The interim Budget unveiled by Finance Minister Nirmala Sitharaman has garnered widespread praise from corporates spanning various sectors. A majority of industry leaders express confidence that it paves the way for a fully developed and economically robust India by 2047. While some approach the budget with cautious optimism, the overall sentiment is positive.
Here’s how key figures in the industry responded to Finance Minister Nirmala Sitharaman’s Budget 2024 speech:
Abhimanyu Munjal, Jt. MD & CEO, Hero FinCorp
The interim budget places a strong emphasis on fostering holistic economic growth. The allocation of Rs 1 lakh crore for interest-free loans underscores the government’s commitment to strengthening innovation and research. Additionally, the spotlight on digital public infrastructure signals a push towards formalizing the economy. These measures provide crucial support to the organized financial services sector, enhancing lending, investments, and savings efficiency.
Kartik Narayan, CEO – Staffing, TeamLease Services
The Skill India Mission’s initiative to train 1.4 crore young individuals, coupled with upskilling and re-skilling of 54 lakh youth, and the establishment of 3,000 new Industrial Training Institutes (ITIs), is a significant step in bolstering the PLI and Make in India programs. This comprehensive approach is essential for increasing the manufacturing sector’s contribution to GDP from 17% to 25% by 2047, thereby creating numerous job opportunities.
Sandeep Shah, Co-Founder & MD, Optimized Electrotech
The budget outlines a strategic roadmap that balances fiscal prudence while laying the groundwork for sustainable growth, innovation, and resilience. Investing in a future that champions progress and inclusivity signifies a transformative shift in the defence industry. Innovation now takes center stage alongside capital, reshaping the landscape and redefining the playbook for the next decade. The increased capital expenditure is a beacon for Aatmanirbharta—self-reliance in its truest sense, empowering the nation to forge ahead with indigenous capabilities and positioning India as a global player in the defence arena.
Sachin Kothari, Director, Augmont Gold For All
The bullion industry stakeholders had high expectations for the government to simplify and reduce the duties structure of the gold trade in this budget. However, these issues were not addressed in the interim budget. The industry participants have forwarded their hopes and expectations for the final budget, to be announced after this year’s elections.
Prithviraj Kothari, Managing Director, RiddiSiddhi Bullions Limited (RSBL)
The interim budget did not meet the expectations of the bullion industry, as there were no major announcements related to the sector. The wishlist included reducing 15% import duties on precious metals, reducing 3% GST, exempting Capital Gain Tax on gold jewelry sales, GST refunds to NRIs, and simplifying TCS and TDS rates. All taxes and duties remain unchanged until the next budget.
Ranjita Ravi, Co-founder, Orxa Energies
The Interim Budget of 2024 outlines plans to accelerate the EV ecosystem through the expansion of charging and manufacturing infrastructure in the country. Orxa Energies firmly believes in India’s commitment to growing electric mobility and looks forward to collaborating with the government to achieve this aspiration.