Finance Minister Nirmala Sitharaman tabled the Interim Union Budget 2024-25 yesterday. The focus of the budget was on infrastructure, tourism, logistics, and innovation in research and the tax structure was left untouched. On the startup landscape, the minister proposed tax benefits for startups. She also added that Indian economy has been put on a strong and sustainable growth path. Deviating from the traditional method of governments adopting a populist sentiments in their end of the term budgets, the FM confidently refrained from taking any special reach out initiatives to impress the middle and lower income classes.
The brand owners and leaders reacted to the Interim Union Budget 2024.
T S Kalyanaraman, Managing Director – Kalyan Jewellers said, “We welcome the interim budget announced by FM Nirmala Sitharaman, and commend the Government of India’s consistent efforts in ensuring inclusive growth as well as recognizing the pivotal role of women in economic transformation, through a diverse array of initiatives. The country’s phenomenal growth trajectory and economic prowess in the past decade, has been nothing short of extraordinary, particularly the surge in FDI, which witnessed two-fold increase over the past two decades. As we celebrate the golden era, we would like to applaud PM Modi’s commitment and vision for fostering a thriving economic landscape. The ‘First Develop India’ (FDI) initiative, geared towards encouraging foreign partnerships, exemplifies a collaborative spirit towards economic progress.
Furthermore, we believe the PM Vishwakarma Yojana is playing a critical role in empowering the India’s artisan community. With benefits extending across 18 trades, it symbolizes the Government of India’s holistic approach towards preserving traditional craftsmanship and contributing significantly to the nation’s economic fabric.”
Arjun Ranga, MD, Cycle Pure Agarbathi said, “We are elated to witness the government’s dedication to women’s empowerment. Our workforce, predominantly comprising women, stands as a testament to the impactful contributions they make to our success. This budget not only recognizes but reinforces the crucial role women play in the workforce.
We express contentment with the government’s focus on MSMEs, noting their crucial role in the global market. He applauds the prioritization of training programs for MSMEs, enabling them to compete on a global scale. The government’s commitment to enhancing the competitiveness of MSMEs through strategic training initiative sets the stage for a promising future. We foresee a brimming future for both women empowerment and the MSME sector.”
Angshu Mallick, MD & CEO, Adani Wilmar Ltd. said, “We commend the vision and intent expressed by the government through the interim budget proposals to create a pathway for inclusive and sustainable growth for India. This will lead to India emerging as a developed economy by 2047. As an FMCG player we support the vision that will empower different segments of society, making them partners in the growth journey. The government’s focus on development is evident encompassing various social groups and people at all levels.
The widespread adoption of Nano-DAP across all farming regions is a commendable innovation, empowering farmers and aligning our practices with environmental harmony, reflecting a conscientious approach within the FMCG sector. Moreover, the launch of the ‘Atmanirbhar Oilseeds Abhiyaan’ marks a pivotal step towards achieving self-sufficiency in oilseed production, showcasing our commitment to advancing self-reliance and sustainable practices within the FMCG landscape. We have been investing in oilseed crushing facility over the years. At present, Adani Wilmar possesses a crushing capacity of 1.20 million metric tons in Soya whereas in mustard seeds crushing, with existing and forthcoming facilities it’ll amount to 0.70 million metric tons.
Overall, the Union Budget 2024 lays the foundation of inclusive growth that will lead to ‘Sabka Vishwas’. The next five years holds the promise of unprecedented development towards realizing the dream of developed India @ 2047. The trinity of demography, democracy and diversity supported by ‘Sabka Prayas’ has the potential to fulfill aspirations of every Indian.”
Anuj Poddar, MD & CEO, Bajaj Electricals said, “The budget has positively surprised everyone with a low fiscal deficit target, which is prudent and commendable, especially in an election year. The continued impetus on government capex outlay is a strong positive for the economy. One challenge for the economy is the subdued consumer demand, especially amongst the rural and lower middle segments. While this interim budget has not directly addressed that, I remain hopeful that the full budget in July shall do so.”
Prasan Firodia, MD, Force Motors said, “It is heartening to note the balanced and growth-oriented Interim Budget for the fiscal year 2024-25. The budget focuses on boosting capital expenditure to strengthen the nation’s infrastructure, creating a conducive ecosystem that fosters innovation and entrepreneurship and laying the groundwork for transformative progress in various sectors. We, at Force Motors, look forward to further strengthening the Auto Industry and contributing to building a sustainable future for our nation.”
Aasif Malbari, CFO, Godrej Consumer Products Limited (GCPL) said, “The Union Budget, though interim, highlights a deep commitment to the long-term vision of strong economic growth. Continuing the path of fiscal consolidation is a positive sign for overall economic growth, which has the potential to boost consumption patterns in the long run. The focus on enhancing connectivity and infrastructure also bodes well for India Inc including FMCG sector. Moreover, the emphasis on upskilling and the significant rise in women in the workforce signify a holistic approach to fostering an inclusive and dynamic economy, setting an optimistic tone for the years ahead.”
Venkatram Mamillapalle, Country CEO & Managing Director, Renault India Operations said, “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.”
Thomas Joseph K, Executive Vice President and Chief Business Officer, South Indian Bank said, “There is enough evidence that the Government will continue on its promise to deliver economic growth. For starters, the record capex of Rs. 11.1 lakh crore is heartening. The proposed improvements to the transport infrastructure corridor through the Gati Shakti intervention will boost economic activity across the country. The focus on energy will inspire further confidence of industry. Other proposals such as the proposed launch of a housing scheme for the middle class, measures to promote dairy development and enhance oilseeds production, crop insurance, etc., will provide a fillip to the rural economy, which will indirectly add more demand for the consumer goods, thereby boosting the overall economy. Despite the limitations of having to present a budget that’s essentially a vote on account, the finance minister has provided enough evidence that India can look forward to a period of continued economic ascendancy”
Manos Nikolakis, General Manager – BIC Cello, India said, “The government has been continually working to support the education sector. It’s paving the way towards a more prosperous future underlined by innovation, empowerment, and societal advancement by elevating the education infrastructure, skills development programs and digital initiatives. This is evident through budget allocation to the sector as well as key initiatives such as Pradhan Mantri Schools for Rising India (PM-SHRI), and New Education Policy. As a key player and a market leader in the stationery industry, we envision a more equitable future for the upcoming generation if taxation policies on educational materials such as ballpoint and gels pens are reconsidered. This would make education more accessible and affordable for all.”
Samir K Modi – Managing Director, Modi Enterprises said, “The interim budget focuses on creating opportunities for Indians, especially the youth and women, thereby providing a robust impetus to the nation’s growth. The government’s commitment to India’s growth strategy is praiseworthy through initiatives like the Skill India Mission, which has trained 1.4 crore youth, along with upskilling and re-skilling 54 lakh youth. This strategic focus is poised to accelerate our journey towards providing more job opportunities & becoming a self-reliant nation. Furthermore, the interim budget’s noteworthy emphasis on women’s empowerment is truly inspiring. The surge in women’s enrolment in higher education, from 28 pc to 43 pc in STEM fields reflects a positive trend. Additionally, the allocation of 30 crore MUDRA loans to women entrepreneurs is a significant step. With these initiatives, the next decade is anticipated to be a period of unprecedented development and progress defined by resilience, innovation, and sustainable growth.”
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green said, “Today’s announcements on the interim budget for Viksit Bharat illustrate the government’s steadfast commitment to creating a developed India by 2047. The significant progress gained in all aspects of infrastructure physical, digital, and social over the last decade demonstrates our multifaceted economic management, which effortlessly aligns focus on infrastructure building with aggressive capital expenditure; with inclusive and people-centric development.
The allocation of 2.78 lakh crores to the Ministry of Road Transport and Highways is a clear indication of strides toward progress, particularly in fortifying the electric vehicle (EV) ecosystem. The government’s commitment to the expansion and fortification of the e-vehicle ecosystem, promote deployment of EVs for the masses, coupled with support for manufacturing and charging infrastructure, marks a pivotal moment.
The government remains resolute in its commitment to expanding and sustaining this ecosystem, fostering entrepreneurial opportunities for vendors engaged in the supply and installation of charging infrastructure. Simultaneously, it aims to create employment opportunities for the youth equipped with technical skills in the manufacturing, installation, and maintenance of these vehicles.
The EV sector was expecting an announcement in the interim budget regarding the continuation of the Fame scheme for demand generation. We are hopeful to have this coming in the weeks ahead.”
Vipul Shah, Chairman, GJEPC said, “Gem & Jewellery Export Promotion Council (GJEPC) welcomes Union Finance Minister (FM) Smt Nirmala Sitharaman’s announcement to make our country Viksit Bharat by FY2047. Exporters will agree with Hon. FM that globalization is being redefined and a new world order is emerging after the pandemic. For gem & jewellery exporters, the recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others. Just as the CEPA trade agreement has increased jewellery exports to the Middle East, we welcome bilateral trade agreements with European countries and others to boost gem & jewellery exports. We welcome FM coining real G.D.P. growth as well as her emphasis on Governance, Development & Performance. Before FM presents the full budget and detailed roadmap for the pursuit of ‘Viksit Bharat’ in July, Council seeks inclusion of gem & jewellery artisans and craftsmen in the PM-Vishwakarma Yojana provides end-to-end support scheme. Of the increase outlay of Rs. 11.11 lakh crore announced by the FM, we seek allocation towards modern infrastructure such as Jewellery Parks for boosting gem & jewellery exports from India. As 80%+ of gem & jewellery industry are MSMEs, we urge FM to include Government schemes for Gems and Jewellery that will help the sector compete globally, including the skilling and training for MSMEs. We eagerly await FM’s detailed strategy for Amrit Kal and an economic export policy with Sustainable Reform, Perform and Transform earning Sabka Vishwas for the next 5 years of unprecedented development.”
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