Sanjay Goenka, MD & CEO at 3F OIL PALM PVT.LTD
“We appreciate the Union Government for announcing a substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors in the budget and their proposal to introduce natural farming practices to 10 million farmers in the next two years.
With the above initiative, domestic oilseed production, and specifically palm oil production, will increase. As India is one of the world’s largest importers of edible oils, of which palm oil constitutes a whopping 67 percent, this will help reduce India’s dependence on import of Palm Oil from other countries.
We believe the current budget will be a stepping stone towards empowering our farmers to make India self-sufficient in edible oils.”
L Srinath Reddy, Managing Director, Raminfo Limited
“Budget 2024 reflects a forward-thinking approach, particularly in supporting MSMEs and youth skill development. The introduction of a credit guarantee scheme and enhanced Mudra loan limits will significantly bolster the MSME sector, providing much-needed financial support and stability. As an MSME, we too are eyeing global expansion with young talent and innovation at the heart of our plans. This budget aligns with our vision too. The comprehensive internship scheme, aiming to offer internships in top companies to one crore youth over five years, is a game-changer. It will provide invaluable real-world experience and skill enhancement opportunities for our young workforce. Employment-linked skilling initiatives and the three employment-linked incentive schemes, focusing on job creation and support to employers, demonstrate a strong commitment to reducing unemployment and encouraging industry growth. Abolishing the angel tax for all investor classes is a significant move to boost investment and entrepreneurial activity in the country.”
Karun Tadepalli, CEO and Co-Founder, byteXL
“Cognizant of the transformative power of education and skills in shaping our nation’s future, the policymakers are aiming to empowering 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.”
Mr. Karthik Kondepudi, Partner – Herbochem
“I appreciate the Government of India for supporting the MSME sector. It is a commendable step from the Government that now the MSMEs in the manufacturing sector will benefit to grow without any burden of collaterals, with the Credit Guarantee Scheme for MSMEs which will guarantee a cover up to ₹100 crore. The new way of assessing MSME credit using digital footprints for credit appraisal will be far better than conventional methods and increase credit availability for many businesses. Also, credit support during any stress period will ensure that operations of the MSMEs are kept continuous since this is an important factor influencing the survival and growth of businesses. Increasing the Mudra loans limit up to ₹20 lakh, strengthening the TReDS platform space and covering more clusters with SIDBI will fulfil the needed funds and working capital needs of the sector. The measures for establishing the food irradiation units and quality testing lab will strengthen the base of the food sector both in terms of quality and safety. In summary, this budget provides a solid ground for MSME to grow, compete internationally, and act as a major driver of the Indian economy.”
Satyendra Prasad Narala – Managing Director, Regency Ceramics
“The Finance Minister’s announcement of a ₹10 lakh crore investment in urban housing through PMAY Urban 2.0 is a significant boost for India’s real estate sector and related industries such as Ceramics and Tiles Manufacturing. This substantial infusion, including ₹2.2 lakh crore to rejuvenate the affordable housing segment and is expected to drive demand for construction materials and stimulate growth in sectors like ceramics, fostering innovation in construction technologies for affordable housing.
Moreover, the enhanced focus on middle-class families is likely to encourage diverse housing types and urban design solutions.
In tandem with this, the focus on MSMEs is commendable. The introduction of a credit guarantee scheme for MSMEs in the manufacturing sector, along with support for E-commerce export hubs, will fuel growth and competitiveness. However, while welcoming these measures, we urge additional support for sectors like Ceramics to ensure sustainable growth.”
Prem Kumar Vislawath – CEO and Founder, Marut Drones
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 towards 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.
Mr. Rishabh Kothari – Additional Secretary, Shri Ram Chandra Mission
“The budget session today has proposed supporting the development of temple corridors which will enable development of spiritual tourism within the proposed economic policy framework. According to the Ministry of Tourism, spiritual tourism in India has seen a rise post-Covid era. With the ease of restriction on lockdowns and travel, the numbers of spiritual tourists grew from 677 million in 2021 to 1,439 million in 2022 generating revenues of US$16.2 billion in 2022, up from US$ 7.9 billion as noted by the Ministry of Tourism. This contributed $199 billion to India’s GDP in 2022-23 financial year alone. Spiritual tourism has a rising potential of market size with an expected annual growth of 9-10% and generating livelihoods. It is estimated that by the end of this decade more than one hundred million people would have jobs in the spiritual tourism sector in India. Both Central and State Governments have worked in developing the infrastructure and connectivity through high-speed trains and setting up airports in smaller cities. Foreign tourists have been given easier access and interest-free loans to states to put up malls and shops for unique products have been brought in. It is very encouraging to see this kind of growth not only as an economic booster, but also that more and more people are seeking spiritual wellness from within the country and overseas as well. Provisions for promoting mental health as being an aspect of spiritual and holistic wellness must also be mandated through dedicated retreats and wellness centers.”
Saurabh Marda, Co-founder and Managing Director Freyr Energy
“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”.
