Union Budget Reactions From The Industry Stalwarts Of Eastern India || Real Estate, Healthcare , Entertainment, E-Waste Management/ Sustainability & E-Mobility

Union Budget Reactions – 2024

1. Mr Sahil Saharia, CEO, Shristi Infrastructure Development Corporation Limited

One notable aspect of the current budget is the government’s dedication towards addressing the housing requirements of the middle class. The primary goal of this initiative is to enable these individuals to either buy or construct their own homes. This declaration represents a significant stride in promoting affordable housing and realizing the dream of homeownership for the middle class. By specifically targeting individuals in rented dwellings or informal settlements, the government is recognizing the challenges faced by a substantial portion of the population and is implementing concrete measures to provide them with a viable path to owning a home.

2. Mr Rishi Jain, Managing Director, Jain Group

There are no unnecessary populist measures, big or structural changes or needless twiddling of tax rates. This is a welcome move since businesses thrive on stability and doling out freebies at tax payers expense is unwelcome.

The move to bolster PMAY – Grameen program and to accelerate the housing for all mission is obviously a cause for celebration . I predict the higher capital outlay towards long term infrastructure will also have a positive effect on Real estate industry.

Domestic Tourism encouragement and financing can also be seen as positive. As with all previous budgets of FM, there is no hype, rather a quite confidence to prioritise India’s finances towards long term solutions. I am confident that the Indian economy will witness optimism going forward.

3. Mr Arya Sumant, Managing Director, Eden Realty

We welcome the government’s decision to launch a scheme for deserving sections of the middle class living in rented houses or slums to build or buy their own houses. This will have a long-standing effect on not only the real estate industry but also the related industries like housing finance, construction materials like cement etc. We expect a more robust plan in the final budget to be presented in July.

4. Mr Sanjay Jain, MD, Siddha Group

We extend our heartfelt appreciation for the government’s laudable decision to introduce a visionary initiative in the interim budget catering to the deserving segments of the middle class, particularly those residing in rented houses or slums, empowering them to ‘acquire a home of their own’. This judicious move promises not only to boost the real estate sector but also the ancillary industries such as housing finance, material sourcing, architecture and design etc.

5. Mr Tushar Choudhary, Founder & CEO, Motovolt Mobility

We are optimistic about the government’s commitment to enhancing the e-vehicle ecosystem and promoting bio-manufacturing. We see this as a positive step forward and believe that Motovolt is poised to be a key player in this transformative journey. The emphasis on eco-friendly manufacturing is praiseworthy, and as a Kolkata-based company, we are particularly pleased to see the focus on empowering the eastern region of India. Our cutting-edge e-bikes portfolio, aligned with the government’s vision outlined in the interim budget, offers diverse choices to fulfil consumer needs.

We are confident that Motovolt’s innovative, affordable, and environmentally friendly micro-mobility solutions will contribute significantly to economic development and environmental sustainability. While we appreciate the steps taken in the budget, we were eagerly anticipating more details on the developments of FAME-III. EV OEMs have successfully revolutionized electric bicycles in India, and we hoped for coverage under FAME-III to help e-bike makers conquer the final frontier of affordability and inclusivity in a much stronger manner in the years ahead.

6. Ms Priyanka Surana Bardia, Director, Aakash Aath

The 2024 Union Budget is more focussed on the Holistic development of the Nation. The monetary investments pertaining to the implementation of the Welfare schemes decided for progress of the women, youth and the underprivileged section of the society will hugely benefit in forming an affluent and a steady Country. The Budget aims to equip the citizens with a modern education system where their aspirations will be fulfilled by the maximum utilization of their potentials. However, there are no as such new benefits on Taxation Policies but the Government’s focus on the certain new Tax Measures for the Start Ups will assist millions of entrepreneurs to explore and establish to new heights.

7. Mr Nandan Mall, Founder & Managing Director, Hulladek Recycling

With the increased focus on enabling technology adoption for those in the bottom of the pyramid and the commitment to be net zero by 2070, we are hoping for more stringent policies and regulations towards handling the electronic waste generated out of more technological development. Moreover the emphasis on sustainable mobility would definitely transform our country’s landscape. However with increasing EVs in the roads, an infrastructure for lithium ion battery recycling and regulations for disposal need to be in place for ensuring environmental sustainability.