India’s interim budget for 2024 is finally here, and the budgets and expectations are back, this time with a twist! Today, the Indian government presented the Interim Union Budget for 2024–25, which will pave the way for spending in the first four months of the new fiscal year. While it doesn’t hold the weight of a full budget, the interim budget still garners immense attention as a glimpse into the government’s priorities and economic outlook.

These are some of the perspectives that entrepreneurs from all over India are able to share.

Mr. Somesh Agarwal, Chairman and MD at Radisson Blu Palace Resort & Spa, Udaipur: “The recent budget announcement brings positive news for the tourism and hospitality sectors. The development of iconic tourist spots is expected to contribute significantly to the local economy by drawing in visitors, creating job opportunities, and promoting business expansion. This will have a positive impact on numerous local economies. Additionally, the initiative is anticipated to result in enhancements to infrastructure, transportation, and various amenities, providing benefits to both tourists and local residents. An increase in tourism provides opportunities for cultural exchange. Visitors will engage with local customs, traditions, and arts, fostering a mutual understanding and appreciation of cities like Udaipur’s unique cultural identity. An example of this was the G20 summit, which contributed to a rise in Udaipur tourism. Nevertheless, it is imperative to find a balance between development and the preservation of the spiritual and cultural integrity of the region. Prioritising sustainable and responsible tourism practices is essential to ensuring long-term benefits without causing adverse effects on the environment or local communities. We eagerly anticipate the implementation of these initiatives for the advancement of the tourism sector in India.”

Arun Shukla, President and Director, JK Lakshmi Cement: “JK Lakshmi Cement applauds the Honourable Finance Minister, Shree Nirmala Sitharaman, for crafting the visionary Union Budget 2024-25, a blueprint that aligns profoundly with our ethos of inclusive development. As a stalwart in the cement industry, we welcome the Government of India’s commitment to fostering growth, sustainability, and inclusivity. The Government’s strategic focus on all forms of infrastructure, be it digital, social, or physical, and a strong emphasis on women’s empowerment, resonates with our forward-looking mission. The significant increase in infrastructure outlay to INR 11.11 lakh crores and the emphasis on green growth shows the Government’s pursuit to propel our nation towards economic excellence.”

Manoj Tulsian, CEO and Joint Managing Director, Greenply Industries Ltd.: We embrace the optimistic outlook presented by the interim budget 2024-25, foreseeing transformative impacts on our industry. The government’s forthcoming initiative to empower middle-income families with homeownership is truly commendable, holding the potential to stimulate demand for construction and positively influence our sector. The budget’s emphasis on clean energy, particularly in harnessing offshore wind and promoting CBG blending, perfectly aligns with Greenply’s unwavering commitment to sustainability. The increased allocation for capital expenditure is a welcome signal, as it has undeniably acted as a catalyst for robust infrastructure development in recent years.

 Venkatram Mamillapalle, Country CEO & Managing Director, Renault India Operations: “With the Interim Union Budget 2024 announcement completed, Renault India embraces the transformative vision outlined by Finance Minister Nirmala Sitharaman, steering towards a ‘Viksit Bharat’ by 2047. As a committed contributor to the nation’s progress, we applaud the inclusive approach reflected in initiatives like the Fasal Bima Yojana, benefiting 4 crore farmers, showcasing the government’s dedication to rural prosperity. Renault India enthusiastically supports the impetus on advancing the e-vehicle ecosystem, recognizing its pivotal role in sustainable mobility. The promise of expanded manufacturing and charging infrastructure aligns seamlessly with the commitment to delivering innovative, eco-friendly solutions. Moreover, the emphasis on e-buses for public transport, echoes aspirations for fostering a greener, more sustainable future. Renault India stands poised to actively engage and collaborate in driving positive change and contributing to the realization of a prosperous and sustainable India.”

Rohit Mehrotra, Director and Co-Founder, Organic Tattva : “We are delighted that the government’s latest budget placed a strong emphasis on encouraging both public and private investment in post-harvest activities. This calculated action is in perfect harmony with your organic food brand’s dedication to sustainability and good health. We are positioned to support the country’s objective of a cleaner and more sustainable future as leaders in the organic food industry. The budget’s acknowledgement of these ideals supports our commitment to enacting positive change in addition to validating our goal. We are excited to take the lead in creating a culture that prioritises sustainability and wellness, enabling everyone to make conscious decisions. Let’s work together to create a future where sustainability and well-being go hand in hand.”

Mr. Sanket S., Founder, Scandalous Foods: We are thrilled with the Union Budget 2024’s focus on vital startup needs, which will strengthen industry thought leadership and capture an opportunity for us in the increasingly evolving HoReCa segment. The PM Mudra Yojana’s tremendous support, with 43 crore loans totaling Rs. 22.5 lakh crore, truly fuels the entrepreneurial dreams of our youth. This will help us create a conducive environment for our growth, allowing us to further innovate as the one-stop shop for traditional sweets for the restaurant industry. While Finance Minister Nirmala Sitharaman allocates funds for food subsidies, at Scandalous Foods, we stand for innovation. We deeply appreciate the backing from Fund of Funds, Startup India, and Startup Credit Guarantee Schemes, which play a pivotal role in empowering our youth. Through our preservative-free sweets, we feel that we’re not just creating a post-meal indulgence but a flavorful journey supporting the aspirations of the new generation.

Zorawar Kalra, Founder and MD, Massive Restaurants Pvt. Ltd. (Masala Library, Pa Pa Ya, Farzi Café, Made in Punjab, and a unique Asian eatery called Hotel ShangHigh): ”Our humble but vehement appeal is to get input tax credit for the restaurant industry, as it’s the No. 1 issue affecting the sector. We are the second-largest employer of human capital after agriculture and produce millions of jobs. Restoration of input tax credit is essential for the survival and proliferation of not just restaurants but also for the millions of jobs it entails. We hope that this is done over the course of the year.”

Pranav Kapadia, Founder and Director, Global Destinations: “Global events like the prestigious G20 Summit and the Cricket World Cup played an important role in putting India on the global map attracting tourists for business and leisure. Hence, there are a lot of expectations and optimism around the potential of the Union Budget 2024. Along with boosting inbound tourism, government priorities and policies should also focus on travel to international destinations strengthening diplomatic relationships, economic benefits, cultural exchange, and enhancing global connectivity. There is also a need to encourage technology adoption within the tourism industry, improving efficiency and customer experience like DigiYatra which is a welcome move by tourists and industry.”

Harsh Maskara, CEO and Co-Founder of DRIP Project by Metaman: “As someone deeply immersed in the retail and startup sectors, the Interim Budget 2024 holds immense significance. Reflecting on the anticipated changes, Winston Churchill’s words echo: ‘Success is not final; failure is not fatal. It is the courage to continue that counts.’ In this ever-evolving landscape, the budget will shape our path forward. Let’s celebrate successes, acknowledge challenges, and muster the courage to adapt and innovate. The Interim Budget 2024 is an opportunity for resilience and commitment to entrepreneurship.As we navigate the fiscal roadmap, may it fuel innovation, collaboration, and sustainable growth, defining a new chapter in our vibrant sectors’ narrative.”

Kresha Gupta, Founder at Chanakya Opportunities Fund: “In an announcement that delivered on subdued expectations, India’s FY 2024 Interim Budget unfolded with no major surprises, reflecting a pragmatic approach to fiscal policies. The absence of significant market fluctuations indicated that the budget did not introduce radical economic shifts. Instead, its core objective is to portray India’s developmental journey, highlight strides made, and elucidate a roadmap for continued progress. By doing so, the government aimed to remain confident both domestically and internationally in India’s economic trajectory. A notable emphasis in this fiscal plan was the commitment to social welfare, with a targeted focus on poverty alleviation, women’s empowerment, and the agricultural sector. The budget’s spotlight on the underprivileged underscored the government’s determination to bridge socio-economic gaps and foster inclusivity. In essence, India’s FY 2024 Interim Budget, while lacking in surprise elements, stands as a testament to a government focused on incremental progress and social welfare.”

Viren Khuller, Director at STIM Oral Care: “At Stim Oral Care, our fiscal approach mirrors a steadfast commitment to global oral health leadership. Our budget for the 2024–2025 fiscal year signifies a strategic investment in cutting-edge dental technologies, ensuring precision and attention to detail. Beyond mere financial planning, this budget serves as a compass, guiding us to enhance the overall consumer experience. We encourage all to witness a new standard of excellence in the oral health retail industry, underpinned by our dedicated investments in innovation, research, and distribution networks. At Stim Oral Care, we transcend the bottom line, dedicating ourselves to perfecting the art of delivering unparalleled oral care products to customers worldwide. In alignment with Finance Minister Nirmala’s emphasis on Indian brand deals in the international market, Stim proudly contributes to the growth of the retail sector on a global scale.”

Partha Pratim Das Mahapatra, Founder and CEO, EzeRx: “The Interim Budget of 2024 marks a significant boon for the healthcare industry, particularly benefiting rural areas where the need is greatest. The government’s strategic initiatives, notably Mission Indradhanush, exemplify a transformative commitment to immunise against measles, polio, hepatitis B, tetanus, diphtheria, TB, and pertussis, empowering women and securing a brighter future for children. The government’s focus on child and maternal health through the implementation of a comprehensive childcare plan, as part of the POSHAN 2.0 scheme, is commendable. The Saksham Anganwadi and Poshan 2.0, collectively referred to as Poshan 2.0, constitute an integrated nutrition support programme targeting malnutrition among children, adolescent girls, pregnant women, and lactating mothers. While lauding the positive strides in the Interim Budget of 2024, anticipation builds for the forthcoming Union Budget, expected to further catalyse the nation’s growth. We express gratitude to the government for its proactive measures in the preventive healthcare domain. Additionally, we anticipate informative insights shedding light on the non-invasive device genre.”

Dheeraj Bansal, co-founder of Recode Studios: “We find great optimism in the recent interim budget presented by Mrs. Nirmala Sitharaman. The budget not only underscores India’s ambitious growth vision but also places a strong emphasis on inclusive growth and sustainable development, acknowledging our country’s position as a global economy. The Finance Minister’s statement regarding the significant improvement in the Indian economy over the past ten years strikes a deep connection with the spirit of entrepreneurship that propels the retail, MSME, and startup industries. The decision to maintain existing tax rates for both direct and indirect taxes in the retail sector is a welcome move, providing stability and predictability to businesses.  This not only creates a favourable atmosphere for new businesses but also stimulates the expansion of essential elements of our economy.  With revised estimates at 5.8% of GDP, this budget sets the stage for a collaborative and thriving ecosystem. As we navigate these dynamic times, I believe that this budget will fuel the entrepreneurial spirit, driving our industries towards unprecedented growth and success. While the interim budget provided a broad overview, we eagerly anticipate the detailed budget’s insights into specific measures for the retail sector.”

Hemang Jain, founder and director of The Love Co.: “The recent budget announcement has ignited a wave of excitement and optimism within the startup community. Enhanced tax benefits, increased funding, and a deep focus on research and development are fueling entrepreneurial spirits. These measures are seen by startups as pivotal drivers for innovation and expansion, providing the essential financial backing and nurturing environment they need to flourish. The commitment to skill enhancement aligns perfectly with the demands of the startup landscape, heralding a future with a more capable and proficient workforce. As this budget unfolds, businesses are gearing up to seize these new prospects, paving the way for a vibrant and robust entrepreneurial ecosystem.”

Rishabh Sethia, Director, MARS Cosmetics: “The budget serves as a strategic guideline for both the retail and startup industries, presenting a dual narrative of obstacles and opportunities. Retailers welcome the GST amendments as a possibility for higher consumer spending while they navigate customs tariff modifications that may affect their global supply chains. Simultaneously, entrepreneurs are encouraged by longer tax breaks and expanded funding allocations, which align with a larger aim of supporting innovation and growth. The e-commerce business is at a crossroads, with new laws prompting online platforms to rethink their tactics, while traditional shops welcome the possibility of a more fair playing field. As these industries navigate the fiscal landscape, flexibility and strategic agility emerge as critical to thriving in a changing economic paradigm.”

Nidhi Gupta, Founder and CMO at French Essence: As a woman entrepreneur, my current budget reflects a genuine recognition of the critical role women play in both the startup and retail industries. Extended tax breaks and higher financial allocations not only encourage innovation but also pave the path for more diverse and inclusive business operations. The emphasis on skill development is especially empowering, since it provides a platform for women to improve their capabilities and make important contributions to these dynamic industries. The budget’s regulatory focus on e-commerce is an important step towards building a more equitable and competitive environment for women-led enterprises in both traditional and online retail. This budget acts as a beacon, ushering in a transformative era for women entrepreneurs by creating an environment in which their abilities and efforts are recognised and promoted.”

Himanshu Adlakha, co-founder of Winston India: “Since this was an interim budget, there was not much regarding the e-retail sector; we anticipate much more in the upcoming budget in July. This budget reinforces India’s commitment to inclusive growth and sustainable development, establishing our country as a major player in the world economy. The prospect of monetary support for the Open Network for Digital Commerce (ONDC) programme is particularly encouraging. This groundbreaking initiative has the potential to revolutionise the landscape for micro, small, and medium-sized businesses (MSMEs) in the e-retail sector. The focus on standardising data and processes through ONDC is a significant stride towards empowering e-retail entrepreneurs. This will not only enhance productivity but also foster a vibrant ecosystem for MSMEs to thrive on various e-retail platforms. In an era of technological advancement, a budget that supports online businesses, reduces regulatory processes, and provides financial incentives is instrumental in driving our ambitions and contributing to the expansion of the e-commerce industry. This budget lays the groundwork for a positive transformation in the Indian economy, with revised estimates at 5.8% of GDP.”

Dr. Malini Saba, businesswoman, global advocate for women and girls, and founder and chairman of the Anannke Foundation: “As a woman entrepreneur, the journey is not just about business but contributing to a larger narrative of women’s empowerment. The government’s initiatives like Mudra Yojana and the commitment to triple the target for Lakhpati Didi are empowering women economically. The focus on STEM education for girls is a step towards breaking gender stereotypes and fostering a culture of inclusivity. Reservations in legislatures and homes under the PM Awas Yojana showcase a commitment to creating an environment where women can thrive in all aspects of life.”

Palash Agrawal, the founder and director of Vedas Exports, said, “The budget has some interesting developments. The EV industry is gaining more importance, and tourism is being taken more seriously, particularly in places like Lakshadweep, which could increase global recognition for India. The focus on training from an MSME perspective is a positive development. This will enable us to compete globally and directly challenge China. International training programmes would be particularly beneficial, providing us with a significant boost to compete more effectively on the global stage. In addition, the move towards faceless tax audits is a welcome change, especially for MSMEs, as it will simplify the tax process and reduce compliance burden.”

Tarun Gulati, Director of Himalayan Hotels, said, “This initiative not only boosts tourism but also creates employment opportunities. States are encouraged to develop iconic tourist centres with a focus on global branding and marketing. The introduction of a quality rating framework, along with long-term interest-free loans for state development, promises a vibrant and promising future for India’s tourism sector.”

Umesh Singh, Founder and Director, Tara Candles: “As a proud founder in the vibrant landscape of MSMEs and retail, I commend the visionary step of increasing the threshold for presumptive taxation to Rs 3 crore. This pragmatic policy shift not only empowers small businesses but also fosters a conducive environment for growth. Furthermore, placing a policy priority on providing training for MSMEs underscores a commitment to global competitiveness. By investing in the skills and knowledge of our entrepreneurs, we pave the way for a resilient and globally competitive MSME sector. Together, these initiatives propel us towards a future where our businesses thrive, contributing substantially to the nation’s economic tapestry.”

Aditya Modak, co-founder of Gargi by P. N. Gadgil & Sons: “Overall, the comments made by FM are very optimistic about new businesses and MSMEs. This will help Indian businesses have a core strength while competing with old Indian and international brands. More investments in ecosystem creation for new-gen businesses will facilitate and aid quicker growth. The fiscal deficit has been revised to 5.8%, which indicates that our economy is performing exceptionally well. Moreover, the new target is set lower than the current achievement, which is a positive sign that the economy is on a growth trajectory. Additionally, our finance minister has projected an extraordinary growth rate for the next five years, offering a lot of hope and promise to MSMEs and entrepreneurs. Controlling inflation proactively can be very beneficial for start-ups. It ensures that expenses are not constantly increasing, which leads to more savings and helps businesses achieve profitability.”

Dr. Karishma Kagodu, MBBS, MS, MCh, Plastic Surgery, and the founder of Karishma Aesthetics:Changes in funding directly influence the reach and effectiveness of medical and cosmetic practice initiatives, regardless of insurance policies! Paying attention to augmenting the skilled workforce and research work in the health sector for budget 2023–24, the impetus to the research and development work paved the way for encouraging advanced practices in the overall medical industry. Both the private and public sectors may support the education and training of healthcare professionals, addressing workforce shortages and improving overall healthcare quality. The increased allocation of resources and funds is up by 13-28% from the last budget, opening the door for more innovation, especially when it is concerned with minimally-invasive, highly result-oriented fat removal procedures, i.e., 4D liposuction, or when things are centrally focused on skin rejuvenation, LHR (laser hair removal), or postpartum surgeries, including breast surgeries, abdominoplasty, and cosmetic gynaecology. We hope that in the future, we will explore the option to access cosmetic surgeries, availing the facilities with insurance easily and associated financial assistance to the masses prohibited from costlier medical or cosmetic procedures.”

Shrawan Daga, Founder, Krishna’s Herbal and Ayurveda: “The budget is a good one by the government. When we take into account the agri sector, the push towards nanodap should help farmers produce bumper yields that they can sell at better rates to local markets or to players like us who are always on the lookout for better quality products. The whole value chain will get impacted in the times to come, and the beneficiaries will be the end users who will get better quality products.”

Prakash Bedi, Vice President of Clarks Safari: “The budget sounded optimistic and growth-oriented. The doubling of FDI to 596 billion US dollars is an encouraging sign for the whole economy. The main push in this interim budget is to boost tourism at the state level. The announcement of interest-free loans to the state for maintaining iconic tourist centres will witness more footfalls. The opening of 517 new routes carrying 1.3 crore passengers boosted domestic travel, and seeing the surge in demand, Indian carriers have placed orders for 1000 new aircraft. The focus on tourism is back, and with the opening of Ram Mandir, spiritual tourism is also back in focus. Recently, members of the Karak Clan from South Korea visited the temple and paid tribute to Lord Rama. This is a positive signal; in the coming days, we can witness more international tourists from Southeast Asia visiting India for spiritual purposes. The surge of the Indian middle class will further boost domestic tourism.”

Komal Seth, Director and Founder of LINKIN REPS: “As a seasoned professional in the travel sector, overseeing Lily Hotels in the Maldives, Amaya Kudara, Residence Maldives, Haritha Villas in Sri Lanka, Kingsbury in Sri Lanka, OTP Villas in Sri Lanka, and collaborating with Turkey and Sochi tourism boards, the Union Budget 2024 is a beacon of hope. The doubling of FDI to 596 billion USD signifies a growth-oriented approach, fostering sustainable growth. The interest-free loans to states for tourist centre development align seamlessly with my journey. It’s not just economic policy; it’s a roadmap for creating timeless travel experiences and flourishing businesses.”

Mr. Harish Khatri, MD & Founder, India Assist: “I’m thrilled to witness India’s global recognition with successful G20 meetings across 60 locations. Our economic strength makes us a hub for business and conference tourism. Plus, the rising aspirations of our middle class fuel opportunities in tourism, including spiritual journeys, fostering local entrepreneurship. With the rise in travel aspirations, the demand for travel assistance services is also on the upswing. ”

Swapnil Pathak Sharma, owner of Zighrana: “The government’s prime focus on encouraging women in the workforce is a commendable move. It will provide opportunities to empower women’s contributions to the Indian economy. With a substantial number of women-led startups emerging in recent years, the 30 crore Mudra Yojna loans for women entrepreneurs will further encourage and benefit more female individuals to become self-dependent entrepreneurs. The 43% increase in female enrolment in higher education reflects a significant rise in women’s participation in the workforce, serving as a positive indicator of their contribution to the overall economy.”

Amit Jain, Founder of Paaduks: “Paaduks commends the Finance Minister’s visionary approach, placing a strong emphasis on training for global competitiveness, particularly in the context of MSMEs, startups, and exports. This strategic focus, coupled with efforts to align growth dimensions with demographic profiles, demonstrates a conscious effort to shape an advanced economy that prioritises increased employment opportunities. Aligned with Paaduks’ commitment to promoting regional craftspeople, we recognise the significance of this progressive strategy. The foundation of sustained growth, in our perspective, lies in empowering MSMEs with new skills. We are pleased to witness the government’s initiatives and believe that they will contribute to the success of our talented artisans.”

Sakshi Sawant, Director, Maati Nature Resort: “I’m excited about the government’s boost to the tourism sector in the interim budget. The special attention given to enhancing tourist infrastructure in Lakshadweep is particularly promising. With recent challenges abroad, many Indians are now looking at domestic destinations. This focus aligns with the growing interest in exploring India, and I anticipate positive impacts on businesses like ours, encouraging more domestic tourism.”

Prasoon Chauhan, Founder and CEO of JustHomz: The Finance Minister’s emphasis on new-age technology and data bodes well for the startup sector. The allocation of a Rs 1 trillion corpus, coupled with a 50-year low or interest-free loan provision, signifies a monumental stride in scaling up the startup industry. As a startup company, we applaud these initiatives, recognising their potential to fuel growth, nurture entrepreneurship, and pave the way for groundbreaking advancements. This budgetary support also aligns with our commitment to innovation, ensuring a dynamic landscape for startups to thrive and contribute significantly to India’s economic trajectory.

Mr. Harish Singla, Country Sales Manager at Forever Living Products India, said, “The unveiling of Budget 2024 by the Honourable Finance Minister, Nirmala Sitharaman, is undoubtedly a visionary move. From my standpoint, this budget holds the potential to provide significant impetus for expansion, aligning with India’s existing growth trajectory. As our nation progresses, we are poised to become a global leader, and this budget plays a pivotal role in shaping that future.One of the noteworthy aspects of this budget is its attention to addressing supply chain challenges, promoting domestic manufacturing, and emphasising sustainability. These factors are critical in positioning India not only as a Viswa Guru but also as a beacon of innovation and sustainability on the global stage. The proactive stance towards these issues is a testament to a forward-looking approach.”

Neeja Shah Goswami, CEO, Whiskers India “My understanding is that from the outset, the interim budget looks hopeful for women entrepreneurs in general. We need to see some impact on GST liability. If we want to increase e-commerce, we need to reduce transport costs to decrease logistics costs, which are very high due to fuel rates. As a country, we need more digital security budgets and reforms as we open e-commerce businesses to build trust and, in turn, increase consumer digital spending. Research and development are going to have a big boost. Women entrepreneurs loans are going to act as catalysts to encourage small businesses run by women to grow. As we delve into the details of the interim budget, it’s heartening to witness a forward-looking approach that echoes the government’s commitment to fostering growth. The extension of tax benefits for startups, a focus on MSME training for global competitiveness, and empowering women entrepreneurs through initiatives like the Mudra Yojana are steps in the right direction. The emphasis on inclusivity, especially for the Garib, Mahilayen, Yuva, and Annadata segments, aligns with our vision for a thriving beauty and grooming industry. We remain optimistic about the positive impact on our sector and eagerly await further developments as we collectively strive towards making India a Vikashit Bharat by 2047.”

Mr Raju Bhupati, Founder and CEO, Troo Good: “Proper storage of perishable farm produces ahead of distribution for consumption or for further processing, has remained a challenge for our agricultural sector and the government’s proposal to address this by boosting public-private partnership in post-harvest activities, such as storage infrastructure and logistics, with significant increase in capex, will go a long way in enhancing income for farmers, regularising prices as well as the quality of products. It was also encouraging to see ‘nutrition’ getting a mention in the budget, to help enhance the health of Anganwadi workers as well as the proposed support to women SHGs that is transforming the rural socio economic”

Sakshi Sawant, Director, Maati Nature Resort: “I’m excited about the government’s boost to the tourism sector in the interim budget. The special attention given to enhancing tourist infrastructure in Lakshadweep is particularly promising. With recent challenges abroad, many Indians are now looking at domestic destinations. This focus aligns with the growing interest in exploring India, and I anticipate positive impacts on businesses like ours, encouraging more domestic tourism.”

Chirag Mehta, Founder, Arbour Investments : “This year’s interim Budget presented by Finance Minister Nirmala Sitharaman for the year 2024-25 , has been a welcoming move for the Indian Real Estate. The budget presented has raised hopes for the Indian Real estate sector. The capital expenditure outlay on the Infrastructure development has been a welcoming move. Whereas easing the legal provision is a need of the hour. The possibilities of High end Income group investing in the sector will undoubtedly see the shift in the completion of the successful residential & commercial project completion.”

Mr. Arun Shukla, President and Director, JK Lakshmi Cement: “JK Lakshmi Cement applauds the Honourable Finance Minister, Shree Nirmala Sitharaman, for crafting the visionary Union Budget 2024-25, a blueprint that aligns profoundly with our ethos of inclusive development. As a stalwart in the cement industry, we welcome the Government of India’s commitment to fostering growth, sustainability, and inclusivity. The Government’s strategic focus on all forms of infrastructure, be it digital, social, or physical, and a strong emphasis on women’s empowerment, resonates with our forward-looking mission. The significant increase in infrastructure outlay to INR 11.11 lakh crores and the emphasis on green growth shows the Government’s pursuit to propel our nation towards economic excellence.

Mr. Saurav Kumar, Founder & CEO, Euler Motors. “The Interim Budget 2024 outlines India’s ambition to emerge as Viksit Bharat by 2047. The budget’s strategic focus on strengthening the EV ecosystem, particularly through support for charging infrastructure, underscores the nation’s dedication to sustainable transportation solutions. We applaud the government’s efforts towards making electric vehicles more accessible to the people of India. Along with the initiatives for skill-building and turbocharging research and development, India aims to catalyze innovative solutions, utilizing new technologies and data to fuel growth, particularly in emerging sectors and generate employment, expediting the EV transition. That being said, as EV manufacturers, we eagerly await further elaboration on the FAME subsidies, which have revolutionized EV adoption in India and may remain pivotal in reinforcing the industry, in the coming phase of expansion.”

Vishal Gourisaria, Founder, Straavi: Every year, the budget aids in our goal-setting and objectives for the retail market economy. In light of saree fashion, regulating GST pricing in the retail industry will maintain the long-term objective of exposing more people to clothes and sustainable culture.  As the embodiment of Nari Shakti in its purest form, Nirmalaji herself sets the standard each year by donning handcrafted sarees that are reasonably priced, supporting the Indian handloom industry and promoting Indian materials.

Meera Iyer, CEO & Co-Founder, SkinQ: As a mahila entrepreneur, I applaud the government for prioritizing women’s empowerment as a core pillar of the Budget strategy. To unlock India’s true economic potential, holistic empowerment of women is essential. While the budget introduces commendable measures such as improving healthcare, nutrition, and providing financial support for women entrepreneurs, there’s a pressing need for greater funding allocation specifically for women startup founders. As someone deeply involved in the startup ecosystem, I’ve witnessed firsthand the challenges women face in establishing and growing their businesses. Simplifying access to funding and other support mechanisms is crucial to ensure their meaningful participation. I urge for continued focus on these areas in the full budget post-elections.

V.P. Nandakumar, MD & CEO at Manappuram Finance.: “By giving a new meaning to GDP – governance, development and performance – the Finance Minister, Nirmala Sitharaman, has laid out the road map for India to become a developed nation (Vikasit Bharat) by 2047. Also commendable is the Government’s resolve to stay on the course of fiscal prudence while taking steps to ensure sustainable growth and development on a durable basis. On the whole, the interim budget has ticked most of the right boxes without straying from the fiscal glidepath, despite impending general elections.”

Dr Rajeev Boudhankar, Medical Director: Holy Family Hospital, Bandra  :”The union budget has been an encouragement for healthcare. We as healthcare professionals are happy to see the government initiatives redirected towards building and developing more medical schools across the spectrum. The provision for education and availability for cervical cancer vaccination for the young age group will also equip healthcare professionals to eventually reduce the cases of the cancer in women, the most vulnerable population of our country. The 13% increase in budget allocation towards healthcare is a promising move and will help our country take a more positive direction towards the goal of Universal Healthcare. India is on the crux of becoming a global leader in healthcare research and development, with the national healthcare mission aligning better year on year and the advancement in healthcare education and technologies, we’re certain that India will be the cornerstone for breaking through the current global challenges across the spectrum”

Rustom Lawyer, the Founder & CEO of Augnito: “The Interim Budget 2024’s focus on growth and innovation creates a promising landscape for both healthcare and technology in India. The projected 7% economic growth and $5 trillion GDP within three years paint a positive picture, and initiatives like the ₹1 lakh crore corpus for low-interest R&D loans provide fertile ground for homegrown solutions. Overall, the budget lays a strong foundation for future investment in both healthcare and technology. While we await further clarity on AI, the emphasis on research, infrastructure, and accessibility creates exciting opportunities for progress. At Augnito, we stand ready to contribute to a self-reliant India through innovative healthcare solutions, aligned with the government’s vision.”

Jurgen Bailom, President and CEO of Waterways Leisure Tourism Pvt Ltd, Cordelia Cruises: “With the Interim Budget 2024-25 now unveiled, Cordelia Cruises welcomes the strategic initiatives outlined, recognizing the pivotal role tourism plays in driving economic growth. Cordelia Cruises remains committed to our dedication to offering unparalleled maritime experiences, and we eagerly anticipate leveraging the opportunities presented by the budget to further elevate India’s position as a global tourism destination.”

Devika Saigal,CEO of M2M Ferries and Mandwa Jetty:”Tourism being the main focus of the interim Budget 2024 is welcome news for the Indian travel industry as a whole as it’s a major part of India’s overall economic growth. The rapid pace at which the new airports, super express-ways and roads that are being built with modern technologies are sure to improve the connectivity and help discover new tourism destinations which were previously difficult to access.A reduction or an exempt from these taxes for a new and growing Ropax Industry can trigger a chain reaction of reducing the  overall costs and hence making water transport even more affordable for mass transportation.”

Gaurav Mehta, CEO and founder of Jaipur Watch Company :”In the transformative landscape of India’s consumer industry, the 2024-25 budget is a pivotal opportunity to bridge the urban-rural consumption gap. Anticipating heightened consumer demand, strategic resource allocation towards optimized inventory management, enhanced customer experience, and impactful digital initiatives becomes paramount. Aligning with evolving consumer expectations, a commitment to sustainability is essential. Recognizing the indispensable role of technology in retail and e-commerce, incentivizing innovative digital advancements is crucial.

Rahul Garg, Founder and CEO, Moglix : “The establishment of new infrastructure corridors for ports, energy, minerals and cement will boost manufacturing and supply chains. Doubling the number of airports to 149 will energized the aviation sector. As a manufacturing-focused company, we welcome the government’s aim to enhance the EV ecosystem through manufacturing and charging infrastructure support. The proposed bio-manufacturing scheme for green growth aligns with our sustainability mission.”

Madhuri Ganadinni, co-founder, The Tea Planet :”We are thrilled to witness the impactful strides that have been taken in the 2024 Interim Budget, particularly in fostering financial inclusion and women empowerment. The extension of 34 crore Mudra Yojana loans to women entrepreneurs signifies a monumental step towards creating an ecosystem that propels the dreams and aspirations of countless women across the nation. This financial support not only injects vitality into businesses but also resonates with the core values of equality and inclusivity. The government’s commitment to reserving one-third of legislative seats for women is a beacon of hope, illuminating the path to a more balanced and representative democracy. This bold initiative transcends the realms of politics, echoing a resounding endorsement of women’s leadership capabilities and their indispensable role in shaping the future of our nation. Empowering women isn’t just a slogan; it’s a catalyst for sustainable development. As a woman entrepreneur myself, I feel a renewed sense of confidence and purpose. This budget isn’t merely a financial document; it’s a testament to the government’s commitment to building a nation where every woman has the opportunity to thrive and contribute meaningfully.”

Mr. Shiwang Suraj, Director & Founder of InfraMantra:  ‘The budget’s plan to build two crore more houses in the next five years is a big step to help low and middle-income people in India find homes. With a new program to help middle-class people own homes, we’re seeing big changes in housing. These efforts show how important it is for everyone to have a home and how new ideas in building can make our cities better places to live.

Prachi Kaushik, Founder & Director, VYOMINI – Social Enterprise (Startup) :“As a social enterprise, we encounter numerous challenges within marginalized communities. This budget brings significant relief for both the middle and marginalized sections. Initiatives like FPO, Lakhpati Didi, Namo Drone Didi, Micro Enterprises Schemes, and Vishwakarma Yojna will establish new milestones, promising increased income and enhanced social security for the marginalized in the future”

Nishant Kumar,  CEO, Earthy Tweens : “ PM Modi and his government have been highly positive towards startups. In the last financial year, a total loan of Rs 43 crore was given under PM Mudra Yojana. These loans of about Rs 22.5 lakh crore were given to industries, including schemes like startups, funds, etc. The Finance Minister has reiterated the government’s stance on this budget. With the government’s support, startups are continuously contributing to the GDP and providing employment. It is expected that in the forthcoming July budget, a larger share will be allocated for startups.The budget proposes to extend the tax holiday for startups by an additional year, until March 31, 2025. This will provide much-needed relief to startups and encourage innovation.”

Dinesh Arjun, Co-founder and CEO, Raptee Energy : “Various initiatives announced by the FM today clearly demonstrate the government’s intention to further accelerate EV adoption and also generate significant employment opportunities for the youth. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem. We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest. This will also break the ‘range anxiety’ , the biggest barrier for EV adoption in our country. The government’s support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies. Growth in EV charging infra will also generate employment opportunities for the youth as companies will be on a look out for people with technical know-how of running and maintaining charging infra. EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make in India EV vehicles”

Giridhar L V, CEO and Co-founder, Nuvepro Technologies: “It’s great to see the focus of the Government in setting up the infrastructure required for Skilling the youth and imparting quality education. However, what is still unaddressed is providing a path for the youth to Jobs. One of the best ways is by Internships. Organizations need to be incentivized to provide Internships, and it has to be made mandatory for every student to have at least 6 months of internship before they graduate.”

Kresha Gupta, Founder at Chanakya Opportunities Fund: “In an announcement that delivered on subdued expectations, India’s FY 2024 Interim Budget unfolded with no major surprises, reflecting a pragmatic approach to fiscal policies. The absence of significant market fluctuations indicated that the budget did not introduce radical economic shifts. Instead, its core objective is portraying India’s developmental journey, highlighting strides made, and elucidating a roadmap for continued progress. By doing so, the government aimed to remain confident both domestically and internationally in India’s economic trajectory. A notable emphasis in this fiscal plan was the commitment to social welfare, with a targeted focus on poverty alleviation, women’s empowerment, and the agricultural sector. The budget’s spotlight on the underprivileged underscored the government’s determination to bridge socio-economic gaps and foster inclusivity. In essence, India’s FY 2024 Interim Budget, while lacking in surprise elements, stands as a testament to a government focused on incremental progress and social welfare.”

Ramachandra Bhat, Director of Finance at Clarks Exotica :”The government’s emphasis on the comprehensive development of iconic tourist centers with global branding aligns seamlessly with Clarks Exotica’s commitment to delivering unique and culturally immersive guest experiences. Bhat sees promise in the proposed projects for port connectivity, tourism infrastructure, and amenities in the islands, particularly Lakshadweep. He notes the potential for these initiatives to enhance destination allure and act as catalysts for significant employment generation within the hospitality sector. Anticipating heightened demand for accommodation and services, Bhat envisions a positive upswing for the industry. In conclusion, as observed by Ramachandra Bhat, the Finance Minister’s forward-thinking proposals are poised to usher in positive transformations for the hospitality sector’s future, aligning well with Clarks Exotica’s commitment to excellence and unique guest experiences”

Pranav Kapadia, Founder and Director, Global Destinations: “Global events like the prestigious G20 Summit and the Cricket World Cup played an important role in putting India on the global map attracting tourists for business and leisure. Hence, there are a lot of expectations and optimism around the potential of the Union Budget 2024. Along with boosting inbound tourism, government priorities and policies should also focus on travel to international destinations strengthening diplomatic relationships, economic benefits, cultural exchange, and enhancing global connectivity. There is also a need to encourage technology adoption within the tourism industry, improving efficiency and customer experience like DigiYatra which is a welcome move by tourists and industry.”

Prasuk Jain – Managing Director, Snow World Entertainment : The hospitality industry plays an important contributor to India’s growth in a lot of aspects. It is believed that the government wants to untap the potential of our diverse nation, giving extra support to the hospitality and tourism sector which leads to direct and indirect growth. Food and tourist in the country creates a lot of business opportunities for not just the businesses but everything linked to the front end business and with the development we see happening in cities like mumbai Delhi Bangalore etc, there is a huge push for development in various sectors which in turn will lead to growth and making India an international country soon for tourism too. FHRAI and NRAI has urged the government to consider the reforms of GST, Incentives programs, tax benefits, etc  seriously, recognizing the crucial role of tourism and hospitality in shaping India’s economic landscape which is also highlighted by the president of the association

Manoj Sihag & Rahul Uppal, Directors, Echor Hotels & Resorts:“We celebrate the government’s commendable increase in capex for road infrastructure, there’s a missed chance in the new budget to merge GST categories. Despite this, the enhanced connectivity will positively impact local tourism, cutting travel time from major cities like Delhi to scenic destinations like Himachal and Kashmir through improved tunnels and roads.”

Ms Prachi Kaushik, Founder & Director, VYOMINI – Social Enterprise:“As a social enterprise, we encounter numerous challenges within marginalized communities. This budget brings significant relief for both the middle and marginalized sections. Initiatives like FPO, Lakhpati Didi, Namo Drone Didi, Micro Enterprises Schemes, and Vishwakarma Yojna will establish new milestones, promising increased income and enhanced social security for the marginalized in the future”.

Ajeet Godara – Cofounder and Director – Natureland organics :”While the finance minister emphasised on the need to develop digital infrastructure to assist farmers and the agriculture sector in the country during her budget speech, it has long lasting impacts on the Agri-economy of the country. The budget is focussed to support the youth, poor, women and farmers. While the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and sixty thousand individuals with credit linkages in the previous year, the government is still focused on increasing the income of farmers. More than 40 lakh farmers would be able to avail the benefits of insurance. It is a welcome move, set to increase the scope for research and introduction of technology in the sector as new start-ups would bring in better knowhow and skill. Farming in general and organic farming in particular is in much need of latest techniques of cultivation, procurement and packaging. “

Sanjay Vazirani , Founder & Chairman, China Bistro, Foodlink Group, Hyderabad : “As the founder of China Bistro, I view the prospect of reforms and input credit for restaurants and F&B businesses as a pivotal crossroads – a potential boon or bane. Strategic reforms, if well-orchestrated, have the power to uplift the industry, fostering growth and sustainability. The key lies in a judicious approach, ensuring that reforms truly become a catalyst for positive transformation, benefiting not only individual establishments like ours but the industry as a whole.”

Anubhav Pandey, Chief Strategy Officer of Consortium Gifts: I’m energized by the recent budget’s impact. With a projected GDP growth of 7.5% and $100 billion allocated for infrastructure over five years, the government’s focus aligns seamlessly with our goals. Concrete measures like a 30% increase in digital infrastructure spending and a 20% rise in skill development funding support our optimism. Data shows a 25% FDI surge and a 40% domestic consumption increase, promising a vibrant corporate landscape. With a 15% corporate tax cut for SMEs and a 50% R&D boost, confidence in the budget’s strategic vision is high. We’re committed to contributing to India’s economic resurgence, forging partnerships, and leveraging innovative gifting solutions. Our data-driven approach positions us well to navigate transformative opportunities and build lasting corporate alliances.

Ashish Singhal, CFO & Company Secretary of CORE Diagnostics Pvt Ltd: Mr. Ashish Singhal, CFO & Company Secretary of CORE Diagnostics Pvt Ltd, Gurgaon said  “I am optimistic about the Union Budget 2024-25. The emphasis on infrastructure financing, incentivizing R&D, and regulatory policies for health startups aligns with our vision at Core Diagnostics. We believe that these measures will foster innovation, enhance accessibility, and ultimately improve patient outcomes in the healthcare sector. We look forward to seeing the positive impact of these policies on the diagnostics industry and the healthcare sector as a whole. This Interim Budget was neutral for the diagnostics industry, we hope for the favourable budget in the Final budget.”

Laxmikanth Thipse, Founder & CEO, GameCloud Technology: “We are pleased with the Union Budget 2024, which has taken several steps to support the gaming industry and promote innovation and creativity in the sector. The government has announced a ₹5.54 lakh crore stimulus package, which will create more opportunities for growth and employment in the gaming sector. The government has also proposed to introduce a duty credit script of 10% for export-oriented gaming companies, which will help them access global markets and compete with international players. The government has also allocated ₹500 crore for the development of a National Gaming Centre, which will provide state-of-the-art facilities and infrastructure for game developers and esports organisers. The government has also extended the tax holiday and capital gains exemption for startups by one more year, which will encourage more entrepreneurship and innovation in the gaming space. We at Gamecloud are committed to providing our clients with the best video game testing and quality assurance services, and we are confident that the budget will create a conducive environment for us to achieve our vision of contributing to the success of game studios globally.”Mr. Laxmikanth Thipse, Founder and CEO, GameCloud Technology

Deepak Gupta, Sr. Vice President at Advait Infratech: Deepak Gupta, Sr. Vice President at Advait Infratech says “The Budget’s focus on enhancing offshore wind energy capabilities and developing renewable energy sources aligns perfectly with the country’s commitment to achieving a Net Zero target by 2070. The incentivization of green hydrogen, biofuels, and electric vehicles, as outlined in the Budget, not only underscores the importance of sustainable energy but also opens up new avenues for economic and technological growth. This forward-thinking strategy paves the way for a more sustainable and environmentally conscious future.”

Kumar Ranjan, CEO & Co-Founder, eFeed: “The Indian Budget 2024’s focus on integrating advanced technologies like AI, ML, and IoT into agriculture marks a transformative era for the sector. These technologies will enable precision agriculture and livestock management, significantly enhancing farmer productivity and ROI. The proposed tax incentives for adopting these technologies will catalyze innovation, driving a more efficient, sustainable future in farming. Additionally, the use of AI, ML, and IoT will improve the quality of produce, aligning with the global standards of agricultural excellence”- Mr. Kumar Ranjan, CEO & Co-Founder.

Dr. Ananthakrishnan Gopal, Co-Founder & CTO at DaveAI: “With investment funding drying up, the requirement for impetus from the government on R&D is very important. “Announcing a 1 lakh-crore funding with close to zero interest and long-term financing is a fantastic impetus for start-ups working on cutting-edge technology. The hope is that this investment is done in a methodical and outcome-driven manner to fund real start-ups instead of shell-companies, and tie future funding to tangible outcomes.”– Dr. Ananthakrishnan Gopal, Co-Founder & CTO at DaveAI

Sriram PH, Co-Founder & CEO at DaveAI: “Stable governance and policies are indications of a strong economy and I believe this year’s budget reflects that. The positives for the startup ecosystem is the extension of tax benefits by another year. While the expectation was more firm outcome-driven measures, this is a good step. The emphasis on leveraging deep technology and interest-free funds for research & innovation will certainly help deep technology startups in the country.”- Sriram PH, Co-Founder & CEO at DaveAI

Madhuri Ganadinni, co-founder, The Tea Planet : We are thrilled to witness the impactful strides that have been taken in the 2024 Interim Budget, particularly in fostering financial inclusion and women empowerment. The extension of 34 crore Mudra Yojana loans to women entrepreneurs signifies a monumental step towards creating an ecosystem that propels the dreams and aspirations of countless women across the nation. This financial support not only injects vitality into businesses but also resonates with the core values of equality and inclusivity. The government’s commitment to reserving one-third of legislative seats for women is a beacon of hope, illuminating the path to a more balanced and representative democracy. This bold initiative transcends the realms of politics, echoing a resounding endorsement of women’s leadership capabilities and their indispensable role in shaping the future of our nation. Empowering women isn’t just a slogan; it’s a catalyst for sustainable development. The 2024 Interim budget’s focus on women entrepreneurs and political representation is not just a policy decision; it’s a transformative force that will ripple through communities, fostering a more equitable and prosperous society. As a woman entrepreneur myself, I feel a renewed sense of confidence and purpose. This budget isn’t merely a financial document; it’s a testament to the government’s commitment to building a nation where every woman has the opportunity to thrive and contribute meaningfully.

Saurabh Uboweja, Founder & Managing Partner at BOD Consulting: I appreciate the government’s strategic move in implementing three significant economic railway corridor programs, as part of the PM Gati Shakti initiative. These initiatives, focusing on energy, mineral, and cement corridors, port connectivity, and high-traffic density corridors, demonstrate a commitment to enhancing logistics efficiency and reducing costs. I believe that streamlining logistics will also improve productivity and accelerate GDP growth, marking a positive step towards economic development. Despite being an interim budget, I am looking forward to extensive initiatives in the logistics industry, further advancing India’s economic momentum.

Saurav Agarwal, Founder and CEO, PromotEdge: We are pleased to acknowledge the visionary steps taken by Finance Minister Nirmala Sitharaman in the Union Budget, paving the way for a digitally advanced, globally sustainable, and healthy India. This budget reflects a progressive approach, focusing on inclusive growth, leveraging the potential of cutting-edge technologies, and implementing crucial business reforms. Over the past decade, the Indian economy has undergone a remarkable positive transformation, and this budget is a testament to our commitment to sustaining this upward trajectory. The consumer tech startup sector will surely be stimulated by the proposed tax advantages, which would encourage entrepreneurship and innovation. The allocation of Rs 1 lakh crore for a 50-year interest-free loan is a game-changer, providing our tech-savvy youth with a golden era for long-term financing or refinancing at low or nil interest rates. The announcements hold particular significance for startups and the digitization drive. Since this was an interim budget, there was not much regarding the digital sector, we expect much more in the upcoming budget in July.”

Simranjeet Singh, Director, CYK Hospitalities: “As the network via road, rail, airport, and highway increases, it opens up opportunities for more travel, which creates a domino effect over the food and beverage industry as well. With developments like these and spiritual tourism coming up, the scope for established as well as new food brands has increased. The Honourable Finance Minister’s announcement to develop infrastructure across the country is a welcome step for everyone related to the F&B industry. The international and domestic brands will get a chance to penetrate more Nationwide, also giving a great employment opportunity.”

Manoj Kumar Sharma, the Founder of Ashnam Home: “The interim budget seems overall good, and it is good to see we are on a good growth trajectory. As an MSME, I feel the government is looking at the sector proactively, making provisions, and developing policies that would benefit them. The training for the MSME sector is a good move, and this will help us compete globally and make Bharat Atma Nirbhar.”

The Interim Budget 2024 has laid the groundwork for the upcoming fiscal year, but the journey doesn’t end here. The full budget, to be presented later this year, will provide a more comprehensive picture of the government’s economic agenda. With crucial general elections looming, it will be interesting to see how the government balances its fiscal prudence with populist measures. Until then, the coming months will be a period of close observation as we witness the implementation of the interim budget’s provisions and their impact on the economy and various sectors.