Mumbai: The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, aims to bolster India’s economic growth through several transformative measures and significant allocations across various sectors.
Industry leaders have offered diverse perspectives on the Union Budget 2024, highlighting its strengths and areas for improvement. Key praises include the focus on Digital Public Infrastructure (DPI) by Sahil Chopra of iCubesWire, seen as transformative for digital advertising. Yasin Hamidani of Media Care Brand Solutions welcomes tax revisions benefiting middle-class taxpayers and substantial agricultural investments. Ambika Sharma of Pulp Strategy and others commend MSME support and digital innovation initiatives. However, concerns raised by Dr. Vikram Kumar of SRV Media and others about overlooked sectors like digital marketing underscore the budget’s mixed reception. Overall, optimism prevails for fostering innovation and economic growth, particularly in tech, startups, and digital infrastructure.
Sahil Chopra, Founder and CEO of iCubesWire, praises the government’s visionary approach, particularly its focus on developing Digital Public Infrastructure (DPI). Chopra notes, “This initiative is set to revolutionize the digital advertising and social media marketing industry by enhancing productivity, creating vast business opportunities, and driving innovation.“
Yasin Hamidani, Director of Media Care Brand Solutions, highlights the budget’s impact on taxpayers and the agricultural sector. “The minor revisions in personal income tax rates offer welcome relief to middle-class taxpayers, potentially increasing disposable income and consumption. However, the hike in investment taxes might dampen investor sentiment,” Hamidani states. He also underscores the significant Rs 1.52 trillion allocation for agriculture, aimed at doubling farmers’ income and enhancing productivity through high-yielding, climate-resilient crops.
Vaibhav Gupta, Co-Founder and CPO of KlugKlug, appreciates the focus on digital infrastructure and ease of doing business. Gupta remarks, “The review of the Income Tax Act and the simplification of capital gains taxation will reduce compliance burdens, allowing businesses to focus more on growth and innovation.“
Sri Hari, Chief Business Officer of GenY Medium said, We applaud the progressive steps taken in the Union Budget 2024 to do away with the Angel Tax for startups. These reforms will encourage innovation and growth by improving the investment climate, freeing up startups of cash constraints and focus on growing their businesses.
As a digital marketing agency, we see tremendous potential for innovation that startups bring, and as their funding increases, they will require more effective marketing plans to connect with consumers and build their brands. We are prepared to collaborate with entrepreneurs in this vibrant ecosystem and help spearhead their innovation with our state-of-the-art digital marketing solutions.
Ambika Sharma, Founder & Chief Strategist of Pulp Strategy, applauds Union Budget 2024 for its forward-thinking approach to digital advertising, MSME support, and services sector growth. Emphasizing digital infrastructure and AI adoption, the budget’s measures are set to foster innovation and economic empowerment, promising a robust future for India’s economy and marketing landscape.
Prateek N Kumar – Founder and CEO of NeoNiche Solutions said, “The recent Budget is a comprehensive approach aimed at fostering growth across various sectors of our society. By focusing on employment, skilling, MSMEs, the middle class, the poor, women, youth, and farmers, it is indeed a wholesome and inclusive budget. The outlined nine priorities for the coming years—Productivity and resilience in Agriculture, Employment and skilling , Manufacturing and services, Urban development, Energy security, Infrastructure, Innovation and R&D, and Next-generation reforms—highlight a commitment to holistic development. This focus on job creation and boosting consumption is poised to significantly benefit the consumer goods, real estate, and auto sectors. It’s an encouraging roadmap for our nation’s future.“
Prady, CEO and Managing Partner, NP Digital India said, “The Union Budget 2024-25 marks a significant step forward in shaping India’s economic future. By prioritizing education, employment, and skilling, the budget lays a strong foundation for nurturing talent and fostering innovation across sectors, including digital marketing. The new mechanism to ensure continued bank credit to MSMEs during periods of stress is a vital support system that will help sustain and grow small businesses. The reduction in corporate tax rates from 40% to 35% will undoubtedly boost business confidence. Moreover, the relief provided by the revised tax slabs and increased standard deduction in the new tax regime will benefit individual taxpayers and enhance their purchasing power. This budget reflects a balanced approach to driving economic progress and addressing key areas of concern.”
Abhinav Jain, Co-Founder & CEO, Almonds AI added, “The Union Budget 2024 has delivered a landmark decision for India’s startup ecosystem. The abolition of angel tax for all investor classes is a game-changing move that signals the government’s unwavering commitment to nurturing our nation’s innovative spirit. This pivotal reform will inject much-needed momentum into our startup landscape, which has faced headwinds recently. By removing this significant barrier to investment, the Budget 2024 is not just opening doors – it’s constructing highways for capital to flow into groundbreaking ideas. This bold step, building upon previous initiatives like the Startup India program, positions India to regain its growth trajectory in the startup space. The Union Budget 2024 sends a clear message: India is not only open for business but is actively cultivating the next wave of entrepreneurs who will propel our economy forward.”
Pankaj K Arora, Co-Founder of Whilter.AI, commends the new internship scheme for youth and tax incentives for startups. “These initiatives are crucial for bridging the skills gap and preparing a tech-savvy workforce,” Arora notes. He also calls for continued prioritization of AI research and development, along with clear ethical guidelines for generative AI.
Kaushik Das, Founder and CEO of AAO NXT, East India’s premier OTT platform said, “The 2024 Union Budget presents a forward-thinking approach, especially in the realms of technology, regional development, and digital innovation. The reduction of Basic Customs Duty on mobile phones and related components to 15% is a significant step that will lower costs and enhance accessibility to digital devices, which is crucial for platforms like AAO NXT. Additionally, the government’s commitment to supporting the development of regional storytelling and the tourism sector, including backing the development of Nalanda in Bihar and extending support to Odisha’s tourism, aligns perfectly with our vision to showcase Odisha’s rich cultural heritage through digital content.
Moreover, the initiative to set up a ₹1,000 crore venture capital fund for space economy highlights the government’s dedication to fostering innovation and technological advancement. This, coupled with the enhanced focus on employment-linked skilling programs and the emphasis on energy security, will undoubtedly create a conducive environment for startups and established companies alike. These measures will not only boost the regional OTT landscape but also propel us towards our goal of making AAO NXT a global platform for localized content.
Overall, the budget’s focus on promoting digital infrastructure, regional development, and innovation reflects a robust framework for sustainable growth and positions India as a leader in the digital entertainment space.”
Roland Landers, CEO, All India Gaming Federation said, “The All India Gaming Federation (AIGF) welcomes the focus on skilling in the 2024 Budget. There remains a significant skill gap in India’s gaming industry, and the increased emphasis on skilling initiatives is a promising step towards bridging this gap. Centrally sponsored schemes for skilling youth, women-focused programs, the establishment of industrial training institutions, and the provision of internships are all set to create a more skilled workforce. These initiatives will play a crucial role in helping India achieve its Vision India@2047.”
Pratap Daruka, Chief Financial Officer of Tredence, highlights the abolition of the angel tax and the significant investment in skill development. “The Rs 2 lakh crore package for skill development and employability is commendable and a significant move towards building a skilled workforce. However, to fully realize AI’s potential and ensure India captures a larger share of global AI investments, a more focused approach is necessary. Further emphasis on R&D grants and tax credits is essential. These steps will catalyze the development of cutting-edge solutions and significantly impact employment by creating millions of new jobs and transforming existing roles.
While the government’s initiatives are a step in the right direction, a concentrated effort on AI will ensure India not only keeps pace with global advancements but also becomes a frontrunner in the AI and analytics space. It is now imperative for the government, universities, and corporates to collaborate and leverage these initiatives to drive sustained economic growth and innovation
Dr. Vikram Kumar, MD and Founder of SRV Media, views the recent budget as a mixed outcome. He appreciates initiatives like job creation in manufacturing and education sector reforms, including E-vouchers for education loans and skill development programs. However, he critiques the lack of specific measures for digital marketing, highlighting its role in economic growth and suggesting a more inclusive approach for a balanced economic strategy.
We commend the government’s visionary approach in this year’s budget, particularly its emphasis on developing Digital Public Infrastructure (DPI) at a population scale. This initiative is set to revolutionize the digital advertising and social media marketing industry by enhancing productivity, creating vast business opportunities, and driving innovation.The expansion of DPI applications across sectors such as e-commerce, education, and MSME services delivery is poised to significantly boost the digital marketing landscape. By facilitating better connectivity and more efficient service delivery, these advancements will enable marketers to reach wider audiences with greater precision and effectiveness,” added Sahil Chopra, Founder and CEO, iCubesWire.
Akshat Rathee, Co-founder and MD of NODWIN Gaming said, We’re happy to hear the Hon’ble Finance Minister’s announcement to rollback the Angel tax for all investors in today’s Union Budget. This move will create a vibrant environment for startups across the nation and is a major boost for Indian gaming and esports entrepreneurs, leading to more opportunities as well as higher engagement with the youth. The plan to simplify FDI rules and promote the use of the Indian Rupee for overseas investment is a promising approach that will encourage global entertainment giants to invest in India, further strengthening our position as a global cultural and entertainment destination.
For esports, focusing on enhancing sports infrastructure in Bihar is a positive step since the state has already shown its commitment to integrating esports into mainstream sports. This additional government support will help nurture young talent and promote esports as a new-age sport nationwide.
Additionally, reducing the BCD on mobile phones, chargers, and PCDA will make smartphones more affordable, which is fantastic for mobile gaming enthusiasts. This will boost mobile gaming adoption within the nation and further strengthen India’s position in the global mobile gaming market, bringing us closer to becoming the largest. Overall, we’re excited to dive into these opportunities to drive growth and make waves.
Roby John, CEO and Co-Founder of SuperGaming said, “Today’s Union Budget, presented by Finance Minister Nirmala Sitharaman, offers multiple benefits to the country’s video gaming ecosystem. The reduction in basic custom duty on mobile phones is a move that will make smartphones more affordable, which is excellent news for India’s extensive mobile gaming community. For our upcoming game, Indus, and other games in the market, this means reaching a broader audience and accelerating growth in the mobile gaming sector.
Additionally, the removal of the Angel tax is a major boost for the entire startup ecosystem. This will give relief to more gaming and esports entrepreneurs who want to bring their innovative ideas to life, thereby strengthening the gaming and esports ecosystem in India. Overall, we are confident that these measures will propel India’s tech and video gaming industry, bringing India’s gaming culture forward.”
