Post UnionBudget2024 presentation, opinion from few of our Industry Leaders; FounderLabs
The seventh Union Budget 2024 was presented by Finance Minister Nirmala Sitharaman and as usual there was many expectations from the middle class for tax relief. The Budget has allocated Rs 1.48 trillion towards education, employment, and skill development.
The Budget highlighted several focal areas such as employment, skilling, MSMEs, space tech and farming.
Prime Minister Narendra Modi said that this Budget will strengthen the middle class. He said, “This budget will give power to the new middle class.This budget will help women, small businessmen, and MSMEs, farmer
“He further said, “The youth will get unlimited opportunities from the Budget. The middle class will get power from this Budget.Through this Budget, women, small businessmen, and MSMEs will get a new direction.”
Key Opinion on UnionBudget 2024 from few of our Industry Leaders; FounderLabs
- Sanjay Borkar, CEO & Co Founder, FarmERP
The recent budget reflects a transformative vision for the agritech sector, prioritizing productivity and resilience in agriculture. The dedicated funds for agricultural research, particularly for developing climate-resilient crop varieties, showcase the government’s commitment to innovation. Support for agribusiness startups, especially in the vegetable supply chain, underscores a strategic focus on critical growth areas.
Establishing 100 food quality and safety inspection labs marks a significant step towards ensuring the highest food safety standards. Additionally, promoting the sale of Indian crops overseas through e-commerce, supported by public-private partnerships, enhances India’s global competitiveness.
The introduction of Digital Public Infrastructure (DPI) for a digital crop survey of the ongoing Kharif season across 400 districts, coupled with the expansion of the Kisan Credit Card scheme to five states, will improve farmers’ access to credit and facilitate the adoption of new technologies.
This holistic approach aims to drive the sector towards a more resilient and sustainable future, benefiting farmers and consumers alike.
- Vivek Juneja, Founder and MD, Varuna Group
“As the logistics sector continues to evolve, the development of the Industrial Corridor, particularly the Amritsar-Kolkata route, coupled with the sustained emphasis on road connectivity, signals a strong future for the logistics sector.
These infrastructure projects are vital in fortifying the logistics framework, reducing operational inefficiencies, and driving the industry towards greater efficiency and profitability.
Collectively, these initiatives reflect a comprehensive strategy aimed at strengthening the logistics and e-commerce sectors, ensuring sustainable growth and long-term success”
- Rahul Kejriwal, Executive Director, Remsons
“The growth-oriented budget with continued reforms and infrastructure development with fiscal prudence and increased outlay of capital expenditure will go a long way. As the increase in Government’s expenditure will percolate in to more demand for both passenger and commercial vehicles, which would really a big boost for auto components sector.
As a part of reforming direct tax structures, the budget has put more money in the hands of consumers and this would definitely spur the demand for passenger vehicles.
Meanwhile, the Production Linked Incentive (PLI) scheme for the automobile and auto components industries drew an investment of Rs 67,690 crore, according to the Economic Survey 2023-24.”
- Santosh Kotnis, Founder & CEO SpringUp Labs
This Budget is a very balanced act of managing the growth and creating skilled manpower and jobs. There is an attempt to reinforce India’s consumer led growth story. While it rebalanced the tax regime; it also unlocks lot of money through streamlining the real estate reselling.
On the personal taxation point of view, the rejigged tax regime adds money back to salaried employees.
‘I strongly believe that with India’s accelerated growth trajectory, the next decades belongs to India, and this budget is a step towards that direction to build a more robust economy that eased burden of taxes to bolster entrepreneurship.’ says Kotnis.
(Image courtesy: knowledgecitykolkata)
