Uday Chawla, Managing Partner, TRANSEARCH India,
“We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development.
For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”
Prateek N Kumar, Founder and CEO, NeoNiche Integrated Solutions
“The recent Budget represents a comprehensive strategy aimed at fostering growth across various sectors of society. By focusing on employment, skilling, MSMEs, the middle class, the underprivileged, women, youth, and farmers, it presents a holistic and inclusive approach. The nine priorities outlined for the coming years—productivity and resilience in agriculture, employment and skilling, manufacturing and services, urban development, energy security, infrastructure, innovation and R&D, and next-generation reforms—underscore a commitment to well-rounded development. This emphasis on job creation and boosting consumption is set to significantly benefit the consumer goods, real estate, and automotive sectors. It’s an encouraging roadmap for our nation’s future.”
Ashish Singhal, Co-founder, Lemonn and CoinSwitch
“We welcome the Union Budget 2024-25 as a pro-development budget bringing great news for startups. As a founder and angel investor, I’m thrilled that the Angel Tax has been abolished. This will significantly bolster the entrepreneurial ecosystem in India.
The emphasis on digital public infrastructure and the digitalization of the economy will greatly benefit tech startups like ours, which are focused on developing population-scale apps for Indians.
However, the securities markets face challenges with the increase in short-term capital gains tax from 15% to 20%, the rise in long-term capital gains tax from 10% to 12.5%, and the hike in STT on F&O. The immediate market reaction has been less than positive.
Regarding crypto, we had hoped the government would reduce taxation to align it with other asset classes. Unfortunately, this has not been addressed, representing a missed opportunity to support startups and investors in the crypto space.
We are still examining the finer details of the budget to fully understand its broader implications.“
Mr. Tarun Singh, Managing Director of Highbrow Securities
“The Union Budget has impacted the buoyant stock market, but its effect feels more symbolic than substantial. The fundamental impact on investors will be negligible, as any changes in capital gains taxation will soon be factored into future plans. The market sentiment will remain conducive for investors. However, the budget’s opportunistic flavour cannot be ignored.
On a brighter note, the budget’s incremental yet pivotal steps towards fostering an inclusive manufacturing and MSME landscape are commendable. The proposed initiative lays a sustainable and secure foundation for investors to explore emerging opportunities within this vital economic segment.
One of the key standout aspects of this budget is its respect for the existing consumption patterns. In the market realm, consumption is king, and any disturbance to this trend could ripple negatively across the economic spectrum. By preserving the status quo here, the budget has safeguarded the ongoing consumption story that fuels market growth. The Stock Markets, thus, can absorb minor setbacks and continue on a bullish path, backed by stable and robust consumer demand.
In my opinion, this budget is neither extravagant nor groundbreaking, but sometimes, not rocking the boat is an act of wisdom. This Union Budget may not sparkle with dramatic flair, but its understated elegance might very well be the unsung hero of our economic narrative this year.
I am anticipating a favourable year ahead, with markets expected to benefit from sustained consumption and emerging opportunities in the revitalised MSME and Manufacturing sectors.”
Roland Landers, CEO, All India Gaming Federation
“The All India Gaming Federation (AIGF) welcomes the focus on skilling in the 2024 Budget. There remains a significant skill gap in India’s gaming industry, and the increased emphasis on skilling initiatives is a promising step towards bridging this gap. Centrally sponsored schemes for skilling youth, women-focused programs, the establishment of industrial training institutions, and the provision of internships are all set to create a more skilled workforce. These initiatives will play a crucial role in helping India achieve its Vision India@2047.”
Nupur Maheshwari, Executive Partner, Lakshmikumaran & Sridharan Attorneys
“Amendments under the Customs Laws are geared towards ease of doing business, promote domestic manufacturing, support local value addition and increase the competitiveness of Indian goods in the International market. The rates of customs duties have been significantly reduced on the inputs used in India’s major export sectors such as sea food, leather and textiles (garments and footwear) to provide further fillip to these sectors. Further, export duty on rawhides and skins is being rationalized. To promote ‘make in India’, the customs duties on the inputs used in manufacturing PCBAs of mobile phones, connectors for manufacture of certain electronics, and critical minerals which are used in important and strategic sectors is proposed to be reduced. List of capital goods for use in manufacture of Solar panels in India is proposed to be expanded. The Finance Minister also proposed a phased manufacturing program for manufacture of X-ray tube and flat panel detectors in the medical sector. The time period of re-import and re-export of goods for use in warranty and repairs is proposed to be increased from 6 months to 1 year and 3 years to 5 years respectively”.
Ratan Jain, Executive Partner, Lakshmikumaran & Sridharan Attorneys
“The Finance Minister also proposed to conduct a comprehensive review for the next 6 months of the rates of duties under the Customs Act, 1962. Under the campaign ‘Digital India’, the Finance Minister also proposes to fully digitize all the taxpayer’s services provided by the Customs and the Income Tax Department and make them completely paperless. The Finance Minister also aims at further simplifying the procedures under the Customs Laws in India”.
Ujjwal Singh – Founding CEO, Infinity Learn by Sri Chaitanya
“We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development.
For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”
Mr. Amit Kapoor, Founder and CEO, Eupheus Learning
“The FM’s Budget for 2024-25, and the allocation towards education, employment, and skilling, is noteworthy. The focus on skilling the youth with the industry needs and providing education loans with an attractive subvention scheme is a game-changer.
At Eupheus Learning, we believe that identifying the right skills should happen inside classrooms in schools. An enabling environment of in-classroom and at-home learning ensures that our young learners get the infrastructure and support needed by them to work towards their respective aspirations. These measures from the government are a good step forward and we are sure that there will be percolation down to the school level in each district. This percolation will equip students with the skills they need to excel in their careers and contribute to the economy.”
