Post-Budget Quotes

Bimal Khandelwal, Chief Financial Officer, STT GDC India
“The Union Budget 2024-25 presents encouraging prospects for the technology and digital infrastructure sector. The substantial increase in FDI inflow and the commitment to negotiating bilateral investment treaties signal a favourable environment for sustained foreign investment, aligning with the digital aspirations of the nation.
The noteworthy outlay of Rs 11.11 lakh crores for infrastructure development, with a focus on technology, is a promising move. This budget holds the potential to positively impact the data centre industry, fostering innovation and growth. The emphasis on technology, innovation, and infrastructure aligns seamlessly with the evolving needs of the data centre sector, and we anticipate contributing significantly to India's digital journey."

Manoj Nair, Head of India GDC, Fujitsu India
“We welcome India’s Union Budget 2024-25 unveiled today and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core. As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively. Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the Nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives. This is an exciting time for the country's green industrial and economic transition. At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!”

Alekh Sanghera, (Co-founder and CEO, FarMart)
‘’Budget 2024-2025 is a great step towards a promising and bountiful agritech future. The budget provisions strengthening agriculture value chains through food processing infrastructure, minimized wastage and crop insurance.
We, at FarMart, echo the vision of PMKSY & PM-FME, bridging the farm-to-fork gap. Better market access and post-harvest management empower smallholders with sustainable income. We are aligned with the government’s vision to boost productivity and farmer welfare through incentives around credit access, infrastructure, and public-private collaboration. This budget fuels India's agritech ecosystem, ensuring local and global food security."
 

Ravi Kunwar, Vice President - India & APAC at HMD Global (The Home of Nokia Phones)
“The Interim Budget is forward-looking and represents the remarkable evolution of India's mobile and telecom landscape in the last decade, standing true to our expectations. The allocation towards the development of electronics manufacturing clusters unlocks the accessibility of high-quality technology for varied consumers, including those at the bottom of the pyramid. Additionally, the proposal to further provide relief in customs duty on the import of battery covers, main lenses, back covers, and mechanical items will boost the Make in India initiation and solidify the mobile manufacturing ecosystem in the country.
This reduction, coupled with the establishment of a one-lakh-crore corpus supported by a fifty-year interest-free loan, will empower the private sector to significantly advance research and innovation in sunrise domains. Despite the industry's growth, there is substantial room for expansion in India, and we are optimistic that supportive government policies, infrastructure investments, and a vibrant innovation ecosystem will unleash the next wave of digital transformation.”
 

Narinder Bhamra, President, Fastener Manufacturers Association of India 
“Though the Budget was interim Budget (Vote on Account) it was expected that there will be not much for MSE’s but they could have taken some decisions to benefit MSE’s such as increase in Income Tax Exemption Limit , formation of Steel Regulator, Resorting the CLCSS Scheme, Reduction in import duties on machinery to boost manufacturing, provisions of Social Security for tax payers etc.
Though Finance Minister admitted that direct tax collection was more than doubled, GST Collections gone up but in spite of that no relief given to MSE’s. However, Finance Minister gave adequate benefit to big houses corporates by reducing their income tax to 22%, earlier it was 22% + surcharge and it come to 26% but corporates are the major beneficiaries as their slab came down to 22% as compared with MSE’s whose income tax slab is 30% plus surcharge when you cross certain limit of income.
It is evident that this Govt. is concerned about Corporates & people below poverty line to take advantage in forthcoming elections. Govt has no soft corner for MSE’s or common man. To sum up we can say the budget has nothing for MSE’s or common man & it has disappointed us.”
 

Dinesh Gulati - Chief Operating Officer, IndiaMART InterMESH Ltd
“The FM has skillfully walked a tightrope between growth-oriented capex and fiscal consolidation. It is remarkable that a 10-12% rise in total expenditure is accompanied with an aggressive fiscal prudence demonstrating robust economic fundamentals. Lack of any populist measures is also a demonstration of the government’s confidence. This governance continuity augurs well for the industry cutting across sectors. As a business engaged in empowering millions of small and micro businesses to achieve scale in the country, the reference to MSMEs and greater mobilization of PM Mudra Yojana is heartening to note.”