Post-Budget Analysis: Expert Insights from Industry Leaders

The Union Budget 2024 has ignited vibrant discussions across the industry spectrum. With the introduction of new financial policies and reforms, the budget has set the stage for significant shifts in various sectors. In this exclusive feature, we gather insights from key industry leaders who provide their perspectives on the new financial landscape's potential impacts, opportunities, and challenges.

The Union Budget 2024 introduces significant changes from past policies, focusing on driving growth and improving various sectors. It includes plans to enhance infrastructure, promote digital technologies, and support green energy. These measures are expected to contribute to long-term economic stability.

Discover here the opportunities that industry leaders see in the new budget. Learn which sectors are expected to grow and how businesses can use innovative strategies to take advantage of these opportunities.

Arundhati Bhattacharya Chairperson & CEO, Salesforce India

“The Budget 2024-25 presented was a balanced one, with a distinct focus on women, youth and job creation, emphasising the sustained efforts to generate ample opportunities for all. As the honourable Finance Minister mentioned, India's economic growth continues to be the shining exception despite global uncertainties and will remain so in years ahead. Initiatives towards skilling, boosting the participation of women in the workforce, driving the use of technology in agriculture and supporting SMEs that are the greatest employment generators are particularly notable. These measures provide the much-needed fuel to drive India’s economic growth.

The provision of Rs 1.48 lakh crore this year made for education, employment, and skilling is commendable. In addition, employment-linked skills are expected to benefit 2.1 lakh youths, particularly first-time job seekers. The proposed revision of the Model Skill Loan Scheme is also expected to help 25,000 students every year. Enhancing the Mudra loan amount to ₹ 20 lakh is a step in the right direction. Developing a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria and will help cover MSMEs without a formal accounting system to access the same and drive true financial inclusion. It is also encouraging to note the intent to drive participation of women in the workforce. This has been backed up by provisions to set up hostels, establishing creches creating partnerships to organize women-specific skilling programs. A focus on geriatric care would have helped create more well-rounded benefits as women often need to drop out of the workforce in the absence of any infrastructural support for the same.

The depth of talent in India is well-recognised. To capitalise on this, incentives encouraging ease of doing business while exploring ways in which IT can be used for further formal job creation, such as improving citizen services, will address the needs of our large population resulting in improving standards of living and ensuring better targeting of subsidies.

The Budget has also taken steps to ease access to educational loans. Students will benefit from the e-vouchers for loans up to Rs. 10 lakh for higher education in domestic institutions. The new centrally sponsored scheme for 20 lakh youth to be skilled over 5 years is a welcome move. The proposal to upgrade around 1,000 industrial training institutes with hub and spoke arrangement will help elevate the quality and relevance of the courses and ensure that they meet industry standards. The course content is expected to be tailored to the needs of the industry, particularly emerging sectors. Stronger industry-academia partnerships will encourage wider and impactful reach.

The proposal to harness Digital Public Infrastructure to improve agricultural practices sets a great precedent for the digitisation of traditional sectors of our economy. Farmers can benefit from using data effectively for better credit risk assessment, soil analysis, and market conditions. It is hoped that more sustainable and scientifically advanced farming techniques would also find more takers through this route. One hopes the focus on technology adoption extends to other key sectors of the economy as a way to drastically enhance productivity and efficiency, besides spurring new and innovative business models.

The technology industry as well as the workforce will benefit from measures to simplify the tax regime and delays in payments of TDS up to their filing due date. The abolition of the Angel Tax for all classes of investors will also bolster the Indian startup ecosystem. Similarly, the Government’s endeavour to launch internship opportunities in 500 companies, extending to one crore youth over five years, will provide these interns with valuable exposure to real-life environments. The move to allow 10% of training costs to be allocated from CSR funds will help make this initiative viable for companies and students alike.

India has proven itself as a global hub for technology talent and emerged as a preferred destination for global capacity centres (GCCs). Taking steps to smoothen the path and also ensure ease of doing business will drive innovation from India.

Overall, the budget is a step in the right direction particularly driving job creation which is the need of the hour.”

Amarjeet Makhija, Partner and Leader - Startups, PwC India

The removal of angel tax is a welcome relief for the startup ecosystem. The Government should also allow for the settling of old litigation on angel taxation.

The reduction in LTCG in case of unlisted securities may encourage domestic investors to allocate more capital into the startup ecosystem which can help improve the local domestic funding scenario.

Nilachal Mishra, Partner and Head, Government and Public Services, KPMG in India

The Budget’s strategic focus on addressing the needs of the poor, women, youth, and farmers signifies a transformative shift towards a more equitable and sustainable economic model. By prioritizing these groups, the budget aims to enhance social justice and economic inclusivity. Investments in employment and skilling are expected to reduce unemployment and bolster MSME growth, while agricultural initiatives, including climate-resilient practices and digital infrastructure, will boost productivity and sustainability. Significant funding for infrastructure and urban development is a welcome step towards improved living standards and connectivity, and energy security measures, such as advancements in renewables and nuclear technology promise a stable, sustainable energy future. Increased support for innovation and R&D is set to drive technological advancements and foster a vibrant startup ecosystem. Collectively, these initiatives are poised to foster a more inclusive, resilient, and dynamic economy, positioning India for balanced growth and global leadership.

Puneet Chandok, President, Microsoft India & South Asia

“The Union Budget and Economic Survey’s emphasis on technological innovation and digitization sets India on the fast track to becoming an ‘AI-first nation,’ opening new opportunities for collective and inclusive progress from commerce to communities. Leveraging a digitized economy and an AI-ready workforce aligns well with the budget’s priorities towards employment & skilling, innovation, research & development, and productivity & resilience in agriculture. With a diffusion rate surpassing that of any previous technology, India leads the world in AI skill penetration and talent concentration rates. This progress is remarkable, with human capital, businesses, and public sector organizations rapidly adopting new technologies. Aligned with the ‘India AI Mission’ and ‘Viksit Bharat 2047,’ our commitment includes partnerships with the Government of India, various industries, and diverse communities for skilling, training, and development initiatives. This involves equipping 2 million people with AI skills by 2025. We are also transforming agriculture in India working with our partners to implement modernized, AI-driven Agri-Tech solutions to help farmers manage their farms and production and overcome challenges.  At Microsoft, we are committed to ensuring AI serves 1 billion citizens in India by 2030. Together, we are building a future-ready unstoppable India, where AI drives innovation, inclusivity, and progress for all.”

Khadim Batti, Co-Founder & CEO, Whatfix

“The Union Budget 2024 is a significant step forward for the tech and startup ecosystem. Its pro-development stance directly addresses key industry expectations. We applaud the government's progressive vision to foster a more dynamic and innovative startup landscape across the nation.

The abolition of the Angel Tax is a critical move, providing much-needed relief to startups during the funding winter. Simplifying FDI and overseas investment rules, along with promoting the Indian rupee for global transactions, will further bolster investor confidence.

We are thrilled to see the startup ecosystem’s expectations realized with the revised ESOP taxation structure. This change will incentivize talent retention and significantly boost employee morale. Streamlined regulations, transfer pricing, and employment procedures will create a more conducive environment for businesses to thrive.

We are particularly impressed by the government’s strategic focus on human capital development. The proposed skilling of 20 lakh youth and the upgrade of 1,000 industry training institutes are pivotal steps towards creating a future-ready workforce. By aligning education with emerging technologies and industry demands, the budget positions India to become a global talent hub. This strategic investment will undoubtedly catalyze job creation, drive economic growth, and strengthen India's position in the global value chain.

Overall, this budget reinforces our belief in India's potential to become a $7 trillion economy by 2030. The Indian SaaS industry is well-positioned to flourish under these supportive policies. We are excited to contribute to India's digital transformation and global leadership.”

Harsh Punjabee, Founder & CEO, SMEST Capital

I am pleased with the recent budget announcements that promise to drive economic growth and innovation. The abolishment of angel investing taxes is a landmark decision, set to boost startup funding and entrepreneurship across India. The increase in capital expenditure by 20% to ₹10 lakh crore will significantly enhance infrastructure development, creating new opportunities for businesses. Additionally, the allocation of ₹1.5 lakh crore towards the digital economy aligns perfectly with our mission to digitize the debt market, fostering greater financial inclusion. These measures will contribute significantly to a robust and dynamic economic environment, and we at SMEST Capital are excited about the positive impact on our industry and the broader market and economy as  a whole."

Nagaraju Routhu, CEO of Experion Developers (Real Estate)

The future of the real estate industry looks promising according to the 2024 budget. A big step forward is the increased funding for urban infrastructure development, which will make cities more livable overall and raise demand for homes. In addition to encouraging home ownership, the government's emphasis on affordable housing and the extension of tax incentives under Section 80EEA will give first-time homebuyers much-needed relief. Furthermore, it is a good measure that will increase sales of residential projects and draw in more investment to lower the GST rates for properties that are still under construction. All things considered, this budget represents a promising start for the real estate industry, and we anticipate its successful execution to bring about long-term growth and development.

Srini Chinamilli Co-founder and CEO Tessolve 

This year's budget is forward-looking and aimed at making India self-reliant while equipping our youth with the skills necessary for employment. The government has announced various plans to tailor courses in collaboration with industry, fostering strong industry-academia partnerships to enhance skill development. Its plan for freshers and internships will also help the new and potential employees. Tessolve is proud to have contributed to upskilling individuals over the past few years. With the government support, this effort will further boost emerging sectors like semiconductors, addressing the skill gap effectively.

Additionally, investments in research, including funding for the Anusandhan National Research Foundation, will significantly boost advancements in cutting-edge technologies. Through these steady and strategic investments, we are paving the way for India to emerge as a global superpower.

Naina Parekh, Founder, EUME - A premium luggage travel brand

The Union Budget 2024-2025 brings several transformative changes for the growing D2C sector. The reduction of the TDS rate for e-commerce operators from 1 percent to 0.1 percent likely to ease their financial burdens for e-commerce businesses, allowing them to concentrate more on scaling their operations and driving innovation. The proposed removal of angel tax is expected to be a game-changer for startups. This move could simplify the fundraising process and reduce the tax-related challenges faced by new ventures, fostering a more supportive environment for entrepreneurial growth.

Furthermore, the new eco policy framework has put spotlight on the development of tourism and regional growth in states like Bihar and Odisha. These states are projected to emerge as significant growth hubs, and this focused attention could stimulate local economies and open up new markets for D2C brands.

Arjun Prasad, Co-Founder and Chief Strategy Officer, QX Lab AI: 

“The abolition of the angel tax for all classes of investment is a monumental step towards fostering a vibrant startup ecosystem in India. This move will boost the entrepreneurial spirit and drive innovation, giving startups greater access to essential capital., particularly in the AI sector, which is expected to be a game changer for businesses and economies.

Upgrading 1000 industry training institutes in a Hub and Spoke arrangement will bridge the skill gap and prepare youth for future jobs. The emphasis on women-led development and AI-driven upskilling for women highlights a commitment to gender equality and inclusive growth. Public investment in digital infrastructure and private sector innovation showcases the power of technology in enhancing access to essential services. Initiatives like the Jan Vishwas Bill and the Anusandhan National Research Fund, with a pool of Rs 1 lakh crore, will propel research, innovation, and ease of doing business.

We appreciate the government’s steadfastness in fostering the startup community. This futuristic approach will place India at the top of the generative AI list thus, promoting economic activities, embracing innovation, and fighting inequality through inclusivity.”

Sahil Chopra, Founder and CEO, iCubesWire

We commend the government's visionary approach in this year’s budget, particularly its emphasis on developing Digital Public Infrastructure (DPI) at a population scale. This initiative is set to revolutionize the digital advertising and social media marketing industry by enhancing productivity, creating vast business opportunities, and driving innovation.The expansion of DPI applications across sectors such as e-commerce, education, and MSME services delivery is poised to significantly boost the digital marketing landscape. By facilitating better connectivity and more efficient service delivery, these advancements will enable marketers to reach wider audiences with greater precision and effectiveness,"

Anil Joshi, Managing Partner, Unicorn India Ventures

The 1000 Cr fund of funds for space tech is testimonial to India’s capability in coming up with breakthrough solutions at low cost. This will certainly help space tech companies to look for much needed early stage capital to get started. This will certainly help mobilise over Rs 4000 Cr, great move. Angel Tax abolishment was long pending, glad that Hon. FM has heard industry voices and has finally abolished it. This will certainly help in expansion of angel investment in India and will take away a lot of burden from the minds of everyone on tax notice for tax paid investment. This will also free up a lot of domestic capital and improve the funding sentiment in a strong way.

Mayuresh Raut, Managing Partner, Seafund 

This was an albatross that hindered much needed capital to be deployed to deserving founders. Removal of this dreaded tax will give a huge fillip to startups in the country and free up investors to focus on the investments without having anxiety on how to deal with their implications. A few other things that work well for deep tech focused funds like us. The rooftop solar policy, the pumped storage policy and research and development for small & modular nuclear reactors, Bharat small reactors, R&D for small modular reactors, R&D for new technology in nuclear form a neat troika to alter the energy map of India. Especially on the nuclear side, it positions India to replicate the renaissance that nuclear is experiencing in the US.

Gunjan Agarwal, Co-founder of XYST

“Abolishing Angel Tax will have a long-term impact on startup founders. This will not only motivate angel investors but also help to encourage entrepreneurial spirit in the Indian business domain. Additionally, the job generation push, coupled with the government’s financial assistance will help startups acquire more talented professionals, leading to cumulative growth in the long term. This Union Budget is full of opportunities for Indian startups pushing to become the next Unicorn, and governmental assistance is bolstering it to ensure success and growth.

Bipin Preet Singh, Co-founder and CEO at MobiKwik

"India’s visionary Budget 2024 has resonated positively with the masses, focusing on employment, skilling, and MSMEs, thereby laying a strong foundation for the next five years. By introducing a new credit guarantee scheme to offer term loans to MSMEs and raising MUDRA loan limits, the budget aims to support and strengthen the MSME ecosystem. Additionally, eliminating the angel tax will help build a healthier startup ecosystem with higher access to capital and a lesser burden on investors. The long-term capital gains tax (LTCG) scheme, with its increased exemption limit to Rs 1.25 lakh, will offer investors the opportunity to earn higher tax-free gains, promoting greater investment participation and enhancing overall tax efficiency. With this move, the startup industry will witness more innovation and development across different sectors, showcasing India as a global powerhouse in the startup ecosystem. Furthermore, the government’s emphasis on youth with job creation and skilling programs will boost India’s economic growth. Overall, the union budget underscores a strategic approach towards long-term economic resilience and innovation."

Uma Shankar Patro, Senior VP - Finance, at InfoVision

"InfoVision applauds the government’s commitment to advancing innovation and digital transformation with the allocation of 5% of the Universal Services Obligation Fund towards telecommunications technology R&D. The renaming of this fund to Digital Bharat Nidhi highlights the critical role of a digital-first strategy in driving economic growth. We are particularly encouraged by the introduction of the Jan Vishwas Bill 2.0 and the incentives for states to adopt Business Reforms Action Plans and embrace digitalization. These initiatives are set to significantly enhance the ease of doing business and will have a profound positive impact on the IT sector, further strengthening India's digital economy. InfoVision fully supports these progressive measures and remains dedicated to contributing to and benefiting from these transformative efforts",

Praveen Grover, Vice President and Managing Director, AHEAD

"We applaud the government's ₹2 lakh crore package for employment and skilling, demonstrating a strong commitment to youth and workforce development. The focus on wage support and EPFO incentives is a positive step towards job creation. At AHEAD, we are committed to increasing employment opportunities and supporting skilling initiatives. Our plan to hire over 1,000 individuals reflects this commitment.

While the government's recognition of the importance of technology and digitization aligns with our mission to drive a more digital economy, the effective implementation of these initiatives will be crucial. We look forward to supporting these government measures and contributing to the nation's employment growth and digital transformation."

Nandini Tandon, Co-Founder and Chief People Officer, Indusface

"The budget highlights a significant commitment to enhancing women's participation in the workforce and promoting women-led development. The establishment of working women hostels and creches, along with tailored skilling programs, will provide essential support for women balancing professional and personal responsibilities. Additionally, initiatives to improve market access for women SHG enterprises and strengthen schemes like PM Vishwakarma and Stand-Up India are crucial steps for promoting women's entrepreneurship. As a woman and an industry leader, I am encouraged by the substantial allocation of over ₹3 lakh crore for schemes benefiting women and girls. These measures are pivotal for driving economic growth, achieving social justice, and building a more inclusive and equitable workforce."

Akshay Munjal, Founder & CEO, Hero Vired

“I applaud the Government's strong emphasis on education, skilling, and employment in the Union Budget 2024. Amid growing concerns about the impact of AI on job creation, the substantial allocation of Rs. 1.48 lakh crore for these sectors demonstrates a significant commitment to developing India's human capital. The introduction of various schemes to promote skilling and job creation is poised to significantly boost economic growth. Additionally, the comprehensive scheme providing internship opportunities in 500 top companies to 1 crore youth over five years, funded partly through CSR, is a welcome initiative. This will give the youth valuable exposure to real-life business environments and diverse professions, further enhancing their employment prospects while ensuring a future-ready workforce.”

Sanjay Borkar, CEO & Co-Founder, FarmERP 

The recent budget reflects a transformative vision for the agritech sector, prioritizing productivity and resilience in agriculture. The dedicated funds for agricultural research, particularly for developing climate-resilient crop varieties, showcase the government's commitment to innovation. Support for agribusiness startups, especially in the vegetable supply chain, underscores a strategic focus on critical growth areas.

Establishing 100 food quality and safety inspection labs marks a significant step towards ensuring the highest food safety standards. Additionally, promoting the sale of Indian crops overseas through e-commerce, supported by public-private partnerships, enhances India’s global competitiveness. The introduction of Digital Public Infrastructure (DPI) for a digital crop survey of the ongoing Kharif season across 400 districts, coupled with the expansion of the Kisan Credit Card scheme to five states, will improve farmers' access to credit and facilitate the adoption of new technologies. This holistic approach aims to drive the sector towards a more resilient and sustainable future, benefiting farmers and consumers alike.

Samarth Kholkar, CEO and Co-Founder, BLive

The 2024 Union Budget has blown the bugle for India's EV and last mile logistics sectors. With the waiving off of import duties on 25 minerals—critical inputs like lithium—and the outlay of Rs. 26,000 crore for road connectivity projects, will further support the adoption of EV for last mile revolution . These would also support to set the tone for the ambitious target of 30% EV sales by 2030.

PLI schemes are likely to bring down cell prices, making batteries more affordable. Better road infrastructure will improve the speed of goods movement and last mile efficiency. The potential creation of 30 lakh jobs in manufacturing adds another spark to our economic engine and benefits particularly the two-wheeler segment.

This optimism is further fueled by the abolishing of angel tax on all classes of investors, putting that extra zip in our startup ecosystem. The move is expected to reduce the financial and regulatory burden on startups substantially, encouraging more angel investors to fund innovative ventures in the EV and logistics space.

More intently, though, we believe that much bolder steps are now needed. Bringing down GST on all components of EVs to 5 percent will make electric vehicles more pocket-friendly and increase adoption. Our charging and battery swapping infrastructure must be expanded to eliminate range anxiety and provide seamless service to our users.

While we are charging toward a greener future, such additional measures certainly are something which we all look forward to seeing in effect. With absolute clarity now ahead, it's on full charge, and India shall see its last mile changed with innovative, eco-friendly solutions. Electric, efficient, and enthusiastically embraced is the future of logistics.

Joseph Sudheer Reddy Thumma, MD & CEO, Magellanic Cloud

"The Union Budget 2024 marks a significant step forward in shaping India’s future, and at Magellanic Cloud, we are truly inspired by the bold measures outlined to drive innovation, create jobs, and strengthen infrastructure.

The proposed schemes to incentivize hiring first-time employees and the introduction of a new credit guarantee scheme for MSMEs are steps in the right direction. These initiatives will not only bolster the manufacturing sector but also enable MSMEs to thrive without the constraints of collateral, thereby fueling innovation and job creation.

The increase in Basic Customs Duty (BCD) on telecom equipment, particularly PCBA, presents a challenge for the drone manufacturing industry. However, this shift underscores the need for us to intensify our focus on local sourcing and innovation to mitigate cost impacts and ensure sustainable growth.

Additionally, the ₹11 lakh crore allocation for infrastructure development and investment-ready industrial parks will enhance our operational efficiencies and capabilities. The support for R&D through the Anusandhan National Research Fund further aligns with our commitment to innovation and growth.

Moreover, the allocation for employment and skilling under the PM Package and the comprehensive internship scheme will nurture the next generation of talent, which is vital for sustaining our industry’s growth.

As we navigate these changes, Magellanic Cloud remains committed to leveraging these opportunities to drive excellence and contribute to India's technological and economic advancement. In alignment with the vision of a “Viksit Bharat,” we are dedicated to playing our part in building a developed and prosperous India."

Amit Chadha, CEO and Managing Director, LTTS

We welcome the Union Budget FY25 announcement by Finance Minister Nirmala Sitharaman, which presents a holistic approach to boosting employment, skilling, and infrastructure development. The allocation of ₹2 lakh crore towards employment and skilling schemes, coupled with groundbreaking initiatives for women empowerment and an ambitious internship program, will create a robust talent pipeline vital for the industry.

The reduction in corporate tax rates, alongside the substantial ₹11 lakh crore allocation for capital expenditure, reflects a favourable pro-business environment that will drive innovation and attract investments. As an ER&D services company, we are particularly excited about the focus on digital public infrastructure and the establishment of the Anusandhan National Research Fund. These initiatives will foster a culture of innovation and elevate India's position in the global R&D landscape.

Additionally, the development of investment-ready industrial parks promises to create new opportunities for technological advancements. I am confident that these measures will significantly contribute to India's journey towards becoming Viksit Bharat.

Sanjeev Dasgupta, CEO, CapitaLand Investment India

"The government’s commitment to establish 'plug and play' industrial parks and 'Cities as Growth Hubs' will unlock significant investment opportunities and drive demand for modern commercial spaces in the country. With added benefits, this move will also incentivize global firms to strengthen their manufacturing hubs in India.

Additionally, the proposed ‘Transit Oriented Development’ will be a promising step towards decongesting cities, and creating a vibrant landscape for investment. Faster implementation, with a focus on regions such as Bangalore, Mumbai and NCR will be imperative to sustain and accelerate the pace of industrial development and new workforce integration."

Gaurav Jalan, Founder & CEO, mPokket, 

“Be it the youth, women, MSMEs, start-ups, employment or other key aspects, the FY2024-25 Budget has generated a feel-good factor by announcing measures that benefit most stakeholders in some way or the other. For instance, the announcement of five schemes with an overall allocation of Rs1.48 lakh crore for education, skilling and employment initiatives will benefit all the above segments. Additionally, a new skilling scheme sponsored by the Centre over five years will benefit two million youth. 

As for MSMEs, a new credit guarantee scheme for small players in manufacturing is being introduced, which will provide guarantees running up to Rs100 crore. This credit guarantee scheme is meant to facilitate term loans for MSMEs to buy machinery and equipment without any guarantee or collateral. It will boost affordable credit for MSMEs, which has been a big problem in this segment.

Besides FDI rules being simplified further, the abolition of angel tax across all investor categories will help MSMEs, start-ups, fintechs and other players across industries at large. A special package has also been created for MSMEs spanning regulatory changes, technology support and finance so the industry can scale up and compete globally. The recommendation to create a new assessment model for MSME credit based on their turnover and assets is another good move. As MSMEs face an estimated funding shortfall of Rs20-25 lakh crore, these measures could help improve liquidity in the industry."

Sandeep Aggarwal, Founder & CEO, Droom

Start-Up Ecosystem

"The Union Budget 2024 has provided a much-needed boost to the Indian start-up ecosystem, aligning with PM Modi's vision of 'Viksit Bharat' by 2047. The abolition of the angel tax for all investor classes is a landmark decision that will foster greater investment, spur innovation, and support entrepreneurial spirit across the country. This long-awaited reform will undoubtedly attract more domestic and foreign capital into the start-up sector, addressing the scarcity of domestic capital.

Additionally, the expansion of the tax holiday eligibility under the Startup India scheme and the reduction of the corporate tax rate on foreign companies from 40% to 35% are crucial measures that will enhance the investment landscape. These initiatives, combined with the removal of regulatory bottlenecks, are poised to drive significant growth in the start-up ecosystem, contributing to India's economic development and global competitiveness.”

On E-commerce:

"The Union Budget 2024 has taken significant steps to strengthen the e-commerce sector, aligning with the vision of 'Viksit Bharat' by 2047. The reduction of TDS rate on e-commerce to 0.1% and the decriminalization of TDS delay are commendable moves that will simplify tax compliance and reduce the burden on businesses. The abolition of the 2% Equalisation Levy on e-commerce supplies from August 2024 will further promote fair competition and encourage international investments.

The establishment of dedicated e-commerce export hubs in PPP mode is a transformative initiative that will empower MSMEs and traditional artisans to access global markets, potentially increasing India's e-commerce exports to $350 billion by 2030. This budget reflects a pragmatic approach to boosting online trade and positions India as a formidable player in the global digital economy."

Uday Sharma - Chief Commercial Officer - Allcargo Gati Limited

The budget's robust initiatives for the infrastructure, skill development and MSME sector are set to transform possibilities into realities. The Rs 26,000 crore investment in road connectivity projects, including key expansions like the Patna-Purnea expressway and new infrastructure such as the Bodhgaya-Rajgir-Vaishali-Darbhanga route, underscores a major step towards enhancing connectivity and faster transportation of goods.

The MSME cluster initiative announced in the budget is a game-changer for our sector. By enhancing access to credit and promoting business growth, it acts as a catalyst for MSMEs, enabling them to expand operations and thrive. This initiative will not only benefit MSMEs but also have a positive ripple effect on logistics partners like us, facilitating smoother operations and enhanced service delivery to meet growing business demands effectively. The establishment of e-commerce hubs in PPP mode increases the volume and shipments from MSME Clusters and empowers traditional artisans to access global markets. Further the plans for 24 new SIDBI branches serving MSME clusters, this budget reinforces support for inclusive growth.

Anuj Rathi, Chief Business and Growth Officer, Cleartrip

“Today’s budget announcement is a welcome move that promises to strengthen India’s position as a global hub for spiritual tourism. The continued investment in developing corridors will create a multiplier effect, stimulating the local economy and generating job opportunities. This initiative will add to the momentum that the industry gained from the Ayodhya boom earlier this year. 

In the first half of 2024, Cleartrip has registered a double-digit increase in searches on a month-on-month basis for destinations such as Varanasi, Tirupati, Bhubaneswar, Bodh Gaya,  Amritsar and Ajmer.

The enhanced focus on infrastructure and road connectivity will make travel, especially road transportation, more accessible and affordable. These initiatives will further bolster India’s status as a premier travel destination facilitating economic growth.”

Ramanujam Komanduri, Country Manager, Pure Storage India

"We welcome the Union Budget 2024 presented by the Finance Minister. The simplified tax structure and GST reforms show a strong commitment to ease of business, which is vital for us. The budget's focus on employment, skill development, including programs for women, and promoting women-led initiatives highlights a commitment to diversity and economic participation.

The emphasis on developing DPI applications promises significant productivity gains and business opportunities across various sectors like credit, e-commerce, education, health, law and justice, logistics, MSMEs, and urban governance. This initiative is set to drive innovation in the private sector, reinforcing our commitment to advancing digital transformation and contributing to India's technological growth."

Rohan Bhargava, Co-Founder of CashKaro

The Union Budget 2024 brings substantial changes to personal finance that will benefit a large number of taxpayers. The increase in the standard deduction from ₹50,000 to ₹75,000 and the revision of the tax slab limit for the 5% tax rate from ₹5 lakh to ₹7 lakh will significantly enhance disposable income. These changes will provide much-needed financial relief to the middle class and boost overall consumption.

Furthermore, the proposal to increase the deduction of employer expenditure towards NPS from 10% to 14% of the employee’s salary will improve social security benefits for the workforce. The revamp of the capital gains tax regime will impact investment decisions and financial planning, ensuring a more balanced and fair approach to taxation. These measures collectively contribute to a more robust and financially secure environment for individuals and families across India.

Atul Soneja, Chief Operating Officer, Tech Mahindra

"Employment and skilling are important pillars of a growing economy. The government's sustained focus on prioritizing skilling and employment is a commendable step towards enhancing human capital and creating job opportunities for the youth. In today's rapidly evolving world, skill development is critical, and the government's commitment to training 20 lakh young people over the next five years will help them in the job market and foster job creation nationwide, beyond the Tier-1 cities.

This initiative  aligns with the industry's increasing demand for a workforce equipped with contemporary skills. Further, the expansion of skill development programs to Tier-2 and Tier-3 cities resonates with the government's vision of 'Vikshit Bharat 2047'. These cities are emerging as talent hubs and will contribute to long-term growth and the creation of local employment opportunities. It will also strengthen the pace of infrastructure development and scale the R&D initiatives in the country.”

Conclusion:

The Union Budget 2024 has laid out ambitious reforms and financial policies, promising transformative impacts across various sectors. Key industry leaders see significant opportunities in infrastructure enhancement, digital technology promotion, and green energy initiatives, all aimed at fostering economic stability. With a focus on job creation, women’s workforce participation, and support for MSMEs, the budget also emphasizes skilling and education. The abolition of the Angel Tax, incentives for startups, and digital infrastructure investments highlight the government’s commitment to innovation and economic inclusivity. Overall, the budget is poised to drive growth and position India as a leader in the global economy.