1. Vikas Bajaj, President of the Association of Indian Forging Industry (AIFI), said, ” We welcome the budget presented today, which lays out a comprehensive roadmap for ‘Viksit Bharat’ across key sectors including manufacturing and services. The emphasis on promoting MSMEs through enhanced credit support and infrastructure development is particularly commendable. These measures will not only bolster job creation but also enhance competitiveness, paving the way for a robust industrial growth trajectory. For the manufacturing sector, the proposed incentives for additional employment will significantly boost job creation and strengthen the manufacturing ecosystem. The special attention given to MSMEs, particularly labor-intensive manufacturing, through financing, regulatory changes, and technology support, is a crucial step toward enhancing global competitiveness.
The introduction of a credit guarantee scheme for MSMEs, providing up to ₹100 crore without collateral, along with the new credit assessment model and enhanced Mudra loan limits, will ensure broader financial inclusion and stability. The commitment to developing ‘plug and play’ industrial parks and reducing customs duty on key raw materials like ferro nickel and blister copper will lower production costs and enhance competitiveness. Additionally, the financial support for shifting micro and small industries to cleaner forms of energy and the facilitation of investment-grade energy audits in 60 clusters, with expansion to 100 clusters, will greatly benefit MSME units in the forging sector. Overall, this budget is a significant step towards ‘Viksit Bharat,’ and we at AIFI are optimistic about its positive impact on the forging industry and the broader manufacturing sector.”
2. Anurag Garg, Country Head & Managing Director, Vitesco Technologies India said, “We welcome the Union Budget 2024 and commend the government’s budgetary priorities aimed at fostering innovation, research, and development in the manufacturing sector. The initiatives announced today, such as the credit guarantee scheme and reduction in customs duties on critical raw materials, are poised to strengthen India’s manufacturing ecosystem. These measures will not only incentivize additional employment in the manufacturing sector but also provide the necessary financial and technological support to MSMEs, allowing them to compete globally and contribute significantly to the economy.
Additionally, the establishment of investment-ready industrial parks and the reduction of input costs through customs duty cuts will boost domestic manufacturing and export competitiveness. We look forward to leveraging these opportunities to drive sustainable growth and technological advancement in the automotive industry, aligning with our vision for a prosperous ‘Viksit Bharat’.”
3. Sanjana Desai, Executive Director of Mother’s Recipe said, “The 2024 budget brings a sense of optimism and growth opportunities for the FMCG sector. The proposal to abolish the so-called angel tax for all classes of investors will significantly bolster the entrepreneurial spirit and support innovation within our industry. Additionally, the increase in the standard deduction for salaried employees will enhance consumer purchasing power, which is beneficial for our brand as it may lead to increased demand for our products. We appreciate the government’s efforts to simplify taxation and promote a more business-friendly environment.”
4. Mahesh Viswanathan, Deputy CEO and CFO, of Finolex Cables Ltd. said, “We welcome the employment and manufacturing generation initiatives outlined in the budget. The introduction of a credit guarantee scheme for term loans on machinery and equipment purchases, without collateral or third-party guarantees, is a progressive step that will empower MSMEs to innovate and expand, driving growth and job creation across the nation. Additionally, the exemption of customs duties on 25 critical minerals is a strategic move towards strengthening the economy and ensuring vital resources are available for the manufacturing sector.
We also applaud the continued efforts to bolster housing and infrastructure development, along with the focus on Digital Public Infrastructure. We firmly believe that these sectors are essential for driving economic growth. As the budget prioritizes expanding the manufacturing footprint, we anticipate a corresponding increase in consumer uptake.”
5. Rahul V. Karad – Managing Trustee, MAEER, Executive President, MAEER’s and MIT World Peace University & Chief Initiator, MIT SOG said, “We welcome the Finance Minister’s progressive budget, which demonstrates a strong commitment to education, employment, and skills with an allocation of ₹1.48 lakh crore.
This significant investment highlights the government’s dedication to nurturing talent and fostering growth. The introduction of financial support for higher education will help make higher education more accessible. Furthermore, the emphasis on developing digital public infrastructure applications will drive productivity and innovation, benefiting various sectors such as education and health.
We call for clear guidelines on attention towards creative avenues to fund and promote a mandated Industry-Academia Partnership for mutual benefit. This will help boost the initiative to skill one crore youth through internships with top companies and the Prime Minister’s Internship program to provide valuable practical experience and skill development.
Overall, this budget aligns with our vision of ‘Viksit Bharat,’ paving the way for a robust and inclusive development trajectory.”
6. Farrokh N. Cooper, Chairman and Managing Director, Cooper Corporation Pvt. Ltd said, “The reduction in the corporate tax rate for foreign companies from 40% to 35% is a commendable move that will attract more foreign investments into the country, fostering growth in the manufacturing sector. The proposed rationalization of capital gains taxation and the simplification of tax procedures will also enhance the ease of doing business. Additionally, the emphasis on fostering employment through various initiatives is highly encouraging. The allocation of funds towards skill development and vocational training programs will equip the labor force with the necessary skills to meet the industry’s evolving demands. As a leading engine and component manufacturer, we are hopeful that these measures will lead to increased investments, job creation, and a more skilled workforce within our sector.”
7. Dr Sudhir Mehta Founder and Chairman of EKA Mobility, Pinnacle Industries said, “Today’s union budget marks a significant milestone in India’s journey toward becoming a $5 trillion economy and solidifies its role as a global growth engine. The government’s comprehensive approach to supporting various sectors, especially MSMEs and start-ups, is commendable. The introduction of a credit guarantee scheme for MSMEs, which facilitates term loans without collateral or third-party guarantees, is a game-changer. By reducing the turnover threshold for mandatory onboarding on the TReDS platform from Rs 500 crore to Rs 250 crore, the government is making it easier for smaller MSMEs to benefit from this essential online platform. Additionally, opening 24 new SIDBI branches will enhance support for MSME clusters across the country. Likewise, the abolition of the ‘Angel Tax’ for all investors in start-ups is another progressive move, offering substantial relief and encouraging greater investment in innovation and entrepreneurship. While, in agriculture, the allocation of ₹2.66 lakh crore for rural development and the focus on climate-resilient crop varieties reflect a forward-thinking strategy. The initiative to introduce 1 crore farmers to natural farming over the next two years, supported by certification and branding, will contribute significantly to the sector’s sustainability and productivity. Overall, these measures underscore the government’s commitment to fostering economic growth, supporting innovation, and driving sustainable development across sectors.”
8. Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD & CEO – Shapoorji Pallonji Real Estate (SPRE) quoted, “We appreciate the government’s new initiatives in the Indian Budget 2024–25, which show a strong commitment to strengthening the housing sector. The introduction of the PM Awas Yojana-Urban 2.0 is a commendable step towards addressing the housing needs of 1 crore poor and middle-class families. This scheme, with an investment of Rs 10 lakh crores and central assistance of Rs 2.2 lakh crores over the next five years, promises to uplift the housing sector significantly. The expansion of the PMAY scheme is a crucial step towards rejuvenating the affordable housing sector, which is pivotal for sustainable urban development in India. This move will empower developers to innovate and meet the growing demand for affordable homes, thereby fostering socioeconomic stability and equitable housing solutions nationwide.
Additionally, the increase in the affordable housing deduction for interest paid on loans is a positive change that will provide much-needed relief to homebuyers and boost the real estate market. The finance minister’s announcement encouraging states with high stamp duties to moderate their rates and considering further reductions for properties purchased by women is another positive step. This empowers women economically and socially, creating a more inclusive growth model. These measures, integrated as essential components of urban development schemes, will make homeownership more accessible and equitable.
However, the proposed 12.5% tax rate on long-term gains for all financial and non-financial assets, coupled with the increased exemption limit of ₹1.25 lakh per year for specific financial assets, is expected to have a mixed impact on the real estate market.”
9. Amit Jain, Global Chief Executive Officer – of Sterling and Wilson Renewable Energy Group sharing his opinion said, “As a leader in the renewable energy sector, we feel that the recent budget announcement is an acknowledgment of the industry’s huge potential in terms of meeting India’s global sustainability commitments, ensuring the nation’s long term energy security, and providing access to affordable and clean power source for the people. We commend the government’s move to support energy transition by expanding the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. The PM Surya Ghar Muft Bijli Yojana which involves the installation of rooftop solar plants to enable one crore households to obtain free electricity is a step in the right direction and shall promote a more sustainable future. The announcement to fully exempt 25 critical minerals and reduce BCD on two of them will assist the renewable energy sector since it shall provide a major fillip to the processing and refining of such minerals and help secure their availability. The proposed policy to promote pumped storage projects for electricity storage will help facilitate the smooth integration of growing renewable energy share thereby reducing challenges posed by its variable and intermittent nature. Expansion of India’s renewable energy infrastructure – both greenfield and brownfield will require a skilled workforce to ensure efficient project execution while reducing cost and time overruns. We therefore welcome the government’s focus towards upskilling 20 lakh youth over 5 years and upgrading 1000 Industrial Training Institutes.”
10. FADA President Mr Manish Raj Singhania’s Quote on Budget: “The recent budget announcement by the Government of India brings a blend of optimism and challenges for the auto retail sector. The focus on ‘Garib’, ‘Mahilayen’, ‘Yuva’, and ‘Annadata’ highlights a comprehensive approach towards inclusive growth, which is commendable. The enhanced Minimum Support Prices for major crops and the launch of Phase IV of PMGSY are positive steps that will boost rural incomes and improve rural connectivity, thereby potentially increasing rural auto sales.
The budget’s emphasis on employment, skilling, MSMEs, and the middle class is particularly relevant for our industry. The Employment Linked Incentive scheme and the enhancement of Mudra loans are encouraging developments that will support job creation and entrepreneurship, leading to increased consumer spending power.
Significant infrastructure investments, with an allocation of Rs. 11,11,111 crore for capital expenditure, will have a multiplier effect on the economy. Improved infrastructure is a boon for the auto sector, facilitating better logistics and enhancing the overall consumer experience.
The adjustments in personal income tax, including increased standard deductions and relief for salaried employees and pensioners, are welcome measures that will enhance disposable incomes, fostering a more favorable environment for auto sales.
However, the industry must also navigate certain challenges. While the budget provides a robust framework for growth, the effective implementation of these policies will be crucial. We hope for continued support from the government in addressing specific issues faced by the auto retail sector, such as the transition to green mobility and the need for policies that support sustainable practices.
Overall, the budget lays a strong foundation for future growth, and we are optimistic about the positive impact it will have on the auto retail industry.”
11. Shri Debadatta Chand, Managing Director & CEO, of Bank of Baroda stated that, “The Union Budget complements the main takeaways from the Economic Survey and focuses clearly on the medium-term development of the economy. The thrust on agriculture, skill development, and MSMEs consequently leading to employment generation will continue to be the main focus areas for the government in the coming years. The overall size of the budget has remained almost unchanged from the Interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the fiscal deficit at 4.9% for the year. The said action will keep the growth steady as well as robust not only for the economy but also for banking. This will make it easier to touch the 4.5% mark in FY26 as per the FRBM target. More importantly for the financial year, the overall gross borrowing and net borrowings have been pegged at almost the same level as in the Interim Budget. This means that it is virtually neutral for the market in terms of liquidity and bond yields, which has a positive impact on the economy.
The banking sector can see substantial positive takeaways from the Budget which goes beyond the neutral impact on liquidity. First, there is a focus on MSMEs with a credit guarantee scheme being brought in. Any support to the MSMEs will be positive growth of not just GDP but also employment. Second, at the retail level, there is an emphasis on education loans which will also help in skill building that is the need of the day. Third, the Budget speech also spoke about recovery and the focus will be on debt recovery tribunals. Fourth, the balanced regional development goal also includes setting up more touch points in the North Eastern Regions which will help to make banking more universal. Lastly, the reiteration of the budget to encourage housing also means that banks will have a larger role to play in carrying out this program at both the rural and urban levels.
12. Rajesh Sharma, Managing Director at Capri Global Capital Limited opinioned, “We commend the Union Budget 2024-25 for its robust support towards MSMEs, a vital backbone of our economy. The budget’s enhancements to the credit guarantee scheme, regulatory reforms, and financial packages reflect a strong commitment to creating a supportive environment for MSMEs to thrive and compete globally. Notably, the budget also emphasizes affordable housing, which will further stimulate economic growth, improve asset quality, and create employment opportunities. The focus on e-commerce export hubs and technological upgrades for traditional artisans will not only strengthen domestic growth but also position Indian MSMEs as key players on the global stage.
Additionally, the measures to facilitate term loans for machinery and equipment without collateral, along with the establishment of new SIDBI branches, will significantly ease financial access for MSMEs. The budget’s emphasis on promoting women-led development through dedicated schemes benefiting them is a commendable step towards inclusive growth. Furthermore, the initiatives aimed at improving productivity and efficiency reflect India’s vision of becoming an inclusive and developed nation. These initiatives are poised to drive innovation, employment, and sustainable development within the sector, further strengthening India’s economic resilience.”
13. Karun Tadepalli, CEO and Co-Founder, byteXL opinioned, “Cognizant of the transformative power of education and skills in shaping our nation’s future, the policymakers are aiming to empower youth. By offering financial support for higher education loans up to Rs 10 lakh with a 3% interest subvention and e-vouchers for one lakh students annually, access to learning opportunities is being democratized. Concurrently, the upgrade of 1,000 ITIs using the hub and spoke model, aligned with industry needs, underscores our dedication to equipping our workforce with relevant skills.
With an allocation of Rs 1.48 lakh crore towards education, employment, and skilling initiatives, 20 lakh youth over the next 5 years will be skilled. Internships for 1 crore youth in top companies, supported by CSR initiatives, will bridge the gap between academia and industry, fostering practical knowledge and career readiness. The abolition of angel tax for investors further catalyzes entrepreneurial spirit, facilitating innovation and job creation. Together, these measures reflect a holistic approach to nurturing talent, enhancing employability, and fostering a thriving economy built by a skilled workforce.”
14. Prem Kumar Vislawath – CEO and Founder, of Marut Drones said, “The allocation of ₹1.52 lakh crore for agriculture and allied sectors by the finance minister underscores a pivotal commitment to bolstering India’s agricultural resilience. The emphasis on developing climate-resistant varieties and introducing 109 new high-yielding varieties is a forward-looking stride toward sustainable agriculture. Additionally, the promotion of farmer-producer organizations, cooperatives, and startups heralds a new era of inclusive growth and innovation in the agricultural sector.
Exempting lithium imports from customs is a bold step demonstrating India’s commitment to strengthening the drone manufacturing sector. Lithium, crucial for drone battery production, will now bolster domestic drone manufacturing, underlining the government’s support for this industry.
The abolition of the Angel Tax for investor classes is a significant boost for startups, affirming the government’s unwavering support for entrepreneurship and fostering a conducive investment environment.
However, we look forward to enhanced subsidies on agricultural machinery, including drones, as a critical step towards modernizing our farming practices.
15. Saurabh Marda, Co-founder and Managing Director of Freyr Energy sharing his thoughts said, “The recent budget has been highly favorable for the energy sector, with the government setting an ambitious goal of achieving 500 GW of renewable power by 2030. A key component of this plan is encouraging homeowners to adopt solar energy, facilitating a swift transition to solar power. To support this, the government has allocated ₹70,000 crores in subsidies for homes that switch to solar energy. This is a crucial and forward-thinking initiative for the country’s future, and we express our gratitude to the government for taking this significant step”.
