Budget 2024 Highlights: FM disappoints investors, rewards (some) taxpayers

Budget 2024 LIVE Updates: Sharad Mathur, Managing Director & Chief Executive Officer, Universal Sompo General Insurance Company, said, “The 2024 Union Budget reflects a strong commitment to driving economic growth and fostering financial security across the nation. The increased standard deduction and the proposed reduction in tax rates under the new tax regime will provide significant relief to individuals, particularly middle-income earners.”

Budget 2024 LIVE Updates: Manish Sheth, MD & CEO, JM Financial Home Loans said, “The budget announcements aim to further enhance housing access to all. The Rs. 2.2 lakh crore allocation for urban housing initiatives under PMAY-U over the next five years underlines the strong focus of the government on affordable housing for the poor and middle class. The fiscal support will boost demand for housing finance. Another commendable proposal is to encourage states to lower stamp duties for the women homebuyers and reduce duties for properties purchased by women.”

Budget 2024 LIVE Updates Nitya Sharma, Founder and CEO, Simpl said, The Union Budget 2024 has effectively recognised the importance of a robust e-commerce ecosystem and offering credit at scale in empowering millions of small and medium sellers across the country. The proposed development of e-commerce export and industrial hubs will enable our sellers to cater to a global market while support to MSMEs and promoting entrepreneurship through policy interventions will further propel opportunities for sellers including Direct-to-Consumer brands."

Budget 2024 LIVE Updates: Kartik Chhaya, Chief Operating Officer, Rupeeseed, said, “We welcome the Union Budget 2024's forward-thinking approach, particularly the reduction in corporate tax rates for foreign companies and the simplification of FDI rules. These measures will enhance India's attractiveness as a global tech hub. The focus on employment-linked skilling and the support for MSMEs, including the credit guarantee scheme, align well with our mission at Rupeeseed to drive innovation and growth in the fintech sector.”

Budget 2024 LIVE Updates: Abhishek Gupta, Founder and Managing Partner at Pierag Consulting LLP, said, “Our experience shows that access to finance is a critical barrier for many MSMEs looking to scale their operations and modernize their production processes. This initiative not only alleviates financial constraints but also encourages technological advancements and productivity improvements within the sector.”

Budget 2024 LIVE Updates: Vimal Kumar Alawadi, Managing Director, Best Agrolife Ltd, said, "Since climate change has been impacting agricultural output, it requires a sustained emphasis to shift Indian farming from its reliance on rains to an irrigation-led ecosystem. Accordingly, the FM mentioned that the Budget’s key priorities include productivity and resilience in agriculture.

Budget 2024 LIVE Updates: Karthik Somasundaram, Partner, Spice Route Legal, "Creating more benches of the NCLTs, training of the Court and Registry staff in becoming efficient and using technology and moving to digital filing will go a long way in expediting disposal of IBC cases, which will result naturally in resolving stressed assets. Supreme Court and most High Courts have adopted technology and gone digital in respect of case papers and filings, the effects are visible. Time that the NCLTs and the NCLATs went savvy and efficient."

Budget 2024 LIVE Updates: Domnic Romell, President, CREDAI-MCHI, said, “The Union Budget 2024-25 presents a robust framework for the growth and development of the real estate sector. The emphasis on affordable housing, urban infrastructure, industrial development, and digitalization are particularly beneficial for a dynamic and densely populated city like Mumbai. CREDAI-MCHI is optimistic about the opportunities these initiatives will bring to the real estate sector and to the economy.”

Budget 2024 LIVE Updates: Praveen Raju, Partner, Spice Route Legal, “The finance minister has announced the setting up of an additional 100 food quality and safety testing labs with the National Accreditation Board for Testing and Calibration Laboratories. This is a welcome announcement by the government against the backdrop of the recent backlash on the FSSAI for the lack of strong enforcement of food safety standards of Indian food products, particularly with the ban of MDH and Everest spices in foreign countries."

Budget 2024 LIVE Updates: Kartik Narayan, CEO- Staffing, TeamLease Services Limited, “ The introduction of the new employment-linked incentive scheme in the budget marks a significant advancement in reducing informal employment in the country. By providing financial support and incentives to both employers and employees, the scheme aims to promote formal hiring practices and ensure essential benefits. Initiatives such as support for first-time employees, recognition of EPFO enrollments, and assistance for the MSME sector are specifically designed to transition more workers into formal employment.”

Budget 2024 LIVE Updates: Jaspreet Bindra, Founder, Tech Whisperer, said, “The emphasis on technology and innovation in the 2024-25 Union Budget is a major boost for the AI and tech sectors and aligns india to achieve the Viksit Bharat goal of 2047. The removal of the Angel Tax for investors is a significant step that will strengthen the startup ecosystem, encouraging more investments and fostering innovation. This change will significantly improve startup funding sentiment while boosting the morale of deep tech and AI startups to take bigger bets."

Budget 2024 LIVE Updates: Sanjeev Krishan, Chairperson, PwC in India, said, “The budget highlights India's next leap forward – empowering the very nucleus of the nation – Indian citizens. Right from driving the participation of women in the workforce to enhancing the employability of the youth across the nation, the focus on building a future-ready workforce is evident. With the right incentives and fiscal support, the Government has paved a clear path towards a Viksit Bharat – bringing together the power of the private and public sector, and reinforcing this with our distinctive demographic advantage.”

Budget 2024 LIVE Updates: Subburathinam P, Chief Strategy Officer, TeamLease Services Limited,

"By introducing a scheme that incentivises job creation in the manufacturing sector through the employment of first-time employees, the sector is poised to significantly boost job opportunities. This initiative, which provides incentives to both employees and employers based on their EPFO contributions for the first four years of employment, will encourage formal hiring and foster a more stable and productive workforce. As more manufacturing plants are being set up around Tier 2 and 3 cities, the youth in these regions are more likely to benefit from such initiatives. This approach will not only enhance job security but also drive growth and innovation within the manufacturing sector, ultimately contributing to a stronger economy."

Budget 2024 LIVE Updates: Jaskiran Arora, Dean- Education Quality, BML Munjal University, said, “The budget marks a pivotal moment for India's education sector, reflecting a robust commitment to enhancing opportunities for the youth. The allocation of Rs. 1.48 lakh crore for education, employment, and skilling underscores a strategic shift towards holistic development. The introduction of financial support for loans up to ₹10 lakhs for higher education, particularly for those excluded from existing government schemes, is a game-changer. The e-vouchers offering a 3% annual interest subvention for one lakh students will make higher education more accessible and affordable, potentially transforming countless futures."

Budget 2024 LIVE Updates: Kapil Makhija, MD & CEO of Unicommerce, said, "The government’s focus on building a digitally enabled India is evident in the measures announced during Budget 2024. Encouraging the country’s e-commerce sector by reducing TDS to 0.1% for e-commerce operators, supporting MSMEs by setting up e-commerce export hubs, leveraging the digital footprint of online enterprises to evaluate credit eligibility, elimination of equalization levy for supply for goods and services via e-commerce are notable changes that will support growth of India’s e-commerce sector."

Budget 2024 LIVE Updates: Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said, “We are delighted to learn about the significant reduction in import duties for Gold, Silver to 6%, and Platinum to 6.4%. This decision, which aligns with the industry's long-standing request, is expected to have a positive impact on the organization and growth of the industry. By lowering import duties, we anticipate an increase in gold consumption and a moderation in gold prices, which have recently reached record highs."

Mitesh Khimji, Director, Khimji Jewellers, said, “We express our sincere appreciation for the favourable decision made by the esteemed Prime Minister and the Finance Minister to reduce the import duty on Gold, Silver to 6% and Platinum to 6.4%. This advantageous move offers substantial relief to the gems and jewellery sector. It will further augment the industry's global competitiveness and effectively eradicate the parallel grey market”.

Budget 2024 LIVE Updates: Puneet Chandok, President, Microsoft India & South Asia said, “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."

Budget 2024 LIVE Updates: Suchindra Kumar, Partner - Education, PwC India, said, “The focus of the budget for higher education is on building world class institutions – with the outlay increased from INR 1,300 crores to INR 1,800 crores in this year’s budget. The increase in teacher training mission budget coupled with a 25% increase in research funds and the increase in the budget for digital learning initiatives would improve the quality of education in the higher education system.”

Budget 2024 LIVE Updates: Akshay Munjal, Founder & CEO, Hero Vired, said, “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."

Budget 2024 LIVE Updates: Subburathinam P, Chief Strategy Officer, TeamLease Services Limited, said, “By introducing a scheme that incentivises job creation in the manufacturing sector through the employment of first-time employees, the sector is poised to significantly boost job opportunities. This initiative, which provides incentives to both employees and employers based on their EPFO contributions for the first four years of employment, will encourage formal hiring and foster a more stable and productive workforce.”

Budget 2024 LIVE Updates: Varun Sheth, Co-Founder, Ketto, said, "The focus on critical areas such as agriculture, employment, loans, and MSME support is commendable. Extending the PMGKAY and allocating substantial funds for women's and girls' schemes demonstrate a strong commitment to social progress. The reduction in custom duties on essential cancer drugs and the new employment-linked incentives are noteworthy initiatives. These steps pave the way for a progressive and inclusive future. We are optimistic about the positive changes these measures will bring."

Budget 2024 LIVE Updates: Subash Vasudevan, CBO and Co-founder, iBUS Networks, “Increased infrastructure investment is a welcome sign. Allocating ₹11,11,111 crore for capex, which is 3.4% of GDP, is a strong start. Every rupee invested in infrastructure can provide opportunities to further digitize it. This creates a ripple effect, attracting more investments and paving the way for a smart economy. It has the potential to generate three times the benefit and will also provide opportunities and benefits to startup ecosystems."

Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “The FM has secured a few critical aspects for the future readiness of the country in terms of strengthening the start-ups eco-system, focus on new age technology, space tech and encouraging clean tech. There was a significant focus on sectors like agriculture, infrastructure at large as well as developing skills and generating employment, which will have a positive compounding effect on the economy going forward. It lays the groundwork for a robust and sustainable economic growth with India remaining one of the bright spots in the global economic landscape."

Budget 2024 LIVE Updates: Rajan Pental, Executive Director, YES BANK, said, “The launch of the Credit Guarantee Scheme, which provides term loans up to ₹100 crore without requiring collateral, will notably reduce risk for banks and expand their lending opportunities, facilitating greater investment in essential machinery and equipment. The new credit assessment model, which leverages digital footprints, represents a transformative shift in evaluating MSME creditworthiness. This innovation will streamline the credit process and extend support to MSMEs that lack formal accounting systems, making credit access more inclusive and efficient. Additionally, the enhancement of Mudra loan limits to ₹20 lakh and the provision for continued credit support during periods of stress are designed to stabilize borrowers and reduce the likelihood of non-performing assets. These measures will help maintain operational continuity and foster growth.”

Budget 2024 LIVE Updates: Neeraj Akhoury, President Cement Manufacturers Association (CMA), said, “Against the backdrop of global uncertainties and inflation, the Union Budget 2024-25 is transformative and forward looking with an eye on fiscal consolidation. The announcement of INR 11 lakh crore capital expenditure signifies the Government's commitment to modernising India’s infrastructure through various significant projects and allocations, which will undoubtedly drive demand for Cement and other building materials. These initiatives collectively illustrate the Budget's comprehensive and strategic approach to bolstering India's infrastructure across various sectors."