The scheme for deeptech in defence will not only help the government start addressing the Make in Bharat initiative through indigenous technologies in defence but also unlock these technologies to other civilian uses. Deeptech focused funds like ours will definitely benefit from enabling initiatives like this.
The solar rooftop schemes will be a big boost to not only meet our goals for clean energy, but will also set up India to start addressing the EV charging infrastructure that is currently holding back wider adoption of EVs. It will also create enormous jobs for installation, manufacturing and maintenance of solar infrastructure and a secondary effect will be opportunities available for startups to build on this.
Extension of tax benefits for sovereign wealth funds expiring on 31st March 23 to 31st March 25 is a good signal from the government to indicate that there will be continuation of beneficial policies and friendly institutional investor policies
Mayuresh Raut, Co-founder & Managing Partner, Seafund
The Budget 2024 has resonated positively with the agriculture sector, aligning with our expectations for a technologically driven, sustainable farming approach. While the integration of IoT devices for precision farming wasn’t explicitly mentioned, the focus on farmers is evident. Crop insurance coverage for 4 crore farmers under the PM Fasal Bima Yojana ensures risk mitigation. Additionally, the announcement of rooftop solarisation benefiting 1 crore households aligns with sustainable farming goals. The commitment to Direct financial assistance for 11.8 crore farmers under the PM Kisan Samman Yojana reflects a dedication to enhancing the 3Ps of agricultural business: productivity, predictability, and profitability. However, the industry was expecting more industry-centric announcements in this budget to further catalyze growth and innovation in the agricultural sector.
Dr. Sat Kumar Tomar, Founder & CEO, Satyukt Analytics
The interim budget was inline with the expectations. However, startups and sunrise sectors continue to find a special mention even in the interim Budget. The extension of tax exemption to Startups is a good gesture and provision for Rs 1 lakh crore toward sunrise segment at nominal or zero interest rate will certainly help small business. The focus on boosting EV charging station will drive sale of both vehicles and charging infrastructure. No change to direct and indirect tax was also expected, however we may see new rates in full budget to be proposed in July 2024
Anil Joshi, Managing Partner, Unicorn India Ventures
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”.
Dinesh Arjun, Co-founder and CEO, Raptee Energy
In the pursuit of a greener and more sustainable future, the greater adoption of e-buses within public transport networks emerges as a pivotal step. Not only do electric buses significantly reduce carbon emissions, but they also contribute to cleaner and quieter urban environments. To fortify the e-vehicle ecosystem, it is essential to focus on infrastructure development, battery technology advancements, and supportive policies.
One critical aspect that requires attention is the implementation of a robust payment security mechanism. As e-buses become more prevalent, ensuring secure and efficient payment systems will be vital for user convenience and trust. Integration of secure digital payment methods, encrypted transactions, and real-time monitoring will not only streamline the payment process but also safeguard user data.
As we reflect on the budget 2024, it is encouraging to witness a commitment to fostering sustainability and technology-driven initiatives. The increased allocation for e-mobility infrastructure, research, and development signifies a forward-looking approach. This budget reflects the government’s dedication to steering the nation towards a cleaner, more energy-efficient future. Together, with a strengthened e-vehicle ecosystem and enhanced payment security mechanisms, we can accelerate the transition towards sustainable urban transportation, benefitting both the environment and the well-being of our communities.
Mr. Sumit Aneja, Founder, Speedways Electric
The interim budget might not have specified any policy or allocation towards the EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right is to strengthen the EV ecosystem holistically for which budget is indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars
Mr. Chakravarthi C. – Managing Director – Quantum Energy
Deep tech innovation is transforming sectors such as Deep Tech, Healthcare, and Clean Energy are bolstering India’s global economic competitiveness. In the interim Budget 2024, tax rates, including import duty, remain steady. However, start-ups will benefit from tax exemptions for specific IFSC units that are extended to March 2025. FM Sitharaman has allocated ₹1 lakh crore for interest-free loans, stimulating private sector research that would particularly aid deep tech startups. The economic policies aim to sustain growth, foster inclusive development, enhance productivity, create opportunities, and generate resources for investments and aspirations.
Mr. Gaurav Sahay, Practice Head (Technology & General Corporate), Fox Mandal & Associates
Government’s forward-looking budget aligns remarkably well with the impetus required for the AI and technology sectors. The focus on digital infrastructure lays a robust foundation for innovation, and the commitment to skill development among youth mirrors the mission to empower the next generation with AI capabilities.
Mr. Abhinav Jain, Co-Founder & CEO, Almonds AI
The support for electric vehicles and clean energy initiatives resonate with the Green Loyalty Program, reinforcing belief in sustainable technological advancement. This budget not only catalyzes a tech-driven economy but also heralds a golden era for companies like ours at the intersection of AI and market technology. We are eager to contribute to this transformative journey and commend the government’s vision for a tech-empowered, inclusive growth trajectory.
In line with the government’s ambitious vision of technology contributing 20-25% to the GDP by 2025, this forward-looking budget charts a promising course for the IT sector. The allocation for EV infrastructure development is particularly noteworthy as it opens avenues for software development in EV systems, IoT integration, and data analytics. The 1-lakh crore corpus for long-term financing is another indispensable boon for the IT industry, fostering innovation and research. Moreover, the Skill India Mission’s initiatives and tax benefits for startups provide a robust foundation for skill development and entrepreneurial growth.
Mr. Alok Kashyap, Founder and CEO at Yatiken Software Solutions
The interim budget presented today shall provide an impetus to an ecosystem of startups, technology companies and aspirants, providing them with ample opportunities to set-up, enhance technological offerings and bolster innovation. These are positive sentiments that will further strengthen India’s technology landscape through research and innovation. A corpus of Rupees One Lakh Crore will be established with a fifty-year interest-free loan.
The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates. The private sector will witness a steep growth with innovation being at the forefront. Further, the government has extended tax benefits for start-ups to March 31, 2025 and withdrawn some outstanding direct tax demands. Deeptech and GenAI have the potential to revolutionize a variety of sectors. Ethical practices and its usage will lead to Indian brands and artists being recognised from local to global markets creating a seamless experience and put India on the global map for technological prowess.
Mr. Mandar Natekar, Co-Founder & CEO, NeuralGarage
We applaud the government’s commitment in the budget to nurturing the Electric Vehicle (EV) ecosystem. The allocation of resources towards the development of a robust infrastructure signifies a pivotal moment for our nation. This budget not only encourages entrepreneurship but also opens doors for a multitude of vendors, providing ample opportunities for supply and installation services.
The emphasis on supporting manufacturing and charging infrastructure not only aligns with our company’s mission but also ensures a sustainable future for the entire EV industry. Additionally, the focus on creating employment opportunities for the youth, particularly those with technical skills in manufacturing, installation, and maintenance, will catalyze innovation and growth. We look forward to collaborating with the government in realizing this shared vision and contributing to the electrifying transformation of our nation’s mobility landscape.
Mr. Akash Gupta, Co-Founder and CEO, Zypp Electric
The Budget 2024 brings a significant boost to the future of mobility. The dedicated support for manufacturing and charging infrastructure is a game-changer, promising exponential growth in our industry. The encouragement for greater adoption of e-buses in public transport networks, coupled with the implementation of payment security mechanisms, not only propels environmental sustainability but also sparks innovation and economic prosperity. This strategic move not only aligns with our values at Delta Electronics India but also signifies a significant leap towards a greener and technologically advanced future for the entire industry.
Mr. Benjamin Lin, President, Delta Electronics India
Our government is committed to advancing sustainable development by enhancing and strengthening the electric vehicle (EV) ecosystem. Through robust backing of manufacturing and charging infrastructure, they have reinforced the groundwork for a more environmentally friendly future. The focus on creating accessible and eco-conscious mobility solutions underscores the significance of this announcement in the budget. These efforts will enhance EV adoption, paving the way for a cleaner, more interconnected future. The details of this announcement in the forthcoming budget will play a crucial role in steering the country’s net-zero agenda in a positive direction.
Mr. Hyder Khan, CEO of Godawari Electric Motors
We commend the government’s strong commitment to the agricultural sector evident in the Budget. The focus on value addition and income augmentation for farmers is pivotal, and the success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers, is truly commendable. The support extended through Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, assisting 2.4 lakh SHGs and 60 thousand individuals, reflects a holistic approach towards empowering the agricultural community.
The emphasis on reducing postharvest losses and enhancing productivity aligns with the sector’s long-term sustainability. Furthermore, the launch of schemes promoting climate-resilient activities for the blue economy 2.0 is a forward-looking step. This integrated and multi-sectoral approach for coastal aquaculture and mariculture, coupled with restoration and adaptation measures, holds promise for sustainable growth. Overall, this budget signals a positive trajectory for the agricultural sector, laying the foundation for a more resilient and prosperous future.
Mr. Amit Patjoshi, CEO, Palladium India
The Union Budget 2023-24 has set the stage for a transformative era, particularly laudable in its focus on empowering the youth and fostering sustainability. By earmarking a significant corpus of one lakh crore with a fifty-year interest-free loan, the government is not only acknowledging the potential of our youth but also fostering entrepreneurship opportunities on an unprecedented scale, with a keen eye on sustainability practices.
This budget paves the way for a golden era for our tech-savvy youth, offering employment avenues in manufacturing, installation, and maintenance, while also emphasizing the importance of sustainable practices. The commitment to deep-tech technology for defense purposes reflects a strategic vision towards self-reliance (atmanirbharta), aligning with the broader goal of Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan. This forward-looking approach not only recognizes the pivotal role of innovation in driving growth, employment, and overall development but also places a strong emphasis on sustainable solutions.
The inclusion of sustainability in the budget highlights the government’s commitment to addressing environmental challenges and fostering eco-friendly practices. The emphasis on long-term financing and low-interest rates will undoubtedly catalyze private sector involvement in cutting-edge research and innovation across sunrise domains, with a particular focus on sustainable technologies. This approach propels India onto the global stage as a solutions-driven and environmentally conscious nation.
In essence, this budget is a resounding endorsement of the symbiotic relationship between our youth, technology, economic prosperity, and sustainability. It lays the foundation for a future where India not only keeps pace with global advancements but also leads through indigenous innovation, entrepreneurial vigor, and a steadfast commitment to sustainable practices.
Nikhil Goyal, CEO & Founder, Beyond Imagination Technologies & BitMemoir
The Interim Budget presented by the finance minister was largely in line with expectations moving ahead on the fiscal consolidation path. The budget’s focus was on empowering people and thereby to create a pathway towards the government’s objective of a ‘Viksit Bharat’ by 2047. Though no direct announcements were made related to the insurance sector, various measures announced by the FM will have a trickle-down effect in multi-fold ways.
Ayushman Bharat
Expanding the scope of the Ayushman Bharat health insurance coverage to all ASHA workers, Anganwadi workers and helpers will bring an additional over 3 million health workers under the insurance umbrella and is a thoughtful token of appreciation to this community that acted as the frontline workers during the Covid pandemic. The social security this provides will aid in redefining healthcare in our country and further strengthen the grassroot-level healthcare ecosystem on a whole. However, expanding the scope of insurance coverage from the current Rs 5 lakh to Rs 10 lakh in the future can ensure this vulnerable segment is adequately protected against rising medical inflation and healthcare costs in the future.
Fillip to EV Sector
The government’s resolve to support the manufacturing and charging infrastructure of the electric vehicle ecosystem will surely provide a fillip to the Niti Aayog’s EV penetration target of 30-35% by FY30. This will aid in driving EV volumes in the country and will have an ancillary effect on the adoption of EV insurance in the country. The insurance industry is already well-prepared to meet this rising demand through launch of EV-specific motor insurance coverage, providing adequate protection to the specific risks associated with EVs compared to Internal Combustion Engine (ICE) vehicles.
Preventive Healthcare
The announcement to encourage cervical cancer vaccination for girls in age group of 9 to 14 years shows the government’s intent to improve preventive healthcare in the country. Cervical cancer contributes to approximately 6–29% of all cancers in Indian women, the treatment for which can be very expensive. Encouraging early vaccination will help in nipping the issue of rising cervical cancer cases in the bud. The announcements made towards managing immunization and nutrition delivery for maternal and child healthcare also clearly establishes the government’s intent of creating a robust preventive healthcare ecosystem in the country. All these measures will lessen the burden on hospitalizations and subsequently on the health insurance sector in the long term.
Boost to Tourism
Giving boost to spiritual tourism, developing, and rebranding iconic tourist centres at a global level and taking up projects to improve port connectivity and tourism infrastructure, especially in islands like Lakshadweep, will significantly boost domestic tourism and make India among the top holiday destinations globally. This will also act as a catalyst to India’s travel insurance market. The domestic travel insurance market saw a premium growth of 67.6% YoY in FY23. These measures announced by the government will have an auxiliary effect on the travel insurance sector and end up seeing further growth as a result.
Parimal Heda, Chief Investment Officer, Digit General Insurance
We indeed were expecting some progress on the lines of the regulatory framework in the crypto sector, which has been one of the primary speculations all this while. Nevertheless, the government is whole heartedly accepting technological disruption in different sectors by emerging technologies like AI, machine learning, blockchain etc. Adoption of deeptech in sectors like defence indicates a positive sentiment. We do understand that it is an interim budget, and there has been no mention of any regulatory framework or rationalization in tax or TDS structure, in regard to the crypto sector which has been long pending. However, we are hopeful about the coming months and expect to hear encouraging policies soon.
Mr. Kumar Gaurav, Founder and CEO of Cashaa (Fintech)
With an inclusive and forward-looking interim budget, the Finance Minister announced a roadmap for Vikasit Bharat. The Finance Minister focused on modern technologies and data in the budget. The startup sector has made great strides forward with the allocation of a hefty 1 trillion corpus and a record 50-year low-interest or interest-free loan facility. There was a budget allocation of 8000 crores to the National Mission on Quantum Technologies, and there is a plan to create a Data Center Economic Zone to encourage jobs and investment in the rapidly growing data center sector to have a positive impact on the economy and contribute to long-term sustainable growth.
Mr. Ajay Kaushik, Fonder & CEO Panacea Infosec.
InfoVision warmly welcomes the budget announcement by Finance Minister Nirmala Sitharaman. The introduction of a 1-lakh crore fund with a 50-year interest-free benefit for private sector research and development is a transformative step, particularly for innovation-driven enterprises like ours with a strong focus on edge technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
Mr. Shreeranganath Kulkarni, Managing Director, InfoVision
The injection of such long-term, interest-free capital promises to substantially boost our research and development initiatives that serve not only India but also the global market. It arrives at an opportune time, aligning with InfoVision’s recognition in the Zinnov Zones for Engineering R&D and Digital Services 2023, particularly for our work in Data & AI Engineering.
This financial support will undoubtedly speed up efforts to create top-tier innovations in India for the world. It underscores our commitment to leveraging India’s rich talent pool and contributes to our nation’s technological progress.
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
Mr. Umesh Singh, Founder & Director, Tara Candles.
It’s inspiring to see the government’s steadfast commitment to fostering women empowerment, encouraging private sector investments, and promoting entrepreneurship. Furthermore, the focused approach to infrastructure and continued emphasis on housing for all reflects a comprehensive strategy for inclusive and societal development.
Over the last decade, initiatives aimed at empowering women through entrepreneurship, enhancing ease of living, and upholding dignity have gained significant traction. The strides made are evident with over 30 crore MUDRA Yojana loans disbursed to women entrepreneurs, female enrollment in higher education witnessing a remarkable 28% surge, and women constituting 43% of enrollment in STEM courses – among the highest globally – the landscape of opportunity for women is evolving positively. Importantly, these efforts are translating into tangible outcomes, with an increasing number of women joining the workforce.
As we reflect on these achievements, let’s continue to support and amplify initiatives that further empower women, ensuring a more inclusive and equitable society for all. The Budget’s forward-looking approach to fostering innovation creates a conducive environment for companies like us, paving the way for sustained success and meaningful contributions to India’s economic landscape. We are very positive about this trajectory and committed to supporting the long-term growth of businesses in India by integrating innovative tech capabilities into their operations.
The allocation of a corpus of Rs 1 lakh crore, coupled with a 50-year interest-free loan for financing and refinancing, aims to catalyze private sector investment in sunrise domains for youth and technology. This visionary initiative propels technological advancement and creates a fertile ground for the emergence of diverse entrepreneurial ventures. By nurturing innovation and entrepreneurship, especially in sectors poised for exponential growth, the government is laying the foundation for a dynamic and inclusive economy that empowers individuals of all backgrounds to thrive and contribute meaningfully to India’s progress.
Harsha Solanki, VP GM Asia, Infobip
This budget appears to be relatively conservative, with the Finance Minister placing greater emphasis on reviewing the achievements of the past decade rather than introducing significant changes for the current fiscal year. There are no alterations to the tax slabs, and no major announcements were made. The government exudes confidence in its potential return in the upcoming elections, hinting at a more comprehensive budget unveiling scheduled for July 2024.
Yasir Nazar, Co-Founder, Techno Companion
The budget prominently highlights a substantial emphasis on the tourism, aviation, and railways sectors. It’s truly exciting to observe the government’s keen attention to nurturing and expanding both domestic and spiritual tourism and highlighting Bharat’s strength through global events like G20.
The dedicated efforts towards developing aviation and rail infrastructure, especially through the commendable initiatives of UDAN and the PM Gati Shakti scheme, encouraging States to promote iconic tourists’ centres by providing interest-free loans are noteworthy with special focus on developing island tourism and fortifying port connectivity, including Lakshadweep. These measures are anticipated to spur economic growth, create employment and create new opportunities, marking a progressive move towards positioning India as a global destination.
Nishant Pitti, CEO & Co-Founder, EaseMyTrip
Very heartening to see a visionary and progressive budget overall from our Hon’ble FM Smt Nirmala Sitharaman Ji. This budget will further boost the economy and foster innovation. The continued impetus for digital first businesses, fintechs, payments and SMEs is indeed very encouraging as these businesses, sectors are undoubtedly core fulcrums of our ever growing vibrant economy.
All of the above are also well aligned with our vision as well; as we continue to create a holistic, compliant yet agile trust ecosystem for digital payments and transactions, helping these unserved and underserved businesses grow anxiety and worry free
Ashwin Chawwla -Founder & MD, Escrowpay
We laud the Hon’ble Finance Minister’s Budget 2024 announcement, emphasizing a holistic approach to GDP, encompassing governance, development, and performance. This focus aligns perfectly with our mission to empower citizens through accessible and inclusive digital services. We are particularly encouraged by the initiatives targeting crucial segments like women entrepreneurs, farmers, artisans, and tribal communities. The MUDRA Yojana’s success in reaching 30 crore women with loans is commendable, and initiatives like PM Awas Yojana granting ownership to women are empowering. Similarly, PM Kisan Samman Yojana’s direct financial assistance to farmers and PM Fasal Bima Yojana’s crop insurance are welcome steps towards rural welfare.
As a leading digital services provider, BLS E-Services is committed to bridging the digital divide and ensuring these government initiatives reach the intended beneficiaries effectively. Our extensive network, Sewa Kendras, acts as the last-mile connection, simplifying access to e-governance services and financial inclusion schemes. Working towards realizing the government’s vision of Vikasit Bharat, we at BLS E-Services are committed to leveraging its expertise in e-governance services to support these initiatives and empower marginalized communities. We look forward to the full budget in July, which will contain a detailed roadmap for the government’s pursuit of Vikasit Bharat
Mr. Shikhar Aggarwal, Chairman of BLS E-Services
The Interim budget marks a significant move towards India’s digitisation. In the budget 2023-24, the government announced an outlay of 4795.24 crore for its Digital India program which ensured universal access to high-speed internet and digital literacy initiatives. This year, in a bid to bolster R&D in sunrise domains, Honourable FM, Nirmala Sitharaman, announced a corpus of 1 Lakh Cr with 50 year interest free loan.
Dubbing this period as the golden era for innovation and entrepreneurship, she went on to say that the corpus will provide long term financing or refinancing with long tenures and low or nil rates. The budget, undeniably, is leaving no stone unturned to bridge the gap between youth and technology to realise the aim of a fully developed India (“Viksit Bharat”) by 2047.
Abbhinav R Jain, CFO, AdCounty Media
The Finance Minister’s decision to not tinker with personal income tax slabs and rates in the Interim Budget is understandable from a prudence perspective. With global headwinds still persisting, fiscal consolidation needs balance against adequate capital expenditure to nurture growth.
However, individual taxpayers have legitimate expectations for some relief given elevated inflationary pressures and recessionary undertones in major world economies. Salaried professionals in particular have faced the double whammy of job market uncertainties and higher living costs without proportionate pay hikes from employers.
While the Budget speech references buoyant tax collections and stable GST implementation, that prosperity is yet to permeate to the middle class. Aspects like a higher standard deduction, enhanced housing loan interest exemptions or a tweaking of 80C instruments would have provided some cushion. So some disappointment on personal taxation among the salaried class is valid. One hopes that as the macro fundamentals stay on track, there is room for pragmatic concessions on individual tax burdens sooner rather than later. For consumption-led growth to sustain, leaving more money in the hands of the middle class pays economic dividends.
Ashish Aggarwal, Director, Acube Ventures
Union Budget 2023 focuses on little efforts to make a substantial and enduring impact on the economy in the future and is in line with the government’s economic plan. As the backbone of the Indian economy, this sector will only get stronger with initiatives like Vivaad Se Vishwas, Credit Guarantee, the expansion of the Skill India digital platform, and higher presumed taxation. MSMEs, one of the industries most affected by the epidemic, have experienced significant respite from the budget. The government updated the ECLGS programme by adding Rs 9,000 crore to the corpus in order to lessen the strain on the sector and boost the flow of funding.
Raghunandan Saraf, Founder and CEO, Saraf Furniture
This budget introduces a series of measures designed to enhance support for Micro, Small, and Medium Enterprises (MSMEs).
Furthermore, the announced revamping of the credit guarantee scheme for MSMEs is targeted to enable collateral-free credit up to Rs 2 crore. This enhanced cover coupled with faster settlement of claims will incentivize banks to lend more freely to MSMEs.
According to Seth, these initiatives come at an opportune time when accelerating digitization alongside programs like Make in India offer new expansion avenues for small enterprises. Embracing technology and innovation will be key for MSMEs to access new customer segments, optimize costs, improve quality standards and build resilience against global disruptions. The tax incentives and credit flow acceleration through Budget 2023-24 provide the initial catalyst required for MSMEs to flourish and realize their full potential.
Hariom Seth, Founder, Tagglabs
The Union Budget 2024 reflects the government’s vision to foster innovation and entrepreneurship in the country. It is quite encouraging to see the government support the growth of new age technologies and data-driven businesses, which are the key drivers of the digital economy.
The creation of a corpus of Rs. 1 lakh crore with 50-year interest free loan will enable long-term financing for research and innovation in sunrise domains, in turn helping the country attract and retain the best talent in the industry, and offer cutting-edge recruitment solutions to our clients. We appreciate the government’s continued efforts to empower the youth with various schemes such as PM Mudra Yojana, Fund of Funds, Start Up India, and Start Up Credit Guarantee. We believe that these measures will create a conducive environment for the start-up ecosystem to flourish and contribute to the nation’s ‘atmanirbharta’.
Dr. Ravinder Goyal, Co-Founder, Erekrut HR Automation Solutions
“nterim Budget 2024 stands as a testament to the government’s unwavering commitment towards gender-inclusive education & youth and women empowerment in the country. Acknowledging the critical need for boosting youth employability, the Skill India Mission has trained 1.4 crore youth and upskilled 54 lakh individuals. Additionally, there has been a commendable 28% surge in female enrolment in higher education over the past decade, and what’s even more striking is the significant 43% representation of women in STEM courses. These achievements will continue to drive a positive transition in the strength of the skilled workforce in India.
Additionally, the government’s dedication to environmental sustainability, as reflected in this budget, is truly commendable. The robust support for the expansion and strengthening of the Electric Vehicle (EV) ecosystem, with a focus on both manufacturing and charging infrastructure, is a significant step forward. The introduction of a ground-breaking bio-manufacturing scheme further highlights our commitment to an equitable and sustainable future. These reforms will significantly boost employment generation, creating up to 1 lakh jobs in the country by 2025. However, some extensions in the PLI Scheme and dedicated measures for the MSME/start-up and tech ecosystem would have also contributed to the larger employment engine.
The budget also hinted at aspects critical for large-scale employment generation. A standout move is the approval of 43 crore loans under the PM Mudra Yojana. This financial boost not only fortifies the entrepreneurial spirit among the youth but also fosters an environment conducive to business growth and job creation. Furthermore, the budget takes a strategic leap with a substantial corpus of Rs 1 lakh crore which will drive innovation and research in sunrise sectors, ushering in a golden era for our tech-savvy youth. By addressing the core pillars of Employment, Innovation, Skilling, and Education, the budget paves the way for a dynamic and inclusive economic future, where the aspirations of the youth are nurtured, and the nation’s potential is fully unleashed.
Mr. Sachin Alug, CEO, NLB Services
The budget allocated Rs 8,000 crore for the National Mission on Quantum Technologies and Applications, which aims to boost research and innovation in quantum computing, communication, cryptography, and artificial intelligence. This is as per expected lines and what I had predicted in my pre budget expectations.
The budget also proposed to set up a Data Centre Economic Zone to attract investments and create employment opportunities in the data centre industry, which is expected to grow at a CAGR of 23% by 2025. Again on expected lines.
The budget increased the tax deduction at source (TDS) on e-commerce transactions from 1% to 2%, which may affect the profitability and cash flow of e-commerce platforms and sellers
Amit Tripathi- Managing Director icogz
For the 2024 budget, it’s imperative that the Indian government places significant emphasis on investing in cyber defense, artificial intelligence (AI), and defense technology research and development. Given the increasing number of cyber attacks targeting both business and government infrastructures, allocating funds to these areas is not just a necessity but a strategic imperative. Additionally, enhancing cyber insurance limits is crucial to create a robust safety net against the financial impacts of cyber threats. Equally important is the creation of a dynamic talent ecosystem with advanced skills to effectively combat cybercrime.
This budget should exhibit a clear vision in fortifying our digital infrastructure and nurturing a skilled workforce, thereby enhancing India’s resilience against the evolving landscape of cyber threats. Moreover, recognizing the importance of AI and technology investment is a positive step. However, as we embrace these advancements, maintaining a human-centric approach is crucial. The commitment to Startup India and the Startup Credit Guarantee Scheme empowers our youth, transforming them into contributors to the workforce.
Agam Chaudhary, Founder & CEO, Two99 Org
The 2024 budget offers a mixed landscape for Indian entrepreneurs. Positives include fiscal consolidation, support for MSMEs, startups, infrastructure development, EV manufacturing, and tech-focused initiatives. However, concerns persist regarding high inflation, the absence of middle-class tax relief, and the challenge of efficient implementation.
The budget signals a growth-oriented approach, fostering innovation and investment, yet inflationary pressures and tax burdens may constrain consumer demand and operational costs. Entrepreneurs remain cautiously optimistic, emphasizing the importance of effective implementation and measures to address economic challenges. The budget’s true impact will unfold over time, shaping India’s business environment and entrepreneurial landscape.
Mr. Tarun Nazare, Co-Founder & CEO of Neokred Technologies
In the latest budget, the government places a significant emphasis on elevating higher education standards through upskilling and reskilling initiatives. This underscores a continued commitment to the transformative reforms outlined in The National Education Policy 2020. The substantial allocation, with the Education Ministry receiving its highest-ever budget of Rs 1,12,898.97 crore, reflects a prioritization of educational excellence.
Mr. Beas Dev Ralhan, CEO, Next Education
While PM Schools for Rising India (PM SHRI) play a pivotal role in delivering quality education and fostering holistic development, it is crucial to address the persistent challenge of unemployable youth. Urgent attention is needed to realign our education system with market demands, ensuring that our youth not only receive theoretical knowledge but also acquire practical skills. This strategic focus is essential to empower the younger generation to contribute meaningfully to the progress of our nation
The government’s focus on empowering the MSME sector is evident. The commitment to providing timely and adequate finances, relevant technologies, and training is welcomed. The emphasis on orienting the regulatory environment to facilitate MSME growth indicates a supportive policy framework. The increased threshold for presumptive taxation from ₹2 crore to ₹3 crore is seen as a positive step, providing relief to small retail businesses, allowing them to focus on growth and development.
Mr. Mandeep anticipates that these measures will enhance the competitiveness of MSMEs on a global scale. In alignment with the ‘Panchamrit’ goals, the founder notes the government’s focus on sustaining high and resource-efficient economic growth. The commitment to energy security is perceived as a positive step, ensuring availability, accessibility, and affordability for businesses. To meet investment needs, the founder appreciates the government’s commitment to preparing the financial sector in terms of size, capacity, skills, and regulatory framework. This will contribute to a robust financial ecosystem that can support the growth aspirations of both MSMEs and retail businesses.
Mr. Mandeep Arora, MD & Co-founder, UBON
The recent budget announcement has invigorated the founder with a renewed sense of optimism. The decision to increase the presumptive taxation threshold from ₹2 crore to ₹3 crore is perceived as a welcome relief for small retail enterprises, offering them room for growth. The founder applauds the government’s commitment to fostering an environment conducive to development and productivity, evident in the forward-looking ‘Reform, Perform, and Transform’ approach.
The establishment of a substantial corpus with a fifty-year interest-free loan specifically tailored for the tech-savvy youth is hailed as a catalyst for innovation and entrepreneurship. This visionary move is expected to usher in a golden era of technological advancements. The founder is particularly appreciative of the strategic emphasis on strengthening defense technologies, aligning with the goal of self-reliance.
In the realm of MSMEs, the founder commends the government’s focus on providing timely finances, relevant technologies, and training, foreseeing increased competitiveness on a global scale. Overall, the founder’s positive sentiment reflects a belief in the budget’s potential to foster growth and innovation across MSMEs and retail businesses.
Mr. Lalit Arora,Co-founder, VingaJoy
In this year’s interim budget, the Finance Minister has adeptly spotlighted the government’s dedication to pivotal sectors poised to elevate GDP growth, with a particular focus on empowering youth, women, and micro-entrepreneurs. This commitment is further enriched by an ambitious agenda to enhance digital infrastructure, aiming to foster entrepreneurship nationwide and boost employment opportunities. Notably, the budget’s provisions for EV and deep tech sectors signal a continued allure for venture capital in startups, reinforcing investor confidence.
The introduction of a Rs 1 lakh crore corpus for long-term, interest-free loans emerges as a landmark initiative, promising to invigorate entrepreneurship in tier 2 and 3 towns. Our experience over the past decade affirms the high potential of these regions as the cradle for India’s next 100 unicorns, where access to early-stage capital has remained elusive. The government’s move to provide interest-free loans is a game-changer, not only facilitating capital accessibility but also encouraging deeper penetration by institutional investors in search of disruptive startups. This strategic intervention is poised to reshape India’s entrepreneurial landscape, heralding an era of widespread innovation and growth
Mr. Anirudh A Damani ,Director,Artha India Ventures
In analyzing the interim budget, I find it to be a well-rounded approach towards health initiatives. Extending Ayushman Bharat to Anganwadi and Asha workers and bringing maternal and child healthcare schemes under one roof, reflect positive strides. The initiative to establish medical colleges through existing structures and committees is another noteworthy development.
Commendably, there is a strong commitment to Research and Development (R&D) with a substantial 1-lakh crore corpus allocated to the private sector. Additionally, India’s leadership is evident in STEM courses, boasting an impressive 43% women enrollment. However, as we await the post-election full budget, there’s a need for specific attention to the mental health sector. Allocating resources for infrastructure, qualified professionals, research, and destigmatization campaigns is imperative to address to escalating mental health crisis in India.
Mr.Tarun Gupta, Co-Founder, Lissun
The government’s allocation of a ₹1 lakh crore corpus for technological research in this year’s budget is a game-changer. It positions India’s R&D to capitalize on our young and dynamic demographic. The provision of interest-free support will undoubtedly catalyze scaling up research and innovation, fostering significant strides in filling economic gaps. Made in India tech is the future, and we’re here for it!
Mr. Rajan Bajaj, Founder CEO
It’s encouraging that the government recognizes the importance of addressing skill development to meet the demand for a high-quality workforce in the emerging technology sector, crucial for India’s ambitious goal of a $5 trillion economy.
All the initiatives mentioned in the Interim budget speech like establishment of more IITs, IIITs, STEM courses etc., are cementing the foundation of the growing India, which is youth. Commendably, the government’s embrace of deeptech in critical sectors like defense underscores our country’s progressive stance. Given that R&D is a capital-intensive step for businesses in deeptech, blockchain, machine learning, and Generative AI, increased allocation towards MUDRA schemes and the announcement of a 1-lakh crore corpus with 50-year interest-free support will undoubtedly fuel technological growth
Mr. Sarvagya Mishra, Co-founder & Director at Superbot
In response to the Union Budget 2024, Raghab Prasad Panda, CEO and Co-Founder of Santaan, applauds the government’s commitment to bolstering the healthcare system. We appreciate the continued support for the Ayushman Bharat program and the emphasis on vaccinating girls against cervical cancer, recognizing the significant impact on healthcare.
The budget’s commendable focus on maternal and child healthcare, evident through various strategic schemes that prioritize the well-being of future generations. We acknowledge the increased allocation of funds for expanding hospitals, improving infrastructure, and enhancing rural healthcare, considering it a promising step towards achieving accessible and quality healthcare for all. However, we urge for additional initiatives to address challenges like healthcare affordability and manpower shortage, emphasizing the need for holistic reforms to ensure inclusivity and effectiveness in healthcare delivery to every citizen.
Raghab Prasad Panda, CEO and Co-Founder, Santaan
As the budget unveils, it’s reassuring to see that tax slabs remain unchanged. This stability ensures individuals can plan their finances with confidence. With more money left in people’s pockets, there’s a tangible boost to spending power, fostering economic growth and stability. It’s a testament to prudent fiscal policies that prioritize the well-being of citizens. Let’s seize this opportunity to invest wisely, support local businesses, and nurture our communities. Together, we can harness this financial resilience to build a brighter, more prosperous future for all.
Roshan S Bisht, Co-Founder & CEO, Asort.com
Kudos to the government for its proactive increase in infrastructure allocation! This move will effectively connect and open up vast expanses of real estate, catering to the growing demand for housing. Such initiatives promise to accelerate the development growth cycle, triggering a multiplier effect.
Just as ancient civilizations thrived along the banks of the Ganges, modern-day growth centers are emerging along highways and interconnected infrastructure. The National Highways Authority of India (NHAI) deserves commendation for its exemplary execution, earning the increased allocation with confidence in delivering even greater results. It’s inspiring to witness comprehensive allocations across railways, airports, metros, and ports, ensuring holistic progress.
Sridhar Samudrala, Founder, Hecta
The Interim Budget of 2024 has mentioned plans to accelerate the EV ecosystem through the expansion of charging and manufacturing infrastructure in the country. We at Orxa Energies firmly believe in India’s commitment towards growing electric mobility across the country and we look forward to collaborating with the government in achieving this aspiration.
Ranjita Ravi, Co-founder, Orxa Energies
We are also delighted with the Honourable Finance Minister’s mention of the government’s intent to bolster deep tech for defence purposes. We are optimistic that such initiatives will accelerate our work in defence technologies and widen our footprint in these realms
In Budget 2024, the Government of India has meticulously outlined initiatives that bolster the spirit of innovation and entrepreneurship, crucial for startups like Lawyered, operating at the innovative juncture of technology and legal services. By focusing on enhancing digital infrastructure and streamlining legal processes, the budget directly supports our mission to bring effective, on-the-spot legal assistance to millions.
Highlighted within the ‘People-Centric Inclusive Development’ section, the commitment towards expanding Digital Public Infrastructure underlines a strategic move towards formalization and financial inclusion. This initiative not only paves the way for Lawyered to extend its services across India’s vast geography but also aligns perfectly with our vision of making legal services accessible at the tap of a button.
The government’s emphasis on technological empowerment and legal facilitation as outlined in this budget acts as a catalyst, propelling our efforts to ensure that every vehicle owner in India has the support to navigate legal challenges effortlessly. It’s a budget that recognizes the challenges of today and the opportunities of tomorrow, providing a robust foundation for startups to innovate, scale, and contribute significantly to India’s economic resilience and growth.
— Mr. Himanshu Gupta, Founder and CEO of Lawyered
The 2024 Interim Budget is all about getting the youth ready with skills for the future. Hats off to the Skill India Mission for its remarkable impact, enabling 1.4 crore young individuals to upgrade their skills – showcasing the government’s commitment to establishing a robust groundwork for employment possibilities.
EdTech startups are central to new India, igniting innovation and critical thinking for the future workforce while Gen AI continues plays a pivotal role in sustaining the momentum of upskilling, shaping a transformative educational landscape. I’m optimistic that eventually, the government will steer more towards training programs that align with industry needs, adapting to the rapidly evolving world of upskilling and EdTech.
Mr Vaibhav Sisinty, Founder & CEO, GrowthSchool
The recently announced budget’s substantial infrastructure investment marks a significant stride in accelerating the renewable ecosystem. We anticipate dedicated allocations for crucial elements such as port infrastructure, renewable energy integration, and specialized infrastructures for green hydrogen. Notably, PM Gati Shakti’s railway corridors emerge as a game-changer for green hydrogen and its derivatives, fostering dedicated transport links between production hubs, ports, and markets. This strategic move is poised to reduce costs, enhance accessibility, and expedite India’s transition towards clean energy._
_Furthermore, the government’s decision to reduce borrowing from markets is a pivotal development, unlocking opportunities for increased private investment, particularly in sectors like renewables. This shift acts as a catalyst for India’s clean energy transition, propelling us closer to a sustainable future. Additionally, the viability gap support for offshore wind and bio-based solutions holds immense promise, presenting opportunities to lower the levelised cost of green hydrogen and its derivatives. In a seemingly neutral yet strategically significant move, the budget’s stable tax and duty regime ensures a steady flow of foreign investments, particularly in critical sectors like renewable energy. This commitment to continuity prioritizes investor confidence and predictability, serving as essential pillars for fostering long-term commitments and accelerating growth in key sustainability sectors
Mr. Bikesh Ogra, Managing Director and Chief Executive Officer of Jakson Green.
As a leading player in the EV energy services sector, SUN Mobility is particularly encouraged by the continued focus on green growth. I welcome the proposal to strengthen EV manufacturing and charging infrastructure. The announcement to promote e-buses is a progressive move towards electrifying the heavy vehicle segment. It shows the government’s efforts towards encouraging wider adoption of EVs and fostering sustainable public transportation.
Chetan Maini, Co-founder and Chairman, SUN Mobility
Overall, this is a prudent Budget that outlines the government’s dedication towards driving India at the forefront of sustainable revolution. We looked forward to positive announcements on the implementation of the Battery Swapping Policy, which was proposed in 2022. Announcements on further reforms like GST reduction on EV batteries and rationalization of inverted duty structure on EVs would have added further impetus to the country’s ambitious EV transition goals.
Reflecting on the Interim Budget 2024 presented today, Greaves Cotton Limited reaffirms its commitment to aligning strategies with the nation’s vision. The budget’s commitment to achieving net zero by 2070 and a renewed focus on sustainability align seamlessly with our goal to shape the future of sustainable last-mile green mobility. The INR 2,671 crore allocation significantly boosts EV makers, fostering growth and innovation.
We commend the emphasis on empowering youth and harnessing ‘Nari Shakti’, recognising the significant contributions of women in our workforce. The increased allocations for the National Hydrogen Mission reinforce our confidence in India’s shift towards clean energy solutions. These initiatives are poised to catalyse innovation, boost skill development and stimulate growth in crucial sectors for India’s sustainable development journey.
Nagesh Basavanhalli, Non-Executive Vice Chairman, Greaves Cotton
The budget signals stability by refraining from tinkering with existing policies. The commitment to sustaining India’s growth through increased infrastructure expenditure, despite it being an interim budget, is a positive indication. Moreover, the emphasis on containing the fiscal deficit at 5.1%, showcasing fiscal responsibility, ensures a balanced approach. The pledge for inclusiveness, particularly for women and the downtrodden, reflects a commitment to leaving no one behind. Overall, the government has adeptly navigated a challenging landscape, promising to maintain the positive trajectory of the last five years, even amid adversities like COVID, supply chain disruptions, and geopolitical tensions.
Henna Misri, CEO, Space Creattors Heights
A commendable aspect of this budget is its stability – a commitment to maintaining the current course without unnecessary alterations. The promise to continue India’s growth journey through sustained infrastructure investment, despite the interim nature of the budget, is a reassuring signal. The effort to cap the fiscal deficit at 5.1% demonstrates fiscal responsibility amidst ambitious plans. Inclusivity, particularly for women and the marginalized, is a key theme, ensuring that the benefits of economic progress reach all sections of society. This budget successfully balances challenges and promises to uphold the positive trajectory despite external pressures and uncertainties.
Vipin Suree, Founder & Managing Director, Space Creattors Heights
The interim budget was inline with the expectations. However, startups and sunrise sectors continue to find a special mention even in the interim Budget. The extension of tax exemption to Startups is a good gesture and provision for Rs 1 lakh crore toward sunrise segment at nominal or zero interest rate will certainly help small business. The focus on boosting EV charging station will drive sale of both vehicles and charging infrastructure. No change to direct and indirect tax was also expected, however we may see new rates in full budget to be proposed in July 2024
Anil Joshi, Managing Partner, Unicorn India Ventures
“In the interim budget 2024, Finance Minister Nirmala Sitharaman announced an establishment of ₹1 lakh crore (₹1 trillion) ($12 Billion) with 50-year interest free corpus to help finance research in technology. The corpus will provide long-term financing or re-financing with long tenors and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will act an incubator for harnessing and combining the power of Indian Youth and Technology which will further boost the startup culture by creating new techpreneurs in the country.”
Pramod Sharda, CEO of IceWarp India and Middle East.
