Dr. Sudhir Mehta, Founder & Chairman Pinnacle Industries & EKA Mobility
“Sustainable Solutions Take Center Stage in Government Budget Plans”
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’s 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.
Venkatram Mamillapalle, Country CEO & Managing Director, Renault India Operations
“With the Interim Union Budget 2024 announcement completed, Renault India embraces the transformative vision outlined by Finance Minister Nirmala Sitharaman, steering towards a ‘Viksit Bharat’ by 2047. As a committed contributor to the nation’s progress, we applaud the inclusive approach reflected in initiatives like the Fasal Bima Yojana, benefiting 4 crore farmers, and showcasing the government’s dedication to rural prosperity.
Renault India enthusiastically supports the impetus on advancing the e-vehicle ecosystem, recognizing its pivotal role in sustainable mobility. The promise of expanded manufacturing and charging infrastructure aligns seamlessly with the commitment to delivering innovative, eco-friendly solutions. Moreover, the emphasis on e-buses for public transport echoes aspirations for fostering a greener, more sustainable future. Renault India stands poised to actively engage and collaborate in driving positive change and contributing to the realization of a prosperous and sustainable India.”
Devndra Chawla, MD and CEO, GreenCell Mobility
We commend the major announcements made by Finance Minister Smt. Nirmala Sitharaman in the Interim Budget 2024. The government’s commitment to promoting sustainable mobility is a welcome step towards a greener future. Focusing on increased usage of e-buses for public transport networks is a noteworthy initiative. As a green mobility firm, we applaud this effort for its potential to greatly cut carbon emissions and improve the overall efficiency of public transit networks. This decision is completely aligned with our aim to promote ecologically friendly urban mobility alternatives.
Furthermore, encouraging states to undertake the entire development of renowned tourist destinations and sell them worldwide is a smart decision. This not only benefits the tourism industry, but also presents an opportunity for sustainable transportation solutions in these places. We look forward to contributing to such projects with our environmentally friendly mobility solutions.
The commitment to a significant FY25 capex spend of 3.4% of GDP and a capex target of Rs 11.1 trillion, an 11.1% increase, is a very bold and forward-looking step. It demonstrates the Government’s commitment to infrastructure development. The assistance for the production and manufacture of electric mobility is well aligned with our main business. We applaud the Government’s measures in promotion of sustainable mobility which plays a crucial role in creating a cleaner and greener world.
The announcement highlights the promotion of charging infrastructure for electric vehicles and increased adoption of e-buses in public transport networks. This will be facilitated through a payment security mechanism. The government’s initiative not only drives electric vehicle adoption but also creates entrepreneurial opportunities for vendors involved in the supply and installation of EV chargers. This approach contributes to employment generation, particularly for skilled youth, aligning with our vision of promoting sustainability and fostering economic growth.
Lastly, the focus on solar energy and the rooftop solarisation scheme is a forward-looking initiative. It not only aims to provide free electricity to households but also acts as a catalyst for the growth of the electric vehicle charging ecosystem. We appreciate the holistic approach towards sustainable development, which not only considers the end-users but also fosters entrepreneurship and employment opportunities across the value chain.
At last, the Interim Budget 2024 sets an optimistic tone for the future. We believe that the next few years will indeed be filled with golden moments as the nation progresses toward a more sustainable and resilient future. We eagerly look forward to contributing to and benefiting from these positive changes in the mobility and energy sector.
GreenCell Mobility, promoted by Eversource Capital, is a leading player in the shared e-mobility space. GreenCell Mobility operates NueGo, India’s first premium intercity electric coach service.
Nemin Vora, CEO, Odysse Electric Vehicles
“Following the Interim Union Budget 2024, we enthusiastically embrace the government’s vision for a ‘Viksit Bharat’ by 2047. As an electric vehicle (EV) manufacturer, we applaud the strategic focus on expanding the e-vehicle ecosystem, supported by manufacturing and charging infrastructure enhancements. The budget’s commitment to research and innovation, exemplified by a one lakh crore rupees corpus with a fifty-year interest-free loan, signifies a golden era for our tech-savvy youth, aligning seamlessly with our mission for sustainable mobility solutions.
Prime Minister Modi’s visionary expansion of “Jai Jawan Jai Kisan Jai Vigyan” underscores the pivotal role of innovation in India’s development. We stand ready to contribute to this era of unprecedented growth, leveraging our expertise to push the boundaries of technology and sustainability. As we enter the next five years with ‘Sabka Vishwas,’ the trinity of demography, democracy, and diversity, backed by ‘Sabka Prayas,’ holds the potential to fulfill the aspirations of every Indian.”
Sohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV)
“The 2024-2025 Interim Union Budget emphasizes a green public transportation system, prioritizing a strong charging infrastructure for widespread adoption of electric vehicles. India’s vast expanse requires a comprehensive network with thousands of installations. This commitment is poised to spur employment growth, benefiting startups and MSMEs, with ongoing service and maintenance creating additional job opportunities.
However, a noticeable gap in the budget is the absence of continued direct customer subsidies, a critical element that played a substantial role in driving the adoption of electric vehicles across various categories over the last two years. We eagerly await the government’s comprehensive strategy and commitment to sustaining the electric vehicle manufacturing ecosystem. It is anticipated that a combination of fiscal and non-fiscal interventions will be outlined, offering crucial support for the industry in the coming years until it achieves a threshold for self-sustained growth.”
Dr. K. Anand Kumar, MD, Indian Immunologicals
“I commend the initiatives outlined in the Interim Budget 2024, particularly those addressing women and children’s health. These measures signify a concerted effort to strengthen India’s healthcare system by prioritizing preventive care, expanding access to essential services, and leveraging innovation for better health outcomes.
The decision to provide and actively encourage cervical cancer vaccines for 9–14-year-olds reflects a proactive approach to preventing a significant health burden among young girls. Cervical cancer is the fourth most common cancer in women globally, with millions of cases reported annually. Investing in this preventive measure is poised to reduce the incidence of cervical cancer and its associated morbidity and mortality rates in the future.
The budget has also allocated INR 1 lakh crore towards establishing a corpus, offering a 50-year interest-free loan to scale up research and innovation significantly in sunrise industries. This allocation presents a promising advancement within the vaccine industry. It allows for the integration of new-age technologies in vaccine development processes, especially for mRNA and Adenoviral vector vaccines.”
Prem Kumar Vislawath, Founder and CEO, of Marut Drones
“It’s reassuring to hear the honorable FM prioritize agriculture as a key area of focus in her budget speech. She stressed the push for widespread adoption of modern farming techniques. The FM also mentioned the empowerment of ‘Annadatas’, our farmers, as an important goal. Agricultural drones can play a crucial role in minimizing risks while maximizing revenue for our farmers. The introduction of the Nano DAP class of fertilizers in all agro-climactic zones FM mentioned is also exciting for us, as Marut drones are specially equipped for that. Farmer-centric policies with the government encouraging embrace of modern technology through start-ups will go a long way in helping rural parts of the country grow to their full potential.”
Madan Sabnavis, Chief Economist, Bank of Baroda
The Budget has stuck to the task of following the path of fiscal prudence and indicated 5.1% as the deficit target for FY25. Given that the government was able to maintain the deficit ratio at 5.8% instead of 5.9% for FY24 even though the denominator was lower, it does look like a pragmatic target. It does look likely that the target of 4.5% will be achieved in FY26.
Within the confines of the available fiscal space, the government is channeling enough for capex which is almost 40% of the additional total outlay. This is being directed to roads, railways, and defense and it can have positive linkage effects with industries like steel, cement, capital goods, etc. The states would continue to get around Rs 1.3 lakh crore from the center and would be expected to also ramp up their spending.
From the banking perspective, a lower gross borrowing program augurs well as there will be less pressure on the system for deployment of funds. Also given that more FPI will flow to GSecs, they can use their funds for financing credit.
Rajesh Sharma, Managing Director at Capri Global Capital Limited
The Interim Budget has maintained the continuity in the Government’s approach to ensure balanced and inclusive growth without losing sight of the momentum needed to maintain the economy’s pace. In an election year, it has been positively surprised by staying on the path of fiscal consolidation. It has avoided fiscal profligacy and raised allocation to infrastructure. The allocation of a corpus of Rs. 1 lakh crore for promoting innovation through interest-free loans to the private sector is another step towards developing the future of India through innovation and research. The broader hints on financial sector reforms, efficient economic management, and the adoption of green policies point to major announcements in the full Budget in July this year.
Suresh Mutha, Managing Director at M20 Urban Spaces
“It is great to hear that our economy is doing well, there is macro-economic stability, including in the external sector, and that investments are robust. The mention of geographical inclusivity through the development of all regions of the country is great news for the real estate sector. The ‘housing for all’ scheme has already won the hearts of many in the country and I hope the scheme is continued in all good spirits. I welcome the scheme to help deserving sections of the middle class living in rented houses, slums, or chawls and unauthorized colonies to buy or build their own houses. We stand with the country in building a modern infrastructure. Positioning India as an attractive destination for business and conference tourism is a great move that would give huge financial benefits. Promoting iconic tourist centers in the country will create more jobs, as well.”
Dr. Silpi Sahoo, Chairperson, SAI International Education Group
The Union Interim Budget 2024 intends to be accessible and inclusive for all. It prioritizes the education sector among several others and is a step forward from last year’s focus on job creation. It promotes skill development, boosts employment, and encourages entrepreneurship – all towards the Government’s larger vision of “Viksit Bharat”. We welcome the well-rounded approach of bolstering the startup ecosystem, investments in progressive technologies like AI integrating with education, and an emphasis on digital literacy as well as STEM education, especially for women. If these policies are delivered to their full potential and spirit, we will not be far from Bharat attaining global leadership.
Empowering our youth is a critical success factor towards our nation’s prosperity, therefore, 43 Crore loans sanctioned in this Budget will go a long way to encourage entrepreneurship among them. Moreover, reforms under NEP 2020 such as PM Shri will deliver top-quality teaching, and nurture holistic and well-rounded individuals is much much-needed intervention that will impact at the grassroots level.
The Government’s strong focus on sports has already generated a new civilizational confidence in our sportspersons. Our highest-ever medal tally in the Asian Games and Asian Para Games in 2023 stands as a testimony of this.
Dr Saundarya Rajesh, Founder – President, Avtar Group
“The tabled interim Budget has set the tone for the next phase of growth and development of the nation. By way of acknowledging the importance of inclusivity and equal opportunities for all, the government is reiterating the potential that increased women’s workforce participation will contribute to the overall GDP of the nation. The continuous allowances to entrepreneurship for women and youth, skilling or simply put towards the GYAN (Garib, Yuva, Annadatha and Nari) Bharath do promise growth and stability for the country. However, MSMEs and Startups – the key sectors that have the potential to boost women’s workforce participation, have not seen much push in the last two years, particularly by way of tax rebates in SEZs for companies operating in the STEM industry. While 43% of STEM graduates are women, they make up only 28% of the workforce in STEM. Moreover, women drop out of the workplace due to childbirth, childcare, and elder care. Consequently, only 3 percent of women hold CEO posts in the STEM Industry. To fast-track the growth, the new government will have to usher initiatives and policy measures such as incentivizing targeted women-talent hiring and retention, especially in the MSMEs and Start-ups sectors that will provide the much-required fillip towards women’s workforce participation.”
Radhika Choudary, Co-Founder, Freyr Energy
“The Budget 2024 has unveiled the Vision for Vikasit Bharat, emphasizing a harmonious relationship with nature. The government is actively promoting inclusive sustainable development through initiatives such as rooftop solar, as outlined in the Finance Minister’s speech. Anticipating new guidelines and incentives under the ‘Pradhan Mantri Suryodaya Yojana,’ the industry is optimistic about India’s rooftop solar energy transition.
The commitment to rooftop solarization and providing free electricity to one crore households is expected to infuse competitiveness and innovation into the solar sector. With the potential to contribute significantly to achieving the government’s target of making India net zero by 2070, this boost is poised to generate employment opportunities for the youth engaged in manufacturing, installation, and maintenance within the solar industry. The interim budget has successfully unlocked the true economic potential of India’s rooftop sector.”
Satyendra Prasad Narala – Managing Director, Regency Ceramics
“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.”
