 per month and a one-time aid of ₹6,000 will offer invaluable exposure and professional experience to the youth of India. Furthermore, the skilling project, which is a partnership between business and state governments, intends to improve 1,000 Industrial Training Institutes to train 20 lakh kids over the course of five years is a notable development in the Union Budget. I am sure that many students will benefit from the redesigned Model Skill Loan Scheme, which would provide loans up to ₹7.5 lakh backed by a government-sponsored fund. This will help the youth to be more professionally trained. Also, The Eastern region's 'Purbodaya' plan and the emphasis on digitization and technology adoption prioritizing infrastructure, economic prospects, and human resource development will be a key to turn the region into a major player in the global economy. If these policies are implemented effectively, Bharat is on the path to attaining global leadership.”

V. P. Nandakumar, MD & CEO at Manappuram Finance
"Union Budget 2024-25 takes forward the measures announced in the Interim Budget outlining a roadmap for 'Viksit Bharat'. Nine priority areas identified in the Budget which include agriculture, education and MSME segments will facilitate skilling and employment generation while boosting manufacturing growth. Infrastructure push is reiterated with a Central govt capex outlay of 11.1 lakh crore and 1.5 lakh crore towards interest free capex grant for states. Special emphasis on rural roads augur well for rural incomes as hinterlands will be better connected to the mainland, helping farmers to effectively market their produce. This is good news for the transportation and logistics industry as well. Meanwhile, hike in Mudra loan limit and collateral free loans for small enterprises are big positives as this sector accounts for 45% of our exports. Rationalisation of customs duty on gold, silver, mobile phones and 23 critical minerals are beneficial to these industries. Abolition of angel tax will improve business climate. Personal income tax has seen some rationalisation although the expected changes did not kick in and disposable incomes will not be boosted to the expected levels. 

The budget proposals strike a fine balance between growth and fiscal prudence. The lower fiscal deficit target will reduce central govt debt and facilitate a sovereign rating upgrade apart from softening government security and corporate bond yields."

Pankaj Kalra, CEO, EOGEPL
“The Union Budget's emphasis on energy transition and sustainability is commendable. It highlights the importance of balancing economic growth with environmental sustainability through appropriate energy transition pathways. We remain confident about India's energy future and eager to collaborate with the government on policies that ensure energy security, affordability, and accessibility, thereby supporting our Nation's growth aspirations.”

 Prakash Chhabria, Chairman, Finolex Industries
"The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman sets a clear roadmap for India's inclusive growth. The government's focus on manufacturing, agriculture, and infrastructure development is commendable. The credit guarantee scheme for MSMEs and the establishment of e-commerce export hubs will significantly boost our industrial capabilities. For the agricultural sector, initiatives like digital crop surveys and promotion of natural farming align well with sustainable practices.
 
The budget's emphasis on infrastructure, including the PM Awas Yojana's ambitious housing targets and urban development focus, presents great opportunities for the pipe and fittings industry. We applaud the government's commitment to water management, promoting water supply, sewage treatment, and solid waste management projects in 100 large cities. This initiative, along with plans for treated water reuse, demonstrates a holistic approach to water resource management. The measures for empowering women and youth, combined with substantial rural development allocation, promise inclusive growth. We look forward to contributing to these progressive initiatives as we work collectively towards building a more prosperous India."

Dr. Payal Kanodia, Chairperson, FICCI YFLO Delhi
"It is promising to see our vision align with the Modi government’s forward-thinking ideology. As the newly appointed Chairperson of YFLO Delhi, my dedication to women and child welfare has been amplified by this honour. I am committed to reaching 1 million people, focusing on livelihood opportunities, youth skill development, literacy, socio-economic empowerment, environmental conservation, and enterprise development. Modi 3.0's focus on enhancing women's workforce participation through initiatives like hostels and women-specific skilling programs is inspiring. At YFLO, in collaboration with Womenovator, we are encouraging private academic institutions to help post-graduate women overcome societal challenges and secure relevant work. Additionally, through M3M Foundation, new initiatives for promoting private investment in post-harvest activities and faster adoption of technologies like nano DAP to boost agricultural productivity will be scaled in Delhi NCR and border areas like Leh and Ladakh, benefiting women in rural areas."