Post-budget 2024 Industry Outlook

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India Budget 2024
India Budget 2024

Dinesh Khara, Chairman, SBI

“The interim budget has laid out an affirmative action of fiscal glide path towards 4.5% in FY26. The heartening news is that the anticipated tax buoyancy in FY24 excluding the outlier pandemic year is the highest in 7 years. This apart, the budget has laid out reinforced architecture of Big possibilities, creating an all-encompassing action-oriented roadmap to embark upon an arduous yet rewarding journey for every Indian, chiefly the fringe and hitherto vulnerable masses, entrepreneurs, agripreneurs and women, making them an equity holder in Viksit Bharat.”

Gopichand P. Hinduja, Chairman, The Hinduja Group 

“A Runway for the Vikasit Bharat Flight to Take off Interim Budget is both a time for reflection and visioning for the future while managing adroitly the present. Compliments to FM Nirmala Sitharaman for effectively achieving this. She articulated the achievements of the past decade and spelled out the broad roadmap to 2047 while maintaining the path of fiscal rectitude with fiscal deficit targeted at 5.1% in FY 25 and down to 4.5% in FY 26.

The interim budget commendably shunned any populist measures so often resorted to by the governments. But Bharat could certainly do more on its infrastructure CAPEX budgeting which increased nominally by 11%. Some bold measures are needed to increase the annual FDI level of 60bn $ further. The banking and power sector reforms coupled with further impetus on digital infrastructure are imperatives to Vikasit Bharat with improved sovereign rating. Overall, stability and continuity with judicious acceleration are the wheels deployed through this interim budget for taking off this flight. Now, it’s over to July 2024.”

Vinod Aggarwal, President, SIAM and MD & CEO, VECV

“The announcement on strengthening the Electric Vehicle ecosystem by supporting manufacturing and charging infrastructure will boost the development and adoption of EVs in the country. He further stated the encouragement of the Payment Security Mechanism for the adoption of e-buses for public transport networks is also a welcome step.”

T S Kalyanaraman, Managing Director – Kalyan Jewellers

“We welcome the interim budget announced by FM Nirmala Sitharaman and commend the Government of India’s consistent efforts in ensuring inclusive growth as well as recognizing the pivotal role of women in economic transformation, through a diverse array of initiatives.

The country’s phenomenal growth trajectory and economic prowess in the past decade, have been nothing short of extraordinary, particularly the surge in FDI, which witnessed a two-fold increase over the past two decades. As we celebrate the golden era, we would like to applaud PM Modi’s commitment and vision for fostering a thriving economic landscape. The ‘First Develop India’ (FDI) initiative, geared towards encouraging foreign partnerships, exemplifies a collaborative spirit towards economic progress.

Furthermore, we believe the PM Vishwakarma Yojana is playing a critical role in empowering India’s artisan community. With benefits extending across 18 trades, it symbolizes the Government of India’s holistic approach towards preserving traditional craftsmanship and contributing significantly to the nation’s economic fabric.”

Sadaf Sayeed, CEO, Muthoot Microfin

“We commend the government’s recent initiatives, especially the momentum for Nari Shakti and the focus on rural development. As a microfinance institution, we resonate with their commitment to women’s upliftment, evident from the introduction of the Mudra Yojana loans announcement.

Through the implementation of comprehensive programs, the government is creating opportunities for underserved communities. These initiatives additionally empower key constituencies, including farmers, small business owners, and women entrepreneurs, who are significant contributors to the development of India.

At Muthoot Microfin, we look forward to aligning towards enabling these transformative endeavors for a self-reliant and prosperous India.”

Pradeep Lala, MD & CEO – Embassy Services Pvt. Ltd

“In a bold stride towards sustainability, our focus lies in bio-energy, amplifying ethanol production and championing green-energy access through hybrid policies. A significant breakthrough is imminent with a major announcement on distributed solar, bolstered by a welcomed relaxation in BCD for solar panel module manufacturing. A strategic push towards enhancing energy storage systems is underscored, backed by subsidies or GST relaxation to spur growth. The transformative investment in smart grids aligns with our commitment to a future-ready energy landscape. Noteworthy is our keen attention to the promising realm of green hydrogen, particularly in transportation and later in steel industries, marking a pivotal step towards cleaner industrial processes. The emphasis on ISTS for renewable energy solidifies our dedication to a comprehensive and sustainable energy ecosystem, setting the stage for a greener and more resilient future.”


Aditya Virwani, COO, Embassy Group

“The government’s announcement of a scheme to facilitate homeownership for deserving sections of the middle class is a commendable step in line with the Housing for All initiative. This not only addresses a crucial need for our young population but also propels the housing sector into a new era of growth, fosters inclusivity, and ensures that homeownership becomes a reality for a larger section of our society.

As we anticipate the final budget under the new government, we hope for continued support, including reduced home loan rates, favorable tax policies, and incentives for sustainability. These measures will be crucial in fostering an environment conducive to the growth of the real estate sector and contributing to the larger vision of India becoming a USD 7 trillion economy.”

Md. Sajid Khan, Director-India, ACCA (Association of Chartered Certified Accountants)

“The Interim Union Budget paints a promising picture of India’s transformation. The focus on skilling India’s youth through initiatives like NEP and Skill India Mission, and the emphasis on both traditional and non-traditional skilling avenues is a laudable step towards India’s aspirations of becoming a ‘Viksit Bharat’ by 2047. Public-private partnerships and leveraging industry expertise will be crucial in bridging the skill gap and empowering the ‘Amrit Peedhi’ for a developed India by 2047. Unleashing GIFT IFSC’s potential as a global financial hub requires fostering a future-ready accounting workforce through industry-aligned training programs and internships. A robust pipeline of skilled accountants adept in FinTech, international finance, and global regulations is key to propel India’s economic growth and achieve ‘Viksit Bharat’.”

Neel Chheda, Senior Executive Vice President & Head – Auto & Actuarial Analytics, TATA AIG General Insurance Company Limited

“The interim budget of 2024-25 unveils a visionary initiative to enhance EV ecosystem. By bolstering manufacturing capabilities and charging infrastructure, it aims to drive the adoption of clean and efficient transportation. We can aspire to create an ecosystem that not only benefits the environment but also propels our nation to the forefront of global leadership in sustainable energy. We expect more collaborations with the EV industry enabling solutions that cater to the evolving needs of the e-mobility landscape. We look forward to remaining committed to supporting and contributing to the growth and success of the government’s vision for a greener future.”

Mukundan, MD & CEO, Tata Chemicals Limited

“The Interim Budget has presented a clear vision for Viksit Bharat by 2047 using demography, democracy, and diversity as enablers. It reinforces India’s commitment towards people-centric, inclusive, and sustainable development, with every Indian becoming an active player in national growth.

The announcement of the bio-manufacturing and bio-foundry scheme gives a fillip to India’s larger green growth mission. Along with climate-resilient activities for restoration and adaptation measures, these initiatives will go a long way in supporting our net-zero 2070 goals. Guided by the principle ‘Reform, Perform, and Transform’, the government has taken up next-generation reforms such as strengthening the e-vehicle ecosystem, underscoring India’s ambition to be a manufacturing hub.

The Interim Budget focuses on economic policies that boost the profound transformation of the economy over the past decade. This comprehensive approach strengthens our belief in the nation’s economic trajectory and towards a future.”

Sumeet Mehta, Co-founder & CEO of LEAD Group

“The vision to make India a Viksit Bharat by 2047 is commendable and the emphasis on transformational reforms through NEP 2020 is a positive step in this direction.  The progress made on the Skill India Mission is also highly encouraging.

However, the role of technology and innovation in education remains understated.  We must prioritize tech-enabled curriculum and infrastructure improvement in schools.  Well-designed public-private partnerships (PPPs) will help drive innovation at scale; and ensure high-quality education reaches every corner of Viksit Bharat. Policy support in terms of GST rebates on educational materials and hardware, as well as an emphasis on affordable, multimodal education, can further enhance accessibility and quality.  Going forward, I hope to see a continued commitment to holistic educational reforms that address the diverse needs of India’s schools.”

Varun Babbar, MD India and SAARC for Qlik

“The 2024 budget announcement signals a strategic focus on propelling the economy toward sustained growth. The government’s dedication to fostering growth, enhancing productivity, and creating employment opportunities aligns seamlessly with Qlik’s commitment to empowering businesses with transformative data solutions, including cutting-edge AI and ML applications.

The emphasis on transformative reforms via NEP 2020 and the Skill India Mission, particularly in crucial tech and AI segments, highlights the immediate need for upskilling and reskilling – essential pillars where Qlik’s innovative data analytics, data literacy, augmented by AI and ML, play a pivotal role. The allocation of Rs. 1 lakh crore for Research and Innovation, coupled with interest-free loans, underscores the crucial role of the private sector.

Furthermore, the forward-looking initiatives supporting shore-wind energy demonstrate a commitment to technological advancement and resonate with Qlik’s vision for sustainability and impactful innovation.”

Rohit Gupta, CEO, Mantra Properties

“We applaud the visionary approach of the government reflected in the Union Budget 2024-25 announcement. The emphasis on Awas Yojana Gramin, particularly the commitment to achieving 3 crore houses and empowering women with significant ownership in rural areas, aligns seamlessly with our industry’s mission for inclusive and sustainable development.

The introduction of a scheme supporting middle-class home ownership and the substantial allocation of Rs 11.11 lakh crores for infrastructure in FY25 underscore the government’s understanding of the important role played by the real estate sector in our nation’s growth. This collaborative and forward-thinking budget sets a positive tone for our industry, adopting an environment of optimism, innovation, and shared prosperity. We look forward to contributing actively to the nation’s progress and development under the supportive policies laid out by the government.”

Niranjan Kirloskar, Managing Director, Fleetguard Filters Private Limited

“The Finance Minister proposed a well-crafted budget that balances growth and social development. The focus on infrastructure development, with the Interim Budget 2024 proposing to raise capital expenditure—for the fourth consecutive year—by 11.1% to ₹11.11 lakh crore, which is 3.4% of the GDP, presents a significant opportunity for the auto and construction industry. The impetus on Research and Innovation for catalyzing growth, employment, and development is a welcome move for a Viksit Bharat. With reforms supporting the adoption of sustainable mobility and skill development, India is poised to become a global leader in automotive technology.”

Abrarali Dalal, Director & CEO, Sahyadri Hospitals Pvt Ltd

“This year’s Union Budget is a testament to the government’s dedication to improving public health in the country. The focus on establishing more medical colleges will help in utilizing existing hospital infrastructure and creating quality professionals in healthcare. To enable wider access to preventive care and health coverage, there is an increased focus on vaccination for cervical cancer and extending health coverage under the Ayushman Bharat scheme to ASHA and Anganwadi workers.

The consolidation of maternal and child healthcare schemes into a comprehensive program, alongside the expedited upgradation of Anganwadi centers and the rollout of the U-Win platform, reflects a holistic approach towards ensuring the well-being of women and children. These measures, coupled with the intensified efforts of Mission Indradhanush, signify a progressive leap towards a healthier and more resilient India. Mission Indradhanush is a critical health mission of the Government of India, aimed at achieving more than 90% full immunization coverage for children.

The mission’s goal complements the comprehensive healthcare approach outlined in Budget 2024, reflecting the government’s commitment to ensuring the well-being of all citizens through proactive healthcare measures.

The absence of specific allocations for AI in healthcare in this year’s budget, despite the previous focus on setting up a Center of Excellence in AI for health, overlooks the potential of AI in diagnostics and medical advancements.”

 Jaepy Kurian, Senior Vice President & Delivery Head – India, Orion Innovation –

“We appreciate the government’s vision of making India a developed nation by 2047 and its efforts to provide inclusive development and growth across various sectors and regions.”

“We support the government’s initiatives and schemes that aim to boost the digital economy, such as the PM SVANidhi scheme for street vendors, the PM Kisan Yojna for farmers, Mudra Yojana for women entrepreneurs, PM Mudra Yojana for entrepreneurs, the Digital India program, the National Digital Health Mission, and the National Education Policy. We believe that these initiatives will empower millions of Indians with access to digital services, opportunities, and benefits.”

“We also suggest some areas where the government can further invest and collaborate with the private sector to accelerate the digital transformation of India, such as enhancing the digital infrastructure, promoting digital literacy and skills, fostering innovation and entrepreneurship, and ensuring data security and privacy. We are confident that with the government’s support and guidance, India can emerge as a global leader in the digital era.”

Mahesh Viswanathan, CFO, of Finolex Cables

“The Union Budget 2024 strategically addresses key aspects with its focus on rooftop solarization through the Muft Bijli initiative. This move not only aligns with the global trend towards sustainable energy but also marks a significant stride in empowering one crore households with up to 300 units of complimentary electricity monthly. As a prominent player in the electrical cables industry, Finolex Cables is enthusiastic about contributing to this transformative initiative by delivering top-notch products that bolster and elevate solar infrastructure. The government’s commitment to fostering inclusive and sustainable development, encapsulated in the ‘Reform, Perform, and Transform’ mantra, deeply resonates with our business principles. We eagerly anticipate engaging with the government and collaborating with stakeholders to build consensus, steering the nation toward the implementation of next-generation reforms that foster robust growth.

The focus on MSMEs aligns seamlessly with Finolex Cables’ pivotal role in supporting infrastructure development. Furthermore, the budget’s acknowledgment of the housing sector, exemplified by initiatives such as the Pradhan Mantri Awas Yojana and the Housing for Middle-Class scheme, sets the stage for Finolex Cables to make substantial contributions to the nation’s infrastructure landscape. In essence, the budget appears poised to cultivate an environment conducive to Finolex Cables’ success, positioning us to play a crucial role in driving the country’s economic growth.”

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