Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget, which is also the first of the NDA government's third term. The Budget focuses on nine main priorities: urban development, social justice, job creation, Productivity, energy security, reforms, and infrastructure. By delivering this Budget, Sitharaman has made history, breaking the previous record held by former Prime Minister Morarji Desai.
After the announcement of the Union Budget 2024–25, business leaders from different sectors shared their opinions. Their insights provide a clear picture of the budget's possible impact on companies and consumers by focusing on how it might affect market trends, economic growth, as well as specific industries.
Jagdish Sakhiya - Founder and chief Dermatologist - Sakhiya Skin Clinic
Budget 2024 brings a new era of optimism for healthcare! With significant boosts in funding for hospitals, advancements in medical research, and broader access to quality care, we are paving the way to a healthier future. This budget highlights the government's dedication to constructing a robust healthcare system, ensuring every citizen receives top-notch care. Together, we are building a stronger, healthier nation.
Sailesh Lachu Hiranandani - Chairman - SRAM & MRAM Group
We appreciate the budget announcement as a forward-looking move to stimulate economic growth and stability. The proposed measures to advance infrastructure and promote digital innovation are notably encouraging. As an organization dedicated to global expansion and technological progress, we are heartened by the focus on enhancing manufacturing and investment in critical sectors. The emphasis on sustainability and healthcare infrastructure resonates with our corporate values. Overall, this budget paves a positive path for India's economic recovery and future opportunities.
Glenn Gonsalves, CEO of RedSwitches
The Union Budget 2024's support for emerging technologies such as AI, blockchain, and IoT is evidence of the government's forward-thinking approach. This will undoubtedly accelerate India's journey towards becoming a global tech powerhouse. These initiatives in Budget 2024 align with our mission to provide scalable and robust solutions to businesses across India. I believe the government’s investment in technology will bolster the economy while empowering startups and enterprises to innovate. I am excited to join this new direction and commitment to growth, sustainability, and digital advancements. - Glenn Gonsalves, CEO of RedSwitches.
Dinesh Yadav - Founder and Director - Fine Acers Pvt. Ltd.
"I anticipate that the Union Budget 2024-25 will have a profoundly positive impact, especially with its reduced taxation and favorable regulations. These measures are poised to significantly boost investments and innovation across various industries. In my view, this budget is particularly advantageous for long-term investors. At Fine Acers Pvt. Ltd., we are dedicated to offering a unique blend of real estate and hospitality solutions, marking a new chapter in India's growth story. For our valued investors, we are committed to providing a long-term fixed return on investment, along with potential capital appreciation and hassle-free maintenance."
Pancham Banerji - CEO - AdEngage
The Union Budget 2024-25, with its increased funding for digital infrastructure, MSME credit support, and internship programs, opens up significant growth opportunities for the IT, advertising, and marketing sectors. The boost in capital expenditure and stable tax policies will foster innovation within these industries, while new workforce initiatives aim to enhance technical skills. These strategic measures are poised to streamline operations and improve global service delivery, further advancing technological and economic progress in these sectors.
Mayank Choudhary- Partner - MARV & Associates LLP
"If I cover the tax-related part of the budget announced by our Hon’ble FM Nirmala Sitharaman ji, an effort has been made to simplify and rationalize the taxation policies in India. She also mentioned in her speech that in the next six months, the entire Income Tax Act will be reviewed. This indicates that the government feels the Income Tax Act needs to be overhauled for the middle class. This budget aims to reduce litigation between assessees and the Income Tax Department with the launch of Vivad se Vishwas Scheme version 2.0, which was a massive hit in 2020 as well. The massive change has been done in capital gain of financial and non financial assets. Tax rate has been increased and indexaction benefits has been removed. In this regard I am of the opinion that Government is trying to send a message to the people of India that investing in stock market needs to be done cautiously. Real Estate market will also take a hit due to the sudden changes, as the changes are from 23rd july itself and no time has been provided to the tax payer to adjust with the new rules.”
Ajay Ajmera - CEO and Founder - Ajmera Fashion Pvt Ltd
"At Ajmera Fashion, we welcome the Honourable Finance Minister Nirmala Sitharaman's budget. The increased allocation of ₹974 crore for the textile sector, the extension of the PLI scheme, and enhanced support for MSMEs and infrastructure development are commendable. These measures, along with reduced customs duty on materials and significant funding for the National Technical Textiles Mission and the National Handicraft Development Programme, will stabilise prices, support farmers, and boost exports. We are excited to contribute to the nation’s economic excellence and create opportunities across the ecosystem."
Mr Piyush Goel - Founder & CEO - Beyond Key
The 2024 budget's allocation of ₹1.48 lakh crore for education, employment, and skill development reflects a strong commitment to promoting growth. Key priorities include improving digital infrastructure, expanding vocational training, and advancing professional development for teachers. Partnering with local industries is essential to align educational programs with market demands, equipping students for the workforce, and nurturing a dynamic IT sector. This investment is a promising move towards building a brighter future for the nation.
Mr. Rajiv Sabharwal - Managing Director and CEO - Tata Capital Ltd
"The Union Budget 2024 marks a crucial juncture for India's economic growth, focusing on significant investments in infrastructure and sustainable development. The large-scale funding for infrastructure is expected to boost economic momentum and modernize key sectors. Increased Mudra loan limits and a new credit guarantee scheme aim to foster growth and innovation among small and medium enterprises (SMEs). Targeted investments in energy security and green initiatives are designed to ensure long-term stability and environmental sustainability. Overall, the budget establishes a strong foundation for India's future, promoting progress and resilience."
Gaurav VK Singhvi - CEO & Managing Partner- Avinya Ventures
"We're thrilled that the Union Budget 2024-25 has abolished the angel tax, as it will significantly boost investments in DPIIT-registered startups. This pivotal decision eases financial burdens and fosters startup growth, aligning with Avinya Ventures' mission to support visionary entrepreneurs. The ₹1000 crore allocation for space startups also underscores the emphasis on high-tech sectors."
Moneycontrol Journalists were not involved in the creation of the article.
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