Post Budget-2024 Quotes From Industry Leaders-8

Arun Kumar Poddar, CEO, Choice International Limited
"The Union Budget 2024-25 presents a balanced approach to stimulating economic growth while maintaining fiscal prudence. The government's commitment to reducing the fiscal deficit to 4.9% of GDP in 2024-25, down from 5.8% in the current year, signals a strong focus on macroeconomic stability. This fiscal consolidation path, coupled with the projected 8.2% GDP growth rate, creates a favourable environment for investments and economic expansion.
 
The budget's tax proposals are designed to boost disposable income and encourage savings. The increase in the standard deduction for salaried employees to ₹75,000 and the rationalization of capital gains tax, with a 12.5% rate on long-term gains for all assets, provide clarity and benefits for individual investors. For businesses, the abolition of angel tax for all classes of investors and the reduction of corporate tax for foreign companies to 35% are significant steps to attract investment. These measures, combined with the ₹11,11,111 crore allocation for infrastructure development, create a robust framework for economic growth and investment opportunities across sectors.”

Viswanath PS, MD & CEO, Randstad India
“The sharp focus on employment in this year’s budget, particularly through the Employment Linked Incentive Schemes, is a transformative step for job creation in our country. By investing in skilling and bridging the talent demand-supply gap, the budget paves the way for a more robust and future-ready workforce. The provision for internships with top 500 companies, coupled with an internship allowance, will empower our youth with the necessary skills and experience for the ever-evolving job market. Furthermore, the creation of industrial parks in 100 new cities along with the establishment of dormitories and women’s hostels will ensure that companies have access to the right talent, while also enhancing women’s participation in the workforce. The decision to allow companies to use their CSR funds for training and internships is a commendable move, reinforcing the commitment to fostering a skilled and employable generation. All in all, there are a lot of positive takeaways for both employers and the talent community from the announcements made in this budget. It is indeed a significant milestone in driving employment-led growth and shaping a prosperous future for India.”

N D Mali, Founder, KDM
“The budget will steer India towards a Viksit Bharat by 2047 through a slew of measures that boost consumption. Tax reduction of up to 15% on mobile phones, mobile PCBs, and chargers is expected to boost domestic manufacturing and benefit customers. The budget focus on employment, skilling and middle class will spur consumer spending, which, in turn, would stimulate economic growth. The fiscal prudence of 4.9% and increased outlay of capex will put more money in the hands of people and general consumer sentiment will increase. The budget will further charge the economy of Bharat.”

Hitesh Sharma, Partner and Life Sciences Leader – Tax, EY India.
“The budget has maintained a neutral stance towards the Pharmaceutical and Healthcare sector. Noteworthy advancements include a commitment to enhance R&D, with an emphasis on basic research and the development of prototypes - reemphasis of commitment made in interim budget. Additionally, the budget proposes the elimination of customs duties on select cancer medications and a reduction of Basic Customs Duty (BCD) on specific X-ray related products. Also skilling initiative and support would help the healthcare sector.  However, the budget did not focus on healthcare infrastructure, the manufacturing of medical devices, or incentives for R&D, which were notable omissions.”

Rashi Agarwal, Co-Founder and CBO, Zypp Electric
“The Union Budget's focus on increasing women's workforce participation and youth skilling is a significant step towards addressing key barriers women face in the workforce, promoting gender equality and economic empowerment. The youth skilling initiative is a forward-thinking move that will enhance workforce skills and employability, driving industry growth and boosting the gig economy, particularly by increasing two-wheeler and three-wheeler sales beyond metropolitan areas. Abolishing the angel tax is a commendable decision to foster innovation and support the start-up ecosystem. However, we anticipated announcements on the FAME-III policy and special incentives for the EV sector, which weren't part of this budget. Maintaining policy consistency will be essential to the overall expansion of the electric vehicle market. We expect that the government will provide clarification and lower or eliminate taxes on last-mile delivery services before the present program expires this month.”
 

Ravi Machani, Co-Founder Investor, Tresa Motors
“Tresa Motors commends the Union Budget 2024 for taking significant strides towards upskilling. With the growing demand for expertise in areas like battery technology and power electronics, the budget's focus on upskilling programs and industry-education collaboration is crucial in bridging the skills gap. Skilled workers are essential for the EV industry's growth. It's an exciting time with abundant opportunities for those willing to learn new skills. The government's initiative to upskill students over the next five years will ensure a steady supply of talented professionals, driving innovation and sustainability in the EV sector.”

Dilip Modi, Founder & CEO, Spice Money
"The 2024 budget's focus on Digital Public Infrastructure (DPI) resonates deeply with Spice Money's mission. By enabling access to credit, e-commerce, education, healthcare, and logistics through DPI, the government is creating a transformative ecosystem for rural India. This aligns perfectly with our ongoing efforts. At Spice Money, we have always been dedicated to skilling youth in rural India and have created job opportunities, growing our network to 14 lakh Adhikaris. The budget's emphasis on rural development, coupled with DPI initiatives, presents an incredible opportunity to further empower these skilled individuals and bridge the digital divide.  Spice Money is positioned to leverage these initiatives to expand our reach significantly, offering vital financial and non-financial services to millions in underserved communities. We're excited to collaborate with the government to unlock the true potential of rural India's digital future."

 

Dhruv Sarin, Co-founder, PolicyBazaar Partners
“We applaud the Indian government's Union Budget 2024 for its forward-thinking approach across all segments of society. The reduction of TDS (Tax Deducted at Source) rates from 5% to 2% for individual agents selling insurance policies is a particularly commendable initiative, as it will directly increase their disposable income. Empowerment of India’s young workforce was also one of the central focus areas. With five targeted schemes aiming to benefit 41 million youth over five years and supported by a central outlay of ₹2 lakh crore, this move will result in more employment opportunities and significantly uplift India’s youth. The women-specific skilling programs and initiatives to boost workforce participation are also laudable steps towards inclusive growth. These initiatives will lay a solid foundation for sustained economic growth by financially strengthening India’s lower middle segment and youth.”