Decoding Interim Budget 2024 MSME Perspective Live Stream

This is SMEStreet Live Content Stream of Industry comments on Interim Budget 2024. This stream will bring clarity on how industry leaders are looking at this year's interim budget.

Yesterday, Finance Minister Nirmala Sitharam presented her 6th Union budget speech at Lok Sabha. For the last 24 hours or so, SMEStreet has been getting regular messages and updates from industry experts, and leaders with their respective reactions on the Interim Union Budget 2024. 

This feed is only focused on MSME perspective.

This live content thread is a continuation of yesterday's Live Feed which we started just after the Budget speech. 

Yesterday, hon'ble FM Smt. Nirmala Sitharam presented her 6th Union budget speech at Lok Sabha. For the last 24 hours or so, SMEStreet has been getting regular messages and updates from industry experts, and leaders with their respective reactions on the Interim Union Budget 2024. 

This live content thread is a continuation of yesterday's Live Feed which we started just after the Budget speech. 

Here is the compilation of FM Nirmala Sitharaman's Interim Budget Speech  on 1st Feb 

To participate in this live feed, we at SMEStreet Invite industry leaders to share their reactions on Interim Budget 2024 to smestreet.in@gmail.com 

Also, You can participate, feel free to dm us on Linkedin.com/company/smestreet or  faceboook.com/smestreet.in

Feb 02, 2024 16:59 IST
'Clean Energy & Sustainable Growth gets a Strong Push in this Interim Budget 2024'
S Ravi, Founder of Ravi Rajan & Co commented:
The interim budget states the achievement of this Government and just focuses on fiscal deficit. This Budget does not propose any tax structure’s however does address long pending tax dues below Rs 25000. 
The interim budget places a significant emphasis on key sectors like tourism, infrastructure, and clean energy. This strategic focus, particularly on clean energy, holds promising implications for businesses across various industries. By prioritizing clean energy initiatives, the government not only fosters sustainable development but also creates a conducive environment for business operations. The transition towards clean energy sources not only aligns with global sustainability goals but also presents opportunities for businesses to adopt greener practices, reduce operating costs, and enhance competitiveness. Ultimately, the promotion of clean energy initiatives is poised to contribute to the overall ease of doing business by fostering innovation, efficiency, and long-term viability.



Feb 02, 2024 15:33 IST
'Interim Budget Brings Next Gen Reforms for MSMEs'
Discussing the takeaways for Indian MSMEs, from yesterday’s FM Sithraman's Interim Budget Speech, Arundhati Bhattacharya Chairperson & CEO, Salesforce India says:
"India has showcased a robust and resilient growth story driven by perseverance, ingenuity, and vision. The 2024 interim budget is an action-oriented one, with the mantra of reforming, performing and transforming India. It is a budget of confidence. It promises to continue to empower the four vulnerable sections of society- the poor, the youth, farmers and women folk to realise India's potential. The continued focus on increased capital investments will result in the generation of employment opportunities and thereby growth of the economy. Micro, Small and Medium Enterprises (MSME) are an integral part of our economy - locally and globally. As of October 2023, 1.14 lakh startups were recognised by the government under the Startup India initiative and reported the creation of more than 12 lakh jobs. The next-generation reforms focused on timely and adequate finances, relevant technologies and appropriate training for the MSME’s to grow and also compete globally will facilitate sustaining high and more resource-efficient economic growth creating opportunities for all.

India is the talent basket of the world and has one of the youngest populations globally; we have a humongous opportunity to unlock the potential of the country’s young workforce. I am personally pleased with the 43% increase in enrolment of women in STEM courses, the highest in the world. What’s more, our country’s population is massive and tremendously diverse – which gives us access to some of the richest data sets for AI and innovation. India is showcasing multiple solutions through innovation and entrepreneurship of its people. Technology, youth and innovation continues to be the cornerstone of the Government's strategy. Creation of a corpus of rupees one lakh crore with a fifty-year interest free loan is a welcome move combining the power of our youth and technology for driving more innovation.
 Promoting sustainable growth is an opportunity for India to lead and has been a top of mind initiative for all leaders. Bold action towards climate change for realizing our commitment to becoming ‘net-zero’ by 2070 is much needed. We are on a high growth path with all-round development and it is encouraging to see the focus on environment-friendly alternatives 9 roof top solar, offshore wind power generation, mixing of bio fuels with CNG etc)to ensure that such growth is sustainable.
We need more women in the workforce and women-led initiatives are an imperative. Achieving high resilient growth while ensuring sustainable and inclusive livelihood options for all remains a priority for the country. There is emphasis on programs for this segment  as well including their health and nutrition. The budget shuns unnecessary populist measures and focuses instead on ensuring that  India continues on its high-growth trajectory. 



Feb 05, 2024 13:23 IST
Sustainable Development to Continue through Interim Budget 2024
Mr. Rohit Saboo, President & CEO, National Engineering Industries Ltd. stated
“The Interim Budget presented on 1st feb 2024, highlights the government's intent to continue its focus on inclusive and sustainable development. The government stands committed with a special emphasis on empowering the poor, women, youth, and farmers and is focused on driving policies that resonate with their aspirations.
As a responsible brand focused on implementing sustainability, we are pleased to see the government's focus on promoting electric vehicles (EVs) which is a visionary step towards environmental sustainability as well as overall economic growth. Additionally, the commitment towards expanding the e-vehicle ecosystem brings an exciting prospect for the youth, which will create employment opportunities that align with the demands of the future. The introduction of biomanufacturing and bio-foundry schemes is also a welcome move that will be a great alternative to bio-degradable production.
Overall, it is a balanced budget despite being interim. It addresses the immediate needs while laying a chart for long-term economic resilience.”



Feb 05, 2024 13:23 IST
Sustainable Development to Continue through Interim Budget 2024
Mr. Rohit Saboo, President & CEO, National Engineering Industries Ltd. stated
“The Interim Budget presented on 1st feb 2024, highlights the government's intent to continue its focus on inclusive and sustainable development. The government stands committed with a special emphasis on empowering the poor, women, youth, and farmers and is focused on driving policies that resonate with their aspirations.
As a responsible brand focused on implementing sustainability, we are pleased to see the government's focus on promoting electric vehicles (EVs) which is a visionary step towards environmental sustainability as well as overall economic growth. Additionally, the commitment towards expanding the e-vehicle ecosystem brings an exciting prospect for the youth, which will create employment opportunities that align with the demands of the future. The introduction of biomanufacturing and bio-foundry schemes is also a welcome move that will be a great alternative to bio-degradable production.
Overall, it is a balanced budget despite being interim. It addresses the immediate needs while laying a chart for long-term economic resilience.”



Feb 05, 2024 13:06 IST
The Interim Budget Brings Prospect for Holistic Development
Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance Company Ltd. commented
“Budget 2024 is a Holistic Budget exemplifying fiscal prudence and encompassing all the imperative sectors despite electoral compulsions. This budget gives credence to government’s unwavering resolve to adhere to the fiscal consolidation glide path, especially after having delivered robust growth-oriented budget in the last 3 years. The vision under Vikasit Bharat by 2047 and top 4 priorities laid out with respect to empowering Poor, Women, Youth and Farmers will go a long way in manifesting the long- term growth story of India. It is high on optics, low on spending impact as fiscal consolidation remains its paramount focus. The key announcements on power sector coupled with new energy, railways, defense, affordable housing is indeed encouraging. While optically 11% capex growth seems lower than 30% avg growth seen in the last 3 years, but it yet sticks to 3.4% of GDP, which is indeed credible as it would continue to give the requisite infra led push to sustain the growth momentum. Clearly the budget lacks any consumption and populus measures and is thus a departure from the previous pre-election Vote on Accounts. Fiscal consolidation focus, and low market borrowing reinstates the focus on macro-stability. With lower capex growth being the new reality , markets are likely to align to the pragmatic approach of the government and we reckon more policies being elaborated in July 2024 Budget. Bonds are likely to be in a favorable spot through 2025, thanks to the strong Fiscal prudence and lower borrowing pressures coupled with supportive FII flows with global bond inclusion. Overall, the government has dexterously done a fine balancing act between adhering to fiscal prudence and giving requisite support to growth, despite being a Pre-Election Budget.”



Feb 05, 2024 13:03 IST
Interim Budget 2024's Housing Related Push will Boost MSMEs' Growth
Satyendra Prasad Narala – Managing Director, Regency Ceramics says
“The government's initiative to facilitate homeownership for the middle class is a commendable step toward inclusive growth. Moreover, the commitment to construct another 2 lakh houses and providing over seventy percent of these houses under PM Awas Yojana to women as sole or joint owners not only enhances their dignity but also promotes gender equality in rural housing development. These two schemes is a big positive for the building materials industry.
Regency has always been a trusted supplier of tiles for most government schemes and with innovative manufacturing practices will provide natural tiles at lower prices with better durability to the beneficiaries of these two schemes. We welcome these transformative measures for a brighter, more equitable future, and a flourishing ceramic tiles sector.”



Feb 02, 2024 18:11 IST
'Interim Budget 2024 Ensures India to Become Global Hub for High Skilled Youth'
Diwakar Chittora, CEO and Founder of Intellipaat stated
“We applaud the government's transformative efforts in the education sector, highlighted by initiatives such as the Skill India Mission. With 1.4 crore youth trained and substantial progress in higher education, India is on track to become a global hub for high-skilled resources. At Intellipaat, we are dedicated to upskilling and actively contributing to these initiatives. As CEO and Founder, I am proud to support the vision outlined in the budget.”



Feb 02, 2024 18:09 IST
'Empowered Women To Drive Viksit INdia'
Yeshasvini Ramaswamy, Serial Entrepreneur & CEO of Great Place To Work®, India says
The recently unveiled budget reflects a commendable effort toward addressing the diverse needs of our society, making it one of the most populous and inclusive budgets in recent times. It is evident that the government has taken into account the varied sections of society, ensuring that the benefits reach every stratum.
Over the last decade, the Indian economy has undergone a transformative journey, and this budget seems to be a strategic continuation of that trajectory. The focus on women empowerment is particularly heartening, with a notable 28% increase in female enrolment and the distribution of 30 crore Mudra Yojana loans. This signals a positive momentum towards creating a more gender-inclusive economic landscape.
One of the fiscal highlights is the revised fiscal deficit, standing at 5.8% of the GDP for FY24, with an optimistic projection to bring it down to 5.1% in FY25. The government's commitment to further reduce the fiscal deficit to below 4.5% of the GDP in FY26 speaks volumes about its financial prudence. The substantial increase in the number of tax filers by 2.4 times is a positive indicator of a growing tax base, reflecting a broader participation in the economic activities of the nation.
The announcement of a corpus of Rs 1 lakh crore, earmarked for long-term financing and re-financing with low or nil interest rates, is a significant stride towards fostering innovation. This will undoubtedly galvanize the private sector to intensify research and innovation, especially in sunrise domains, propelling India towards technological leadership on the global stage.
It's heartening to note that the budget places a strong emphasis on addressing the needs and aspirations of the poor, women, youth, and farmers. The commitment to making India 'Viksit Bharat' by 2047, with a focus on 'sabka sath, sabka vikas,' demonstrates a holistic approach towards inclusive growth.
The government's equal focus on GDP - Governance, Development, and Performance - underscores its commitment to not only economic growth but also to the overall well-being and progress of the nation. The optimistic projection of the Indian economy growing at over 7% in the coming years and becoming the third-largest economy in the world by achieving a GDP of $5 trillion is indeed a promising outlook.
Additionally, the extension of the tax break for start-ups until March 31, 2025, is a welcome move that will further support the entrepreneurial ecosystem, fostering innovation and job creation. The allocation of interest-free loans to states for all-around tourism development, irrespective of socio-economic restrictions, is a commendable step towards promoting inclusive growth and supporting regions like Lakshwadweep.
The announcement that the next five years will be marked by unprecedented growth is a positive outlook for the nation's economic landscape. Furthermore, the enhancement of the target for Lakhpati Didi from 2 crore to 3 crore and the introduction of new schemes for Deep Tech will undoubtedly have a multiplier effect on the economy, promoting financial independence and technological advancement.
Also, recognizing the importance of women in policymaking, there is a pressing need for the reservation of women in decision-making roles, ensuring a more balanced and inclusive representation that reflects the diversity of our society.
This budget appears to be a well-thought-out roadmap for the nation's economic development, encompassing a broad spectrum of sectors and demographics. As citizens, we can look forward to a period of sustained growth and progress with a renewed focus on inclusivity and innovation.”



Feb 02, 2024 17:28 IST
"Sustainable Solutions Take Center Stage in Government Budget Plans"
Dr. Sudhir Mehta, Founder & Chairman Pinnacle Industries & EKA Mobility stated,
The union government has yet again reinstated its commitment to sustainably growing and strengthening the economy. Capital allocation of 11.11 lakh crore towards infrastructure development will play a pivotal role in fostering economic growth and prosperity. Additionally, investments in infrastructure create jobs, stimulate demand for goods and services, and attract private-sector investment. The government's initiatives and focus on uplifting women entrepreneurship will significantly enhance the startup ecosystem, propelling the Indian economy to new heights. 
The emphasis on improving manufacturing and charging infrastructure aligns perfectly with our aim for a more environmentally responsible tomorrow. 
Simultaneously, the growing adoption of e-buses for public transport networks is a commendable step that not only solves environmental issues but also paves the way for significant growth in the electric vehicle market. The emphasis on EV charging infrastructure not only accelerates the transition to greener energy, but also encourages entrepreneurial possibilities for vendors, creating jobs for young people skilled in manufacture, installation, and maintenance.
Furthermore, the introduction of the rooftop solarisation scheme, the conversion of 40,000 rail coaches to Vande Bharat standards, and the ambitious goal of establishing 100 million tonnes of coal gasification and liquefaction capacity by 2030 demonstrate a comprehensive approach to sustainable development. Additional efforts, such as starting a new biomanufacturing and bio-foundry plan and legislating the gradual mixing of CNG and biogas, add to the budget's optimistic tone for a future in which economic growth and environmental conscience coexist. And we look forward to benefiting from these positive developments. The implementation of such measures serves as a significant boost to Make in India and contributes to the realization of our vision to promote domestic manufacturing.



Feb 02, 2024 16:56 IST
Interim Budget 2024 Motivates MSMEs
Rajesh Singla, CEO and founder, Planify stated

"The start-up and angel investing industry has received a major boost from the Union Interim Budget 2024-25. The government has announced several measures to support the sector, which plays a pivotal role in driving innovation and economic growth. The budget has provided long-term financing for private sector R&D, which is essential for developing cutting-edge technologies and solutions. The budget has also allocated Rs 11,11,111 crore for capital expenditure, which is 11.1 per cent higher than the revised estimate of 2023-24 and 3.4 per cent of the GDP. This will enhance the infrastructure and create a conducive environment for start-ups to thrive. Some of the unlisted companies that could benefit from these measures are VCI Chemicals, Proxgy, Urban Tots, Experiential Etc and many more. As a platform that offers comprehensive stock market data and analysis for start-ups, pre-IPOs, unicorns, and MSMEs, we at Planify are aligned with the government's vision and appreciate its recognition of the role of start-ups in the economy. The budget has also simplified the tax regime, eased regulatory compliance, and enhanced digital infrastructure for start-ups, enabling them to access more opportunities and resources. These measures will help start-ups in scaling up their operations, attracting more investors, and creating more employment. At Planify, we are aligned with the government's vision and appreciate its recognition of the role of start-ups in the economy. As a platform that offers comprehensive stock market data and analysis for start-ups, pre-IPOs, unicorns, and MSMEs, we are committed to democratise access to the start-up ecosystem and connect investors with high-potential ventures. We applaud the government for taking this positive step and creating a vibrant and dynamic start-up and angel investing industry."