Experts from diverse sectors made a positive note on the
union budget 2024, which was concluded the other day. Considering the schemes being amended in the budget, they have striking thoughts that support the scheme, which can lead to the nation's progress in the future. Notably, in the
space industry, an expert praised the government for funding to help the sector thrive by five holds, showcasing their commitment.
Saunak Saha, Partner, Climate Change and Sustainability Services, EY India says "The budget's focus on energy security and climate resilience is commendable. The PM Surya Ghar Muft Bijli Yojana, which aims to install rooftop solar panels on 1 crore homes and provide up to 300 units of free electricity per month, stands out as a significant initiative.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures says "This is recognition of the growing need for a deeptech economy. However, alongside the R&D Fund, the government should look at the Intellectual Property regime. The much overdue Patent Policy needs to come out soonest to enable maximisation of R&D Fund"
Anil Joshi, Managing Partner, Unicorn India Ventures says "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"
Mayuresh Raut, Managing Partner, Seafund says "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"
Ms Gunjan Agarwal, Co-founder of XYST says " “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"
Mr. Rajesh Doshi, Co-founder & Director at Zebronics says "The Union Budget 2024-25, announced by Finance Minister Nirmala Sitharaman, presents a robust vision for various sectors' enhancement. The new tax regime reforms benefit law-abiding taxpayers. Job creation schemes are proposed across segments, particularly manufacturing, to drive "Vikasit Bharat."
Mr. Ankit Ratan, Co-founder & CEO, Signzy says “The budget announcement is in line with our expectations of focusing on new credit model for MSMEs. This initiative will enable financial institutions to move beyond traditional credit assessments and enhance financial inclusion for MSMEs. AI & ML technology can be leveraged to analyse alternative data from the digital footprint of the MSMEs"
Vishal Sharma, Cofounder & CEO, AdvaRisk says “The Govt went all out to continue its reforms in agri and allied sectors. The Finance Minister proposed to provide coverage to farmers and their land under digital public infrastructure under which 6 crore farmers and their land will be brought into the farmer and land registry"
Dr. Ajai Chowdhry, Co-Founder HCL, Founder & Chairman, EPIC Foundation and Chairman-Mission Governing Board, National Quantum Mission says "The new budget is a game-changer! Significant impetus has been provided by the government to further strengthen the startup ecosystem"
Dr V Veerappan, Chairman, IESA says "The Union Budget 2024 appears promising for the government's commitment to making India a global powerhouse for electronics production"
Ashok Chandak, President, IESA says "IESA welcomes the budget's strong focus on manufacturing, job creation, MSME support, women's employment and rationalisation of customs duty. The initiatives mentioned are expected to act as catalysts for creating a new workforce in the thriving semiconductor and electronics sector which is facing an acute shortage of relevant skills"
Bipin Preet Singh, Co-founder and CEO at MobiKwik says "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"
Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies says "The Union Budget's emphasis on employment, skilling, and digital infrastructure marks a transformative moment for the IT and ITES sectors. The allocation of Rs 1.48 lakh crore for these categories, coupled with the PM Package comprising five key schemes, underscores the government's commitment to building and nurturing a skilled workforce, which is indispensable for our industry"
Lt. Gen. AK Bhatt (Retd.), Director General, Indian Space Association (ISpA) says "The Union budget's vision to grow India's space economy by fivefold in the next decade demonstrates the government's strong commitment to this sector"
Arun Balasubramanian, VP & MD, India & South Asia, UiPath says "Empowering youth with essential skills is crucial for bridging the gap between academia and industry. The new initiative to skill 20 lakh youth in the next 5 years and expanded Model Skill Loan Scheme coverage brings us closer to bridging this gap"
Vishak Raman, VP of Sales, India, SAARC, SEA & ANZ at Fortinet says "The Union Budget 2024 is a push towards a holistic growth of India’s macroeconomics from the grassroot level. The key focus on productivity and resilience in agriculture will indirectly open up rural and non-metro markets with increased spending and consumption"
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC says "The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, highlights digital infrastructure as a key driver of economic development. The substantial allocation of over 11 lakh crore rupees for infrastructure development and the support for private sector investments signal a strong commitment to advancing India’s
digital capabilities"
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