Interim Budget 2024 | Thoughts from business leaders

The interim budget presentation by Finance Minister Nirmala Sitharaman saw highlights on a few aspects such as sustainability, infrastructure, and most importantly technology. Here are some quotes from business leaders on the interim budget.

Vimal Nadar, Head of Research, Colliers India

Infrastructure continues to be the focus area of the government. With an outlay of 3.4% of the GDP, the benefits of such focused and continued efforts will percolate down to all real estate segments. Tier II and III cities can expect heightened real estate activity in the near-mid term.

Argenio Antao, COO, Colliers India

Interim budget has an unwavering focus on technology and developing innovative solutions across key sectors. Real estate is expected to see greater penetration of technology across the value chain beginning from construction management to managing and selling properties.

Sudarshan Suchi, Chief Executive Officer, Bal Raksha Bharat

The government is working on an all-round, all-inclusive and all-pervasive development. Catalyst of Change in Child Welfare will encapsulate a narrative a comprehensive and integrated strategy that recognizes the interconnected facets of a child’s development, and positions it as a catalyst for transformative change for child welfare. Bal Raksha Bharat supports this holistic approach by Government of India for a Viksit Bharat by 2047. The allocation of higher share of resources for children in the Union Interim Budget will play a vital role in shaping the country’s developmental priorities and our goal of becoming the third-largest economy. We are hopeful that the Union Interim Budget’s focus on development will significantly improve nation’s progress and the well-being of its citizens.

Shantanu Rooj, CEO & Founder TeamLease Edtech

The long term focus with matching infrastructure development for higher education sector and skill development is helping the youth of India to be job ready. Addition of 390 Universities, skill development of over 2 youth and improvement by 28% in female enrolment in higher education are results of this focus. This will yield rich dividends for the industry and economy at large.

Ravi Shankar Singh, Managing Director, Residential Transaction Services at Colliers India

2 crore more units in the next five years under the PM Aawas Yojana. New housing scheme for the middle class expected for people living in rented/chawls/unauthorised areas on rent to build/buy their own house. These initiatives should significantly help in the overall housing shortage which faces the country.

Mayank Bindal, Founder & CEO, Snap E Cabs

We are thrilled by the government’s commitment to bolster the electric vehicle (EV) ecosystem through robust support for manufacturing and charging infrastructure. This visionary initiative not only accelerates the transition to sustainable transportation but also fosters innovation and job creation within the EV sector. Moreover, the announcement of a new scheme for bio-manufacturing underscores the government’s dedication to promoting green growth and environmental stewardship. At Snap E Cabs, we embrace these advancements wholeheartedly and stand ready to play our part in driving the adoption of electric vehicles, advancing eco-friendly mobility solutions, and building a greener future for generations to come.

VG Anil, CEO, ARENQ

We wholeheartedly endorse FM Nirmala Sitharaman’s rooftop solar endeavor, aiming to deliver 300 units of free electricity monthly to 1 crore households. Committed as a battery manufacturer, we pledge top-tier, cost-efficient solutions for optimal energy storage and system performance. Collaboration with the government and stakeholders is pivotal to the initiative’s triumph, nurturing renewable energy adoption and combating energy poverty in India. Our enthusiasm is boundless as we strive to empower communities, advance sustainable practices, and forge a greener, more equitable future for all.

Amit Kothari, Chief Finance Officer, Propelld

After landmark changes in the tax regime in budget 2020-21, the increase in threshold limits for higher tax rates for individuals in budget 2024 is another significant reform by the Government. Increase disposal income for individuals will be fuelling growth in the economy. Allowance of exemptions for say employee contribution to PF and national pension scheme under new tax regime is beneficial move for individuals to move towards new regime and sunset the old regime. This will help take away the confusion between  the two regimes and offer higher net cash for the individuals.

Umesh Singh, Founder & Director, Tara Candles

As a proud founder in the vibrant landscape of MSMEs and retail, I commend the visionary step of increasing the threshold for presumptive taxation to Rs 3 crore. This pragmatic policy shift not only empowers small businesses but also fosters a conducive environment for growth. Furthermore, placing a policy priority on providing training for MSMEs underscores a commitment to global competitiveness. By investing in the skills and knowledge of our entrepreneurs, we pave the way for a resilient and globally competitive MSME sector. Together, these initiatives propel us towards a future where our businesses thrive, contributing substantially to the nation’s economic tapestry.

Jaideep Kewalramani, COO & Head of Employability Business, TeamLease Edtech

‘The female contribution to GDP remains one of the lowest among the comparable economies. Increasing  participation and contribution for GDP growth will mean creating a strong base of education, skill development, employment and entrepreneurship opportunities and inclusion in several key initiatives. The Government’s focus on this is reflected through the budget allocations and policy support for Mudra Yojna, STEM Education and Higher Education are important commitments that will help women participate in GDP growth.

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