Dr Pawan Goenka- Chairman, IN-SPACe (Indian National Space Promotion and Authorization Centre)
“The announcement of a focused venture fund of 1000 Crores will give a major boost to new entrepreneurs and NGEs in the space sector. At IN-SPACe, we look forward to supporting the growth of the space economy and nurturing an enabling ecosystem for NGEs. The fund along with the existing policies for the space sector will fuel technological innovation and create a fertile ground for NGE’s to thrive. “
Mr. P R Seshadri, MD & CEO at South Indian Bank
The Finance Minister has announced many impactful measures in the Union Budget. The proposal to rationalise both direct taxes and GST is heartening and may potentially lead to a truly progressive tax structure. The push for housing and employment is commendable. Similarly, the measures announced for improving credit delivery to MSMEs – enhancement of MUDRA loan limits and introduction of a credit guarantee scheme, will incentivise financial entities to lend to India’s small entrepreneurs. Besides, the Budget has made provisions to improve the rural economy, including increasing outlay under PMAY, and for agricultural research and rural development. The Union Budget has enough incentives to spur India’s youth, farmers, and business class to seek fulfillment of their aspirations. It will allow the economy to move ahead on its growth trajectory.”
Mr. Mehul Bheda, Partner, Dhruva Advisors
The recent capital gains tax revisions bring notable changes across various asset classes. While the increase in STT rates and the removal of indexation affect listed and unlisted securities respectively, the elimination of angel tax offers significant relief for investment planning and structuring. Additionally, the new tax treatment of buy-backs as dividends is expected to diminish their attractiveness. The broader tax impact on investments in non-financial assets such as real estate, gold etc, particularly the reduction in capital gains tax rate to 12.5% and eligibility period to 2 years for long-term assets, represent a mixed bag, balancing positive reforms with the drawback of removing inflation-linked indexation.
Mr. Ajitesh Korupolu, Founder & CEO, ASBL
Union Budget 2024 presents a balanced approach that supports sustainable growth in the real estate sector. The attention on augmenting tax incentives for first-time homebuyers and amplifying benefits for women is notably heartening as it invigorates market demand. The stress on affordable housing, expedited project approvals, and urban infrastructure development would definitely boost market efficiency, yielding benefits for both developers and homebuyers alike. Furthermore, the provision for upskilling initiatives is a commendable step that caters to the industry’s evolving requirement for a technologically adept workforce.
Dr Vivek Desai, Founder & MD, HOSMAC
The healthcare budget has seen a 12.5% increase (from 79,221 cr to 89,227 cr), fostering the development of public infrastructure in healthcare.
Additionally, a 7.5% rise in allocations (from 6800 cr to 7300 cr) for the Ayushman Bharat Yojana and a substantial 50% hike for the Ayushman Bharat infrastructure mission (from 2100 to 3200 cr) will expedite the advancement of digital health infrastructure.
The extension of duty exemptions for certain cancer drugs is a commendable step, significantly benefiting patients by reducing the high costs of chemotherapy and overall cancer treatment.
Moreover, the reduction in customs duty on X-ray tubes from 15% to 5% will lower capital expenditure in imaging and radiology, which are otherwise capital-intensive sectors.
Lastly, the increase in the PLI scheme outlay for the pharmaceutical industry, from ₹1,696 crore to ₹2,143 crore, will further enhance the “Make in India” initiative.
Ashutosh Pandey, Co-Founder, Life n Colors Pvt Ltd:
“Following the Budget announcement, there is a significant push to generate employment and expand the manufacturing base in the country. From a business perspective, the introduction of the credit guarantee scheme for MSMEs stands out as a potential game-changer for companies looking to enter the manufacturing sector. This scheme is expected to provide the much-needed financial support and boost to MSMEs, enabling them to scale operations and contribute to the broader economic goals.”
Chandan Kumar GV, Vice President of Client Engagement at Indxx
The 2024-25 budget is expected to focus on several key areas:
Research and Development: Plans to establish a Rs 1 lakh crore fund providing a 50-year interest-free loan to support India’s tech-savvy youth.
Deep Tech Initiatives: Operationalization of the Rs 1 lakh crore Deep Tech Fund aimed at boosting startups in cutting-edge technologies.
Tax Incentives: Push for fiscal support and streamlined input tariffs in the electronics sector. Expected reduction from seven tariff slabs to three, aligning with competing nations to enhance cost competitiveness, simplify trade, and attract global value chains.
The interim budget’s extension of tax benefits for startups, sovereign and pension funds, and investment units in GIFT City’s International Financial Services Centre (IFSC) until March 31, 2025, is seen as a valuable addition for startups.
Skill Development: Efforts to establish new IITs, IIITs, and IIMs to cultivate a skilled workforce in fields like artificial intelligence to meet industry demands.
These initiatives demonstrate the budget’s critical role in fostering startups and developing a robust IT ecosystem ready for global competitiveness and growth.
Prof Soumyo Mukherji, Senior Professor Department of Electrical Engineering & Director, , BITS Pilani Hyderabad Campus
“One of the main focus areas laid out by the finance minister for Viksit Bharat is innovation, research & development. To bolster R&D and strengthen India’s standing globally, the allocation of ₹1000 crore towards venture capital in space technology is a welcome move. So is the allocation for private led research. However, the latest economic survey underscores a critical reality stating that one out of every two Indian graduates lacks employable skills.
Upskilling for producing industry-ready graduates is an urgent need. Although some effort has been taken in that regard (in terms of internship scheme, new ITIs etc.), a budget with higher allocation for education and research would have been welcome.
It is only through efforts like this that, Make in India, Make for India, Export to the world”, will be a reality.
Mr. Riju Jhunjhunwala, CMD RSWM Ltd & MD Bhilwara Energy Ltd
“The Union Budget 2024 presents a holistic approach to India’s economic growth, with a strong emphasis on manufacturing, energy, and sustainability. The employment incentives for the manufacturing sector are poised to stimulate job creation and strengthen our workforce. The focus on nuclear energy development and indigenous thermal power technologies demonstrates a commitment to energy security and efficiency. The budget’s sustainability measures, particularly the rooftop solar scheme, are set to transform energy consumption at both household and industrial levels. Overall, this budget lays a solid foundation for industrial growth, aligning with our vision of a sustainable and innovative future for India.”
Uday Chawla, Managing Partner, TRANSEARCH India
“We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development.
For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”
Prateek N Kumar, Founder and CEO, NeoNiche Integrated Solutions
“The recent Budget represents a comprehensive strategy aimed at fostering growth across various sectors of society. By focusing on employment, skilling, MSMEs, the middle class, the underprivileged, women, youth, and farmers, it presents a holistic and inclusive approach. The nine priorities outlined for the coming years—productivity and resilience in agriculture, employment and skilling, manufacturing and services, urban development, energy security, infrastructure, innovation and R&D, and next-generation reforms—underscore a commitment to well-rounded development. This emphasis on job creation and boosting consumption is set to significantly benefit the consumer goods, real estate, and automotive sectors. It’s an encouraging roadmap for our nation’s future.”
Nupur Maheshwari, Executive Partner, Lakshmikumaran & Sridharan Attorneys
“Amendments under the Customs Laws are geared towards ease of doing business, promote domestic manufacturing, support local value addition and increase the competitiveness of Indian goods in the International market. The rates of customs duties have been significantly reduced on the inputs used in India’s major export sectors such as seafood, leather and textiles (garments and footwear) to provide further fillip to these sectors. Further, export duty on rawhides and skins is being rationalized. To promote ‘make in India’, the customs duties on the inputs used in manufacturing PCBAs of mobile phones, connectors for manufacture of certain electronics, and critical minerals which are used in important and strategic sectors is proposed to be reduced. List of capital goods for use in manufacture of Solar panels in India is proposed to be expanded. The Finance Minister also proposed a phased manufacturing program for manufacture of X-ray tube and flat panel detectors in the medical sector. The time period of re-import and re-export of goods for use in warranty and repairs is proposed to be increased from 6 months to 1 year and 3 years to 5 years respectively”.
Ratan Jain, Executive Partner, Lakshmikumaran & Sridharan Attorneys
“The Finance Minister also proposed to conduct a comprehensive review for the next 6 months of the rates of duties under the Customs Act, 1962. Under the campaign ‘Digital India’, the Finance Minister also proposes to fully digitize all the taxpayer’s services provided by the Customs and the Income Tax Department and make them completely paperless. The Finance Minister also aims at further simplifying the procedures under the Customs Laws in India”.
Ujjwal Singh – Founding CEO, Infinity Learn by Sri Chaitanya
“We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development.
For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”
Uday Chawla, Managing Partner, TRANSEARCH India,
“We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development.
For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”
Prateek N Kumar, Founder and CEO, NeoNiche Integrated Solutions
“The recent Budget represents a comprehensive strategy aimed at fostering growth across various sectors of society. By focusing on employment, skilling, MSMEs, the middle class, the underprivileged, women, youth, and farmers, it presents a holistic and inclusive approach. The nine priorities outlined for the coming years—productivity and resilience in agriculture, employment and skilling, manufacturing and services, urban development, energy security, infrastructure, innovation and R&D, and next-generation reforms—underscore a commitment to well-rounded development. This emphasis on job creation and boosting consumption is set to significantly benefit the consumer goods, real estate, and automotive sectors. It’s an encouraging roadmap for our nation’s future.”
Nupur Maheshwari, Executive Partner, Lakshmikumaran & Sridharan Attorneys
“Amendments under the Customs Laws are geared towards ease of doing business, promote domestic manufacturing, support local value addition and increase the competitiveness of Indian goods in the International market. The rates of customs duties have been significantly reduced on the inputs used in India’s major export sectors such as sea food, leather and textiles (garments and footwear) to provide further fillip to these sectors. Further, export duty on rawhides and skins is being rationalized. To promote ‘make in India’, the customs duties on the inputs used in manufacturing PCBAs of mobile phones, connectors for manufacture of certain electronics, and critical minerals which are used in important and strategic sectors is proposed to be reduced. The list of capital goods for use in manufacture of Solar panels in India is proposed to be expanded. The Finance Minister also proposed a phased manufacturing program for manufacture of X-ray tube and flat panel detectors in the medical sector. The time period of re-import and re-export of goods for use in warranty and repairs is proposed to be increased from 6 months to 1 year and 3 years to 5 years respectively”.
Ratan Jain, Executive Partner, Lakshmikumaran & Sridharan Attorneys
“The Finance Minister also proposed to conduct a comprehensive review for the next 6 months of the rates of duties under the Customs Act, 1962. Under the campaign ‘Digital India’, the Finance Minister also proposes to fully digitize all the taxpayer’s services provided by the Customs and the Income Tax Department and make them completely paperless. The Finance Minister also aims at further simplifying the procedures under the Customs Laws in India”.
Ujjwal Singh – Founding CEO, Infinity Learn by Sri Chaitanya
“We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development.
For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”
Mr. Amit Kapoor, Founder and CEO, Eupheus Learning
“The FM’s Budget for 2024-25, and the allocation towards education, employment, and skilling, is noteworthy. The focus on skilling the youth with the industry needs and providing education loans with an attractive subvention scheme is a game-changer.
At Eupheus Learning, we believe that identifying the right skills should happen inside classrooms in schools. An enabling environment of in-classroom and at-home learning ensures that our young learners get the infrastructure and support needed by them to work towards their respective aspirations. These measures from the government are a good step forward and we are sure that there will be percolation down to the school level in each district. This percolation will equip students with the skills they need to excel in their careers and contribute to the economy.”
“The FM’s Budget for 2024-25, and the allocation towards education, employment, and skilling, is noteworthy. The focus on skilling the youth with the industry needs and providing education loans with an attractive subvention scheme is a game-changer.
At Eupheus Learning, we believe that identifying the right skills should happen inside classrooms in schools. An enabling environment of in-classroom and at-home learning ensures that our young learners get the infrastructure and support needed by them to work towards their respective aspirations. These measures from the government are a good step forward and we are sure that there will be percolation down to the school level in each district. This percolation will equip students with the skills they need to excel in their careers and contribute to the economy.”
