Decoding Interim Budget 2024 Live Content Stream of Industry Reactions

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 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 

Don't forget to check out another parallel Live Feed of Decoding the Interim Budget 2024: MSME Perspective

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

Feb 02, 2024 15:26 IST
Interim Budget 2024 for Indian MSMEs
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 02, 2024 13:41 IST
Interim Budget 2024 Sets Stage for a Developed India by 2047
Dr. Ajai Chowdhry, Chairman of Epic Foundation, Co-Founder, HCL
expressed his views by adding
Good budget towards making India a developed nation by 2047. For the first time ever we are talking long term! We need to move from low value-added services to becoming a high value added Product Nation India needs to move from services to creating high value added products especially in domains like semiconductors, electronics, drones, Medtech, space etc. ₹1 lakh crore sunrise sector fund will be instrumental in enabling deep R&D to take India towards becoming a Product Nation.




Feb 02, 2024 16:53 IST
Interim Budget for Rural Development
Suresh Rangarajan, Founder & CEO of Colive stated
"The Union Budget 2024 has brought a ray of hope for the urban migrant population and the rental industry. We at Colive applaud the government for launching a new scheme under the PM Awaas Yojana. This will not only improve the living standards of millions of urban citizens, but also ease the burden on the urban housing supply. We also appreciate the government for constructing 2 crore more houses for the rural poor in the next five years under the PM Awaas Yojana (Gramin). This will enhance the quality of life and livelihood of the rural population and reduce migration to urban areas. Furthermore, we are grateful to the government for extending the tax holiday and capital gains exemption for startups by one more year, which will encourage more entrepreneurship and innovation in the co-living sector. We at Colive are committed to providing our customers with the best co-living experience, and we are confident that the budget will create a favorable environment for us to achieve our vision of transforming urban housing in India."



Feb 02, 2024 16:53 IST
Interim Budget for Rural Development
Suresh Rangarajan, Founder & CEO of Colive stated
"The Union Budget 2024 has brought a ray of hope for the urban migrant population and the rental industry. We at Colive applaud the government for launching a new scheme under the PM Awaas Yojana. This will not only improve the living standards of millions of urban citizens, but also ease the burden on the urban housing supply. We also appreciate the government for constructing 2 crore more houses for the rural poor in the next five years under the PM Awaas Yojana (Gramin). This will enhance the quality of life and livelihood of the rural population and reduce migration to urban areas. Furthermore, we are grateful to the government for extending the tax holiday and capital gains exemption for startups by one more year, which will encourage more entrepreneurship and innovation in the co-living sector. We at Colive are committed to providing our customers with the best co-living experience, and we are confident that the budget will create a favorable environment for us to achieve our vision of transforming urban housing in India."



Feb 02, 2024 16:40 IST
Motivation for AI, ML and IoT in Interim Budget 2024
Kumar Ranjan, CEO & Co-Founder, eFeed stated,

“The Indian Budget 2024's focus on integrating advanced technologies like AI, ML, and IoT into agriculture marks a transformative era for the sector. These technologies will enable precision agriculture and livestock management, significantly enhancing farmer productivity and ROI. The proposed tax incentives for adopting these technologies will catalyze innovation, driving a more efficient, sustainable future in farming. Additionally, the use of AI, ML, and IoT will improve the quality of produce, aligning with the global standards of agricultural excellence.”
 



Feb 02, 2024 16:39 IST
'Infrastructure Financing, Incentivizing R&D and Regulatory Policies To Boost Healthcare Sector'
Ashish Singhal, CFO & Company Secretary of CORE Diagnostics Pvt Ltd commented:
"I am optimistic about the Union Budget 2024-25. The emphasis on infrastructure financing, incentivizing R&D, and regulatory policies for health startups aligns with our vision at Core Diagnostics. We believe that these measures will foster innovation, enhance accessibility, and ultimately improve patient outcomes in the healthcare sector. We look forward to seeing the positive impact of these policies on the diagnostics industry and the healthcare sector as a whole. This Interim Budget was neutral for the Diagnostics industry, we hope for the favourable budget in the Final budget."



Feb 02, 2024 16:36 IST
PLI Scheme to Ensure Manufacturing Growth
Yogesh Agrawal, CEO and Co-Founder, CONSISTENT INFOSYSTEMS Pvt Ltd. explains his views as:
“Government of India’s Production-Linked Incentive (PLI) scheme for large-scale electronics manufacturing received a major boost in Interim Budget 2024 with a nearly 1.5x increase, increasing its outlay to Rs 6,200 crore for 2024-2025. This will enhance confidence in rest of the remaining manufacturers who haven’t availed the benefits of the PLI Scheme. However, despite expectations, the Interim Budget did not announce any further expansion of the PLI scheme that aims to encourage setting up of manufacturing facilities in the country as well as creation of jobs in line with the government’s vision of Make in India and Aatmanirbhar Bharat.”



Feb 02, 2024 15:29 IST
The Interim Budget for Agriculture Sector
Nishant Kanodia, Chairman, Matix Fertilisers & Chemicals Ltd commented
“The Interim Budget focusses on Viksit Bharat by 2047, outlining a clear and practical road map for India’s growth. We remain a beacon of growth to the global economy, and measures supporting equitable and sustainable growth will promote progress. This budget promotes harmony with nature, incentivises modernisation of infrastructure, and opportunity for all. It outlines a clear strategy that strongly backs agriculture through farmer-friendly policies such as PM Kisan Samman Yojana and PM Fasal Bima Yojana. One of the key factors of inclusive growth is economic empowerment. It is heartening to learn that the Pradhan Mantri Kisan Sampada Yojana has created 10 lakh employment and assisted 38 lakh farmers so far.
The government’s comprehensive approach strengthens our nation’s food security while heralding a future where progress is synonymous with environmental and socio-economic inclusivity.”



Feb 02, 2024 13:48 IST
Interim Budget 2024 shows Roadmap for a Holistic Development
Mr. Arun Shukla, President and Director, JK Lakshmi Cement stated,
"JK Lakshmi Cement applauds the Honourable Finance Minister, Shree Nirmala Sitharaman, for crafting the visionary Union Budget 2024-25, a blueprint that aligns profoundly with our ethos of inclusive development. As a stalwart in the cement industry, we welcome the Government of India's commitment to fostering growth, sustainability, and inclusivity. The Government's strategic focus on all forms of infrastructure, be it digital, social, or physical, and a strong emphasis on women's empowerment, resonates with our forward-looking mission. The significant increase in infrastructure outlay to INR 11.11 lakh crores and the emphasis on green growth shows the Government's pursuit to propel our nation towards economic excellence.
As a key player in the cement sector, we are eager to contribute meaningfully to the strategic railway corridor programs, particularly those targeting energy, mineral, and cement corridors.  We also applaud the Government's efforts to deepen GST reforms, creating a more unified and efficient tax regime. This, coupled with initiatives like the bio-manufacturing scheme, and multi-modal connectivity projects, creates a favourable environment for sustained economic growth and job creation. As we navigate the next five years of unprecedented development, JK Lakshmi Cement remains steadfast in its commitment to supporting the Government's vision of a Vikisit Bharat by 2047 and contributing to the nation's journey towards economic excellence while creating opportunities for all."



Feb 02, 2024 13:26 IST
How R&D Driven Viksit Bharat Dream can be Achieved
Anshuman Sarda, Co-Founder & CFO, NEWJ commented
The government has been very ambitious in terms of making India a $5 trillion economy and the interim Budget was indicative of that promise. Innovation has been a central focus for this govt and the corpus of Rs 1 lakh crore accompanied by a 50-year interest-free loan that has been announced will drive R&D in the country. It will be fascinating to observe the integration of AI in entrepreneurship. The proposal to extend the period of incorporation for income tax benefits to eligible startups by one more year until March 31, 2025 is a welcome move.
The ‘Viksit Bharat’ Budget also lays emphasis on research and innovation, going green, and tech-driven development and this has created a roadmap for sustainable growth in the country.
Expanding the 'Lakhpati Didi' scheme to 3 crore women & coveting all ASHA workers under Ayushman Bharat and will go a long way in empowering women and enhancing the quality of life.



Feb 02, 2024 13:06 IST
What Interim Budget 2024 Brings for EV and Auto Sectors
Dr Lalit Singh- CEO of TelioEV says
“India’s Interim budget 2024  is a major step forward in accelerating the adoption of EVs in India, and we believe it will create significant opportunities for companies like TelioEV. The increased focus on charging infrastructure will address a key concern for potential EV buyers, and it will also boost the confidence of investors in the Indian EV market. We are particularly excited about the government's plans to approve a large number of vendors for the supply and installation of EV charging points across the country. This will create a competitive market and drive down the cost of charging infrastructure, making it more affordable for everyone.
We believe that the government's initiatives will create massive employment opportunities, especially for youth with the technical skills to be a part of large-scale manufacturing of EV charging components. TelioEV is committed to playing a leading role in this growth and we are confident that the Indian EV market is poised for a bright future.”
 



Feb 02, 2024 13:02 IST
Interim Budget 2024 for Travel & Tourism Sector
Rama Mahendru- Country General Manager- India, Intrepid Travel says:
"It is encouraging to see that the Hon'ble Finance Minister's statement aligns with the strategic objective of growing the country's infrastructure and tourism industry. The introduction of a novel system for classifying tourist locations according to amenities and infrastructure charts a revolutionary new direction and gives them a competitive advantage in the global marketplace. India's appeal to foreign tourists is enhanced by its dedication to the comprehensive development of famous tourist destinations, with a focus on captivating locations such as Lakshadweep. The budget places significant focus on advancing green growth by introducing bio-manufacturing and foundry initiatives, indicating a proactive stance.
As the Finance Minister pointed out, the country's major train infrastructure projects are expanding due to the boost in economic strength, which also drives conference and business travel. The exponential increase in airports over the last ten years is evidence of India's dedication to accessibility and connectivity. It is heartening that this budget essentially lays out a revolutionary route that combines robust infrastructure development, sustainable tourism, and economic dynamism and will also boost adventure tourism in India.”



Feb 02, 2024 12:59 IST
What Interim Budget 2024 Has for Education and Skilling &AI
Manav Subodh- Managing Director, 1M1B commented: 
"The interim budget presented by Finance Minister Nirmala Sitharaman today embodies the government's vision of a 'Developed India' by 2047. 
Indeed, the National Education Policy (NEP) has played an incredible role in ushering in transformational reforms, but I see digital technologies as the true silver bullet in our education system (according to a recent survey, more than 60% of educators are already using AI tools actively). 
AI skilling, I believe, can be a big equalizer and can reduce the gap between urban and rural India by providing equal opportunities. The interim budget seems to agree as well, as it has set forth a corpus of 1 Lakh crores with 50 years of interest-free loans to promote innovation in technology for youth. This will make India's youth creators, not consumers. It is also commendable that the Skill India mission has trained over 1.8 crore youths and established 3,000 new institutions. But to fully leverage the capabilities of these institutions, we need to think more deeply about how we can invest in robust digital infrastructure and integrate AI and immersive technologies across different layers of our education system. Skills not degrees will make our youth job-ready. I look forward to seeing the comprehensive budget that is presented after the elections, and I hope it further builds on this vision."