Budget 2024 LIVE Updates : Record allocation of Rs. 2,62,200 Crore as Capex for FY 2024-25 for Railways in General Budget

Dr Sudhir Mehta Founder and Chairman EKA Mobility , Pinnacle Industries for your consideration

“Today’s union budget marks a significant milestone in India’s journey toward becoming a $5 trillion economy and solidifies its role as a global growth engine. The government’s comprehensive approach to supporting various sectors, especially MSMEs and start-ups, is commendable. The introduction of a credit guarantee scheme for MSMEs, which facilitates term loans without collateral or third-party guarantees, is a game-changer. By reducing the turnover threshold for mandatory onboarding on the TReDS platform from Rs 500 crore to Rs 250 crore, the government is making it easier for smaller MSMEs to benefit from this essential online platform. Additionally, opening 24 new SIDBI branches will enhance support for MSME clusters across the country. Likewise, the abolition of the ‘Angel Tax’ for all investors in start-ups is another progressive move, offering substantial relief and encouraging greater investment in innovation and entrepreneurship. While, in agriculture, the allocation of ₹2.66 lakh crore for rural development and the focus on climate-resilient crop varieties reflect a forward-thinking strategy. The initiative to introduce 1 crore farmers to natural farming over the next two years, supported by certification and branding, will contribute significantly to the sector’s sustainability and productivity. Overall, these measures underscore the government’s commitment to fostering economic growth, supporting innovation, and driving sustainable development across sectors.”

Vikas Bajaj, President of Association of Indian Forging Industry (AIFI), said,” We welcome the budget presented today, which lays out a comprehensive roadmap for ‘Viksit Bharat’ across key sectors including manufacturing and services. The emphasis on promoting MSMEs through enhanced credit support and infrastructure development is particularly commendable. These measures will not only bolster job creation but also enhance competitiveness, paving the way for a robust industrial growth trajectory. For the manufacturing sector, the proposed incentives for additional employment will significantly boost job creation and strengthen the manufacturing ecosystem. The special attention given to MSMEs, particularly labour-intensive manufacturing, through financing, regulatory changes, and technology support, is a crucial step toward enhancing global competitiveness.

The introduction of a credit guarantee scheme for MSMEs, providing up to ₹100 crore without collateral, along with the new credit assessment model and enhanced Mudra loan limits, will ensure broader financial inclusion and stability. The commitment to developing ‘plug and play’ industrial parks and reducing customs duty on key raw materials like ferro nickel and blister copper will lower production costs and enhance competitiveness. Additionally, the financial support for shifting micro and small industries to cleaner forms of energy and the facilitation of investment-grade energy audits in 60 clusters, with expansion to 100 clusters, will greatly benefit MSME units in the forging sector. Overall, this budget is a significant step towards ‘Viksit Bharat,’ and we at AIFI are optimistic about its positive impact on the forging industry and the broader manufacturing sector.”

Anurag Garg, Country Head & Managing Director, Vitesco Technologies India said, “We welcome the Union Budget 2024 and commend the government’s budgetary priorities aimed at fostering innovation, research, and development in the manufacturing sector. The initiatives announced today, such as the credit guarantee scheme and reduction in customs duties on critical raw materials, are poised to strengthen India’s manufacturing ecosystem. These measures will not only incentivize additional employment in the manufacturing sector but also provide the necessary financial and technological support to MSMEs, allowing them to compete globally and contribute significantly to the economy.

Additionally, the establishment of investment-ready industrial parks and the reduction of input costs through customs duty cuts will boost domestic manufacturing and export competitiveness. We look forward to leveraging these opportunities to drive sustainable growth and technological advancement in the automotive industry, aligning with our vision for a prosperous and ‘Viksit Bharat’.”

Saurabh Marda, Co-founder and Managing Director Freyr Energy

“The recent budget has been highly favorable for the energy sector, with the government setting an ambitious goal of achieving 500 GW of renewable power by 2030. A key component of this plan is encouraging homeowners to adopt solar energy, facilitating a swift transition to solar power. To support this, the government has allocated ₹70,000 crores in subsidies for homes that switch to solar energy. This is a crucial and forward-thinking initiative for the country’s future, and we express our gratitude to the government for taking this significant step”.

Union Budget Reaction Quote 2024-2025 from Murty LVLN, MD & CEO, Dvara KGFS –

“The Union Budget 2024 has acknowledged the need to support MSMEs and improve skill training, especially among the rural population. Significant focus is given to the agricultural sector to increase digital public infrastructure which will push more farmers to be a part of the registry making the agriculture sector more transparent. This move will pave the way for fintechs and agricultural fintechs to support farmers with better financial offerings. We welcome the government’s initiative to introduce a new mechanism for MSMEs to continue seeking bank credit during stress period to ensure smooth functioning. The continuous focus of the budget on the MSME sector, to compete globally, will result in a positive incentive for the rural parts of the country, thereby, increasing the rural GDP.”

Attributed to Swati Bhargava, Co-Founder of  CashKaro
The Union Budget 2024 is a significant step forward for India’s growth, focusing on empowering women in the workforce, supporting employee welfare, and driving innovation. The allocation of over ₹3 lakh crore for schemes benefiting women and girls, along with new initiatives like skilling programs and salary support for first-time employees, highlights the government’s commitment to gender inclusivity and employment generation.

For startups, the abolition of the angel tax for all investors is a significant boost, fostering a more vibrant and innovative startup ecosystem. The reduction of the TDS rate on e-commerce transactions from 1% to 0.1% is a crucial step for digital businesses, easing the tax burden and encouraging growth. Additionally, the comprehensive review of the customs duty structure over the next six months and the proposal to decriminalize TDS delays up to the filing of the tax date reflect a forward-thinking approach to taxation. Overall, these measures will propel India towards a brighter, more innovative future, driving economic growth and development across various sectors.
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Attributed to Rohan Bhargava, Co-Founder of CashKaro
The Union Budget 2024 brings substantial changes to personal finance that will benefit a large number of taxpayers. The increase in the standard deduction from ₹50,000 to ₹75,000 and the revision of the tax slab limit for the 5% tax rate from ₹5 lakh to ₹7 lakh will significantly enhance disposable income. These changes will provide much-needed financial relief to the middle class and boost overall consumption.

Furthermore, the proposal to increase the deduction of employer expenditure towards NPS from 10% to 14% of the employee’s salary will improve social security benefits for the workforce. The revamp of the capital gains tax regime will impact investment decisions and financial planning, ensuring a more balanced and fair approach to taxation. These measures collectively contribute to a more robust and financially secure environment for individuals and families across India.
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Attributed to Megha Gambhir, Founder and CEO of Stupa Sports Analytics
The removal of angel tax is a big boost for the Indian startup ecosystem and will make the path for startups like ours easier, so we can focus on building innovative tech solutions without previous financial burdens. Additionally, the announcement of investing in sports infrastructure in states like Bihar is positive news for continuing to develop sports at the grassroots level in our country. This will eventually lead to more facilities, academies, and sports centers integrating cutting-edge tech solutions in the coming years, and transform the way sports are played, viewed, and organized.

Quote by Venkatraman Venkateswaran – Group President & Chief Financial Officer at Federal Bank

The budget can be broadly classified into 5 pillars: continuing fiscal consolidation and glide path for fiscal deficit further improved, Sustaining growth momentum, incentives for employment generation, govt spend on infrastructure including housing sector and finally encouraging consumption.

Vivek Singhal, CEO, Smartworld Developers – “The 2024 Union Budget reaffirms the government’s commitment to urban development and housing, aligning perfectly with the real estate sector’s growth trajectory. The substantial allocation of Rs 11.11 lakh crore for infrastructure development, representing 3.4% of India’s GDP, is a significant boost that will have far-reaching positive impacts on our industry. The government’s encouragement for states to moderate stamp duty rates is a welcome move that could potentially stimulate property transactions. The consideration of further duty reductions for properties purchased by women is an innovative step towards promoting inclusivity in homeownership. These measures build upon the robust growth we witnessed in 2023, where housing sales in the top seven cities reached an all-time high of 4.77 lakh units. As we progress through 2024, we anticipate that these budget provisions, combined with the sector’s inherent strengths, will maintain this momentum. The budget’s focus on urban development and housing will undoubtedly enhance real estate’s appeal to both homebuyers and investors. We’re optimistic that these initiatives will support the industry’s projected steady growth in the coming years, contributing significantly to India’s vision of ‘Viksit Bharat’.”

Mr. Sanjay Kumar, MD & CEO, Rassense Pvt. Ltd said “The Union Budget 2024 highlights the government’s unwavering commitment to improving India’s agricultural landscape. With a massive allocation of Rs 1.52 lakh crores, this budget is projected to significantly increase productivity and promote climate-resilient varieties through advanced agricultural research. The emphasis on FPO-based cooperatives is a strategic move that will empower farmers, promote collective growth, and safeguard the sector’s long-term stability. This holistic strategy not only addresses farmers’ immediate needs but also establishes the foundation for long-term agricultural profitability and resilience. The initiative to release 109 high-yielding, climate-resilient crop varieties can improve agricultural productivity and sustainable practices and it will ensure a consistent supply of high-quality goods, which is crucial for upholding food standards. Empowering 1 crore farmers with natural farming techniques under the Union Budget 2024 is a game-changer too. Supported by certification and branding, this initiative has the potential to transform farming practices and contribute to a more sustainable and resilient food system. Also, if we look into the manufacturing sector, a special attention provides credit guarantee schemes for MSMEs and formulated packages to finance technology support.”   

Reactive Statement on Budget 2024 – “Towards making India a global player in the toy industry” by Mr Sushilkumar Agrawal, CEO, Ultra Soft Toys

“As a toy manufacturer, we are happy with the 2024-25 Budget that concentrates on increasing local production. The tariffs imposed on imported toys and obligatory quality standards will drastically cut down our dependency on imports. The PLI (Production Linked Incentive) scheme is a game-changer as it attracts investments and improves our manufacturing capabilities. Additionally, these initiatives shall not only lead to growth and competitiveness but also foster the growth of strong indigenous toy clusters. We believe that such steps would lead to employment creation and make India a global player in the toy industry.”  Mr Sushilkumar Agrawal, CEO, Ultra Soft Toys

Gopal Srinivasan, Chairman & MD – TVS Capital Funds, Former Chairman – IVCA budget quote.
“The Hon’ble Finance Minister has brought cheer to the entire startup ecosystem by announcing an end to the tax disparity between listed and unlisted sectors in the FY 25 Budget. This historical and epoch-making move, though risking short-term dips in public markets, marks a red-letter day for the long-term growth of the private capital industry.
 
The industry has been seeking this parity for over a decade. Scarce domestic capital, largely from private individuals and families, faced friction due to higher Long Term Capital Gains Tax (LTCG) for Fund managers and startups in attracting this capital. Currently, the domestic Alternative Investment Fund (AIF) pool, at Rs. 2.5 Trillion, is just one-tenth of the Indian equity mutual fund pool.
 
Bringing about parity allows investors to make decisions solely on investment merits, rather than being swayed by a “tax sop” for trading in listed company shares. Private Capital in AIFs (VC/PE) fosters startups and entrepreneurship, creating a multiplier effect through capital formation, talent creation, innovation, and employment generation, unlike secondary trading in the listed space.
 
Equally important was the abolition of the Angel Tax in a single line. Introduced in 2012, this tax caused enormous stress amongst early-stage startup investors and founders. It sent a message that the government “frowned” upon Startups, despite an administration that was gung-ho about promoting them. Dismantling the entire law on entry valuation is a bold move. Kudos to the FM.
 
As a homegrown private fund manager closely aligned with domestic capital investments and the larger mission of promoting entrepreneurship in India, this is indeed the Dream Budget for startup growth capital. Its Deepavali for the Indian Startup system and the Domestic VC/PE Capital community!”

Mr. Kishan Karunakaran, CEO of Buyofuel– Post-Budget Quote: “This Union Budget once again underscores the commitment to achieving Vikisit Bharat 2047, with energy transition being a top priority. The interim budget’s financial assistance has significantly benefited the biofuel industry by simplifying the complex biofuel supply chain and generating increased interest in the sector. This budget emphasizes India’s energy mix, focusing on other clean energy sources, which highlights the government’s dedication to environmental sustainability. If appropriate regulations for transitioning the hard-to-abate sectors are outlined, we can anticipate substantial governmental support to solidify our energy transition efforts. Additionally, the policies focusing on rooftop solar, nuclear R&D, and AUSE technology in thermal power plants demonstrate India’s unwavering commitment to energy independence. The energy transition is set to play a crucial role in our nation’s progress.”

“The FM abolishing the Angel Tax is a much needed welcome news to all Indian Startups. The ability to fuel our startup economy that is generating so much employment is a step in the right direction.” – Chris George, Co-founder and CEO – QubeHealth

Amit Vasistha founder GALF (popularly known as MyGALF) shared his reaction to Finance Minister Nirmala Sitharaman’s budget. :
1) The Union Budget 2024-25 reflects a robust commitment to the growth and digital transformation of MSMEs. With an impressive 41.6% increase in allocation for the MSME ministry.
2) As for startups, govt’s decision to rewards the first time employees and employers alike is a revolutionary step encouraging companies to retain and grow employees
3) As employers, we can now provide internship to young graduates and get benefits since govt shall pay for the internship salary and we can take the costs from our CSR funds
4) Increasing the Mudra loans limits to 20 LAKHS is a very welcome step for MSMEs and Startups
5) A national agenda on DPI applications covering areas like e-commerce and healthcare to significantly support GALF’s agenda
6) The bumper announcement is the total removal of Angel Tax for all asset classes. This has been a long standing issue which startups have been highlighting since they attract the bulk of angel investments.
7) Govt however left the industry longing with no increased allocation to Startup India program. Hopefully this shall be a separate announcement as part of the Ministry of IT allocations. 

Post-Budget Quote: “Tabreed is encouraged by the Finance Minister’s announcement of a detailed roadmap to pursue nine national priorities, including a strong focus on urban development, infrastructure, and energy security. The emphasis on energy transition pathways, with a focus on employment and sustainability, aligns perfectly with Tabreed’s mission to provide energy-efficient cooling solutions for India’s rapidly growing cities. 
As the nation’s energy demand is increasingly being led by our cooling needs, we can help reduce power demand by upto 40% alleviating grid stress through our efficient cost-effective solution. In addition, our transformative systems thinking approach can integrate with renewable energy and reusing resources such as treated wastewater bringing in circularity principles that our country is long familiar with.

We look forward to collaborating with the government and other stakeholders to accelerate the opportunities presented by the new policy framework and contribute to the nation’s progress towards a greener and more prosperous future.”

Quote by Sandeep Lanjewar, Director, Palladium India

The budget announcement has brought smiles to MSMEs with its focus on sector development, employment promotion, and skilling. To address the need for better MSME-specific credit access, the government has introduced measures such as setting up 24 SIBDI branches, enhancing the Mudra Loan limit to INR 20 lakh for re-applicants who have repaid earlier loans, and providing up to INR 100 crore in guarantee cover for each applicant MSME through a credit guarantee scheme for the manufacturing sector, without collateral or third-party guarantees. The government has also reaffirmed employment and skilling as priority areas, with a 5-job scheme agenda worth INR 2 lakh crore, a revision of the Model Skill Loan scheme with additional allocations for e-vouchers for loans up to INR 10 lakh in domestic institutions, aiming to equip youths with skills at early stages in their education journey to build a future-ready workforce.

Furthermore, the government’s focus on infrastructure to promote skilling and MSMEs is a key highlight of the budget. Proposed interventions include upgrading 1,000 ITIs, establishing e-commerce hubs for accessing international markets, enhancing digital public infrastructure for credit, e-commerce, and legal compliance, and investing in infrastructure to support women-led development. Additionally, the budget proposes a new assessment model for MSME credit by public sector banks, which will rely on the digital footprint of MSMEs rather than the traditional asset and turnover criteria. This model is seen by many as a unique selling point of the budget. Overall, the budget appears promising for the country’s economic growth over the next five years.

Mr. Tarun Sawhney, Vice Chairman and Managing Director, TEIL. Request you to please incorporate the same in any related stories.

In the Budget 2025, the Government has laid out a comprehensive roadmap for a ‘Viksit Bharat,’ focusing on key areas such as agriculture, manufacturing, and energy security. With increasing demand and growing concerns about climate change, there is an urgent need to shift towards high-yielding and climate-resilient seed varieties.

We are optimistic that the Government’s allocation of INR 1.52 lakh crore for R&D in agriculture and allied sectors, along with the push towards natural farming and Digital Public Infrastructure with a digital crop survey, will enhance productivity and significantly boost farmers’ incomes, particularly for sugarcane farmers who face challenges like uneven rainfall and red rot disease in certain pockets of the country. Natural farming will also help the Compressed BioGas sector to enhance the financial attractiveness due to assured disposal of the liquid fertilizer.

In the energy sector, the Government’s emphasis on renewable energy sources such as solar, thermal, and nuclear, along with the upcoming policy on pumped storage projects for electricity storage, will facilitate the smooth integration of renewable energy into the overall energy mix. This approach will address the variable and intermittent nature of renewable energy, ensuring a stable and reliable energy supply. Further the increased focus on climate finance and tools such as carbon credits would enhance the speed of green transition through improved viability of the Bioenergy sector.

We also commend the Government’s new scheme aimed at incentivizing additional employment in the manufacturing sector. This forward-thinking strategy will not only create job opportunities but also encourage the hiring of fresh talent, driving economic growth and fostering innovation.

Mr. Ravi Mittal, Founder & CEO of QuackQuack, feels abolishing Angel Tax will have favourable long-term implications for the Indian startup ecosystem, “This 2024-25 Union Budget is highly influential to ensure long-term success in the startup ecosystem. By doing away with the Angel Tax, startups have been enabled to encourage a renewed business approach and enhance valuation. This will enable startups to undertake expansion initiatives without concerns about taxation, while also attracting increased funding from angel investors. Furthermore, the centre’s emphasis on upskilling will provide a viable pipeline of trained professionals for startups, ensuring long-term growth and scalability, Mr. Ravi Mittal, CEO & Founder of QuackQuack.

“This budget has achieved the trinity of impossible. Fiscal Prudence, Investment and Growth momentum.  Fiscal Prudence of 4.9 % for FY 24 will pave the way for Rating upgrade. Support to employment generation will boost growth. Infrastructure investment at 3.4 % of GDP is elevated yet not crowding out others.” -Nilesh Shah, Managing Director, Kotak Mahindra AMC

Budget Response from Sangram Baviskar, Managing Director, Real Estate Practice, TruBoard Partners

The Union Budget’s emphasis on infrastructure, skilling, and rural development sets the stage for broad economic growth, which typically translates to a thriving real estate market. We anticipate increased activity across various property segments as a result.

The potential reduction in stamp duty is a welcome move. If states implement this suggestion, it could lead to more affordable property transactions, potentially stimulating market activity. The possibility of further duty cuts for women buyers is particularly intriguing, as it could promote more inclusive property ownership.

The substantial investments in affordable housing and urban development represent a massive opportunity for the real estate sector. These initiatives will likely drive demand and create new markets, especially in urban and semi-urban areas.

The boost to road connectivity is another positive factor. Improved infrastructure typically leads to the development of new real estate hotspots, as areas become more accessible and attractive to both residential and commercial buyers.

Overall, these budget announcements signal a promising future for Indian real estate. As a technology provider in this space, we are optimistic about the sector’s growth potential and the increased demand for innovative solutions to support this expansion. It is an exciting time for real estate in India, with technology playing a crucial role in leveraging these opportunities.

This is a landmark budget for the e-commerce industry. The push by the Government on e-commerce will not only boost the industry but also boost India’s overall economy. The reduction in Tax Deducted at Source (TDS) for e-commerce operators, from 1% to 0.1%, will alleviate fiscal pressures on e-commerce enterprises. This significant decrease will lessen the load on working capital and is expected to create a more favorable environment for growth.

These initiatives are expected not only to sustain but bring ecommerce to scale, which in turn will drive India’s economic growth We congratulate the Government for Budget 2024 and wholeheartedly welcome it– Natasha Tuli, Co Founder & CEO, Soulflower.

Mr. Milind Padole, Managing Director, Affordable Robotics & Automation LTD: ” The Union Budget 2024 presents several promising opportunities. The focus on MSMEs, including credit guarantee schemes and financial support for machinery, will greatly benefit our growth and technological advancements.

Additionally, initiatives for infrastructure development, energy security, and employment-linked skilling programs align well with our goals. Overall, the budget supports a conducive environment for innovation, expansion, and growth in the robotics and automation sector.”

Mr. AK Tyagi, Founder, Chairman & Managing Director of Nuberg Engineering Ltd said, “The Budget 2024 includes bold and progressive measures that deserve praise. In line with the dream of a Viksit Bharat, bringing in a policy paper on energy transition routes is a big move to balance growth environmental protection, and jobs. This complete approach will be key as we deal with the tricky scene of changing our energy use.  

Auctioning offshore mineral blocks and creating a policy for electricity storage shows a practical approach to boost our energy infrastructure. These steps, along with efforts to add more renewable energy, will spark new ideas and make the sector more productive. Working together on R&D for small modular reactors and looking into new tech is important. By putting money into Bharat Small Reactors and modular reactors, the government isn’t just pushing nuclear tech forward, it’s also opening doors for businesses to get involved.  

The success of PM Surya Ghar Muft Bijli Yojana and ongoing help for PM Awas Yojana Urban 2.0 show a real dedication to improving lives through better energy access and housing. The planned pumped storage policy will tackle the on-and-off nature of renewables, which you need for a power grid that won’t let you down. Also, NTPC’s teamwork with BHEL to build an 800 MW plant using AUSC technology marks a big step forward in advanced power generation. Solar power stays a key part of our renewable energy goals, with a clear plan to reach 500 GW by 2030. This shows our dedication to cutting down on fossil fuel use and fighting climate change.  

While the measures in Budget 2024 will advance renewable energy initiatives, achieve energy independence, mitigate environmental impacts, and create a resilient energy system for future generations, we wish more had been done to accelerate the development of Green Hydrogen. A greater emphasis on this promising technology would significantly bolster our sustainability efforts and reinforce our commitment to a greener future. This technology holds great promise, and putting more effort into developing it could really strengthen our sustainability goals and show our commitment to a greener future. Our goal is to build on the Budget 2024’s progress by advancing renewable energy and boosting Green Hydrogen development. This will help us achieve a more sustainable and greener future. 

Deep Banka, COO, Zostel, said, “In light of the recent budget announcement, we are encouraged by the government’s commitment to positioning India as a premier global travel destination. The focus on enhancing iconic spiritual and cultural sites, alongside the promotion of beach tourism, aligns perfectly with our vision of creating unforgettable experiences for both domestic and international travellers. We believe that these strategic initiatives will not only enhance the travel experience but also foster sustainable growth within the tourism sector. We are excited to collaborate with the government and other stakeholders, and our dedication remains unwavering in crafting memorable experiences for both local and international travellers by continuing to craft unique experiences.”
Umesh Sahay, Founder and CEO, EFC India

“The Union Budget 2024 brings transformative changes to the investment landscape. The significant shift for REITs and InVITs, now treated as long-term after just 12 months instead of 36, opens new horizons for investors. This progressive move not only boosts market confidence but also aligns with our vision of fostering robust economic growth and investment opportunities.”

Spokesperson: Mr. Sunil S. Deshmukh, Chair of Global Board of Directors, IMA® (Institute of Management Accountants)  

Quote:
We commend the recent budget for fostering a business-friendly environment and providing tax relief. The introduction of a 12.5% tax on long-term gains and increased exemption limits will encourage longer-term investments and market stability. Raising the exemption limit for capital gains on financial assets to ₹1.25 lakh per year will boost individual investor participation. The abolition of the ANGEL tax for all investors will stimulate startup investments. Furthermore, reducing the corporate tax rate for foreign companies from 40% to 35% will attract more foreign investment. Additionally, Finance Minister Nirmala Sitharaman’s Budget 2024 announcement includes a ₹2 lakh crore package for employment and skilling. With ₹1.48 lakh crores allocated to education, employment, and skill development, this initiative addresses job creation and skill enhancement. First-time workforce entrants will receive a direct transfer of up to ₹15,000, enhancing employability and stimulating economic growth. Overall, these measures demonstrate a strong commitment to economic reform and growth, creating a favorable tax environment that supports innovation, investment, and long-term development.

Mr. Ashish Kukreja, Founder & CEO, Homesfy.in & mymagnet.io said, The much-anticipated support for affordable housing is addressed with Rs 10 Lakh Cr to meet the housing needs of one crore lower and middle-class families in the urban regions. Over the next five years, an additional Rs 2.2 Lakh Cr support would be provided as central assistance.
The whopping Rs 11.11 lakh Cr support to enhance infrastructure will boost connectivity and facilitate the overall development of cities as growth hubs.
FM Smt. Nirmala Sitharaman emphasised that states should reduce stamp duty in the new Budget. We can see well-planned urbanisation with more movements in terms of housing developments. There will be a significant movement in terms of overall demand and supply. Buyers will be motivated to buy their first dream home, and developers will be excited to launch new residential units.
The Rs 2.66 Lakh Cr allocated to rural development will significantly upgrade rural infrastructure. Additionally, the announcement of 3 crore house construction in rural and urban areas is an addition to PMAY’s visionary scheme, and “housing for all” seems achievable.

Vidita Kochar, Co founder at Jewelbox; The recent reduction of customs duty on gold to 6% marks a significant advancement for the jewellery industry, enhancing its competitiveness and making it more accessible to consumers. This move aligns seamlessly with our commitment to providing high-quality, affordable lab diamond jewellery to our customers.

Additionally, the abolition of the angel tax is a laudable initiative that will invigorate India’s startup ecosystem. This change is poised to spur innovation, attract global investors, and provide a substantial boost to startups.

We are confident that these measures will significantly contribute to the growth and dynamism of both the jewellery sector and the broader startup community in India.

Sanjay Chhabria, IDT lead, Indirect Taxation, Nexdigm
Major reforms in Indian Shipping industry announced with focus of overhauling the regulatory and flagging framework for generating local employment. Shipping industry players could be required to revisit their operational models with changes in ship flagging framework.
E-commerce export hubs, a model proposed in the FTP 2023, is seen gaining momentum in this budget. Typical focus areas: Public-Private-Partnership model, better infra in terms of stocking, customs clearances, processing of returned orders, and linkage to Market Access Initiative (MAI) Scheme
These hubs to be set up to specifically facilitate trade and service-related exports for MSME sector. These could be kind of bonded zones similar to EOU having various facilities.
Buoyed by the public response, impetus to rooftop solar electricity generation to be continued – Rate cuts may be expected on setup and maintenance equipment.

Mr. Gurdeep Singh, Chairman and Founder, Jujhar Group:

The substantial allocation for PM Awas Yojana Urban 2.0 is a game-changer for urban housing. Addressing the housing needs of 1 crore urban poor and middle-class families with an investment of ₹10 lakh crore, including ₹2.2 lakh crore in central assistance over the next five years, is what we as an overall sector were looking forward to. The provision for interest subsidies to facilitate affordable loans demonstrates the government’s commitment to making home ownership accessible. This initiative will significantly boost the real estate sector, stimulate economic growth, and improve the quality of life for millions of Indians.

“The inclusion of Viability Gap Funding (VGF) in infrastructure development is crucial. While great progress has been observed in the development of roads, careful planning and execution of other projects are essential. With a strategic approach, these projects can drive significant economic growth.”~Ramendra Verma, Partner, Grant Thornton Bharat (INFRA)

——————————————————————————“The Employment-Linked Initiative represents a crucial effort to boost job opportunities in the formal sector. By aligning employment with targeted initiatives, the government seeks to stimulate growth and positively influence the workforce.”~Ramendra Verma, Partner, Grant Thornton Bharat (EMPLOYMENT)

——————————————————————————“The allocation of INR 15,000 crore for Amaravati’s development through Infrastructure Development Authorities (IDAs) is a major step forward. This funding can transform Amaravati into a modern, sustainable city, driving economic growth and infrastructure development. The emphasis on future-oriented planning is commendable, and it will be interesting to see the tangible progress resulting from this budget.”~Ramendra Verma, Partner, Grant Thornton Bharat (URBAN DEVELOPMENT)

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“New and additional employment incentives across manufacturing and other sectors will encourage workforce growth and bolster the Make in India initiative. These incentives complement existing PLI schemes and provide additional income tax benefits for hiring more employees.”~Krishan Arora, Partner, Grant Thornton Bharat (MANUFACTURING & MSME)

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“Setting up e-commerce and export hubs through public-private Partnerships will expand market reach for rural artisans, aiding in the economic upliftment of rural Bharat. Naveen Malpani
Digital Public Infrastructure in agriculture will provide more farmer data, enabling fintechs to access mainstream credit information. This will improve credit quality and increase financial inclusion for farmers.” ~Vivek Iyer, Partner, Grant Thornton Bharat (FMCG & E-COMMERCE)

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“Regulatory forbearance will allow banks to extend credit to stressed MSMEs in the SMA category due to external circumstances. Enhanced regulatory focus will ensure benefits reach deserving entities.”~Vivek Iyer, Partner, Grant Thornton Bharat (FINANCIAL SERVICES)

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“The government has broadened the market for receivables discounting for MSMEs by lowering the threshold for more receivable buyers on the TREDS platform. Enhanced liquidity will help MSMEs manage their working capital better, enabling them to fund their growth aspirations.”~Vivek Iyer, Partner, Grant Thornton Bharat 

(FINANCIAL SERVICES)

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“Public Sector Banks will develop independent credit scoring models based on MSMEs’ digital footprint, leading to improved data quality and governance. We also expect increased regulatory scrutiny of these alternate credit scoring models.”~Vivek Iyer, Partner, Grant Thornton Bharat 

(FINANCIAL SERVICES)

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“The government’s initiative to build working hostels and crèches to support women’s employment is a significant step toward creating a more inclusive workforce. This policy will boost demand for mixed-use developments and community-centric real estate projects. Integrating such facilities within residential and commercial complexes empowers women, enhances their labor force participation, and fosters economic growth.”~Shabala Shinde, Partner, Grant Thornton Bharat 

(WOMEN-LED DEVELOPMENT)

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“Supporting bankable projects on sanitation, wastewater management, and solid waste management in 100 large cities will accelerate Swachh Bharat outcomes. Implementing Extended Producer Responsibility for critical minerals is key to leveraging a circular economy for strategic market outcomes. Additionally, considering that irrigation consumes most of the fresh water in India, the announcement on promoting treated wastewater for irrigation and replenishing tanks is welcome, especially, in light of increasing water stress.”~Abhinav Akhilesh, Partner, Grant Thornton Bharat 

(PUBLIC SECTOR UNDERTAKING)

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“Support for 60 MSME clusters in conducting energy audit through incentive/subsidised scheme to identify areas of improvement and make this sector more energy efficient and fulfill country’s net zero path. This scheme where 100 clusters will be added will go a longway in achieving this objective.”~Amit Kumar, Partner, Grant Thornton Bharat 

(ENERGY)

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“Redeveloping cities through a well-developed framework of enabling policies, market mechanisms, and regulations is expected to boost both urban and peri-urban areas. This approach will integrate peri-urban areas smoothly into the urban landscape.”~Padma Priya, Partner, Grant Thornton Bharat 

(URBAN DEVELOPMENT)

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“Moderated stamp duty on urban housing, particularly for women, would improve affordability and lower the overall tax burden on immovable properties, which often incurs significant GST costs.“~Krishan Arora, Partner, Grant Thornton Bharat 

(REAL ESTATE)

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“The proposed budget on agriculture with a focus on “Productivity and Climate resilience” is right on the spot for the current requirements of the country. India’s average productivity is less compared to the world’s highest productivity for majority of crops e.g Paddy, Maize, Oilseeds etc. There is a clear need to focus on research & development which will enhance the overall production. Focusing on natural farming is the need of the hour to support the natural soil ecosystem which is vulnerable because of high agri input usage. Focus on infrastructure like irradiation units, quality labs will help in infrastructure availability inter -alia resulting in reduced post-harvest losses and improving quality assurance for the consumers. Vegetable clusters will help in easing out the food inflation pressures. Moreover, the new programme on oil seeds & pulses is a must and the government is spending more than 1.5 lakh crore on the import of oilseeds (which is more than 50% of the country’s demand). The programme shall build Aatmanirbharta and self-sufficiency in oilseeds and pulses, reducing the pressure of imports and global vulnerabilities. Building digital agriculture infra will bring efficiency and inclusiveness in the areas as desired for a holistic development of farmers. The budget of 1.52 lakhs Cr is around 20% higher compared to last year’s budget though the focus areas are in the right direction of long-term growth and achievement of the Prime Minister’s vision of Viksit Bharat.”~Chirag Jain, Partner, Grant Thornton Bharat 

(AGRICULTURE)

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“The recent budget announcements regarding rental housing are set to greatly enhance the real estate market, particularly benefiting SM REITs. This strategic emphasis will stabilise rental yields and position REITs as pivotal drivers in the growth of the residential real estate sector, fostering a more robust and dynamic market. Shabala Shinde
Focus on tourism will transform Brand India. By highlighting new destinations like Odisha, promoting sustainable tourism, and revitalising ancient temples and pilgrimage sites, India is set to become a ‘must-see, must-visit’ global tourism destination.” ~Soumya Palchoudhuri, Partner, Grant Thornton Bharat 

(TOURISM)

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“Reviewing existing customs duty rates and furthering exemptions or reductions of BCD across various sectors underscores the government’s vision for ‘Make in India.’ Sectors like leather, critical minerals, and telecom (mobile phones) will benefit from duty exemptions or reductions, highlighting the need for growth and penetration in these areas.” ~Sohrab Bararia, Partner, Grant Thornton Bharat (CUSTOMS)

——————————————————————————“The recent budget announcements regarding rental housing are set to greatly enhance the real estate market, particularly benefiting SM REITs. This strategic emphasis will stabilise rental yields and position REITs as pivotal drivers in the growth of the residential real estate sector, fostering a more robust and dynamic market.”~Shabala Shinde, Partner, Grant Thornton Bharat(REAL ESTATE).

Anoop Bhargava, Director and CEO of Empire Centrum

Quote:

“The announcement of the PMAY Urban Housing 2.0 with a substantial budget of ₹10 lakh crore is a significant step towards addressing the housing needs of our urban population. The central government’s commitment of ₹2 lakh crore in aid and the provision of subsidized rates for these housing projects will not only make housing more affordable but also stimulate growth in the real estate sector. This initiative aligns with our vision of creating sustainable and quality living spaces for all. We are optimistic that these measures will boost demand, drive economic growth, and pave the way for a brighter future in urban development.”

Mudhit Gupta, Founder and CMD, EMGEE Group

Quote:

“The Budget 2024 introduces transformative measures that promise to reshape the urban real estate landscape. The digitization of land records using GIS is a forward-thinking initiative that will enhance transparency, reduce disputes, and streamline property transactions. The formulation of transit-oriented development programmes for 14 large cities is a commendable step towards creating more connected, efficient, and sustainable urban environments.

Additionally, the substantial allocation of ₹10 lakh crore under PMAY Urban Housing 2.0, along with ₹2 lakh crore in central government aid and subsidized rates, will address the housing needs of a vast population. While our focus remains on luxury living, we recognize that these initiatives will uplift the entire real estate sector, fostering economic growth and urban development. We are excited to see how these measures will drive innovation and excellence in urban living, setting new benchmarks for the industry”.

Mr. Nischal Narayanam, Founder and Mentor, Nischal’s Smart Learning Solutions (nischals) –

“I am immensely pleased with the Union Budget 2024’s robust focus on skill development and employment opportunities. The allocation of internship opportunities in 500 top companies for one crore youth is a commendable step towards bridging the gap between academic knowledge and practical experience. The financial support for higher education loans and model skill loans schemes will significantly enhance access to quality education and specialized training. This comprehensive approach will undoubtedly equip our youth with the necessary skills and experiences to thrive in today’s competitive job market, fostering a future-ready workforce.”