In the much-anticipated Interim Budget 2024, entrepreneurs from various sectors have offered their perspectives, providing valuable insight into the potential impacts on businesses. This summary encapsulates the diverse reactions and quotes from these entrepreneurial voices, shedding light on their analysis of the budget’s key aspects and implications for different industries. Explore the nuanced perspectives of these business leaders as they navigate through the intricacies of Interim Budget 2024 and share their expectations, concerns, and assessments:
Md. Sajid Khan – Director-India, ACCA (Association of Chartered Certified Accountants): “The Interim Union Budget paints a promising picture of India’s transformation. The focus on skilling India’s youth through initiatives like NEP and Skill India Mission, and the emphasis on both traditional and non-traditional skilling avenues is a laudable step towards India’s aspirations of becoming a ‘Viksit Bharat’ by 2047. Public-private partnerships and leveraging industry expertise will be crucial in bridging the skill gap and empowering the ‘Amrit Peedhi’ for a developed India by 2047. Unleashing GIFT IFSC’s potential as a global financial hub requires fostering a future-ready accounting workforce through industry-aligned training programs and internships. A robust pipeline of skilled accountants adept in FinTech, international finance, and global regulations is key to propel India’s economic growth and achieve ‘Viksit Bharat’.“
Vikram Bhandari – Founder & CEO of Yantra: “I think the impact of the new age technologies will bring about much excitement for the sphere. We at Yantra remain deeply committed to discovering new economic opportunities that will allow more Indians to join the workforce and benefit from it. Yantra’s goal remains to impart state-of-the-art yet affordable services to everyone out there, with a special focus on those who couldn’t manage it before. The budget 2024-25 indicates that the potential of India is reaching an all-time high and we stand ready to contribute to it through innovation and entrepreneurship. Our futuristic solutions promise to imitate India’s new-age solutions throughout the world and I’m sure that Yantra will make a significant contribution to Digital India and the honorable PM’s vision of Sabka Saath Sabka Vikas.“
Mr. Anirudh A Damani – Director at Artha India Ventures: “In this year’s interim budget, the Finance Minister has adeptly spotlighted the government’s dedication to pivotal sectors poised to elevate GDP growth, with a particular focus on empowering youth, women, and micro-entrepreneurs. This commitment is further enriched by an ambitious agenda to enhance digital infrastructure, aiming to foster entrepreneurship nationwide and boost employment opportunities. Notably, the budget’s provisions for EV and deep tech sectors signal a continued allure for venture capital in startups, reinforcing investor confidence. The introduction of a Rs 1 lakh crore corpus for long-term, interest-free loans emerges as a landmark initiative, promising to invigorate entrepreneurship in tier 2 and 3 towns. Our experience over the past decade affirms the high potential of these regions as the cradle for India’s next 100 unicorns, where access to early-stage capital has remained elusive. The government’s move to provide interest-free loans is a game-changer, not only facilitating capital accessibility but also encouraging deeper penetration by institutional investors in search of disruptive startups. This strategic intervention is poised to reshape India’s entrepreneurial landscape, heralding an era of widespread innovation and growth“.
Mr. Sarvagya Mishra, Co-founder & Director at Superbot: “It’s encouraging that the government recognizes the importance of addressing skill development to meet the demand for a high-quality workforce in the emerging technology sector, crucial for India’s ambitious goal of a $5 trillion economy..All the initiatives mentioned in the Interim budget speech like establishment of more IITs, IIITs, STEM courses etc., are cementing the foundation of the growing India, which is youth. Commendably, the government’s embrace of deeptech in critical sectors like defense underscores our country’s progressive stance. Given that R&D is a capital-intensive step for businesses in deeptech, blockchain, machine learning, and Generative AI, increased allocation towards MUDRA schemes and the announcement of a 1-lakh crore corpus with 50-year interest-free support will undoubtedly fuel technological growth.“
Mr. Santanu Agarwal, Deputy Managing Director, Paisalo Digital Limited: “The budget presents a vision of prosperity and resilience, reflecting the vision of a Viksit Bharat. It strikes a balance between growth and fiscal responsibility, prioritizing key sectors, green initiatives, and the rural economy. The government’s commitment to sustainable development and financial inclusion is evident through increased capital and operational expenditures across all three sectors.
This optimistic outlook promises inclusive development, environmental sustainability, and economic empowerment for all. Targeted measures for the rural sector, coupled with visionary strategies for financial upliftment and social welfare, underscore India’s dedication to fostering entrepreneurship, ensuring credit access, and developing sound financial regulations.
The budget champions entrepreneurship as a key driver of economic development, paving the way for their active participation and contribution to India’s diverse sectors.“
Mr. Gaurav Balani – DGM-Marketing, Infiniti Mall: “The insights unveiled by the Union Budget 2024 indeed project a favorable growth trajectory for the economy and display the remarkable performance of the nation throughout the years. An increase in the average income of people by 50% is a significant milestone and we expect it to positively impact retail sales, leading to an increase in customer willingness to spend on shopping, recreation and leisure. Further, the presence of a dedicated freight corridor, together with the three economic corridor programmes under the PM Gati Shakti National Master Plan will help us reduce logistic costs and elevate efficiency while serving customers. We further hope for the moderate inflation period to be monitored and maintained at minimal levels to ensure sustainable growth. Lastly, the introduction of an increase in threshold for presumptive taxation for retail businesses from INR 2 crore to INR 3 crore is a well-appreciated move and will assist in achieving higher revenue figures.“
Darshil Shah – Founder and Director, TreadBinary: “The progressive approach in the Interim Budget truly underscored the significance of ‘Make in India’. The corpus of Rs 1L Crore to provide long-term financing with low/nil interest rates, will encourage and make a significant impact on the Research and Innovation in Private Sectors, which will surely lead to Development of the nation. The FDI- First Develop India spirit will further strengthen the process, the schemes for green growth will be a commendable way forward keeping the environment as top priority along with the nation. Overall, it was a well-balanced budget catered not only to research, innovation but also green growth, solidifying India’s position as a global tech hub.
The Budget for the Retail Sector gave a positive way forward to the overall development of the sector in the country. The dedication of the scheme for infrastructure and technological development, the India Middle East Europe Economic Corridor, will be a game changer for India, aiding growth on the aspects of trade and global connectivity. The multi-modal connectivity infrastructure, under PM Gati Shakti, will improve the logistics and reduce cost, benefiting the industry.
The Budget exhibited a well-balanced and truly promoted development of the startup ecosystem, the youth and the country. The implementation of PM Mudra Yojana, the Startup India, and the Startup Credit Guarantee schemes signifies a concerted effort to facilitate the youth a seamless initiation of entrepreneurial journey.
As aptly stated, innovation is the foundation of development and this is going to be a golden era for the tech savvy youth, the corpus of Rs 1L Crore plan providing long-term financing with low/nil interest rates will give an immense boost to Research and Innovation, in turn can give rise to programmes that combine the dynamism of youth with cutting edge technology, fostering the emergence of more startup and entrepreneurs.“
Mr. Akshay Hegde – Co-Founder, ShakeDeal: “Coming from the supply chain sector, we express our gratitude to the Finance Minister for outlining the aspirations for our industry. The creation of commodity-specific economic rail corridors in the eastern region will enhance accessibility, fostering the growth of the country’s supply chain. This, coupled with the reduction in India’s logistics cost from 12% of GDP, is poised to benefit the manufacturing sector. Additionally, initiatives like the biomanufacturing scheme and the Compressed Biogas (CBG) blending mandate align with the nation’s green vision.
The budget also underscores the government’s support for startups through tax benefits, and we eagerly anticipate witnessing these initiatives unfold in alignment with the broader vision for comprehensive GDP, governance, development, and performance.“
Mr. Prashant Vasan – CEO at Madras Mandi: “As Madras Mandi, we extend our appreciation for the government’s unwavering support to our ‘Annadata’ through key budgetary initiatives. The direct financial assistance under the PM-KISAN SAMMAN Yojana and the extensive coverage of crop insurance through PM Fasal Bima Yojana underscore a commitment to the well-being of our 11.8 crore farmers, including marginal and small farmers. The integration of 1361 mandis into the Electronic National Agriculture Market, with a trading volume of ₹3 lakh crore, aligns with our mission to modernize agricultural practices and empower 1.8 crore farmers.
The budget’s emphasis on farmer-centric policies, income support, risk coverage, and technology promotion resonates with Madras Mandi’s commitment to fostering a sustainable agricultural ecosystem. We applaud initiatives like Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, contributing to value addition, employment generation, and the reduction of post-harvest losses. Madras Mandi looks forward to actively participating in the government’s vision, leveraging private and public investment in post-harvest activities for aggregation, modern storage, efficient supply chains, primary and secondary processing, marketing, and branding. Together, we aim for inclusive, balanced, and higher growth in the agricultural sector.“
Mr. Varun Tangri – CEO and founder at QueueBuster POS: “Entering India’s Interim Union Budget 2024, the spotlight on infrastructure and road development marks a pivotal moment for the Retail and Retail Technology industry. With an injection of 11 Lakh crore and the PM GatiShakti project, we witness a strategic push for economic corridors, opening doors for three new corridors that will strengthen and expand organised retail in newer cities.
Acknowledging the retail sector’s key role in India’s economy, the budget commits to launching new retail destinations, aligning seamlessly with our vision. Globally, our country has secured its place as the fourth-largest retail destination, driven by a surge in demand for lifestyle products. As India targets the third-largest consumer market by 2030, strategic investments in infrastructure promise substantial growth.
In a noteworthy move, the budget raises the presumptive taxation threshold for retail businesses to Rs 3 crore, offering valuable support to SMEs in the sector. These initiatives will surely be instrumental in positioning India as the world’s largest retail destination in the coming decades.“
Krishna Vij – Business Head, TeamLease Digital: “The interim budget outlines a transformative course for India’s tech-savvy youth, strategically supporting sunrise domains such as artificial intelligence, cybersecurity , quantum computing , robotics etc.. This targeted approach underscores a commitment to fostering innovation and progress. By prioritizing the synergy of youth and technology, the budget envisions tailored programs empowering young innovators in cutting-edge fields. The call for increased private sector involvement in research and development opens avenues for collaboration and advancements in critical sectors. This initiative effectively addresses key challenges, including limited capital access and the need for mentorship, unlocking the immense potential of India’s burgeoning tech talent. If effectively implemented, this budget sets the path for a bright future with more tech progress marking a significant stride toward a digitally empowered India.“
Akshat Saxena – Chief Executive Officer, Froker: “The Interim Budget 2024-25 offers a beacon of support to the startup ecosystem and resonates with our vision at Froker. The PM Mudra Yojana’s impressive sanction of 43 crore loans amounting to ₹22.5 lakh crore is a game-changer, seeding countless entrepreneurial dreams. Tax benefits for startups, now extended to March 2025, and the incentivization of investments from wealth and pension funds, will significantly lower the financial hurdles for emerging businesses. Furthermore, the budget’s nod to ‘Annadata’ through MSP adjustments underlines the respect for our food providers, aligning with our mission for economic inclusivity. This financial blueprint is set to catalyze a new wave of innovation and resilience in the startup sector.“
Munira Loliwala – AVP – Strategy and Growth, TeamLease Digital: “EV ecosystem is a critical feature for Net Zero India, Manufacturing & Charging domains will impact the components & after sales market thus contributing to the overall sustenance of the automotives transformation. Currently, India has approx. 400 EV manufacturers and a 11mn strong workforce, with women accounting for 11-15% of the workforce, Year 2022-23 and 23-24 witnessed a substantial increase in fresher hiring for women in R&D and EV manufacturing with roles in Embedded, design, product development, testing and component designing. Budget 2024 announced adoption of E-buses within the public transportation network will drive manufacturing and more existing automotive employees in transforming to the EV work culture. While currently almost 70-75% of the existing experience is enabling EV manufacturing with only 15% to 25% new skills in electrical and electronics engineering are needed. Employees to undergo reskilling and upskilling through on-the-job training, and fresh talent comprising of 20% to 25% of the total team in the design domain, with 30% of them being women hired from colleges and institutions will complete the EV talent distribution and support the almost 60% of automotive product designing for automotives today In India.”
“Indian health technology market is projected to grow at an annual rate of 22 per cent, reaching $35.8 billion by 2030. The digital health market is expected to expand from $12.20 billion in 2023 to $25.64 billion by 2027. Medical devices and digital applications collectively contribute revenue of up to $4.9 and $5.2 billion to the overall digital health market. Setup of more medical colleges as planned in the Budget 2024-25 will boost the rise of ambitious youth in healthcare, it will also help transform the existing women workforce in healthcare highest as compared to any sector towards Digital health jobs and HealthTech segments. The Current 7.5 mn employed workforce in Healthcare is expected to rise to 9 mn by 2027 with only 1 to 2% comprising Tech Talent. Heavy Technology Investments, Better investments in devices and R&D schemes are awaited from the Government to advance telemedicine, virtual assistants and data analytics that is expected to create 2.7-3.5 million new technology jobs with demand for talent like data scientists and AI specialists. Budget 2024-25 was also expected to impact the overall healthcare ecosystem that not only is core to delivery but disrupted by other facets such as hygiene, sanitation, water, environment & infrastructure gap, blended funding and financing models are needed to attack the rising chronic diseases, coverage for all income groups and accessibility to all.”
“With the National Skill India Mission touching more than 1.4 Cr youth lives through training and 55 Lac reskilled & upskilled, Budget 2024-25 is a move towards making India VIKSIT by 2027. With the projections of generating 55 lac employment opportunities in India in the near future as proposed in the Budget, more job demand and hiring is expected to rise in Tier II and Tier III Cities. Continued efforts to enable an inclusive & sustainable development journey, investments by the government in Research & Innovation, Green Energy, EV and Energy Security will seek Talent technically qualified to manage development, operations, installations and Maintenance job roles. Rise in Corpus with long term financing or refinancing options with almost NIL or low Interest rates to boost R&I in sunrise sectors such as defence, semiconductors and similar will strengthen the Job Markets and create more hiring demand for fresher talent. We also expect a larger boost in overall manufacturing & make in India policies & incentives in the full budget (July) that will lead to a further thickening of their hiring intake this year as compared to previous. The initiative to provide adequate & timely finances, technology support and training will enable bridge the Tech Talent skill gap of 21.1%.”