Following the release of Budget 2024, industry experts are now weighing in with their evaluations and forecasts. Discover how these thought leaders interpret the budget’s significance for our economic future.
Ankur Mittal, Cofounder, Inflection Point Ventures
While we have to still read the complete change on the abolishment of angel tax but on the face of it, this action has the ability to bring lot of regulatory clarity which generally is appreciated by the investor communities across the world. This should help founders looking to raise capital both in domestic and international markets.
Subramaniam Thiruppathi, Director of Sales for India and Sub-Continent, Zebra Technologies
“In the era of next-generation technologies such as AI, ML, robotics, and automation, the initiatives announced in the Union Budget 2024-25 are pivotal for preparing India’s talent pool to drive our economy towards the USD 5 trillion goal. With an allocation of ₹2 lakh crore for employment-linked skilling, incentives for creating 4 crore jobs in the manufacturing sector, and the introduction of the Model Skill Loan Scheme, our youth will have unprecedented opportunities for growth.
Additionally, the provision of internships and direct benefit transfers will ensure our workforce is skilled and financially supported. These comprehensive measures will build a robust, future-ready talent pool capable of spearheading India’s technological and economic advancement.“
Mr. Shujaul Rehman, CEO, Garware Technical Fibres Limited
“As the Finance Minister rightly emphasizes, the transformation of agricultural research towards raising productivity and developing climate-resilient varieties is crucial for the future of our farming sector. At Garware Technical Fibres, we are committed to supporting this vision by providing innovative and sustainable solutions that enhance agricultural efficiency and resilience.”
Pulkit Arora, Director, CYK Hospitalities
“Finance Minister Nirmala Sitharaman’s budget is a game changer for the tourism sector. India aims to establish itself as a world-class tourist destination, focusing on places that are of immense spiritual importance, which includes Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya, and comprehensive development of the Kashi Vishwanath corridor, and the Brahmkunda of Rajgir and Nalanda, in Bihar.
The Indian Food and Beverage industry rises significantly each year. As India aims to promote world-class tourism experience, this would also benefit the F&B industry. The inflow of tourists – international or domestic would like experience the taste of the local food, which will eventually bring up the demand for local food vendors as well as reputed food brands. This would significantly result in economic and social growth. Also, there will be an increase in local employment opportunities to run successful food businesses and manage tourists in these cities.”
Vaibhav Shah, Fund Manager, Torus ORO PMS.
“Overall budget touched upon various important aspects like rural development, employment, women empowerment, fiscal consolidation, capex continuity etc. Fiscal consolidation path is a welcome move which was revised lower than interim budget. Initiatives in rationalization of tax structure is a step in the right direction. Inspite of coalition overhang, capital expenditure was maintained at the same level. So overall the narrative was clear on the growth aspect and the efforts will be made towards transforming the economy. Hike in capital gain tax took markets by surprise adding nervousness around the rate regime”
Mr. Harsh Shah, CEO, IndiGrid
“We welcome this significant change in rationalisation of the long term capital gain taxation for Business trusts in this budget. InvITs/REITs getting taxed at parity with equities will enhance their attractiveness for investors and will strengthen their position as platforms providing superior risk adjusted returns. We believe that this will also enable InvITs and REITs to become part of stock exchange indices, which will add significant liquidity and momentum.”
Mr. Ravi Mittal, CEO & Founder of QuackQuack
Mr Mittal feels abolishing Angel Tax will have favourable long-term implications for the Indian startup ecosystem, “This 2024-25 Union Budget is highly influential to ensure long-term success in the startup ecosystem. By doing away with the Angel Tax, startups have been enabled to encourage a renewed business approach and enhance valuation. This will enable startups to undertake expansion initiatives without concerns about taxation, while also attracting increased funding from angel investors. Furthermore, the centre’s emphasis on upskilling will provide a viable pipeline of trained professionals for startups, ensuring long-term growth and scalability
Vidita Kochar, Co founder at Jewelbox
The recent reduction of customs duty on gold to 6% marks a significant advancement for the jewellery industry, enhancing its competitiveness and making it more accessible to consumers. This move aligns seamlessly with our commitment to providing high-quality, affordable lab diamond jewellery to our customers.
Additionally, the abolition of the angel tax is a laudable initiative that will invigorate India’s startup ecosystem. This change is poised to spur innovation, attract global investors, and provide a substantial boost to startups.
We are confident that these measures will significantly contribute to the growth and dynamism of both the jewellery sector and the broader startup community in India.
Sardar Taranjit Singh, Managing Director, JIS Group
“The Union Budget 2024’s emphasis on education and skill development is a commendable step towards making quality education more accessible and affordable. The significant allocation of Rs 1.48 lakh crore for education and the plan to skill 20 lakh youth in five years will greatly benefit students and the broader education sector. The introduction of financial support for higher education and e-voucher systems will empower students to pursue their desired careers, while the internship opportunities will enhance youth skills and motivation. This comprehensive approach will undoubtedly garner a more skilled and employable workforce.”
