Corporate India: Budget is a step towards eliminating multidimensional poverty

Team L&M

Here are some reactions from the stakeholders in different industries towards the Union Budget 2024-25

Mayuresh Raut, Co-founder & Managing Partner, Seafund
The scheme for deeptech in defence will not only help the government start addressing the Make in Bharat initiative through indigenous technologies in defence but also unlock these technologies to other civilian uses. Deeptech focused funds like ours will definitely benefit from enabling initiatives like this. The solar rooftop schemes will be a big boost to not only meet our goals for clean energy, but will also set up India to start addressing the EV charging infrastructure that is currently holding back wider adoption of EVs. It will also create enormous jobs for installation, manufacturing and maintenance of solar infrastructure and a secondary effect will be opportunities available for startups to build on this. Extension of tax benefits for sovereign wealth funds expiring on 31st March 23 to 31st March 25 is a good signal from the government to indicate that there will be continuation of beneficial policies and friendly institutional investor policies.

Dinesh Arjun, Co-founder and CEO, Raptee Energy
Various initiatives announced by the FM today clearly demonstrate the government’s intention to further accelerate EV adoption and also generate significant employment opportunities for the youth. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem. We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest. This will also break the ‘range anxiety’ , the biggest barrier for EV adoption in our country. The government’s support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies. Growth in EV charging infra will also generate employment opportunities for the youth as companies will be on a look out for people with technical know-how of running and maintaining charging infra. EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make in India EV vehicles.

Sameer Aggarwal, CEO and Founder at Revfin
The vote-on-account the interim budget presented by the Finance Minister, signals towards a transformative era for the nation. The commitment to fortify the Electric Vehicle (EV) ecosystem and support manufacturing and charging infrastructure aligns with global environmental goals, positioning India as a leader in widespread sustainable mobility adoption. Continued focus on the rural economy support, youth skill development, and gender-inclusive initiatives reflects a holistic approach toward inclusive and sustainable growth. Skill India Mission’s success in training 1.4 crore youth strengthens the workforce for evolving job demands.

Sandiip Bhammer, Founder and Co-Managing Partner, Green Frontier Capital
The decision to provide free electricity via rooftop solarisation is a double win – it reduces the environmental impact and eases the financial burden on households. It’s a model initiative for sustainable development.
Budget 2024 primarily functions as a vote on account, with a strong emphasis on fiscal consolidation and a retrospective focus on the past decade’s progress, rather than unveiling major new budgetary proposals. The fiscal deficit target set at 5.8 per cent was surprisingly lower than anticipated, indicating a cautious fiscal approach.
The Budget also continued to highlight the government’s commitment to addressing climate change. This was particularly evident in the decision to bolster charging infrastructure, which is expected to generate employment opportunities and accelerate the transition to electric vehicles (EVs). Additionally, the move to provide electricity through rooftop solarization stands out as a dual-benefit initiative. It not only lessens environmental impact but also alleviates financial burdens on households, embodying a model for sustainable development.
Furthermore, the Budget’s focus on strengthening the EV ecosystem, through support for charging infrastructure and promotion of electric buses, marks another significant step towards transitioning to a more sustainable EV-based transportation system. These initiatives reflect the government’s ongoing efforts to align with global sustainability goals while maintaining economic stability and continuity.

Sudeep Kulkarni, Founder, Game Theory
In my view, Budget 2024 is all about supporting our young innovators. Setting up a Rs. 1 lakh crore fund with a 50-year interest-free loan is a positive step. It means long-term support for tech-savvy ideas. With this help for startups, our future looks brighter than ever. Embracing the ‘First develop India’ ethos, the government aims to forge bilateral treaties with foreign partners, prioritizing India’s growth. With a development policy centered on social and geographical inclusion, we’re charting a path towards a more equitable and prosperous future for all.

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.

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 incentivisation 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.

Dhaval Radia, Chief Financial Officer (India), ZEISS Group
We congratulate the government in presenting a forward-looking budget for the fiscal year 2024-25. It is a budget of continuity and trust. The extension of Ayushman Bharat facilities to Anganwadi and ASHA workers is a crucial step in revolutionising the accessibility and affordability of healthcare services in rural India. This move is expected to bring an estimated 10 million additional people under the Health Insurance net of Ayushman Bharat, including ASHA and Anganwadi workers and their families. These health ambassadors will not only have access to quality healthcare services for themselves and their loved ones but will also play an instrumental role in promoting it among millions of rural Indians they work closely with. It is a significant step in the right direction for healthcare, and it will have a far-reaching impact on the overall well-being of the population.
Further, the government’s announcement to open hospitals in all districts is a significant capital expenditure commitment aimed at improving accessibility and affordability of healthcare facilities across India. We are encouraged by this step that will contribute to our shared mission of providing high-quality ophthalmology and micro-surgery equipment throughout India. These medical equipment and lenses will enable millions of life-changing cataract and other critical surgeries in all parts of India.

Sandeep Agrawal, Director and Co-founder, TeamLease Regtech
While the interim budget had no notable announcements, it shed some light on what the government has in store for its subsequent tenure. Considerable focus is now being put towards accelerating the growth and development of the Economy, with ‘Amrit Kaal’ and ‘Vikshit Bharat’ giving us an insight into the roadmap. We are delighted to see that the government is redoubling its commitment to developing remote and underdeveloped areas. Improving the efficiency, efficacy, and effectiveness of present mechanisms and state infrastructure is also squarely on the agenda. Affordable housing, clean energy, improved healthcare & food security, and atmanirbharta are all focus areas to eliminate multidimensional poverty and create opportunities for the people.
The Finance Minister also presented the policy outlook currently in the works for the development of MSMEs by means of technology, research & development, and financial assistance. The vision of allowing MSMEs to compete globally is a commendable one. Over the past decade, we have significantly gained in the ease of doing business with indirect tax reforms as well as the introduction of technology to facilitate the delivery of services. DPI has been an instrumental tool in the formalisation of the economy and giving the underbanked and unbanked access to credit and financial services. The government has rightly identified that there is a new world order, and it is up to us to take advantage of our Amrit Kaal to create a developed nation by 2047.

Siba Panda, Founder and Managing Partner, ValuAble
It was a promising interim budget! The Finance Minister has provided a balanced outlook towards growth and promoting sustainability.
The invaluable focus on Garib, Mahilayen, Yuva and Annadata is a testimony to the government’s focus on protecting, uplifting, and promoting at the grassroots. Prima facie the tax rates have remained constant but the initiative to support tech-led youth and startup economy is remarkable. The PM Mudra Yojana that has sanctioned as many as 43 crore loans amounting to a whopping Rs. 22.5 lakh crore will build consensus with the ideology that is at the core of Viksit Bharat @2047. Although this budget has only earmarked major fund allocations, it is sure to boost confidence in the market and the market’s trust in the economy.

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.

Prashant Vasan, CEO, 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.

Darshil Shah, Founder and Director, TreadBinary
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.”

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.”

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!

Abhay Parnerkar, CEO, Godrej Tyson Foods Ltd
The union budget emphasises an increased commitment to bolstering the food processing sector, in line with the overarching objective of bolstering support for farmers and post-harvest activities. This will entail enhancing infrastructure for contemporary storage, supply chains, and distribution, with infrastructure development being a primary focus. The budget places significant emphasis on improving transportation and logistics. The enhanced connectivity will empower food and frozen food companies to efficiently deliver products to the marketplace and pass on cost benefits to consumers.

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.”

Dr Chandra Mohan Mehta,  Associate Dean, LPU
The announcement heralds a new era of agricultural prosperity for our nation, as the government commits to fostering private and public investments in post-harvest activities, efficient supply chain, and technology adoption. The expansion of Nano-DAP application across all agro-climatic zones promises enhanced agricultural yields and sustainable farming practices. The Atmanirbhar Oilseeds Abhiyaan signifies a strategic move towards self-reliance in oilseed production, ensuring food security and reducing dependence on imports. The comprehensive programme for dairy development is a vital step towards empowering our farmers and strengthening the dairy processing and dairy husbandry. With the heightened implementation of the Pradhan Mantri Matsaya Sampada Yojana(PMMSY), our aquaculture sector is set to thrive, contributing to increased productivity, doubled exports, and a surge in employment opportunities. This visionary approach underscores our commitment to a resilient and self-sufficient future for our nation.

Gurdeep Singh, Chairperson and Founder, Jujhar Group
We are aligned with the budget’s vision of a ‘Viksit Bharat.’ Anticipating future budget allocations, we expect benefits for our industry through sustainable growth, inclusive development, and opportunities for all. This dynamic strategy, rooted in demographics, democracy, and diversity, supported by ‘Sabka Prayas,’ ensures the realization of every Indian’s ambitions. Despite a slight dip in the infrastructure budget, the real estate sector remains a crucial contributor to the nation’s progress. In our domain, we are committed to fostering overall GDP growth and supporting the development of the entire system.
In her interim budget address, FM Nirmala Sitharaman’s call for inclusive economic growth struck a chord, and the logistics industry is riding the wave of optimism. With monthly Gross GST collections soaring to ₹1.66 lakh crore in FY24, there’s a palpable sense of anticipation for a positive market shift. The remarkable 47% reduction in import release time at Inland Container Depots since 2019 showcases the industry’s commitment to efficiency, adapting swiftly to change. The industry’s resilience is mirrored in the overwhelmingly positive response to the GST transition, endorsed by 94% of industry leaders.

Ankur Srivastava, Founder and CEO, Qi Tech and Qi Media
I find the Union Budget 2024 a mixed bag. Infrastructure improvements and rural development hold promise for wider digital access and a larger user base. Stable tax policies offer predictability, but the lack of targeted tech initiatives feels like a missed opportunity. The high fiscal deficit might constrain further investment in R&D and talent development, crucial for long-term growth. While this budget provides some positive ground, I hope the full post-election budget will offer more concrete support to accelerate the Indian tech and startup landscape and unlock its full potential. Let’s see how the industry reacts and shapes the future of our digital economy!

Bharat Agarwal, Treasurer, of All India Steel Bottled Association
The interim Union budget provides a clear roadmap towards realizing the vision of a developed India by 2047, reflecting confidence in the Indian economy. It demonstrates a commitment to inclusive growth and strategically addresses crucial growth drivers such as research, innovation, entrepreneurship, tourism, and education, providing both direction and funding. We commend the government’s emphasis on supporting MSMEs through technological assistance and training, enabling them to compete globally and fostering sustainable growth. However, the issue of lower-priced Chinese products flooding the market poses a challenge to fair competition and quality standards upheld by Indian brands. We urge government intervention through the imposition of anti-dumping duties and Quality Control measures to safeguard Indian manufacturers and maintain a level playing field. As an Industry, we anticipate leveraging the opportunities outlined for our growth and contributing to the nation’s economic resilience.