Corporate India Welcomes Union Budget with Thumbs Up!
Published on : Thursday 25-07-2024
Industrial Automation presents the reactions of industry leaders to Ubion Budget 2024-25.
July 23, 2024 – As Union Finance Minister Nirmala Sitharaman presented her seventh consecutive budget, a cross section of industry leaders have welcomed the provisions.
"The focus on job creation with three innovative employment-linked schemes is timely. The abolition of angel tax will give a big boost to our startups and young entrepreneurs who are the job creators of the future. The commitment to speed up IBC resolution will lead to 12000 businesses restarting operations and many more jobs. I am also delighted to see the announcement related to Critical Minerals Mission. India must explore, mine and process these metals of the future domestically."
-Anil Agarwal, Chairman, Vedanta Ltd
“We welcome the Government’s consistent approach towards Fiscal consolidation, supporting Capex in Infrastructure by reconfirming the allocation of Rs.11.11 lakh crore in the Budget as also additional allocations towards improving Urban and Rural Infrastructure. We also welcome the Government’s focus on employment generation, skilling, Woman empowerment, MSMEs and climate change mitigation as well as their encouragement to the States to carry out land and labour reforms and improve Ease of doing Business further. We believe this Budget paves the way for the next generation of reforms which we are confident will lead India to its deserved place of being Viksit Bharat.”
-Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited
"At Dassault Systèmes, we welcome the government's forward-looking initiatives outlined in today's Union Budget for the infrastructure sector. Recognized as one of the nine key budget priorities for achieving Viksit Bharat, the infrastructure sector is poised for significant growth. The government's allocation of ₹11,11,111 crore (3.4% of GDP) for capital expenditure is set to advance the globalization of Indian infrastructure. Additionally, the provision of ₹1.5 lakh crore in long-term interest-free loans for state governments will bolster state-level infrastructure investments. These initiatives align perfectly with Dassault Systèmes' mission to transform the infrastructure sector through cutting-edge technology such as virtual twins. We are eager to support and collaborate with all the key players in driving these transformative efforts." - Deepak NG, Managing Director, Dassault Systemes
“The policy-driven emphasis on the energy sector in the Union Budget 2024-25 exemplifies the Government's commitment to integrating the principles of energy security and energy transition as a cornerstone of Viksit Bharat. We anticipate that the development of energy transition pathways will bolster state-level initiatives aimed at accelerating renewable energy adoption. Furthermore, the proposed financial support for MSMEs to transition to cleaner energy forms will be pivotal in fostering positive change at the grassroots level.”
-Saurabh Kumar, Vice President - India, Global Energy Alliance for People and Planet (GEAPP)
“The government's renewed focus on MSMEs is a welcome move. The commitment to ensure timely and adequate financing, coupled with the push for technological adoption and skill training, is precisely what MSMEs need. Facilitating term loans without third-party collateral for MSMEs to purchase machinery and equipment will act as a catalyst, motivating young entrepreneurs to set up production units. This will significantly contribute to enhancing India's manufacturing capabilities. The credit guarantee scheme addresses one of the biggest pain points for small manufacturers—managing net working capital. By providing relief and financial runway, it ensures businesses can sustain and grow their operations effectively.”
-Subin Mitra, Co-founder & CEO, Groyyo
“The Union Budget's focus on increasing women's workforce participation and youth skilling is a significant step towards addressing key barriers women face in the workforce, promoting gender equality and economic empowerment. The youth skilling initiative is a forward-thinking move that will enhance workforce skills and employability, driving industry growth and boosting the gig economy, particularly by increasing two-wheeler and three-wheeler sales beyond metropolitan areas. Abolishing the angel tax is a commendable decision to foster innovation and support the start-up ecosystem. However, we anticipated announcements on the FAME-III policy and special incentives for the EV sector, which weren't part of this budget. Maintaining policy consistency will be essential to the overall expansion of the electric vehicle market. We expect that the government will provide clarification and lower or eliminate taxes on last-mile delivery services before the present program expires this month.”
-Ms Rashi Agarwal, Co-Founder and CBO, Zypp Electric
Tresa Motors commends the Union Budget 2024 for taking significant strides towards upskilling. With the growing demand for expertise in areas like battery technology and power electronics, the budget's focus on upskilling programs and industry-education collaboration is crucial in bridging the skills gap. Skilled workers are essential for the EV industry's growth. It's an exciting time with abundant opportunities for those willing to learn new skills. The government's initiative to upskill students over the next five years will ensure a steady supply of talented professionals, driving innovation and sustainability in the EV sector.
-Ravi Machani, Co-Founder Investor, Tresa Motors
“The removal of angel tax is a welcome move for India's startup ecosystem. This, coupled with the establishment of a ₹1,000 crore VC fund for the space economy, will foster innovation. The budget's focus on manufacturing, with the introduction of plug-and-play industrial parks, is progressive. MSMEs will benefit significantly from the credit guarantee scheme, new assessment models by PSU banks, and increased Mudra loan limits. The substantial allocation of Rs11 lakh crore for infrastructure especially nature resilient is crucial for building a Viksit Bharat. The strategic shift towards nuclear energy as a major power source is visionary. Finally, the emphasis on cultural heritage through the development of the Vishnupad, Mahabodhi temple corridors, Rajgir, and Nalanda is a welcome addition.”
-Rahul Garg, CEO & Founder Mogilx
“The Union Budget 2024 presents several promising opportunities. The focus on MSMEs, including credit guarantee schemes and financial support for machinery, will greatly benefit our growth and technological advancements. Additionally, initiatives for infrastructure development, energy security, and employment-linked skilling programs align well with our goals. Overall, the budget supports a conducive environment for innovation, expansion, and growth in the robotics and automation sector.”
-Milind Padole, Managing Director, Affordable Robotics & Automation Ltd
“I would like to congratulate the Government for presenting a visionary Budget that focuses on sustainable and inclusive economic growth. I particularly welcome several announcements that reflect the Government's continued support for the renewable energy sector. The impetus on PM Surya Ghar Muft Bijli Yojana will help fast track nationwide adoption of roof top solar, helping expand our overall RE capacity. The proposed investment in Pumped Storage programmes is a much-needed step that will ensure smoother integration of growing RE, leading to more reliable supply of green power and grid stability. The focus on transitioning hard to abate industries to greener alternatives will catalyze the C&I sector's journey towards net zero. Introduction of a taxonomy for climate finance will help attract much needed capital for boosting climate resilience. Finally, the expanded duty exemptions will also help propel the RE sector ahead. This is a positive budget for the sector that should help continue the momentum of India's energy transition and Hero Future Energies remains committed to partnering with the Government in enabling this mission.”
-Srivatsan Iyer, Global CEO, Hero Future Energies
“The 2024–25 Budget by Finance Minister Nirmala Sitharaman is a turning point for the Indian startup ecosystem. The abolition of the Angel Tax is a monumental reform which will ensure entrepreneurs in India may prosper without needless financial restrictions and promote local innovation and growth. Furthermore, a strong commitment to fostering research and development in sunrise industries is demonstrated by the creation of a ₹1 lakh crore National Research Fund and the operationalisation of the Anusandhan National Research Fund for fundamental research and prototype development. These steps will support indigenous innovation, promote indigenisation, and strengthen India's standing as a global leader in innovation, especially when combined with a system to encourage private sector-driven research and innovation at a commercial scale. At iCreate, we're committed to taking advantage of these opportunities and our unique abilities to help tech-driven companies grow into profitable enterprises. In addition, we actively assist MSMEs in upgrading their technology with the support of our startups, making sure that these businesses gain access to the innovations in technology that our ecosystem produces. With this strategy, India's future self-sufficiency is enhanced, and iCreate will serve as a major facilitator of innovation and MSME growth.”
-Avinash Punekar, CEO, iCreate
"The government has laid its focus on energy security as one of the pillars in the Union Budget 2024. The new policy document on India's energy future is much awaited, and I expect it to include the plans to achieve rooftop solarisation, enhancing electric vehicle infrastructure, and promoting biodegradable polymers & bioplastics - as was announced in the interim budget in February. I also look forward to the government's focus on developing indigenous energy technologies and building local capabilities amongst micro and small industries in energy production and management. On that note, the provision of financial support to micro and small industries for shifting to cleaner forms of energy is also a commendable move by the government. Another good move is the exemption of custom duty on capital goods for manufacturing of solar cells and panels. A taxonomy for climate finance, as planned by the government, will help improve the availability of funds for adapting to climate change and reduce greenhouse gas emissions.
Under urban development, the budget also talks about promoting water supply, sewage treatment and solid waste management projects and services for 100 large cities in India. This will set a benchmark for water and waste management practices which can then expand to tier-2 and tier-3 cities eventually."
-Dr Miniya Chatterji, Founding Director, Anant School for Climate Action, and CEO, Sustain Labs Paris
“As India progresses on its development path, we appreciate the forward-thinking approach reflected in the Union Budget 2024. With a focus on digital infrastructure and technological innovation, the budget completely aligns with Q1 Tech's mission to provide secure and efficient IT solutions and services. The focus on cybersecurity and digital literacy will empower businesses to operate more efficiently, fostering a growing economy. We are optimistic about the initiatives highlighted and are working towards addressing the immediate economic challenges while laying a strong foundation for long-term growth. With the strength of IT and digitization, we aim to leverage these opportunities as much as possible and propel the nation toward a technologically advanced economic landscape.”
-Krishna Bansal, MD & CEO at Q1 Technologies
“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.”
-Riju Jhunjhunwala, CMD RSWM Ltd & MD Bhilwara Energy Ltd
“As a leading manufacturer, BENZ Packaging welcomes Finance Minister Nirmala Sitharaman's announcement of a new credit guarantee scheme enabling collateral-free term loans for machinery and equipment purchases. This initiative demonstrates the government's commitment to empowering the MSME sector, which is crucial for India's economic growth. The provision guarantees up to ₹100 crore without collateral will significantly ease our access to capital for technological upgrades and expansion. We appreciate the government's focus on facilitating easier financing for MSMEs, which has been a long-standing challenge for our sector. We are optimistic about the positive impact it will have on our operations and the broader manufacturing ecosystem in India. This initiative aligns perfectly with our vision for growth and innovation in the packaging industry.” -Chaitanya Chopra, Director, BENZ Packaging
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