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The Union Budget 2024 has sparked considerable discussion among industry leaders and experts. Their insights highlight the budget's potential impact on various sectors, reflecting both optimism and areas of concern. This year's budget, presented by Finance Minister Nirmala Sitharaman, focuses on digitization, skilling, and economic growth, aiming to foster a business-friendly environment and support innovation. Here are some of the top voices and their perspectives on the budget's implications.
Dilip Chenoy highlights the budget's focus on digitization and the potential role of Web3 technology. Despite the lack of changes to the taxation framework on VDAs, he remains hopeful for future revisions. The abolition of the angel tax is seen as a positive step for the startup ecosystem, and the emphasis on blockchain skilling is expected to empower youth and foster Web3 adoption.
Shivam Thakral welcomes the abolition of the angel tax, which he believes will boost the startup ecosystem. However, he expresses disappointment over the unchanged TDS on VDAs and the high tax on gains from VDAs, which he feels will hinder the industry's growth. He appreciates the government's focus on emerging technologies like blockchain and AI.
Sunil S. Deshmukh commends the budget for fostering a business-friendly environment and providing tax relief. He highlights the introduction of a 12.5% tax on long-term gains, increased exemption limits, and the abolition of the angel tax. The budget's focus on employment and skilling, with significant allocations to education and skill development, is seen as a strong commitment to economic reform and growth.
Amit Khatri praises the budget's emphasis on inclusive growth, manufacturing, upskilling, and women empowerment. He highlights the creation of 4 crore jobs in manufacturing, the establishment of e-commerce export hubs, and the abolition of the angel tax as key initiatives that will boost the startup ecosystem and economic resilience.
Pratap Daruka views the abolition of the angel tax as a significant move for startups. He appreciates the ₹2 lakh crore package for skill development and employability but calls for a more focused approach to AI to ensure India captures a larger share of global AI investments.
Ujjwal Minocha sees the budget as a boost for 'Make in India' in the defense sector, which is expected to generate employment and position India as a center for defense sector exports.
Arjun Prasad believes the abolition of the angel tax will foster a vibrant startup ecosystem. He highlights the importance of upgrading industry training institutes and the government's commitment to gender equality and inclusive growth.
Pinkesh Kotecha welcomes the budget's focus on digital infrastructure and data governance. He emphasizes the need for increased attention to AI and cybersecurity to support India's aspirations of becoming a USD 5 trillion economy.
Debashis Chatterjee commends the budget's comprehensive approach to skilling, infrastructure development, and digital transformation. He highlights the focus on enhancing women's participation in the workforce and views the budget as a catalyst for accelerating growth and contributing to India's digital transformation journey.
Bipin Gupta sees the budget as positive for the smart home security sector. He highlights the increase in disposable income due to revised tax slabs and the allocation towards infrastructure development as factors that will drive greater adoption of smart home technologies.
Bipin Preet Singh praises the budget's focus on employment, skilling, and MSMEs. He highlights the new credit guarantee scheme for MSMEs, the elimination of the angel tax, and the increased exemption limit for long-term capital gains as key measures that will support the startup ecosystem and economic growth.
Raju Kumar appreciates the budget's emphasis on new energy and the government's commitment to research and development of small and modular nuclear reactors. He highlights the introduction of a Pumped Storage Policy and the transition from 'energy efficiency' to 'emission targets' for hard-to-abate industries as commendable steps towards achieving Net Zero emissions by 2070.
Pallavi Shrivastava sees the budget as extremely MSME friendly, with measures that address both immediate needs and long-term aspects like skilling. She highlights the new credit guarantee scheme for MSMEs and the enhancement of Mudra loans as significant steps towards empowering small businesses.
Arun Prakash praises the budget's focus on upskilling Indian youth and higher education. He believes the financial packages and loans will have long-term benefits, positioning India as a technology hub and supporting the EdTech and IT sectors.
Sanjay Dighe highlights the budget's comprehensive approach and its impact on various sectors. He sees the government's partnership with State Governments and Multilateral Development Banks as a driver for facility management services and industrial development.
Mr. Kishan Jain appreciates the budget's focus on bolstering manufacturing practices through targeted incentives and policy reforms. He believes the budget lays a solid foundation for a prosperous and sustainable future in manufacturing, with promising opportunities for the sector and the broader economy.
