As we know, Finance Minister Smt. Nirmala Sitharaman presented the Interim Budget 2024 Speech from the Lok Sabha earlier today. Now, SMEStreet is working on collecting the industry's reactions to this landmark document. This live feed is going to present select reactions from the industry on this year's Interim Budget 2024.
Here is the compilation of Interim Budget Speech Highlights
To participate in this live feed, we at SMEStreet Invite industry leaders to share their reactions on today's Interim Budget 2024 to email@example.com
Also, You can participate, feel free to dm us on Linkedin.com/company/smestreet or faceboook.com/smestreet.in
Based on Industry's response we will be continuing this Live Blog tomorrow 2nd Feb 2024 as well.
Feb 01, 2024 18:26 ISTCA Deepak Maheshwari, Co-Founder DealPlexus.com stated
“In today’s Interim Budget, there is sufficient proof that the government will keep up its pledge to produce economic expansion. To begin with, the record capital expenditure of Rs. 11.1 lakh crore is encouraging. The Gati Shakti intervention's planned upgrades to the transportation infrastructure corridor will increase economic activity nationwide. The emphasis on energy will boost industry confidence even further. The rural economy will be bolstered by other suggestions including the introduction of a middle-class housing program, steps to improve oilseed output and encourage dairy development, crop insurance, etc. The Finance Minister has given enough proof that India can maintain its economic development story, despite the constraints of having to produce a budget that is essentially a vote on account."
Feb 01, 2024 17:50 ISTMrs Sunita Maheshwari, Co-Founder DealPlexus.com commented
By highlighting the importance of education and placing a heavy focus on young development and aspiration, the interim budget made a valid point.
The Skill India Mission, which aims to reskill 54 lakh youth, optimizes our robust demography. Furthermore, the 28% increase in female enrollment in postsecondary education is a step toward achieving gender parity in the academic field. Since this is an interim budget, there aren't many adjustments for taxpayers. FM Sitharaman has resolved contested old age demands, demonstrating her faith in truthful taxpayers.
The budget's main priorities were funding for Nari Shakti, Garib Kalyan, Annadata, and Youth Empowerment. FM shared her Amrit Kaal plan. Startups will continue to receive certain tax benefits for an additional year.
Feb 01, 2024 17:10 ISTOn Tech & AI: Mr. Abhinav Jain, Co-Founder & CEO, Almonds AI commented"Government's forward-looking budget aligns remarkably well with the impetus required for the AI and technology sectors. The focus on digital infrastructure lays a robust foundation for innovation, and the commitment to skill development among youth mirrors the mission to empower the next generation with AI capabilities. The support for electric vehicles and clean energy initiatives resonate with the Green Loyalty Program, reinforcing belief in sustainable technological advancement. This budget not only catalyzes a tech-driven economy but also heralds a golden era for companies like ours at the intersection of AI and market technology. We are eager to contribute to this transformative journey and commend the government's vision for a tech-empowered, inclusive growth trajectory."
Feb 01, 2024 17:04 ISTMr. Thomas Joseph K, Executive Vice President and Chief Business Officer, South Indian Bank said,
“The focus on energy will inspire further confidence of industry. Other proposals such as the proposed launch of a housing scheme for the middle class, measures to promote dairy development and enhance oilseeds production, crop insurance, etc., will provide a fillip to the rural economy. The Finance Minister has provided enough evidence that India can look forward to a period of continued economic ascendancy.”
Feb 01, 2024 16:29 ISTDr . Yajulu Medury, Vice Chancellor, Mahindra University said
"The Budget 2024 exemplifies the government's commitment to empower 'Amrit Peedhi', our youth and National Education Policy 2020 reaffirms commitment towards transformative reforms, ensuring quality education and inclusive development. Initiatives like Startup India, Skill India and PM Mudra Yojana align with our vision to cultivate a robust entrepreneurial culture on our campus, reiterating our focus on growing the University’s Entrepreneurship and Innovation Cell (EIC). The rise in female enrollment, especially in STEM courses, and their growing impact on the workforce, stands testament to inclusivity as we envision a future where our youth not only thrive but also lead, armed with skills and innovation for a dynamic world."
Feb 01, 2024 16:28 ISTGen. Dr. S.P. Kochhar, Director General, Cellular Operators Association of India (COAI) stated
“The Interim Budget presented by the Finance Minister today reemphasized the government’s economic policies and the commitment to sustained growth, improving productivity and creating opportunities with a focus on skilling and reskilling. In a significant gain for the telecom sector just before the interim budget, the current customs duty exemption granted to vessels engaged in laying submarine cables in India - which lapses on 31st March 2024 - was extended up to 30th September 2024. Telecom companies depend heavily on submarine cables for the high-speed transfer of data around the globe and this step will help in following the compliances.
The announcement of a corpus of ₹1 lakh crore for the technology sector is a positive measure as access to capital is a critical factor to support innovation and growth. The long-term, interest-free or low interest rate loans and focus on deep tech will further encourage the private sector to scale up research and innovation.
We are hopeful that in the post-election full budget, the industry’s suggestions to reduce regulatory levies like License Fee, deferring USOF contribution till the existing funds are exhausted, exemption of Basic Customs Duty (BCD) on Telecom equipment, waiving of GST on regulatory payments and refund of ITC, among others, will be considered and addressed by the Government during the course of the year.”
Feb 01, 2024 16:27 ISTMr. Agendra Kumar, Managing Director, Esri India commented
“The 2024 Interim Budget has placed a robust emphasis on fostering innovation and embracing cutting-edge technologies to realize the ambitious goal of 'Viksit Bharat by 2047.' It rightly underscores the pivotal role that technology plays in shaping our economic landscape. A notable strategic move is the allocation of a 1-lakh crore corpus through a 50-year interest-free loan, aimed at incentivizing the private sector to elevate their investments in Research and Development (R&D) and propel digital innovation. Financial backing provided to start-ups is also poised to make the ecosystem flourish and contribute significantly to the overall economic landscape. This forward-looking budget not only fuels the growth of the IT sector but also actively supports a comprehensive skills development ecosystem, ensuring the creation of a workforce that is geared for the future. As technology continues its rapid advancement, the 2024 interim budget emerges as a catalyst, steering the IT sector, including the robust geospatial sector toward sustainable excellence and global competitiveness. The visionary initiatives outlined in this budget position India on the trajectory of becoming a technological powerhouse, laying the foundation for a prosperous and globally influential nation.”
Feb 01, 2024 16:19 ISTManas Pal, Co-Founder, PedalStart statedAs a startup accelerator founder, I view the Interim Budget as a nod to the entrepreneurial spirit that fuels our nation's growth. While it maintains stability with no major tax changes, I'm hopeful that the government's acknowledgment of the startup ecosystem signals a commitment to fostering innovation. The focus on digital infrastructure and R&D is promising, aligning with the core values of our tech-driven ventures. The allocation of a dedicated fund for women entrepreneurs in this interim budget is a laudable step towards fostering gender inclusivity in the entrepreneurial landscape. This financial commitment not only acknowledges the untapped potential of women-led ventures but also empowers them to overcome traditional barriers. With increased access to capital, mentorship, and resources, women founders can catalyze innovation and contribute significantly to economic growth. As we await detailed policies, I'm optimistic that the government's trust in startups will translate into tangible support, catalyzing our journey. This budget reflects the symbiotic relationship between the state and startups, emphasizing the crucial role we play in shaping India's economic future. Let's leverage this foundation to propel our ventures into a future marked by innovation, resilience, and collaborative success.
Feb 01, 2024 16:16 ISTDr Arun Singh, Global Chief Economist, Dun & Bradstreet stated
From uplifting the underprivileged to energizing the nation's infrastructure development, the Government has outlined its vision to propel India's advancement and achieve a 'Viksit Bharat' by 2047 in this interim budget. Noteworthy positives in the budget includes, achieving a lower than targeted fiscal deficit for FY24 and setting a lower-than-expected fiscal deficit target for FY25, proposing dedicated commodity corridors and port connectivity corridors, providing long term financing at low or nil interest rates to the private sector to step up R&D in the sunrise sectors and huge support to physical infrastructure.
Feb 01, 2024 16:13 ISTMr. Hitesh Garg, Vice President, and India Managing Director, NXP Semiconductors said
“Union Budget 2024 delivers a resounding commitment to sustainable tech, spotlighting support for EVs and bio manufacturing. Metro Rail and Namo Bharat projects elevate city connectivity, while the dual focus on public transport and defence tech reveals a visionary agenda.
The game-changing move of a Rs 1 lakh crore corpus for our tech-savvy youth, coupled with a 50-year interest-free loan, sets the stage for long-term financing, propelling research and innovation. This bold step positions India for a golden era in technology and innovation.
Aligned with our pre-budget expectations, the government's emphasis on fostering a conducive environment for research and development perfectly mirrors the semiconductor industry's trajectory. The collaborative spirit and proposed incentives position India as a global semiconductor hub, solidifying its commitment to cutting-edge technological advancements. Budget 2024 charts the course for India's robust future in sustainable tech and innovation."
Feb 01, 2024 15:58 ISTRahul Dhamdhere, CMO, KidZania India commented
"At KidZania India, we welcome the 2024 interim budget with optimism, acknowledging its numerous positive indicators for the education and entertainment sector.
The sustained emphasis on capital expenditure, especially in infrastructure, promises well connectivity benefiting educational and entertainment experiences with enhanced accessibility and connectivity. The extension of tax breaks for startups in education and skill development establishes a conducive environment for innovative learning solutions.As an advocate of edutainment, we firmly believe that these initiatives have immense potential to ignite the playful spark in every child."
Feb 01, 2024 15:56 ISTMSME & Women Empowerment Perspective: Gurjodhpal Singh, CEO, Tide India stated
"We commend the government’s continuous support towards making women part of the formal economy across sectors from agriculture to entrepreneurship. Recognizing this crucial contribution, today’s budget clearly showed the focus of the government of India towards empowering women for the economic development of the country. To encourage them and start their own businesses, the Mudra Yojana scheme has been a game-changer, providing loans to 30 crore women. This will bridge the digital divide and help women entrepreneurs to equip with the tools they need to compete in the modern marketplace.
The empowerment of women through entrepreneurship, ease of living, and dignity for them has gained momentum in the past few years. The continuous government support for women will help them to take centre stage in the sustainable growth of the country. To transform the rural socio-economic landscape with empowerment and self-reliance, the GOI will enhance the target for ‘Lakhpati Didi’ from 2 crore to 3 crore.
We believe Indian fintech’s will help women-led MSMEs to access formal credit lines while saving time and money through digitisation and to unlock their immense potential to drive India's economic growth."
Tide India is a business financial platform for MSMEs.
Feb 01, 2024 15:55 ISTBringing MSME's Perspective: Sundeep Mohindra, Promoter & Managing Director, M1xchange stated
“There is an overall boost to the manufacturing ecosystem with the outlay for infrastructure being 3.4% to the GDP. This will have a ripple effect on the entire value chain of manufacturing, a large part of which is led by the MSMEs. To add to this the Interim Budget 2024 prioritizes timely finances, tech advancement, and skill development for MSMEs. With strong support coming from the government, we are optimistic there will be a massive drive within the MSMEs ecosystem to formalize and thereby have access to formal credit channels to scale their business.
Further, with the positive acknowledgement within the industry regarding the benefits of GST and collections surging to ₹1.72 lakh crore in January 2024, we are certain that GST-based analytics to credit decisioning will see a massive adoption in India in the coming months. The finance minister has also acknowledged the role GIFT IFSC has played in creating a robust gateway for financial services for the economy. This is a great boost to ongoing projects underway at GIFT IFSC and we expect some new financial innovations such as TReDS for exporters to come to go live in 2024-25.”
M1xchange is a TReDS platform in India that facilitates working capital solutions for MSMEs through analytics-based invoice discounting.
Feb 01, 2024 15:53 ISTFrom MSME Perspective: Raja Debnath, Managing Director, Veefin Solutions Ltd said
“We applaud the government's intention in calling out ‘timely and adequate finances, relevant technologies and appropriate training’ for MSMEs as an ‘important policy priority’. This will push financial institutions to keep priority sector lending in focus and adopt technologies that boost credit disbursement to MSMEs. We do foresee a strong policy support in the coming months for more MSMEs to formalize, resulting in a further uptick in GST filings and Udyam registrations, that will help small businesses to have access to formal channels of credit. Furthermore, the government has declared its intention to establish a regulatory framework, augment the financial sector's scale, capacity, and expertise, the subsequent impact of which will create a more robust, resilient, and thriving financial ecosystem in India. This will also draw global demand for financial innovation from India. The finance minister has clearly mentioned that India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and I believe financial services will be a critical element of this vision.”
Veefin Solutions Ltd is a supply chain finance platform that powers financial institutions to provide working capital to MSMEs.
Feb 01, 2024 15:37 ISTOn MSME Perspective in Today's Interim Buudget: Mr Pulak Jain Co-founder, Chief Business Officer and Head Strategy at TransBnk said,
MSME Sector's Outlook"We welcome the government's move for training in MSME. Micro, Small, and Medium Enterprises will play the most crucial role in the Indian economy in the coming days. It's already considered the backbone of the country's industrial development and with this move it will help the Indian economy in additional Employee generation. They provide job opportunities to a large section of the population, particularly in rural and semi-urban areas, thereby contributing to inclusive economic growth.
MSMEs make a substantial contribution to India's Gross Domestic Product (GDP) and make a significant impact on the overall economic output of the country. Therefore, we look forward for government focused on training towards more Digitization and technology adoption so that it can help MSME’s leverage technology for improved efficiency and competitiveness which can lead to further participation of MSME’s in Global business."
Feb 01, 2024 15:35 ISTDr Sarvjeet Herald, Director – India STEM Foundation stated‘Reflecting on the strides made last year, with increases in girls' enrollment in schools and STEM programs, as well as efforts in skilling India through Skill India programs and initiatives, we recognize the importance of building upon these successes. While no new initiatives were unveiled this year, there's an opportunity to shift focus towards holistic child-to-adult development. Let's prioritize measures to eliminate school dropouts, enhance career awareness, and promote industry inclusion, motivating both students and parents to embrace learning, skill-building, and excellence.’
Feb 01, 2024 15:33 ISTSapna Narang, Managing partner, Capital League commented
"Budget announcements show the government’s commitment towards long- term social and infrastructure development, while ensuring that fiscal discipline is maintained.
Fiscal deficit for FY’24 will narrow to 5.1% from revised 5.8% for FY’24. Capex outlay for next year increased by 11.1% to Rs 11.1 lac Cr. Three new railway economic corridors announced will help with faster freight movement and reduce logistics cost. Setting up a corpus of Rs 1 lkcr with 50 yr, interest free loan will help the private sector to scale up innovation in sunrise domains. Focus on developing and promoting iconic tourist centres. Housing scheme for middle class to build & own their own houses announced to boost inclusive growth. All these schemes will have a multiplier effect on the economy in coming years."
Feb 01, 2024 15:31 ISTRajesh Shah, Chairman & MD at EUROBOND stated"Euro Panel Products Limited, agreed wholeheartedly with the vision in the new budget. “The team at Euro Panel Products Limited is enthralled by the new interim budget of 2024-25, specifically in the infrastructure and railways sector. The government’s decision to transform 40,000 railway coaches to suit the specifications of the Vande Bharat Express shows the commitment of the government to take the railways to the next era, something we support wholeheartedly. Added to that, the project to expand the major railways infrastructures including the Metros and Namo Bharat to upcoming metropolitans closely aligns with our mission for comprehensive development in those areas. The capex target of Rs. 11.1 lakh crore for FY25, along with a 11.1% increase shows volumes to the Prime Minister’s dedication towards establishing state-of-the-art infrastructures throughout the country and Eurobond remains steadfast in its commitment to championing the nation's ambitious infrastructure development goals, supporting the burgeoning momentum with unwavering dedication to innovation and cutting-edge technology."
Feb 01, 2024 15:29 ISTPartha Neog, CEO & Co-founder of Vantage Circle welcomed this Interim Budget by saying
This year’s Union Budget announcement resonates with a visionary outlook, especially for the future of India. Establishing a Rs. 1 lakh crore corpus with a 50-year interest-free loan for tech-savvy youths and the focus on MSME training demonstrates a strong commitment to fostering innovation and global competitiveness. Additionally, the government is also set to provide long-term financial help with extended periods and low-interest rates that will benefit the private sector to increase investments in R&D and innovation.
We highly applaud these strategic initiatives put forward by the government to leverage the opportunities presented. Our dedication remains unwavering as we contribute to the nation’s progress.
Feb 01, 2024 15:05 ISTComments by Dr. Arun Singh, Global Chief Economist, Dun & Bradstreet
The Aspirational Districts Program aims to alleviate the strain on current mega city infrastructures, thereby accelerating the pace of urbanization.
Significant investments in infrastructure will contribute to enhancing India's logistics efficiency at a lower cost, thereby bolstering India's ambition to emerge as a global manufacturing hub.
The substantial fund of Rs 1 trillion will amplify research efforts in sunrise sectors.
The reduced fiscal deficit projection at 5.1% of GDP in FY25, down from 5.8% in FY24, will create room for increased private sector borrowings.