Quotes on Budget 2024 from Diverse Industries

Quote of Mr Tapan Ray, MD and Group CEO, GIFT City, on the Union Budget 2024-2025

“The Union Budget 2024 brings significant developments for GIFT IFSC. The announcement of a tax-efficient regime for retail funds and ETFs will create new business opportunities for asset management companies in GIFT City. This move is expected to attract investments from NRIs and foreign retail investors into India. We thank the Union government for its continued support in helping GIFT City become a truly vibrant global financial centre.”

Budget Quote by Siddarth Bhamre, Head of Research at Asit C Mehta Investment Interrmediates Ltd (brokerage firm)

The budget is economy-centric and especially targets grassroots issues like employment and rural economic stress. Multiple direct and indirect schemes and announcements will target the upliftment of the poor, women, youth, and farmers. The finance minister has made this budget to enhance employment, increase skill sets, ease business for MSMEs, and provide tax measures for the middle class. From the capital markets point of view, it would be slightly disappointing as far as taxation is concerned. The economic measures announced are the need of the hour for rural employment and reduce stress in the MSME space. This budget has targeted the pain points in the economy.

This budget focuses on the rural economy, employment, and MSMEs. The biggest beneficiary from a stock market perspective will be consumption space especially FMCG and Auto (2-wheelers)

Quote from Mohan Ramaswamy, CEO and Co-Founder of Rubix Data Sciences

“We applaud the initiatives announced in Budget 2024 aimed at strengthening the backbone of the Indian economy – Micro, Small, and Medium Enterprises (MSMEs). These measures hold immense promise for improving MSMEs’ access to credit, a critical factor for their growth and sustainability.

The new credit assessment model based on digital footprint scoring is particularly exciting. Traditional methods, relying solely on assets or turnover, often overlook the potential of promising MSMEs. A digital footprint-based model has the potential to be a game-changer, providing a more holistic view of an MSME’s creditworthiness and enabling fairer access to finance.

The increased loan amount under the Mudra scheme (up to ₹20 lakh) and the credit guarantee scheme for purchasing machinery and equipment are welcome steps. These initiatives will ease the financial burden on MSMEs, allowing them to invest in critical equipment and fostering growth and innovation.

Reducing the turnover threshold for mandatory onboarding on the TReDS platform will enhance access to faster payments for MSMEs, improving their cash flow and operational efficiency.

Overall, Budget 2024 demonstrates a strong commitment to empowering MSMEs. Leveraging data-driven solutions can significantly contribute to this critical national agenda. We look forward to collaborating with the government, financial institutions, and MSMEs to build a more vibrant and credit-inclusive ecosystem that fuels the growth of the Indian economy.”

QUOTE ON WOMEN ENTREPRENEURSHIP | Jaya Mehrotra, Founder, Women Leadership Circle, Leadership & Executive Coach

I applaud the decision to prioritize employment, skilling, and MSMEs. Setting up hostels and forging partnerships for women-specific skilling programs are pivotal steps in dismantling barriers and fostering inclusive growth.

This budget not only reflects a forward-thinking approach but also a profound understanding of the structural changes needed to empower women. By investing in these initiatives, we are paving the way for a more equitable and dynamic workforce, where every woman has the opportunity to thrive and lead. As part of an organisation working towards empowering women in the workforce, I am eager to collaborate on these transformative efforts and support the realization of this vision.

Quote by Khadim Batti, Co-Founder & CEO, Whatfix

“The Union Budget 2024 is a significant step forward for the tech and startup ecosystem. Its pro-development stance directly addresses key industry expectations. We applaud the government’s progressive vision to foster a more dynamic and innovative startup landscape across the nation.

The abolition of the Angel Tax is a critical move, providing much-needed relief to startups during the funding winter. Simplifying FDI and overseas investment rules, along with promoting the Indian rupee for global transactions, will further bolster investor confidence.

We are thrilled to see the startup ecosystem’s expectations realized with the revised ESOP taxation structure. This change will incentivize talent retention and significantly boost employee morale. Streamlined regulations, transfer pricing, and employment procedures will create a more conducive environment for businesses to thrive.

We are particularly impressed by the government’s strategic focus on human capital development. The proposed skilling of 20 lakh youth and the upgrade of 1,000 industry training institutes are pivotal steps towards creating a future-ready workforce. By aligning education with emerging technologies and industry demands, the budget positions India to become a global talent hub. This strategic investment will undoubtedly catalyze job creation, drive economic growth, and strengthen India’s position in the global value chain.

Overall, this budget reinforces our belief in India’s potential to become a $7 trillion economy by 2030. The Indian SaaS industry is well-positioned to flourish under these supportive policies. We are excited to contribute to India’s digital transformation and global leadership.”

Quote by – Mr Ratish Pandey, Business Coach and Founder, Ethique Advisory

The expansion of the credit guarantee scheme for manufacturing sector MSMEs is a welcome step. It will enable MSME players to invest in plant and machinery, thereby enhancing their capacity for further growth.

The emphasis on employment and skill development will greatly benefit MSMEs by enabling them to hire more ‘employable’ individuals. The support for internships, along with the financial assistance for EPFO costs for new employees, will encourage the inclusion of more workers into formal employment structures.

Start-up Sector

The removal of Angel tax is a huge step for the Startup sector. It will help boost investment in the startup sector.