Finance Minister Nirmala Sitharaman’s Union Budget 2024 has garnered widespread acclaim for its forward-looking and inclusive approach to India’s economic growth. Industry leaders have praised its emphasis on sectors like infrastructure, healthcare, and education, citing it as pivotal for fostering sustainable development and driving economic recovery post-pandemic. The industry leaders echoed the sentiment as following:
Saugata Gupta, MD & CEO of Marico Limited, praised the budget for its ambitious vision of “Viksit Bharat by 2047” and its comprehensive approach to economic and social reforms. The allocation of Rs 2.66 lakh crore for rural development and Rs 1.52 lakh crore for agriculture aims to stabilize rural economies and support farmers. Initiatives for upskilling youth and promoting employment, alongside substantial investments in infrastructure and digital connectivity, are set to enhance economic growth and efficiency.
Falguni Nayar, Founder and CEO of Nykaa, highlighted the budget’s support for e-commerce and startups, noting the abolition of the angel tax as a significant boost for innovation and investment in Retail Tech. The budget’s focus on employment, skilling, MSMEs, and the middle class sets a promising tone for India’s future.
Mayank Shah, Vice-President of Parle Products, commended the budget for meeting key expectations, including increasing consumer disposable income through job creation and tax reforms. The revised tax slabs and higher standard deductions are expected to stimulate demand and economic activity. The emphasis on agricultural development, particularly in creating vegetable production clusters and promoting natural farming, aligns with the vision of a robust food ecosystem.
Krishnarao Buddha, Senior Category Head, Parle Products added that the budget 2024 genuinely focused on big steps forward. It emphasizes key aspects like generating employment, skilling India, enhancing skilled manpower, and supporting MSMEs and the middle class. The initiatives to promote agriculture, improve oilseed production, and enhance vegetable supply chains are fantastic.
The focus on employment generation and skilling, including wage support and EPFO contributions for new hires, will create numerous opportunities for the youth. Additionally, the plans for housing, internships, and tax reforms are commendable. Reducing corporate tax and increasing the tax slab exemption will likely attract foreign companies towards India and increase disposable income for the middle class. Overall, one can expect this budget to result in increased savings for consumers, a conducive environment for spending, improved lifestyles, and greater prosperity for the country
Abhay Parnerkar, CEO of Godrej Tyson Foods Ltd, echoed these sentiments, noting the budget’s potential to enhance food security, improve farmer livelihoods, and drive economic growth through initiatives in agricultural development and the frozen food sector.
P R Seshadri, Managing Director and CEO of South Indian Bank, praised the rationalization of direct taxes and GST, the push for housing and employment, and improved credit delivery to MSMEs. These measures, along with increased outlay for rural and agricultural development, are seen as pivotal for India’s growth trajectory.
Amit Khatri, Co-Founder of Noise, emphasized the budget’s focus on manufacturing, upskilling, and women empowerment. The government’s commitment to job creation, skill development, and the establishment of e-commerce export hubs is expected to boost local manufacturing and empower MSMEs and traditional artisans.
Akash Agrawal, Co-Founder of Zoff Foods, highlighted the significant investment in the skilling of women and girls, which will empower them to contribute across various industries, particularly in manufacturing. The establishment of e-commerce export hubs will help various sectors expand internationally, reflecting the budget’s commitment to economic growth and inclusivity.
Murali Iyer, Country CFO, IKEA India said, “The budget demonstrated commitment to supporting MSMEs and women via access to finance, infrastructure and skilling support. Innovative schemes, such as internship opportunities for youth and the development of Digital Public Infrastructure reflect the government’s forward-thinking approach. Significant investments in infrastructure and tax relief measures, such as an increased standard deduction for salaried employees, will increase disposable income for consumers, providing a boost to retail. Additionally, the focus on climate sustainability through a roadmap for transitioning industries is most welcome. We believe the focus on manufacturing, youth, skilling, employment generation, sustainability, and women empowerment will lead to a more inclusive growth and economy.”
Angshu Mallick- MD & CEO of Adani Wilmar said, “I see great potential in the ₹1.52 lakh crore allocation in the 2024 Union Budget for revolutionizing India’s agriculture sector. This strategic investment will significantly enhance productivity, resilience, and sustainability. Key initiatives like innovative crop research, high-yielding varieties, and natural farming practices will directly benefit 1 crore farmers, supported by the establishment of bio-input centres.
The focus on rural development, self-sufficiency in crucial crops, vegetable clusters, and improved digital infrastructure is particularly encouraging. These measures promise to optimize the agricultural value chain, boosting efficiency and competitiveness. The Digital Public Infrastructure (DPI) initiative, starting with a digital crop survey for Kharif in 400 districts, will stabilize rural economies and ensure 6 crore farmers and their lands are registered, facilitating the issuance of Jan Samarth-based Kisan Credit Cards. This budget sets a promising trajectory for the agriculture sector and rural economies, aligning with our mission to foster sustainable growth and prosperity in rural communities.”
