Budget 2024: Inclusive Growth and Sustainable Initiatives Applauded by Industry Leaders

On February 1, Union Finance Minister Nirmala Sitharaman presented the Budget 2024 in Parliament. During her budget speech, she unveiled numerous initiatives targeting youth, the poor, the middle class, women, farmers, and other segments of society. Notably, this budget, presented ahead of the upcoming general elections, was an interim one for the year 2024.

It placed a strong emphasis on empowering youth and women, all while adhering to fiscal consolidation and sustaining capital expenditure. The Finance Minister, Sitharaman, revised the fiscal deficit target for FY25, bringing it down to 5.1% of the GDP.

The recent Interim Budget 2024 has garnered widespread appreciation from industry leaders for its forward-looking initiatives and commitment to fostering inclusive growth and sustainability. Notable figures from various sectors have commended the government's commendable achievements over the past decade and its dedication to creating economic opportunities through new-age technologies and data-driven transformations. The budget, with a keen focus on sectors like education, financial services, renewable energy, and infrastructure, is seen as a crucial foundation for empowering India's youth and elevating the country's international standing. Let's delve into the perspectives of key industry voices on the significant aspects of the budget.

Saurabh Arora, CEO, University Living said, "I applaud the government for its commendable achievements over the past decade and express gratitude for the Budget's unwavering focus on fostering inclusive growth. In this era where new-age technologies and data are transforming lives and businesses, the budget recognizes their role in creating economic opportunities and providing high-quality services at affordable prices, particularly for those at the 'bottom of the pyramid.' The expanding global opportunities for India are being driven by innovative solutions and entrepreneurial spirit. With Rs 73,008 crore allocated to the School Education, strategic investments and accomplishments in the education sector, this budget lays a crucial foundation for empowering India's youth, enabling them to aspire for higher education avenues beyond boundaries and elevate India's international standing."

Arun Poddar, CEO & Executive Director, Choice International Ltd, said, "We applaud the Interim Budget 2024-25 for its forward-looking approach towards the financial sector and the overall Indian economy. The government's commitment to fiscal consolidation, coupled with an aggressive fiscal deficit target, sets a positive tone for economic resilience. The commitment to Digital Public Infrastructure aligns with our tech-centric vision for innovative financial services.

"Choice International is particularly encouraged by the focus on fostering private investment, enhancing MSME growth, and orienting the regulatory environment. The government's focus on International Financial Centres positions financial service providers to benefit from global capital. The decision to withdraw outstanding disputed tax demands is a significant boost for over one crore taxpayers. As we navigate these economic waters, Choice International remains dedicated to actively contributing to the India's financial sector and support its journey towards sustained economic prosperity," he added.

Mr. Kishan Karunakaran, CEO of Buyofuel gave his opinion about Union Budget and said that in a move that resonates with Buyofuel's vision, the government's backing for biomass aggregation and compressed biogas blending heralds a new era in India's energy landscape. This crucial support, especially in providing financial aid for biomass aggregation machinery, aligns perfectly with our efforts to streamline the complex supply chain. Simultaneously, the progressive mandate for CBG (Compressed Bio Gas) blending marks a pivotal shift, ensuring biofuels remain a key player in powering India's journey towards a greener, more sustainable future. This budget with its focus on Energy security through the Panchamrit scheme and various policies for Rooftop solar, is consistent with India's vision for Energy security and will play a very important role in making India more energy secure in the coming years.

Mr Vineet Mittal, Chairperson of Avaada Group on the budget allocation, said, "In the Interim Budget 2024-25, Finance Minister Nirmala Sitharaman has outlined its development philosophy, which aptly involves both social and geographic inclusion. She has given a detailed account of the Government's performance in the last ten years through hard facts and figures. While it was an interim budget, the Government has displayed consistency in its approach to India's march in the 'Amrit kaal'.

"The increase in allocation to the infrastructure sector from 10 lakh core last year to Rs 11.11 lakh crore is encouraging. The announcement of new railway corridors for energy, mineral and cement, port connectivity corridors, and high traffic density corridors will boost the economy," he added.

Ankit Kedia, Founder and Lead Investor, Capital A, said that the finance minister's efforts in formulating an Interim Budget that prioritizes sustainability and clean mobility are indeed noteworthy. At Capital A, our commitment to climate-conscious startups resonates strongly with the government's focus on sectors like green energy. The provision of viability gap funding for shore-wind energy is strategically poised to attract startups and investors to this sector. Moreover, the phased mandatory blending of compressed biogas in transportation fuels and domestic piped natural gas signifies a significant stride forward. The introduction of bio-manufacturing in the electric vehicle sector promises to markedly reduce manufacturing emissions, thereby enhancing the eco-friendliness of EVs. Capital A eagerly endorses startups utilizing bio-plastics and bio-agri inputs, thereby fostering a green-oriented manufacturing sector.

Rajesh Bhatia, founder of TreeHouse Education and Accessories Ltd., says
_"In a country like India, where the vast youth population can prove to be an advantageous demographic dividend, educational equity is a must. In rural areas especially, the lack of adequate budget allocations often results in the paucity of well-equipped schools. However, my hope is that with more funding in 2024, the possibility of a network of schools across rural India will become a reality. The upgradation of 14,500 schools under the PM Schools for Rising India (PM Shri) initiative, will hopefully also change India's education story for the better after the allocation of Rs 4,000 crore this year."