Observations from the Indian industry on Union Budget 2024

We have some interesting observations from the Indian industry, following the Union Budget 2024 that was announced today.

Sindhu Gangadharan, SVP and MD, SAP Labs India; Vice Chairperson, nasscom:

“The Interim Budget 2024 is reflective of the India's sustained focus on Atma Nirbhar Bharat (Self Reliant India). The long-term financing and re-financing scheme with a corpus of INR 100,000 Cr with a 50-year interest free loan to promote R&D in the private sector in sunrise domains, as well dedicated initiatives to promote DeepTech/R&D in the defence sector underscore the commitment to position India as a global leader in the world of technology. The focus on skilling, upskilling, and reskilling of youth will ensure an industry-ready workforce to navigate the headwinds of a volatile marketplace.

"Additionally, the extension of tax exemptions for eligible startups, granting newly incorporated ventures until March 2025 to claim tax benefits for three out of their first 10 years, is a progressive and encouraging move. By incentivizing entrepreneurship, the government is actively promoting the creation of a robust startup ecosystem, which is crucial for driving economic development.”

Ashish Modi, President, Honeywell India:

“I compliment the government for its budget focused on growth, progress, and sustainable future. The FM has unfolded a detailed framework for a progressive and developed Bharat with a strong allocation in infrastructure like railway corridors, metro expansion, Vande Bharat trains, new airports, as well as modernization of government infra boosting youth employment that will enhance GDP growth. The Green Growth vision by the government enabling rooftop solarization, additional investments in offshore wind and strengthening the EV ecosystem are all transformative steps to achieve the Net Zero target. These are well aligned to our company's megatrends that we target to strengthen our support to India.”

Amit Luthra, MD India, Lenovo ISG:

“In the past fiscal year, the Indian tech sector underwent rapid evolution with a focus on AI, 5G, Metaverse, and Edge technologies. The recent interim budget announcement reinforces our anticipation of India's sustained growth as a leading global digital economy. To propel this transformation, crucial elements like skilling, R&D, and innovation must consistently drive progress. We commend the government's emphasis on technology, particularly the allocation of 1 trillion Rupees at minimal interest, which underscores the assured progress for self-reliant businesses in India.

"Aligned with these objectives, Lenovo is committed to being a key partner in this growth journey. Leveraging our expertise in hybrid cloud, edge, HPC, and AI solutions, we aim to empower enterprises, accelerating their digital transformation and contributing significantly to the expansion of the digital economy.”

Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt Ltd:

"The Indian electronic security industry is hoping for more concessions and tax rebates for strengthening the manufacturing sector. This will help to enable the latest technologies and security products for the greater good. We sincerely hope that the Finance Minister would consider the key concerns of the key electronic security Industry stakeholders in the future policies and tax reforms. We are sure that the government will continue to support the Make-in-India 2.0 with a clear roadmap and policy structure. The Electronic Security Industry is expecting the continued government support to contribute significantly to the nation’s economic growth."

Deepak NG, MD, Dassault Systemes India

“We, at Dassault Systemes strongly resonate with the Hon’ble PM Shri Narendra Modi’s clarion call of Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anusandhan. Innovation, indeed is the foundation of development.

"The corpus of Rupees one lakh crore for the tech-savvy youth, will have far-reaching impact and provide a much-needed impetus to research and development of new age technologies, and help India emerge as a global leader in the field. The government’s commitment to fostering innovation and entrepreneurship is very encouraging and will go a long way in creating a thriving ecosystem for technology startups in the country.

"We at Dassault Systemes India look forward to supporting this initiative of the Government and contribute to the innovation endeavors of the youth of this country.”

Deepak NG, MD, Dassault Systemes India:

Life sciences: “We welcome the initiative of setting up more medical colleges by utilizing the existing hospital infrastructure in India, as we believe that it will boost the Life Sciences and medical sector in the long-term. The focus on cervical cancer vaccination, Mission Indradhanush and upgradation of anganwadi centres, is a positive step towards ensuring a healthier and more sustainable future for everyone. We are excited to see the Government’s continued support for the sector and look forward to collaborating with them to drive innovation and create a more resilient Life Sciences ecosystem.”

Infrastructure: “It is very encouraging to see the continued focus of the Government of India, on accelerating, evolving and scaling up infrastructure development in the country. Considering the rapid rise of India as a global powerhouse, a robust and advanced infrastructure is mission-critical for both, the short term and long term goals of the country.

"The increase in capital expenditure outlay by 11.1% will provide a significant impetus to the already strong momentum of economic growth in the country. The addition of the three major railway corridor programs will further boost the impact of PM Gati Shakti mission, and establish an integrated infrastructure ecosystem to reduce logistics cost, improve connectivity and efficiency. The continued focus on expansion of public infrastructure like Airports, Metro Rail, NaMo Bharat and Electric Vehicles, will ensure that the urban transformation of the country gets fast-tracked.

"We look forward to collaborating with the Government to support key public sector projects with our virtual twin technology. Application of this technology can not only help in accelerating the completion of the projects, but also reduce overall cost and improve planning to lower the carbon footprint.”

Saravanan T., Director, Platform Engineering, Ascendion:

“The 2024 Union budget has highlighted the many achievements and has introduced new features for the year ahead. The Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. India has also succeeded in setting up a large number of higher learning institutions, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities. This overwhelming number creates more scope for future skilling and upskilling of talent in India as well as more employment opportunities for youth in technical skills.

"The increase of 28% in female enrollment in higher education over the past 10 years, especially in STEM courses where girls and women make up 43% of enrollment, further highlights the higher participation of women in the workforce. It’s evident that we are witnessing a more diverse and inclusive India, especially when viewed from a global standpoint.

"Upskilled talent and an increased women's workforce with STEM backgrounds can pave the way for a more sustainable and progressed India, which is another point stressed in the budget for 2024-25. Technologies like Gen-AI can further aid in upskilling and training of youth and the workforce at large, which is the way forward for India. The 2024 Interim budget has shown primary emphasis on tech entrepreneurship, women and child healthcare, and infrastructure development. The budget’s focus on leveraging technology across various sectors to expedite and accomplish its objectives is an important virtue to encourage India’s prowess in the global tech industry.”

Sudhir Kunder, Chief Business Officer, DE-CIX India:

"Budget 2024 is a testament to India’s commitment to technological advancement and digital entrepreneurship. I am thrilled to see the emphasis on tax incentives for Data Centre Investments and the recognition of the pivotal role they play in our digital economy. In fact, under the hyperscale data center scheme, the government is targeting an investment of Rs. 3 lakh crore in the next five years. This is a significant move that will undoubtedly spur growth in the tech sector. This budget makes it clear: this will be the year for the tech-savvy generation. The opportunities are immense and robust, paving the way for India to expand globally.

"With India emerging as the third largest ecosystem for startups globally with over 116,679 recognized ventures across the country, the focus on innovation and entrepreneurship is not just encouraging, but it also provides a solid foundation for the future. We are on the brink of a digital revolution, and I am excited to see where this journey takes us. With the government’s dedicated push to boost R&D within the country, and the allocation of Rs 8,000 crore to set up data centers and IT parks over the next five years, we are set to witness a surge in technological innovation and digital entrepreneurship."

Rohan Vaidya, Area VP, India & SAARC, CyberArk:

“We commend the Indian government's foresight and commitment to fortifying our nation's digital defenses. The substantial increase in allocation for cybersecurity projects, from Rs 400 crore to a robust Rs 750 crore in 2024-2025, is a testament to the recognition of the escalating cyberthreats and the importance of combating them. This additional investment, led by the Ministry of Electronics and Information Technology (MeitY), is an important step in protecting critical systems. Knowledge and skills will contribute to the success of increasing cybersecurity awareness. As we move forward, CyberArk stands ready to leverage our expertise and technological prowess to contribute meaningfully to the success of the government’s cybersecurity initiatives. Together, we can build a robust defense against cyber adversaries, ensuring the security and integrity of our nation's digital infrastructure.”

Pinkesh Kotecha, MD & Chairman, Ishan Technologies:

“While the Interim Budget provides a wide overview of FY24-25, we applaud the government's emphasis on empowering the youth through upskilling and reskilling initiatives. The establishment of additional IITs, IIITs, and IIMs is a promising stride toward creating a skilled talent pool in the IT sector, addressing a critical need in the industry especially in the era of Artificial Intelligence.

"As an MSME in the IT sector, Ishan Technologies appreciates the government's recognition of the importance of timely finances, relevant technologies, and training for the growth and global competitiveness of MSMEs. The orientation of the regulatory environment to facilitate the growth of MSMEs is a crucial element of the policy mix, and we look forward to the positive impact it will have on the MSME ecosystem.

"As we look forward to the budget announcement in July, we anticipate a focused commitment to bolstering cybersecurity measures. We believe that additional allocation and specific policies in this crucial area will play a pivotal role in fortifying India's digital infrastructure and enhancing overall cybersecurity, aligning with the nation's vision for a secure and resilient digital future.”

Rajesh Mehta, Executive Director, Liladhar Pasoo Group:

"According to me, the budget reflected confidence in the government retaining its power and continuing the good work that has given India stability and a reputation in global markets. Some key takeaways from the budget, which stood up to our expectations, include:

• Government’s focus on Railways
  With segregation of freight corridors for railways - dedicated Energy, mineral, and cement corridors, Port Connectivity corridors and high traffic density corridors, will ensure a continuous supply chain strategy for India and is a valuable development in railways infrastructure.
• With more bogies getting converted into express train models like Vande Bharat, translates into better, express connectivity for the logistics sector. In fact, I think it would be a ‘one-day Bharat’ delivery, which will further help enhance consumption across India.

"The announcement of Capex investment in infrastructure up to Rs. 11.1 lac crores is another push to re-engineer India into a manufacturing country for world markets. Projects under PM GATI SHAKTI, especially port connectivity for Indian Islands, will help enable multi-modal connectivity and thus improve logistics efficiency and reduce cost.

"Skill, upskilling, and reskilling are other key focus areas that the government is keen to develop. This will help increase living standards by generating better employment opportunities while generating consumption growth with the growth in average disposable income. This will also mean that our youths who are tech-savvy will have more opportunities to participate in India's growth story

"The India-Middle East-Europe Corridor is set to be a game changer for India and the world in the history of logistics and supply chain, especially considering the volatile global geo-political scenario today.

"To summarise, I would term this interim budget as very well-footed and focused on India's growth while benefiting even the common man."

Varun Gada, Director LP Logiscience:

"The focus on further strengthening connectivity and building transport infrastructure in this interim union budget is a great boost to the existing efforts of reducing logistic costs. The railways and port connectivity will help strengthen domestic supply chains and help 3PL service providers to offer efficient and sustainable supply chain solutions.

"Development of airports and connectivity to tier 2 and tier 3 towns will also help drive speed to market for manufacturers, across India. The focus on upskilling and vocational training for youth is also a welcome step, which will translate into job-ready professionals across sectors, including for logistics and warehousing."

Sashank Rishyasringa, Co-founder and MD, axio:

“The 2024 interim budget has brought positive developments by extending tax benefits to startups, sovereign funds, pension funds and some IFSC units till March 2025. We expect the July budget to build on these initiatives and continue to foster growth prospects for BFSI and startups in the country.

"Aligning the GST input credit for NBFCs to 100% at par with other entities can boost the growth of NBFCs. Policies that improve credit access for lower-income groups and first-time borrowers would be warmly received. Following the RBI's call for diversification of funding channels beyond traditional banks, policies encouraging NBFCs to explore obtaining credit from international agencies or the government would expand their financing options. The ongoing support for startups through tailored fiscal policies, tax benefits, and easier credit access will further stimulate entrepreneurship, innovation, and employment generation.”

Aalok Kumar, Corporate Officer & Senior VP, Head of Global Smart City Business, NEC Corp., and President & CEO, NEC Corp. India:

"This budget underscores a vision for India as a developed nation, putting infrastructure, sustainability, and youth empowerment at the forefront. The government's focus on the country's exponential growth is evident from the initiatives specifically announced for infrastructure development and scaling up research & innovation.

"At NEC, we applaud the strong focus on infrastructure and green growth, aligning with our vision for a connected India. Initiatives in green projects, EV manufacturing, and tourism development signal positive steps towards a sustainable and inclusive future. The focus on youth empowerment, exemplified by the 50-year loan scheme, resonates with our commitment to future generations.

"Looking ahead, we anticipate that the July 2024 full budget will address concerns about inclusivity and execution. NEC remains a committed partner in India's growth, offering technological expertise in digital infrastructure, submarine connectivity, smart cities, and rural development. We stand ready to collaborate and contribute to building a more inclusive and prosperous India by 2047.

"At NEC, we are confident that India will achieve its goal of 'Viksit Bharat' ahead of its time, and we are excited to be part of this journey to a Prosperous Bharat in harmony with nature, modern infrastructure, and opportunities for all."

Deepak Visweswaraiah, VP, Platform Engineering, and Site MD, Pegasystems, India:

“With an emphasis on welfare for the youth, women, and farmers reflecting a holistic approach to societal progress, the Interim Budget for this year sets the stage for a very positive and people-centric development. The budget outlines a path towards 'Vikshit Bharat' by 2047 and innovation remains to be at the core for this year as well. Backed by a significant focus on women's empowerment, and with a notable increase in female participation in STEM courses, the aim for this year’s interim budget aligns with our commitment to diversity and inclusivity.

"The allocation of INR 1 lakh crore corpus for interest-free loans to foster innovation among the youth is a game-changer, ushering India into a golden era for our tech-savvy talent. We stand ready to leverage these opportunities, contributing to the nation's growth and development. As a pioneering force in technology, we commend the government's strategic focus on fostering innovation and enhancing accessibility. The government's ongoing dedication to fostering skill development, advancing higher education, and upholding fiscal responsibility is praiseworthy and resonates with our vision of propelling India towards technological advancement and economic resilience.

"Therefore, this budget establishes a strong groundwork for collaboration, growth, and innovation, reaffirming our dedication to spearheading transformative solutions that empower both individuals and technology providers.”

Sudhindra Holla, Director, Axis Communications, India & SAARC:

“The Union Budget of India 2024 has a visionary approach to sustainable development. Introducing the Blue Economy 2.0 scheme, focusing on environmental restoration through multimodal strategies, is a commendable step towards a greener future. The budget's emphasis on improving rail and air connectivity is crucial for fostering economic growth. Implementing major railway corridor programs and converting rail bogeys to higher safety standards demonstrate a commitment to enhancing transportation infrastructure. Similarly, expanding air connectivity to tier-2 and tier-3 cities and the growth of airports are positive moves supporting inclusive development.

"Overall, the Union Budget's focus on sustainable initiatives and strategic infrastructure development sets a promising trajectory for India's growth. It creates opportunities for various industries to contribute to a more environmentally conscious and technologically advanced future.”

Madan Sabnavis, Chief Economist, Bank of Baroda:

"The budget has stuck to the task of following the path of fiscal prudence and indicated 5.1% as the deficit target for FY25. Given that the government was able to maintain the deficit ratio at 5.8% instead of 5.9% for FY24 even though the denominator was lower, it does look a pragmatic target. It does look likely that the target of 4.5% will be achieved in FY26.

"Within the confines of the fiscal space that is available, the government is channelling enough for capex which is almost 40% of the additional total outlay. This is being directed to roads, railways and defence and it can have positive linkage effects with industries like steel, cement, capital goods etc. the states would continue to get around Rs 1.3 lakh crore from the centre and would be expected to also ramp up their spending.

"From the banking perspective, a lower gross borrowing programme augurs well as there will be less pressure on the system for deployment of funds. Also given that more FPI will flow to GSecs, they can use their funds for financing credit."

Jose Thattil, CEO, PhiCommerce:

"We applaud the government's initiative to establish a Rs 1 lakh crore fund to fuel technological innovation among our youth. This visionary step, offering long-term, interest-free financing, is a game-changer and the fintech sector alone can potentially get elevated to USD 1 trillion by 2030. For digital payments in particular, this will mean many more young entrepreneurs eager to innovate especially in the hardware terminal space will enter the industry and potentially transform payment solutions across India. This fund is not just an investment in technology; it's an investment in India's innovative spirit and global leadership in fintech."

Vaibhav Gupta, Co-founder & Chief Marketing Officer, iSchoolConnect:

“In her interim budget address, Finance Minister Nirmala Sitharaman emphasized the transformative impact of the Skill India initiative, positively impacting 1.4 crore youth. The commendable move to open 7 new IITs, 7 IIMs, and establish 390 universities over the last decade reflects the government's steadfast commitment to advancing education.

"As we scrutinize the Union Budget 2023-24, the significant 13% increase in the education sector allocation speaks volumes about prioritizing and enhancing the quality of education.The announcement of recruiting over 38,000 teachers for Eklavya Schools signifies a holistic approach towards foreseeing a positive impact on both domestic and international education. The increased focus on quality education is anticipated to strengthen India's standing in the global education landscape, fostering a conducive environment for students aspiring to study abroad.”

Devroop Dhar, Co-Founder & MD, Primus Partners:

“The Honorable Finance Minister emphasized the crucial role played by Digital Public Infrastructure in fostering inclusive development centered around the people. There has been a substantial increase in budget allocation for Research and Development (R&D) in IT/Electronics, Cybersecurity, and e-Governance, marking a positive stride towards realizing the vision of Digital India. Notably, 1500 Crores have been earmarked in the budget for the third phase of e-court development, a move expected to revolutionize the delivery of justice, making it more efficient and accessible to the common man.

"Furthermore, the establishment of a corpus to provide interest-free or low-interest loans for driving innovation has the potential to be a game changer, promoting comprehensive innovation and fostering the growth of technology-driven organizations.”

Bimal Khandelwal, Chief Financial Officer, STT GDC India:

"The Union Budget 2024-25 presents encouraging prospects for the technology and digital infrastructure sector. The substantial increase in FDI inflow and the commitment to negotiating bilateral investment treaties signal a favorable environment for sustained foreign investment, aligning with the digital aspirations of the nation.

"The noteworthy outlay of Rs 11.11 lakh crores for infrastructure development, with a focus on technology, is a promising move. This budget holds the potential to positively impact the data centre industry, fostering innovation and growth. The emphasis on technology, innovation, and infrastructure aligns seamlessly with the evolving needs of the data centre sector, and we anticipate contributing significantly to India's digital journey."

Manoj Nair, Head of India GDC, Fujitsu India:

“We welcome India’s Union Budget 2024-25 unveiled today and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core. As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively.

"Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives. This is an exciting time for the country's green industrial and economic transition. At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!”

Alekh Sanghera, (Co-founder and CEO, FarMart:

‘’Budget 2024-2025 is a great step towards a promising and bountiful agritech future. The budget provisions strengthening agriculture value chains through food processing infrastructure, minimized wastage and crop insurance.

"We, at FarMart, echo the vision of PMKSY & PM-FME, bridging the farm-to-fork gap. Better market access and post-harvest management empower smallholders with sustainable income. We are aligned with the government’s vision to boost productivity and farmer welfare through incentives around credit access, infrastructure, and public-private collaboration. This budget fuels India's agritech ecosystem, ensuring local and global food security."

Neeraj Bansal, Co-Head & COO, India Global, KPMG in India:

“Budget 2024 has underlined once more the continuity in this government’s economic policies with a sharpened approach towards accelerating the Indian economy through capital expenditure spending, green growth, digital infrastructure and innovation. Given the government’s vision of Amrit Kal, development and innovation are justifiable cornerstones of budget declarations.

"The budget’s increase in capital investment outlay for the fourth time in a row—up by 11.1% to a total allocation of INR11.11 lakh crore—will sustain the momentum the Indian economy is currently enjoying, stimulating private capital expenditure, driving economic growth and increasing consumption. Further emphasising efficient logistical development under the PM Gati Shakti initiative, three major railway corridors have been announced, which are expected to significantly enhance India’s supply chain ecosystem. The fiscal deficit in 2024–25 is estimated to be 5.1% of the GDP, which is expected to be reduced further below 4.5% by 2025–26, thereby revitalising the economy further.

"The budget’s focus on research and innovation—with a corpus of INR1 lakh crore with a 50-year interest free loan—is a significant move given India’s aspirations of being a USD5–7 trillion economy by 2030. Further, the emphasis on green energy, announcement of rooftop solarisation and the fostering of the EV ecosystem underline the government’s priority on sustainability.

"Affordable housing continues to remain a priority. The PM Awas Yojana Gramin has had a good performance despite the disruptions due to the pandemic. While 3 crores houses have already been built, the FM announced an additional 2 crore more houses to be taken up in the next five years under this scheme. Further, the announcement of financial aid to middle classes living in rented houses, slums or unauthorized colonies to buy or build their own houses is a welcome move as ‘housing for all’ is a significant marker of economic progress and a developed country.”

Harsha Solanki, VP GM Asia, Infobip:

“It's inspiring to see the government's steadfast commitment to fostering women empowerment, encouraging private sector investments, and promoting entrepreneurship. Furthermore, the focused approach to infrastructure and continued emphasis on housing for all reflects a comprehensive strategy for inclusive and societal development.

"Over the last decade, initiatives aimed at empowering women through entrepreneurship, enhancing ease of living, and upholding dignity have gained significant traction. The strides made are evident with over 30 crore MUDRA Yojana loans disbursed to women entrepreneurs, female enrollment in higher education witnessing a remarkable 28% surge, and women constituting 43% of enrollment in STEM courses – among the highest globally – the landscape of opportunity for women is evolving positively. Importantly, these efforts are translating into tangible outcomes, with an increasing number of women joining the workforce. As we reflect on these achievements, let's continue to support and amplify initiatives that further empower women, ensuring a more inclusive and equitable society for all."

Dr. Malini Saba, businesswoman, psychologist, global advocate for women and girls, human and social rights activist, founder & chairman, Anannke Foundation, on Women Empowerment:

"As a woman entrepreneur, the journey is not just about business but contributing to a larger narrative of women empowerment. The government's initiatives like Mudra Yojana and the commitment to triple the target for Lakhpati Didi are empowering women economically. The focus on STEM education for girls is a step towards breaking gender stereotypes and fostering a culture of inclusivity. Reservations in legislatures and homes under PM Awas Yojana showcase a commitment to creating an environment where women can thrive in all aspects of life."

Dr. Malini Saba, businesswoman, psychologist, environmentalist, global advocate for women and girls, human and social rights activist, Founder & ex-chairman, Saba Group, and founder & chairman, Anannke Foundation, on Start-ups and Business:

"As a woman in the startup ecosystem, the proposed corpus for tech-savvy youth is a beacon of hope for aspiring entrepreneurs. Schemes like Start Up India and Start Up Credit Guarantee provide crucial support for turning ideas into reality. The government's recognition of the contributions of SHGs through honoring them reflects the essence of philanthropy and community building. I am encouraged by the positive trajectory set by the government, promoting innovation and inclusivity in the startup landscape."

Satish Kannan, Co-founder & CEO, MediBuddy:

"The government's interim budget highlights a strategic focus on preventive healthcare. Prioritizing the enhancement of immunization coverage is a crucial focus, which is achieved by utilizing both the U-WIN digital platform and the Mission Indradhanush initiative. Utilizing these strategic tools and initiatives by the government streamlines the immunization process and contributes significantly to providing access to quality healthcare to a larger population. Plans to establish additional medical colleges using the existing hospital infrastructure reflect a commitment to training future doctors and building regional capacity to achieve universal healthcare access. It can significantly enhance and supplement overburdened metropolitan healthcare systems.

"The healthcare insurance coverage under Ayushman Bharat will now extend to frontline health workers, such as ASHA and Anganwadi staff. As a health tech startup aiming to enhance preventive care, these measures affirm the necessity and potential within this domain. The policy's focus on providing fiscal support for prevention as the primary aspect of healthcare will stimulate innovation in technologies like early detection and screening, remote diagnostics, personal health management, digital therapeutics, and many more.

"Indian health tech startups now have a significant opportunity to supplement government initiatives in preventive healthcare. The extended tax incentives for startups further enhance the ecosystem's potential to explore sustainable solutions. The startups can drive the next wave of preventive healthcare adoption throughout towns and villages in India, thereby improving overall health outcomes and the quality of life for billions of Indians."

Deepak Sharma, MD, CEO & Zone President, Greater India, Schneider Electric:

“The interim budget provides a robust blueprint for Viksit Bharat. It comprehensively addresses all sectors of the economy, with a specific emphasis on fostering innovation, research, and entrepreneurship. Setting up a corpus of 1Lakh crore & providing 50-year low interest loan for tech-savvy youth will scale up research and innovation. The budget also demonstrates a noteworthy commitment to sustainability, particularly in the energy sector. Promotion of solar rooftop installations, provision of 300 units free power every month to 1 crore households, mandatory blending of Compressed Biogas (CBG) with CNG & PNG, and incentives for Offshore wind energy will ensure energy accessibility, affordability, and availability.

"There is also a noteworthy focus on strengthening of the EV ecosystem by supporting the charger manufacturing infrastructure. Increasing the no of EV buses on the roads is a welcome environmentally friendly step. Union Budget stresses on accelerating infrastructure development in cities to cater to the growing population needs. The affordable housing scheme for middle class will help in improving their living standards. Steps like expansion of urban infrastructure with metro rail , NaMo Bharat Trains and expansion of existing airports under UDAAN scheme will ease commute and boost connectivity.”

SN Goel, Chairman & Managing Director, Indian Energy Exchange:

"The budget promises unprecedented growth for India in the coming five years, focusing on the growth pillars of green energy and infrastructure development. It has laid the foundation for a resilient and sustainable energy future. The rooftop solarisation program which aims to provide 300 units of free power every month to 1 crore houses along with an opportunity to sell surplus energy to DISCOMs will take the solar energy program to the grassroots level and will lead to substantial savings for households. Additionally, the policy mandating phased blending of CBG for CNG and PNG will help in greening the gas supply chain."

Mahesh Girdhar, MD and CEO, EverEnviro Resource Management Pvt Ltd:

"We welcome the steps outlined by the Finance Minister in the Interim Budget 2024-25, to boost the bio fuel sector. The mandatory blending of Compressed Bio Gas (CBG) into CNG and PNG will reduce dependency on traditional fossil fuels and will promote the efficient recycling of organic waste into a valuable resources.

"Moreover, the launch of new schemes for bio-manufacturing and bio-foundry, along with financial assistance for biomass aggregation machinery procurement, reflects the government's holistic approach towards promoting green growth and supporting ‘Waste to Wealth’ mission. These moves will further support CBG developers to boost infrastructure, ensuring a reliable and sustained supply of Compressed Bio Gas. Overall, the budget reinforces the government's commitment to sustainable energy transition through concrete policies and incentives for the biofuels industry.”

Rajesh Kumar Mediratta, MD & CEO, Indian Gas Exchange:

"The budget has laid a roadmap for ensuring a green gas-based economy in India. The policy mandating phased blending of CBG for CNG and PNG will help in greening the gas supply chain and balancing the demand-supply for clean fuels. Financial assistance for procuring biogas aggregation machinery would tremendously help in energising the biofuel segment. We feel this budget has created a conducive environment for the trading of clean and eco-friendly biofuels, in alignment with India’s net-zero goals."

Amit Jain, CEO and Country Manager India, ENGIE:

"Though an interim budget, the government must be applauded for placing a focus on infrastructural development, which will play a crucial role in further bolstering the envisaged Green growth of the government. Prime Minister Narendra Modi’s government has ensured energy security, and the budget presents a blueprint for working towards accessibility, affordability, and availability, as part of the vision of Amrit Kaal.

"The introduction of Viability Gap Funding for harnessing offshore wind energy potential, with an initial capacity of 1 GW, aligns with the expectations of the renewable energy sector and contributes to the overall vision of sustainable growth. The budget now presents the roadmap to explore the wind energy beyond the coastline. ENGIE is eager and prepared to actively participate in and support this transformative move towards cleaner and more affordable energy solutions.”

Pradeep Bakshi, MD & CEO, Voltas Ltd:

"The Finance Minister's interim budget for 2024-25 reflects a strong commitment to a positive future for the nation. This interim budget sets the stage for a robust and sustainable growth path. It is expected to provide concrete updates on policies and schemes that will shape the future landscape for the Consumer Durables industry in its upcoming edition. It is focused on digitalization, ‘Make in India’ initiatives and a growth-oriented tax environment, to drive employment and economic productivity. The interim budget's emphasis on infrastructure projects like railways, roads, urban infrastructure, power and the green growth agenda will contribute to a greener and a better tomorrow. The Consumer Durables industry is hopeful that these policies would help the industry to grow substantially in 2024-25.”

Viswanath PS, MD & CEO, Randstad India:

“The interim budget 2024 is a tough balancing act carried out by the Government, reinforcing its steadfast strategy of inclusive growth, embodying the core principles of 'Sabka Saath, Sabka Vikas’, its commitment towards the poor, farmers, youth, and women, while maintaining its vision of making India a Viksit Bharat by 2047.

"The emphasis on inclusion in education, income generation, and employment opportunities are great moves in the positive direction towards building a skilled talent pool that attracts global stakeholders to India. Moreover, the focus on building ‘Nari Shakti’ by the government is commendable and will truly reflect in India’s boardrooms in the forthcoming years.

"While no direct announcements have been made in the context of job creation, the increased outlays in railways, focus on developing port infrastructure, and planned investments in the aviation sector are likely to boost employment. Moreover, the budget focuses on developing the country’s private sector R&D capabilities, and all these measures will bring sustainable economic growth and open the doors of employment generation in the country in the long term.

"Additionally, the need for skilled professionals has grown significantly. Hence, the focus on further developing India’s educational infrastructure will make us future-ready in the context of talent supply, and hence more employment opportunities. Moreover, the announcements made to foster entrepreneurship and self-reliance, especially directed toward women will serve as a solid foundation for the youth to innovate and incubate indigenous businesses, ensuring that they are not merely perceived as job seekers but also as job creators.

"While the budget announcements reflected a well-rounded approach toward strengthening the root of the country’s economy, we anticipate more clarity around extremely relevant avenues like the ever-expanding gig economy and specifics around employment generation challenges in the forthcoming budget.

"All in all, the government’s initiatives and approach, as reflected in the interim budget set a strong foundation for the country to transition into a ‘developed economy’ over the next few decades and emerge as a premier talent and employment hub at a global level.”

Jaya Vaidhyanathan, CEO, BCT Digital:

"The budget presented was on expected lines. Being a vote-on-account, there were no major announcements, but at the same time it provided a clear overview of India’s economic trajectory and the government’s dedication to development through targeted schemes.

"Revenue receipts for the year exceeding budget estimates, robust growth in GST collections, and a fiscal deficit at 5.8% of GDP – lower than anticipated – all indicate robust economic growth. This is bolstered by the formalization of the economy, which will have a positive impact on the banking system that lends to the formal economy. Further, despite the huge amount of welfare measures in place, the strong revenue figures have kept the fiscal deficit in check – estd at 5.1% in FY25 and on track for 4.5% by FY26 .

"Significant capital expenditure growth of over 11% this year, accounting for 3.4% of GDP, underlines the focus on key areas like railway infrastructure and green energy. This is expected to transform the country while also ensuring employment generation to harness demographic dividend. Specific steps like viability gap funding and other financial assistance to achieve net zero by 2070 are expected to catalyze new industries and enable cleantech players to transform the landscape through innovative tech solutions. Overall, the budget aligns with India's path towards sustainable growth and development, balancing welfare measures with economic expansion."

Asish Saraf, VP and Country Director, Thales:

"We welcome the Research and Innovation focused steps outlined in the Budget. The allocation of INR one-lakh crore corpus, backed by a fifty-year interest-free loan, is a game-changer. As underscored, this will provide long-term financial support, offering low or nil interest rates to catalyse private sector participation in research and innovation across sunrise domains. This golden era for our tech-savvy youth will undoubtedly spur breakthroughs and drive progress. For Thales, R&D is collaborative by definition, and we work hand-in-hand with start-ups, industry partners and the academic research community to provide our customers with the most advanced solutions possible. We look forward to leveraging our global tech expertise, continue with our R&T efforts in India, and support in fostering the innovation ecosystem in the country collectively with the local teams, talent and industry.”

Amit Jaju, Senior MD, Ankura Consulting Group (India):

“In today's budget speech, Finance Minister Nirmala Sitharaman underscored the pivotal role of technology and innovation in India's journey towards self-reliance. The allocation of 1 lakh crore corpus, coupled with interest-free loans for 50 years, marks a golden era for our tech-savvy youth. This initiative fosters entrepreneurship and fuels research and development in cutting-edge technologies, positioning India as a global leader in innovation. As an avid tech enthusiast, I think this is a significant step towards strengthening our defense capabilities through deep-tech advancements, expediting our path to creating an Aatma Nirbhar Bharat.

"Moreover, India's vision of 'Viksit Bharat' by 2047, aligning with the principles of 'Sabka Saath, Sabka Vikas,' reflects a comprehensive approach to national development. This budget's emphasis on long-term finance with low or nil interest rates for the private sector further catalyzes investment in R&D, driving economic growth and creating high-quality job opportunities. This budget sets a clear trajectory for India's ascent in the digital age, laying the foundations for the Amrit Kaal. Under the visionary leadership of PM Narendra Modi, we can actively shape a future-ready India in this 'Kartavya Kaal' to achieve our dream of a prosperous and inclusive future.”

Ankit Kumar, CEO of Skye Air Mobility:

“The India Budget 2024 heralds a powerful catalyst for our nation’s economic advancement. By extending concessional tax rates for new manufacturing units, fostering innovation receives a significant impetus. The strategic emphasis on training for MSMEs not only enhances competitiveness but also nurtures a vibrant entrepreneurial ecosystem, propelling Bharat towards global leadership. The unwavering commitment to realizing a ‘Vikshit Bharat’ by 2047, coupled with the remarkable success of the Skill India Mission in elevating average income by 50%, underscores the profound impact of these initiatives on the nation’s growth trajectory. This budget’s unwavering focus on growth, inclusivity, and productivity not only aligns with our aspirations but also lays the groundwork for a flourishing Indian economy, poised to seize opportunities and surmount challenges on the global stage.”

Saurabh Rai, CEO, ARAHAS Technologies:

"The Indian Government's forward-looking Interim Budget for FY 2024-25 marks a transformative moment, aligning perfectly with mission and values. The introduction of 'Kartavya Kaal'—a call to duty for the private sector to significantly boost research and innovation—resonates deeply with our ethos. We're poised to lead in pioneering sustainable solutions across sunrise sectors, leveraging this budget as a springboard towards a greener, more innovative India. This budget not only fosters a circular economy and sustainable development but also emphasizes India's role on the global stage through initiatives like the India-Middle East-Europe Economic Corridor. It's a clarion call for us to harness technology and innovation, ensuring India's vibrant future. We're committed to contributing to 'Innovation India,' driving transformative changes that will benefit our society and economy."

Arun Balasubramanian, VP & MD, India & South Asia, UiPath:

"We firmly believe that innovation is fundamental to progress. At UiPath, we recognize the critical role of a skilled workforce in advancing Digital India. The introduction of the INR 1 Lakh crore corpus, along with 50-year interest-free loans for the private sector to boost research in sunrise domains, marks a significant stride towards unlocking the potential of innovation. This initiative will provide necessary resources for our tech-savvy youth to smoothly integrate and apply transformative technologies such as AI, automation, and robotics. While commendable progress has been made with the Skill India Mission, it is now crucial to streamline and facilitate demand-driven formal skilling, bridging the gap between academia and industry. With these initiatives, India's digital evolution holds promise for a bright future."

Dr. Ravinder Goyal, Co-Founder, Erekrut HR Automation Solutions Pvt Ltd:

"The Union Budget 2024 reflects the government’s vision to foster innovation and entrepreneurship in the country. It is quite encouraging to see the government support the growth of new age technologies and data-driven businesses, which are the key drivers of the digital economy. The creation of a corpus of Rs. 1 lakh crore with 50-year interest free loan will enable long-term financing for research and innovation in sunrise domains, in turn helping the country attract and retain the best talent in the industry, and offer cutting-edge recruitment solutions to our clients. We appreciate the government’s continued efforts to empower the youth with various schemes such as PM Mudra Yojana, Fund of Funds, Start Up India, and Start Up Credit Guarantee. We believe that these measures will create a conducive environment for the start-up ecosystem to flourish and contribute to the nation’s ‘atmanirbharta’."

Suresh Rajagopalan, CEO, Wibmo-A PayU company:

"We appreciate the focus on digital tech and SME support in the Interim Budget 2024. The INR 1 lakh crore for research and tax benefits for startups are promising steps. Overall, we're optimistic about a more inclusive future through technology and entrepreneurship."

Ravi Kunwar, VP, India & APAC at HMD Global (The Home of Nokia Phones):

“The Interim budget is forward-looking and represents the remarkable evolution of India's mobile and telecom landscape in the last decade, standing true to our expectations. The allocation towards the development of electronics manufacturing clusters unlocks the accessibility of high-quality technology for varied consumers, including those at the bottom of the pyramid. Additionally, the proposal to further provide relief in customs duty on the import of battery covers, main lenses, back covers, and mechanical items will boost the Make in India initiation and solidify the mobile manufacturing ecosystem in the country.

"This reduction, coupled with the establishment of a one-lakh-crore corpus supported by a fifty-year interest-free loan, will empower the private sector to significantly advance research and innovation in sunrise domains. Despite the industry's growth, there is substantial room for expansion in India, and we are optimistic that supportive government policies, infrastructure investments, and a vibrant innovation ecosystem will unleash the next wave of digital transformation.”

Dr. Sudhir Srivastava, Founder, Chairman & CEO, SS Innovations:

"As may be expected from an interim budget presented by the Hon'ble Union Finance Minister Mrs. Nirmala Sitaraman, it was brief and focused on the most crucial facets of the economy, including youth, women, the economically weaker groups, and farmers. The healthcare industry received the attention it deserved in order to continue the efforts initiated in the previous budget, that placed a strong emphasis on advancing research and development in the healthcare industry, and funds were set aside to establish nearly 157 new medical schools and universities.

"As proposed in the current budget the government's move to establish committees, can determine the precise needs of different departments and introduce new ideas into the hospitals' current infrastructure. They can assess the current hospital medical infrastructure in comparison to emerging and futuristic technologies like robotics, artificial intelligence, and remote medical services that can be introduced for the benefit of patients and to enable medical students to learn new technologies. It must be noted that quality of treatment at hospitals is not merely dependent on the infrastructure but on the well qualified, futuristic doctors and workforce as well."

Akarsh Hebbar, Global MD, Vedanta’s Semiconductor and Display Businesses:

“The interim budget reflects a forward-looking vision for our nation's growth, with a strong focus on developing domestic technology capabilities. Central to this journey is the development of India's hi-tech electronics manufacturing industry, for which the government has bolstered allocation by 130%, providing a strong impetus to business ventures in semiconductor and display manufacturing. We applaud the government's steadfast determination in further strengthening India's position on the global map, by investing in an ecosystem for emerging technologies.

"Coupled with a strategic focus on modern infrastructure, deep-tech capacities, upskilling and reskilling our workforce, as well as innovation and entrepreneurship, the budget charts a confident path to India's $5 trillion economy ambition as we stride towards Viksit Bharat.”

Amrish Pipada, Founder & CEO, Mega Networks Pvt Ltd:

“The Union Budget 2024 demonstrates a finely balanced and growth-oriented framework while promoting economic advancement and job creation. At Mega Networks, we commend the government's vision of achieving 'Viksit Bharat' by 2047, emphasizing the importance of research and innovation in the manufacturing sector to establish a robust and resilient foundation. The allocation of ₹1 lakh crore for interest-free, long-term loans in the budget not only sparks innovation but also facilitates greater access to funds, encouraging the private sector to significantly scale up research and development in sunrise sectors. Additionally, increase in the Production Linked Incentive (PLI) scheme to Rs 6200 crore aligns with our Make in India commitment to boost home-grown AI servers and storage domain ensuring a strong presence in the global-local market.”

Naveen Tewari, Founder & CEO, InMobi Group:

“We commend the government for its forward-looking budget, especially the emphasis on research and innovation, infrastructure development, and the support for sustainable technology. The allocation of a one lakh crore corpus for long-term financing in innovation is a significant step, aligning with our commitment to developing cutting-edge technologies in India through InMobi and Glance, the world’s leading smart lock screen platform. With the introduction of 50-yr interest-free loans, it is indeed the golden era for tech-savvy youth. This has laid down the foundation for more targeted measures for consumer-tech, semicon design and production, quantum computing and emerging technologies like AI, especially its development and research for future budgets.

"Almost midway through India’s Techade, we are excited to see the continued focus on infrastructure development and increased focus on research and innovation through forward looking schemes like PLI, NEP and skilling initiatives reaching critical mass. This is certainly India’s statement of intent, announcing itself as the new and upcoming leader of manufacturing and innovation in the world. The next step has to be creating software in India, for the world and with Glance, we have already put it in motion. This budget has definitely set us on the path for continual growth and development - the pursuit of 'Viksit Bharat' - as we look to become the third largest economy in the world in the next 5 years.”

Harshvardhan Lunia, founder & CEO, Lendingkart:

“The interim budget for 2024-2025 resonates with a forward-looking vision, strategically leveraging digital acceleration to empower diverse segments of society. The continued emphasis on grassroots, women, and youth empowerment is commendable, fostering inclusivity in the developmental trajectory. The proposed infrastructural and sectoral reforms are poised to fortify the economic landscape, unlocking a myriad of opportunities for entrepreneurs, SMEs, and MSMEs. This budget underscores India's commitment to fostering innovation and digitization, charting a course for sustained economic growth and resilience.”

Mayank Baid, Regional VP, India, Cloudera:

“The country's unwavering commitment to driving innovation and fostering growth is evident in its dedicated pursuit of digital transformation. The allocation of 1 Trillion Rupees in the Interim Union Budget 2024, with minimal interest, reflects the government's clear intent to empower businesses aligned with the overarching goal of fostering innovation. In today's rapidly evolving digital economy witnessing a surge of digital data, the significance of the data landscape has reached unprecedented levels, making it imperative for enterprises to prioritize data management and security.”

“We applaud the government's commitment to strengthening the country's data infrastructure, as evident in its emphasis on the Digital Personal Data Protection Act (DPDPA). These strategic initiatives are poised to instill trust and confidence among both businesses and consumers, solidifying India's position as a global leader in digital transformation. We will continue working closely to understand the needs of businesses in India as they embark on their digital transformation journeys, and how Cloudera can help them drive better business value through enabling access to hybrid, multi-cloud data capabilities. India has tremendous potential in artificial intelligence and machine learning. With a solid data foundation, businesses can easily deploy these disruptive technologies at scale across the enterprise to derive opportunities for innovation and uncover new revenue streams."

Neeraj Bhatia, Country Manager, India and SAARC, Elastic:

“At Elastic, we welcome the Interim Union Budget 2024 and pledge our collaboration with the government in achieving Digital Transformation. The allocation of 1 Trillion Rupees accompanied by minimal interest, signifies the rapid progress for self-reliant businesses in India, fostering innovation across diverse sectors."

"We applaud the government's decision to double the budget allocation for cybersecurity projects, addressing the evolving cybersecurity landscape in a data-driven economy. In line with this, Elastic is dedicated to empowering Indian businesses to securely harness search-powered AI for threat detection, investigation, and response. This commitment underscores our role as a key partner in India's journey to global technology leadership. This interim budget is poised to catalyze the technology industry's growth, and we have full confidence in our ability to play a pivotal role in shaping a secure and digital future for India."