Union Budget 2024-25 & Sustainability: India Inc Takeaways

Updated on: 24 July 2024 1:30 am

Bishwadeep Ghose, Country Head, India, Water for People India

We commend the government’s budget for its strong focus on water management, emphasizing water supply, sewage treatment, and solid waste management projects for 100 large cities. The collaboration with state governments and development banks to create bankable projects is a significant step towards improving urban water infrastructure. The innovative use of treated water for irrigation and tank filling in nearby areas is a promising approach to water recovery and storage.

Additionally, the release of climate-resilient crop varieties highlights the government's commitment to boost agricultural productivity but also improve water use efficiency in farming, aligning with our sustainable water management goals. Addressing water in agriculture is also key to driving water security, as efficient water use in farming can reduce pressure on freshwater resources and ensure their availability for drinking purposes. This budgetary allocation will support India’s mission to secure long-term water sustainability ensuring that every community has access to safe and reliable water resources.

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Atul Satija, the Founder of The Nudge Institute

The Budget’s renewed focus on advancing rural development with a promising Rs 2.66 lakh crore allocation stands as a welcome move with great potential to transform India’s most excluded households. Coupled with this, we believe that the five critical schemes to promote skill development and bolster employment can fast-track livelihood generation and employability, which can spearhead growth across the length and breadth of the country. This encouraging development to leverage our demographic dividend and recognize the catalytic potential of skilling youth can guide India forward on a roadmap to growth and development. The measures championing women-led development and labour force participation – including the over Rs 3 Lakh crore allocation for schemes for women and girls and women-specific skilling programmes – can also pave the way for women’s empowerment and resilience at work. We are hopeful of continued investment to bridge last-mile connectivity and uplift underserved communities to realize the goal of a poverty-free nation.

Visweswara Reddy, Chairman & Managing Director, Shirdi Sai Electricals Limited Group

As anticipated, the 2024 union budget highlights the priority given to the solar and renewable energy sectors. Notably, the PM Suryaghar Muft Bijli Yojana, which aims to install ten million rooftop solar panels, stands out as a significant advancement. This initiative could greatly benefit India's solar PV module manufacturers. Furthermore, removing solar glass, glass, and copper wire connectors from the custom duty exemption list is a prudent measure. This decision is crucial to supporting the burgeoning domestic industry. Nevertheless, additional efforts are needed to accelerate the full development of manufacturing capabilities, for the entire manufacturing process (that is from polysilicon manufacturing to module assembly), which requires urgent support in areas like labor regulations, technology imports, land, and infrastructure. Swift action on these fronts is essential for India to meet its ambitious domestic production targets amidst numerous ongoing projects.”

Pumped storage for power is another vital area with the potential for substantial savings and more efficient power generation utilisation. We expect the new policy introduced by the finance minister in today’s budget to attract further investments and create new opportunities for manufacturers.

Nishant Kumar, CEO, EarthyTweens

This year's budget introduces significant measures that promise positive impacts on the fashion industry. PVC flex banners, known for their non-biodegradable nature and environmental hazards, are set to face increased Basic Customs Duty (BCD) from 10% to 25% to deter imports. Additionally, the budget aims to simplify and rationalize the export duty structure for raw hides, skins, and leather. In a move to boost competitiveness in the leather and textile sectors, the BCD on real down-filling material from duck or goose will be reduced. Furthermore, the budget expands the list of exempted goods used in the manufacturing of leather and textile garments, footwear, and other leather articles for export. These regulatory changes reflect the government's proactive stance in promoting eco-conscious fashion and a sustainable future.

Manju Yagnik, vice chairperson of Nahar Group and senior vice president of NAREDCO Maharashtra

The Finance Minister's recent budget declaration marks an important turn in addressing the housing requirements of 1 crore urban poor and middle-class families, with an investment of Rs 10 lakh crore. This will dramatically improve urban housing infrastructure, making cheap housing a possibility for many. The PM Surya Ghar Muft Bijli Yojana, which intends to install rooftop solar panels for one crore families, is an admirable step toward sustainable living by incorporating renewable energy solutions into urban housing to minimize power bills and encourage environmental responsibility. Additionally, encouraging states to moderate high stamp duty rates for all, coupled with slashing duties for women, is a progressive measure. The budget also emphasizes transparent rental housing markets and enhanced services for urban development in 100 large cities, reflecting a forward-thinking approach to urban development. These steps collectively focus on inclusivity and sustainability, and I am optimistic about the positive impact these initiatives will have on the housing sector and the overall quality of life for urban residents.

Anu Chaudhary, Partner and Global Head, ESG Consulting Practice, Uniqus Consultech

The PM Surya Ghar Yojana targets free solar power for one crore households via roof-top solar panels. The broad interest shown by 1.8 crore registrations reflects a robust public inclination towards renewable energy. This will ensure energy self-sufficiency for households in India.

Additionally, the initiative to develop Bharat Small Reactors with the private sector signifies a move towards diversified and sustainable energy sources. Finally, creating a taxonomy for climate finance will also deepen the market for such products.

Arun Alagappan, Executive Chairman, Coromandel International Limited

With agriculture remaining the backbone of the Indian economy, we welcome the Union Budget’s emphasis on ensuring food security, strengthening rural economy, as well as building resilience and productivity in agriculture. The proposed comprehensive review of the agricultural research setup to focus on improving productivity and developing climate resilient crops will lend an impetus to ensuring that Indian agriculture can withstand climate impact. The initiative to bring together experts from both the government and the private sector will lend a much-needed fillip to the R&D in the agri sector.

The government’s commitment to get 1 crore farmers into organic farming and promote large-scale horticulture production in the next two years will significantly increase agricultural productivity and sustainability. The establishment of the proposed 10,000 need-based bio-input resource centres will help in making natural farming more accessible to Indian farmers. Furthermore, the emphasis on strengthening the production, storage, and marketing of pulses, along with financing for shrimp farming, showcases a holistic approach to supporting diverse agricultural activities. The allocation of ₹1.52 lakh crore for agriculture and allied sectors is a clear indication of the government's dedication to transforming this critical sector.

Technology has been transforming agriculture, and the government’s plan to implement digital crop survey for kharif crop in 400 districts as well as the release of 109 weather resistant seeds, will drive innovation and efficiency in farming practices. Coromandel International Limited remains keen to implement these policies which have furthered our commitment to increase agricultural productivity and support farming community.

Atanu Mukherjee, President & CEO, Dastur Energy Pvt Limited

Dastur Energy has been spearheading the energy transition movement and revolution that is now being cemented by the Union budget 24-25. The two major announcements revolve around the creation of a carbon market and transition from an energy based target to an emission based target for the hard-to- abate industries. The policies on energy transition pathways will create significant employment opportunities and growth opportunities in an environmentally clean and sustainable manner. Energy transition pathways announced in the budget will open up a world of opportunities for citizens, industries and the nation at large.

Subhrakant Panda, Managing Director, IMFA (Indian Metals & Ferro Alloys Ltd

The Union Budget for 2024-25 presented a comprehensive roadmap for 'Viksit Bharat’ by listing specific priorities and action points thereof. Moreover, the promise of next-generation reforms aimed at improving the productivity of factors of production and greater digitalisation is significant.

The focus on the manufacturing sector, especially MSMEs, is noteworthy as it has a crucial role to play in the nation’s progress; and an outlay on infrastructure amounting to 3.4% of GDP while maintaining fiscal discipline is commendable. In addition, initiatives like “plug & play” industrial parks and National Industrial Corridor Programme will bolster the economy and lead to greater demand for steel & ferro alloys. Finally, the focus on critical minerals is essential as we move up the value chain.

Narendra Bharindwal - Vice President, Insurance Brokers Association of India

We support the government’s proposed improvements towards disaster-prone areas, including Sikkim, Arunachal Pradesh, and other states; this will significantly reduce property damages. By investing in risk-mitigating infrastructure, such as the Kosi-Mechi intra-state link and other flood control projects, the financial losses that insurers have faced in recent years will be curtailed. The government's commitment to supporting these initiatives through substantial financial assistance will help create more resilient communities and lessen the burden on the insurance industry.

Sachin Sharma, Founder and Director - GEM Enviro Management Limited

The recent budget marks a significant advancement in the waste management sector, particularly in tackling e-waste and plastic waste. By emphasizing the recycling of critical minerals, the budget aims to reduce our reliance on imports. Key initiatives include technological upgrades, workforce development, and the establishment of an extended producer responsibility framework with appropriate financing. However, building a robust supply chain and fostering effective connections between recyclers, manufacturers, and waste producers remains crucial. The budget's focus on sustainable growth and the promotion of a circular economy highlights a strong commitment to long-term environmental stewardship and resource efficiency.

Prashant Mathur, CEO Saatvik Energy

The FY25 budget is pragmatic and progressive with adequate focus on energy transition, which is crucial to build a sustainable future. The response to the PM Surya Ghar Muft Bijli Yojana is heartening and we are confident that solar rooftops will be adopted on a mass scale in the coming years. The budget has further strengthened the domestic solar manufacturing industry by expanding the list of exempted capital goods for use in production of solar cells and panels. The budget’s proposal to not extend the exemption of customs duties for solar glass and tinned copper interconnect will also give a boost to domestic solar equipment ecosystem. Importantly, the government’s proposal to do away with customs duty on 25 critical minerals will promote manufacturing in emerging segments like battery storage.

Mahesh Girdhar, Managing Director and CEO, EverEnviro Resource Management

The Union Budget emphasizes productivity and resilience in natural farming as one of its nine priorities, with a significant allocation of Rs. 1.52 lakh crores towards agriculture and allied sectors. Further the establishment of 10,000 need-based bio-input resource centres, and the initiation of 1 crore farmers into Natural Farming, further enhance prospects of sustainable agricultural development across the nation.

Compressed Biogas (CBG) plants produce Fermented Organic Manure (FOM), a vital component for soil health that can be used as an eco-friendly fertilizer to promote regenerative agriculture. This renewed focus of the Government of India on developing the agro-industry presents a remarkable opportunity for all players, including us, to strengthen our contribution to India’s economic development.

Pratik Agarwal, Chairman, Serentica Renewables

The budget’s emphasis on energy transition and decarbonisation of hard-to-abate sectors is commendable. Emission goals for hard-to-abate industries, and promoting pumped storage projects, will catalyse this transition. Implementation here will be the key to realising the full potential of this opportunity.

Anil Agarwal, Chairman, Vedanta

The focus on job creation with three innovative employment-linked schemes is timely. The abolition of angel tax will give a big boost to our startups and young entrepreneurs who are the job creators of the future. The commitment to speed up IBC resolution will lead to 12000 businesses restarting operations and many more jobs. I am also delighted to see the announcement related to Critical Minerals Mission. India must explore, mine and process these metals of the future domestically.

Rajeev Kashyap, Senior VP and General Manager Nextracker- Middle East, Africa & India

The budget charts a strategic path for India's growth over the next five years, with a strong emphasis on green energy and infrastructure development, supported by an allocation of Rs 19,100 crore to the Ministry of New and Renewable Energy. This approach lays a solid foundation for a resilient and sustainable energy future. We commend the government's ongoing commitment to advancing the solar sector through support for domestic manufacturing and innovation. The focus on expanding solar capabilities highlights a clear dedication to enhancing India's leadership in renewable energy. Furthermore, improving grid infrastructure is essential for the success of the solar industry, ensuring efficient integration and distribution of renewable energy. As India pursues its net-zero emissions target by 2070, Nextracker remains committed to contributing with our advanced solar tracking solutions. With the outlined strategic policies and investments, we are confident that India will continue to strengthen its role in the global clean energy transition.

Amit Jain, CEO and Country Manager ENGIE, India

The government deserves commendation for prioritizing energy security as one of its Nine Priorities in the Union Budget 2024. By focusing on the availability, accessibility, and affordability of energy, the government is laying a strong foundation for a Viksit Bharat by 2047.

The proposed policy document on appropriate energy transition pathways, as announced in the budget, will further address the critical imperatives of employment, growth, and environmental sustainability in India.

The budget has further strengthened the energy transition journey by expanding the list of exempted capital goods for manufacturing domestic solar cells and panels. This will boost domestic manufacturing of solar cells and panels, further secure supply chain and help India achieve its target of 280 GW of solar power by 2030. The proposed policy framework for promoting pumped storage projects will promote hybrid renewable projects, which will be a key step towards ensuring round the clock electricity.

Venkat Garimella, Vice President - Strategy & Sustainability, Greater India, Schneider Electric

The Union Budget 2024-25 underscores the government’s commitment to sustainable nation building, with a pronounced focus on energy transition and youth development. The budget’s support for research & development of newer technologies to speed-up the energy transition, announcement on developing a roadmap for updating the emissions targets of hard-to-abate industries, and overall emphasis on cross-industry energy efficiency, are commendable measures that will build a green economy. Schneider Electric is committed to supporting the government’s sustainability efforts and pave the way for a decarbonised economy. Additionally, FM Sitharaman’s announcement on offering internships to 1 crore youth over five years, with the top companies funding the training costs through their CSR contributions, strategically places the private sector at the forefront.

Neeraj Akhoury, Managing Director, Shree Cement Limited

Against the backdrop of global uncertainties and inflation, the Union Budget 2024-25 is transformative and forward looking with an eye on fiscal consolidation. The announcement of INR 11 lakh crore capital expenditure signifies the Government's commitment to modernising India’s infrastructure through various significant projects and allocations, which will undoubtedly drive demand for Cement and other building materials. These initiatives collectively illustrate the Budget's comprehensive and strategic approach to bolstering India's infrastructure across various sectors.

Additionally, the Cement industry is in alignment with the Government of India’s net zero goals. The transition roadmap for 'hard to abate' industries to move from the 'Perform, Achieve and Trade' mode to the 'Indian Carbon Market' mode is a welcome step. The roadmap will further boost India’s energy infrastructure and encourage renewable energy adoption. Overall, this Budget is a win-win for both the economy and the environment, and the Cement industry is poised to play a pivotal role in the Nation’s development journey.

Saugata Gupta, MD & CEO, Marico Limited

With the Union Budget 2024-2025, the Government has taken strides towards realizing the Viksit Bharat vision by 2047. This is a forward-looking roadmap that will accelerate India’s economic journey holistically. The nine-point agenda laid out by the FM will address and uplift several economic and social reforms in India, if well executed.

The outlay of INR 2.66 Lakh Crore for rural development, and INR 1.52 Lakh Crore for agriculture and allied sectors will help in stabilizing rural economies and ensuring farmers have access to essential resources. The Budget also highlighted the need for self-sufficiency in pulses and oilseeds such as mustard, groundnuts, sesame, soyabean, and sunflowers, working towards strengthening their production, storage, and marketing. Several measures geared towards the upskilling of the youth, encouragement to employers and first-time employees will help in job creation for the next generation. The Budget allocated substantial funds towards infrastructure development which will enhance supply chain efficiency, facilitating wider distribution networks. Emphasis on digital infrastructure and connectivity enhancements is another key positive. Further, taking a concrete step forward towards reforming the tax code, the proposed deductions for salaried individuals and pensioners shows the Government’s clear focus on stimulating disposable incomes of the middle class, thereby driving consumption.

Vikram Handa, MD, Epsilon

Overall the Union Budget presents positive measures for various industries. For the battery sector specifically, the government’s proposal to fully exempt customs duty on critical minerals like Lithium and Nickel would definitely benefit industries in the electric vehicle (EV) battery supply chain in the short term. However, more needs to be done to develop cathode and anode manufacturing factories in India to development the EV ecosystem.

Towards developing the EV ecosystem, Indian government has been facilitating bilateral talks with many countries for acquisition of critical minerals mines for the last 2-3 years.

It is imperative to focus on the end users for critical minerals which are not battery factories but processing companies manufacturing anode, cathode and electrolyte. These companies need to be incentivized so they can further invest in domestic and foreign critical mineral assets.

Satish Kumar, President & Executive Director, Alliance for an Energy Efficient Economy

The FY25 budget reflects a decisive commitment to sustainability and decarbonisation. Key initiatives such as energy efficiency investments in MSMEs to enhance their competitiveness will be a game-changer, empowering small and traditional industries to embrace green transitions. The strategic shift for 'hard to abate' industries from just energy efficiency implementation to GHG emission reduction targets is a forward-thinking move that aligns with global climate goals. We are eagerly anticipating the upcoming policy document on appropriate energy transition pathways, which promises to balance the imperatives of employment, growth, and environmental sustainability. The new centrally sponsored scheme for skilling programmes will also equip our workforce with the necessary tools to drive these initiatives forward. These measures are integral to achieving India's climate goals, perfectly aligning with AEEE's mission to enable equitable energy transition and achieve a climate resilient and energy secure future.

Gaurav Dolwani, Founder and CEO, LICO Materials

The exemption of customs duty on critical minerals like Lithium, Cobalt, and Nickel will boost India's efforts in renewable energy and electric vehicle sectors. It's a big step towards achieving sustainability. As a recycling company, we welcome the proposal. The price benefit will be passed onto the end user fueling the government’s electrification vision for 2030 and net zero vision for 2070.

Kavin Kumar Kandasamy, CEO, ProClime

The budget's comprehensive strategy for climate adaptation and mitigation efforts is a strong statement of intent towards achieving a sustainable future for our nation. Balancing economic imperatives with environmental responsibilities, this budget sets a robust foundation for effective climate action. The Finance Minister’s focus on developing climate-resilient agricultural practices and transitioning hard-to-abate industries from energy efficiency to emission targets reflects a strong understanding of the urgent need for sustainable development. The proposed taxonomy for climate finance will undoubtedly enhance capital availability for crucial climate adaptation and mitigation projects, supporting India’s green transition.

Rohit Bajaj , Co- Founder, Balwaan Krishi

The 2024 budget is a turning point for agritech, farmers, and industry. It sets the stage for big changes. The introduction of 109 high-yield, climate-resilient crop types and the plan to get 1 crore farmers to switch to natural farming will make farming much more productive and long-lasting. The budget gives a lot of money to agriculture—₹1.52 lakh crore—which helps make progress in making agritech and agri-tools. This includes money for modern farming tools and infrastructure. Better loan facilities will make it easier for small farmers to get their hands on these tools. Setting up large vegetable clusters near places where people buy things will make supply lines more efficient, cut costs, and improve market access. This will help farmers make more money by getting better prices for their crops.

The future of farming in India is going to be very different from what it is now. India's agriculture sector is on track to become a world leader in production and economic contribution by embracing new ideas, making it easier for farmers to get technology and money, and encouraging environmentally friendly practices. Farmers will make more money and get better financial help, which will boost the economy as a whole and strengthen India's place in the global agricultural market.

Akhil Chandna, Partner, Grant Thornton Bharat

The Union Budget for 2024-25, unveiled today, represents a pivotal stride towards achieving Prime Minister Modi's ambitious vision of a 'Viksit Bharat' by 2047. This fiscal blueprint places a profound emphasis on uplifting the Gareeb (poor), empowering Mahilayen (women), nurturing Yuva (youth), and supporting Annadata (farmers). While the budget did not introduce specific announcements related to the Production Linked Incentive (PLI) scheme, it highlighted Employment-Linked incentives designed to bolster job creation in the formal sector. By synchronizing employment with targeted initiatives, the government aims to catalyze growth and significantly impact the workforce. These incentives are poised to drive workforce expansion, fortify the 'Make in India' initiative, and complement existing PLI schemes.

Abhishek Agashe, Co-Founder & CEO at Elima

The 2024 budget is a significant leap towards a sustainable India. The focus on waste management and renewable energy, particularly through initiatives like “PM Surya GharMuft Bijli” for rooftop solar installations underscores our commitment to cleaner energy solutions. The government's plan to promote sewage treatment and solid waste management projects with 100 large cities through bankable projects is a crucial step towards improving urban infrastructure. Additionally, the full exemption of custom duties on lithium and other critical minerals is a game-changer for the EV battery industry, accelerating our transition to electric vehicles,these measures not only promote environmental sustainability but also drive innovation and growth in the renewable energy sector. Elima is eager to support and contribute to these transformative efforts and looking forward to spearhead as a leader to achieve the “Viksit Bharat 2047” mission and aid in powering the circular economy, which is a need of the hour.

Amit Uplenchwar, Director, Kalpataru Projects International

Energy security and infrastructure have been highlighted as top priorities in the budget proposal by the Hon’ble Finance Minister. Alongside the allocation of INR 11 lakh crore for capital expenditure, the government has pledged to maintain strong fiscal support for infrastructure investment. The provision of INR 1.5 lakh crore for long-term interest-free loans to states for infrastructure development is a positive announcement that will significantly boost state-level projects. It is encouraging to see the government promoting niche areas in the renewable energy ecosystem, such as pumped storage hydro projects and modular nuclear reactors. Moreover, the commitments to enhance private investment in the sector through viability gap funding, enabling policies and regulations, and a market-based financing framework will attract private capital and stimulate business growth within the domestic market. A big thumbs-up to this futuristic budget!

Anu Chaudhary, Partner and Global Head, ESG Consulting Practice, UniqusConsultech

The 2024 budget sets nine priorities, with a clear path towards India's 2070 Net-zero goal and sustainable agriculture. It prioritises sustainability and climate resilience, aiming to impact the nation positively. It introduces 'Natural Farming' for one crore farmers, aided by scientific backing and local governance, alongside the establishment of 10,000 bio-input resource centres and the release of 109 climate-resilient crop varieties to support eco-friendly agriculture and productivity. This will go a long way in ensuring climate-resilient agriculture and the long-term sustainability of India's food security.
The PM Surya Ghar Yojana targets free solar power for one crore households via roof-top solar panels. The broad interest shown by 1.8 crore registrations reflects a robust public inclination towards renewable energy. This will ensure energy self-sufficiency for households in India.

Harry Bajaj, Founder and CEO, Mobec

Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, demonstrates a strong commitment to India's energy transition and sustainable development. The introduction of the PM Surya GharMuft Yojana, providing rooftop solar panels and up to 300 units of free electricity to 1 crore households, is a significant step towards democratizing access to clean energy. Additionally, the focus on advanced ultra-supercritical thermal power plants and critical mineral recycling will bolster our green infrastructure. The energy audit and financial support for MSMEs will drive the adoption of cleaner energy sources in key industrial clusters. These initiatives not only align with Mobec’s vision of a sustainable future but also create a robust ecosystem for green innovation and energy efficiency in India.

Vaibhav Pratap Singh, Executive Director, Climate and Sustainability Initiative

The proposed development of a taxonomy for climate finance is a landmark initiative. It will streamline investments towards climate adaptation and mitigation, aligning financial flows with the country’s Net Zero targets. Additionally, the policy document on energy transition pathways and public-private partnerships in R&D for small and modular nuclear reactors highlights a forward-thinking approach to tackling climate challenges. The revision of customs duties on critical minerals, solar energy, and plastics imports, coupled with the abolishment of the angel tax for investors and the reduction of corporate tax on foreign companies, is expected to ease access to financial capital. These measures collectively address the concerns highlighted in the Economic Survey 2023-24, paving the way for a more sustainable and resilient India.

Dr. Gyanendra Shukla, MD and CEO of Rallis India

Firstly, I would like to extend my heartfelt congratulations to Finance Minister Nirmala Sitharaman on presenting her seventh consecutive budget. We are pleased to see that the Budget 2024-25 allocates funds worth ₹1.52 lakh crore for Indian agriculture and another ₹2.6 lakh crore for Rural Development. This budget emphasizes a key performance indicator for the sector, highlighting the importance of agricultural research in our modern economy. It is heartwarming to see that in the next two years, 1 crore farmers across the country will be skilled, supported by certification and branding.
Developing high-yielding and climate-resilient seed varieties for different agro-climatic zones is crucial, and we are committed to supporting the government in this effort. At Rallis, we believe that focusing on digital public infrastructure is essential to bridging the urban-rural divide in agriculture. The budget's focus on natural farming, pulses, and oilseeds self-sufficiency aligns with our goals to promote environmentally friendly practices and ensure food security. The Budget has laid a strong foundation for making India Atmanirbhar in agriculture, ultimately leading to a more resilient agricultural system in the country.

Ajai Rana, Chairman, Federation of Seed Industry of India (FSII) & CEO & MD Savannah Seeds

The seed industry welcomes the budget 2024-2025, which has allocated Rs 1.52 lakh crore to the agriculture and allied sectors, marking an increase from the Rs 1.25 lakh crore allocated in 2023. This budget has rightfully kept farmers at its core, identifying agriculture and its allied sectors as a top priority among the nine key focus areas. The emphasis on Productivity and Resilience in Agriculture highlights a strategic direction to strengthen the sector.
The push towards agricultural research in India is a significant concern for the seed industry. The Honorable Finance Minister has addressed this concern by announcing a comprehensive review of the agricultural research setup. This review will ensure high productivity and development of climate-resilient varieties, which is a crucial step forward for our industry.
Moreover, the announcement of the release of 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops is a monumental step. This landmark initiative will address the detrimental effects of droughts and floods on agriculture, safeguarding farmers from crop losses and ensuring food security and stable incomes. Introducing these resilient crop varieties will support farmers through innovative agricultural practices.
India's agriculture sector has recently emphasized the need to achieve self-sufficiency in oilseeds and pulses. In 2022-23, the country imported 165 million metric tonnes of edible oils. The announcement of a mission for pulses and oilseeds is a strategic move towards achieving self-reliance (Atmanirbharta), potentially saving India substantial amounts in import costs and strengthening domestic production.

Hamza Arsiwala – President IEEMA

We welcome the budget announced by Finance Minister Nirmala Sitharaman today. I am glad to highlight that out of the nine priority areas identified by the government, energy security, infrastructure, innovation, employment & skilling, R&D and manufacturing are among the government's key focus areas.
The government has continued its focus on clean energy initiative aligned with the target of achieving net zero with PM Surya GharMuft Bijli Yojna, the FM aims to encourage the scheme into the future. The FM also announced a viability gap funding for investments in infrastructure. The FM announced a plan for a policy on appropriate energy transition pathways focusing on employment, growth and environmental sustainability.

Sunil Singhvi – President Elect

We welcome the budget announcement, which lays the foundation for making India a "Viksit Bharat" by 2047. Energy security is one of the government's important priorities highlighted in today’s budget and focuses on making energy available, accessible, and affordable for all the people of the country. As the country faces growing energy demands, the FM introduced a policy for promoting pumped storage projects aimed at enhancing electricity storage and facilitate the smooth integration of the growing share of renewable energy. The government's private sector partnership aims to leverage expertise, innovation, and investment to accelerate small modular nuclear reactor development and position India as a global nuclear energy leader. Funding in R&D will advance Bharat's small modular reactors to meet India's energy needs, enhancing energy security with reliable, sustainable power. The Union Budget announced the support scheme for setting up 800MW coal based advanced ultra-super critical technology. Apart from central government thrust the budget also has provisioned for state by announcing investment incentives linked with infrastructure, roads and airports across Bihar and Andhra Pradesh. 12 industrial parks across various states under the National Industrial Corridor Development Program will also be sanctioned in phased manner. These states will open up a gateway of opportunity for the manufacturing sector and fuel growth.

Dr. Miniya Chatterji, Founding Director, Anant School for Climate Action, and CEO, Sustain Labs Paris

The government has laid its focus on energy security as one of the pillars in the Union Budget 2024. The new policy document on India's energy future is much awaited, and I expect it to include the plans to achieve rooftop solarisation, enhancing electric vehicle infrastructure, and promoting biodegradable polymers & bioplastics - as was announced in the interim budget in February. I also look forward to the government's focus on developing indigenous energy technologies and building local capabilities amongst micro and small industries in energy production and management. On that note, the provision of financial support to micro and small industries for shifting to cleaner forms of energy is also a commendable move by the government. Another good move is the exemption of custom duty on capital goods for manufacturing of solar cells and panels. A taxonomy for climate finance, as planned by the government, will help improve the availability of funds for adapting to climate change and reduce greenhouse gas emissions.
Under urban development, the budget also talks about promoting water supply, sewage treatment and solid waste management projects and services for 100 large cities in India. This will set a benchmark for water and waste management practices which can then expand to tier-2 and tier-3 cities eventually.

Subhabrata Sengupta, Partner, Avalon Consulting

Initiatives are welcome. Focus on nuclear, pumped storage are welcome. Energy audit is also welcome,, but it needs to be managed so that it is not a burden on MSMEs.
The budget largely continues in the path of recent ones which is good, however the few eye-catching announcements are all defined at a very high level with significant scope of misuse - which is bad.

Vishal Mehta, Managing Director & Partner, Energy Lead BCG India

The recent budget announcements highlight India's strategic commitment to building a sustainable and energy-secure future. The introduction of the PM Surya Ghar Muft Bijli Yojana, with 1.28 crore registrations, is a transformative step towards democratizing access to clean energy. This initiative, along with the upcoming policy on pumped storage projects, will stabilize our renewable energy supply and enhance grid reliability.
The government's focus on advancing nuclear energy through Bharat Small Reactors and modular technologies signifies a strategic diversification of our energy mix with reliable, low-carbon options. Additionally, the support for Advanced Ultra SuperCritical (AUSC) thermal power plants underscores a clear path towards improving efficiency and reducing emissions from thermal power generation.

Anil G Verma, Executive Director and Chief Executive Officer, Godrej & Boyce

The first full budget of the new Government was a balanced one with the Government delicately balancing the needs of the economy through its focus on the nine priority areas of agriculture, employment, inclusive development, manufacturing and services, urban development, energy, infrastructure, innovation and R&D, and next generation reforms.
The Government’s intention to partner with the private sector to develop small modular reactors is a good step emphasising the importance of nuclear energy in India’s energy mix. Moreover, the Rs.1000 crore venture capital fund to promote space technology is a welcome step in encouraging greater participation of the private sector in India’s burgeoning space sector, where we have the potential of being the global leader for satellite launches.

V. P. Nandakumar, MD & CEO at Manappuram Finance

Union Budget 2024-25 takes forward the measures announced in the Interim Budget outlining a roadmap for 'Viksit Bharat'. Nine priority areas identified in the Budget which include agriculture, education and MSME segments will facilitate skilling and employment generation while boosting manufacturing growth. Infrastructure push is reiterated with a Central govt capex outlay of 11.1 lakh crore and 1.5 lakh crore towards interest free capex grant for states. Special emphasis on rural roads augur well for rural incomes as hinterlands will be better connected to the mainland, helping farmers to effectively market their produce. This is good news for the transportation and logistics industry as well. Meanwhile, hike in Mudra loan limit and collateral free loans for small enterprises are big positives as this sector accounts for 45% of our exports. Rationalisation of customs duty on gold, silver, mobile phones and 23 critical minerals are beneficial to these industries. Abolition of angel tax will improve business climate. Personal income tax has seen some rationalisation although the expected changes did not kick in and disposable incomes will not be boosted to the expected levels.

Manish Aggarwal, Director, Bikano, Bikanervala Foods

I am heartened by the Union Budget 2024's comprehensive approach towards agriculture and rural development. The allocation of INR 1.52 lakh crore for agriculture and allied sectors, alongside the release of 109 high-yielding and climate-resilient crop varieties, marks a significant advancement. This initiative will undoubtedly enhance supply chain efficiencies and reduce agricultural wastage, which are critical for our sector. The plan to initiate 1 crore farmers into natural farming with support for certification and branding is another commendable step. Moreover, the comprehensive review of the agricultural research setup promises to increase productivity and develop climate-resilient varieties, overseen by domain experts to ensure relevance and effectiveness. The substantial provision of INR 2.66 lakh crore for rural development and the Rs 26,000-crore boost to road connectivity projects are also welcome moves. These efforts will greatly improve market access and distribution networks, facilitating better reach for FMCG products in rural areas.

Sanjay Gupta, Chairman & Managing Director of APL Apollo Tubes

First and foremost, the allocation of resources toward infrastructure projects is a game-changer. The infusion of funds into roads, bridges, railways, and urban development will not only enhance connectivity but also create a ripple effect across industries. For us at APL Apollo, this translates into exciting opportunities. Our structural steel business, deeply intertwined with infrastructure projects, stands to benefit significantly. As we continue to provide high-quality structural steel solutions, we are heartened by the government’s vision. Robust infrastructure demands robust materials, and APL Apollo is poised to play a pivotal role.
Furthermore, the recent launch of the PM Surya GharMuft Bijli Yojana—an initiative to install rooftop solar plants for 1 crore households—aligns perfectly with our commitment to sustainability. Clean energy solutions are essential for a greener future.

Suyash Gupta, Director General, Indian Auto LPG Coalition

As we embark on this fiscal year, India stands at a pivotal juncture where our decisions will resonate for generations. The 2024-25 Budget transcends mere numbers; it is about improving the air we breathe, the roads we traverse, and the legacy we leave.
In this landscape, Auto LPG emerges as a solution with immense promise. As an automotive fuel, Auto LPG significantly reduces emissions compared to traditional fossil fuels. It lowers particulates, carbon monoxide, and nitrogen oxides, while having a negligible impact on greenhouse gases.

Akshit Bansal, CEO & Founder, Statiq

We welcome the 2024 Union Budget's focus on employment and skilling, manufacturing and services, energy security, infrastructure, and innovation. These priorities align perfectly with our vision of a sustainable, green energy future. The waiver of import duties on key minerals like lithium is a significant step forward, expected to lower the manufacturing costs of EV batteries and, ultimately, reduce EV prices for consumers. This move will accelerate the adoption of electric vehicles across the nation. The emphasis on skilling and employment will create a robust workforce ready to support the expanding EV industry, fostering innovation and sustainable growth. By boosting manufacturing and services, the government is paving the way for a stronger, more resilient EV infrastructure. Moreover, the focus on energy security will ensure a stable and reliable energy supply, critical for the widespread implementation of EV charging networks.

Maninder Singh, CEO and Founder, CEF Group

Today's announcements by the Finance Minister mark a significant step forward for India's agricultural sector. The comprehensive review of the agricultural research setup, aimed at increasing productivity and developing climate-resilient varieties, is a crucial initiative. This approach, combined with the expertise of domain specialists, will ensure that our farmers have access to the latest innovations and technologies. The continued focus on the agri-economy, with a substantial outlay of Rs. 1.52 lac crore, is indeed a credit-positive move, likely to stimulate rural demand and alleviate some of the distress caused by last year's monsoon failures. Initiating 1 crore farmers into natural farming with proper certification and branding will also play a pivotal role in promoting sustainable agricultural practices.

Rajesh Aggarwal, Managing Director, Insecticides (India) Limited

The Union Budget 2024-2025's significant allocation for the agricultural sector marks a key moment for Indian agriculture. By focusing on productivity and resilience, this budget promises to transform the lives of farmers and boost the overall economy. The introduction of high-yielding and climate-resilient crop varieties will empower farmers with tools to combat climate challenges, ensuring stable and improved yields. At IIL, we are particularly encouraged by the budget's emphasis on higher MSP for major crops, ensuring economic stability for farmers and allowing them to invest in better farming practices and technologies. The focus on enhancing the supply chain infrastructure, including storage and transportation, will minimize post-harvest losses and improve market access. This is crucial for the effective distribution of quality agricultural inputs, including crop protection products, ensuring that farmers receive the necessary support to protect their crops and enhance productivity. Furthermore, the budget's inclusive growth strategy, targeting women, youth, and the economically disadvantaged, aligns with our vision of a prosperous and equitable agricultural sector. The extension of the PM Garib Kalyan Anna Yojana and other welfare schemes showcases the government's commitment to farmers' well-being and economic stability.

Saurabh Rai, CEO, Arahas

The budget’s focus on sustainability, including the enhancement of capital for climate adaptation and mitigation investments, aligns with Arahas’ commitment to sustainable development. The taxonomy for climate finance will play a crucial role in channeling investments into eco-friendly technologies and practices. Arahas is dedicated to promoting sustainable practices, and the budget’s provisions for climate finance will enable us to further our initiatives in developing green technologies and sustainable solutions.

Dr. Aman Basheer Sheikh, CoFounder and Chief Medical Officer, TruthIn

The Budget 2024 announcement to facilitate the establishment of NABL-accredited food safety labs is a significant step towards enhancing India’s food safety standards. This initiative will improve the quality and reliability of food testing, ensuring consumers have access to safe and nutritious products. Additionally, allocating financial support for 50 multi-product food irradiation units is a significant step towards enhancing food safety and extending the shelf life of perishable goods. This initiative will aid in reducing post-harvest losses, improving food quality, and ensuring food security for consumers. Combining the availability of accredited labs and support for multi-product food irradiation units, along with the implementation of robust food labeling laws, will further boost consumer confidence by supporting businesses to meet stringent safety and ingredient disclosure standards. This comprehensive approach ensures a transparent and trustworthy food system, fostering greater consumer trust and industry integrity.

Ravi Putrevu, CoFounder and CEO, TruthIn

This uptick in FMCG stocks reflects investor confidence, anticipating that higher incomes will drive increased demand for consumer staple products. However, as India’s fourth-largest sector, FMCG’s rise highlights the pressing need for a better-regulated environment where all stakeholders come together to ensure sustainable growth. Effective regulation coupled with collaborative efforts will help maintain product quality, protect consumer interests, and support long-term industry stability. This holistic approach will enable the FMCG sector to thrive while contributing positively to the economy and society.

Prem Kumar Vislawath - CEO and Founder, Marut Drones

The allocation of ₹1.52 lakh crore for agriculture and allied sectors by the Finance Minister underscores a pivotal commitment to bolstering India's agricultural resilience. The emphasis on developing climate-resistant varieties and introducing 109 new high-yielding varieties is a forward-looking stride towards sustainable agriculture. Additionally, the promotion of farmer producer organizations, cooperatives, and startups heralds a new era of inclusive growth and innovation in the agricultural sector.
Exempting lithium imports from customs is a bold step demonstrating India's commitment to strengthening the drone manufacturing sector. Lithium, crucial for drone battery production, will now bolster domestic drone manufacturing, underlining the government's support for this industry.

Vaibhav Pratap Singh, Executive Director, Climate and Sustainability Initiative

The proposed development of a taxonomy for climate finance is a landmark initiative. It will streamline investments towards climate adaptation and mitigation, aligning financial flows with the country’s Net Zero targets and adaptation requirements. Additionally, the policy document on energy transition pathways and public-private partnerships in R&D for small and modular nuclear reactors highlights a forward-thinking approach to tackling climate challenges.
However, the headline budgetary allocation for the FAME scheme, focussed on EVs, reduced from INR 4,807 crores to 2,671 crores. The actual impact of this reduction would need a detailed assessment of allocation towards each of the vehicular segments and ownership segments like private vs commercial targeted as the scheme rolls out.

Anish De, Global Head, Energy, Natural Resources and Chemicals, (ENRC) KPMG

The Union Budget continues on the path that India has set out to scale up clean energy deployment and building a robust supply chain. Budget announcements on solar power expansion, harnessing critical minerals, small modular reactors and energy storage are significant because it continues to reaffirm India’s commitment to the energy transition. Due to strong economic growth and the underlying energy needs India continues to lean on fossil fuels. As the Statistical Review of World Energy has indicated, India continues to depend on fossil fuels for as much as 90 percent of its commercial energy needs. Rebalancing this is important because there will be inevitable pressure on India on fossil fuels as climate impacts worsen with increasing global warming.
However, there were expectations of policy and budgetary support for building out the power transmission infrastructure at an accelerated pace to evacuate clean power. There were also expectations of incentives and rationalization of taxes and duties to encourage domestic hydrocarbons and biofuels production and reduce dependence on imports. Union Budget has not touched these important issues, and that would disappoint sections of the industry.

Prassann Daphal, CEO, Recyclekaro

The government's announcement of a 25% waiver on customs duty for nearly 25 critical minerals is poised to drive demand across various renewable sectors, including energy storage solutions, electric vehicles (EVs), high-tech electronics, defense, and space. This initiative will bolster the refining and processing of these minerals, strengthening a resilient supply chain ecosystem.
Additionally, the establishment of a 'Critical Mineral Mission' aims to oversee domestic production, recycling, and international acquisition of critical mineral assets. The mission will prioritize technology development, skilled labor, and an expanded producer responsibility framework, including Extended Producer Responsibility (EPR), which will benefit the e-waste and battery recycling sectors.

Riju Jhunjhunwala, CMD RSWM Ltd & MD Bhilwara Energy

The Union Budget 2024 presents a holistic approach to India's economic growth, with a strong emphasis on manufacturing, energy, and sustainability. The employment incentives for the manufacturing sector are poised to stimulate job creation and strengthen our workforce. The focus on nuclear energy development and indigenous thermal power technologies demonstrates a commitment to energy security and efficiency. The budget's sustainability measures, particularly the rooftop solar scheme, are set to transform energy consumption at both household and industrial levels. Overall, this budget lays a solid foundation for industrial growth, aligning with our vision of a sustainable and innovative future for India.

Gyanesh Chaudhary, CMD, Vikram Solar

The Union Budget 2024 has positioned India as a frontrunner in the global solar energy landscape. By allocating a substantial Rs. 7,327 crore for solar projects and introducing initiatives like the PM Surya GharMuft Bijli Yojana, which aims to provide free electricity to one crore households, the government has demonstrated a strong commitment to clean energy. This budget is a catalyst for the growth of the Indian solar industry, empowering millions of households with access to affordable and clean electricity. Moreover, by supporting ancillary sectors like pump storage and creating a conducive environment for innovation through tax incentives for solar cell and panel manufacturing, the budget has laid a robust foundation for India's energy transition.

Gopal Kabra-Founder & MD- GK Energy

The budget can be termed as progressive aimed at bolstering the solar sector's growth and sustainability and we welcome the budget proposals. The government's commitment to increasing investment in renewable energy was evident through significant allocations for solar infrastructure development, and energy storage solutions. Notably, the custom duty exemption on capital goods for solar cells and panels stands out as a pivotal move. This exemption is expected to lower production costs, making solar energy more affordable and accessible. More than 1.3 Cr registrations and more than 14 lakhs applications under PM Suryaghar initiative is poised to accelerate rooftop solar installations, enhancing energy security and supporting the energy transition. Additionally, the establishment of a carbon market will incentivize reduced emissions, aligning with India's climate goals. These initiatives collectively reflect a forward-looking vision for a sustainable and self-reliant solar ecosystem in India.

Sameer Gupta, Chairman & Managing Director Jakson Group

The Union Budget 2024 is a major milestone for the nation, fostering economic growth, infrastructure development, and energy independence.
The PM Suryaghar Muft Bijli Yojana, aimed at installing rooftop solar panels in 1 crore households to provide 300 units of free electricity, is transformative in making sustainable energy accessible. This will boost solar adoption in the residential sector and drive economic growth.

Ravichandran Purushothaman, President, Danfoss India

We welcome the forward-looking and growth-oriented Union Budget 2024, presented by the Finance Minister. As part of India's new blueprint for holistic growth, the increased focus on urban development, infrastructure, innovation, and next-generation reforms will have a multiplier effect on the economy.
Energy Security and Industrial Development: We welcome the government's prioritization of energy security and industrial development, which aligns perfectly with our expertise.
Climate Resilience: The government's commitment to climate resilience and sustainable growth is commendable and the focus on climate-resilient agriculture and flood mitigation measures underscores the government's dedication to environmental sustainability
Leveraging our nine plus decades of expertise, we are committed to driving sustainable development and innovation in India's green transition. We are eager to actively participate in these transformative initiatives, deploying our energy-efficient technologies to create a more sustainable future.

Sanjay Choudhari, Chairman at SBL Energy

The government's commitment to energy security and sustainability is evident in today's announcements. They are focusing on employment and sustainability with a policy document on energy transition pathways. The auction of offshore mineral blocks will leverage existing exploration efforts, providing essential metals like lithium, crucial for reducing carbon footprints.Introducing green hydrogen into our manufacturing processes will significantly lower our carbon impact. Since hydrogen is part of our raw materials, this change is vital. Coal gasification will enhance self-sustainability and reduce import dependency. We are committed to ensuring that all our practices support a reliable and eco-friendly mining supply chain. These initiatives collectively demonstrate our dedication to a sustainable and resilient future for India.

JaikaranChandock, Director, Balu Forge Industries

The budget has laid the foundation for achieving the goal of Viksit Bharat and a roadmap for a sustainable and inclusive economic growth. Through renewable energy transition, strengthening energy mix with nuclear energy, capex push in infrastructure development and focus on education, employment and skills, the budget builds the pathway for transformation-led growth for the economy. The allocation of Rs.6.21 lakh crore for the defence sector for FY25 in continuation with the Interim Budget announcement will further reinforce the country’s indigenous defence manufacturing capabilities, paving the way for Atmanirhbar Bharat. Reduction in expenditure on defence procurement from foreign sources helps prudent fiscal allocation. The budget allocation of 2,52,200 crore to railways will also boost manufacturing in railways. India is on the cusp of entering a high-growth phase and the budget ensures that transition benefitting industries across sectors and each segment of the society.

ParimalHeda, Chief Investment Officer, Go Digit General Insurance

The government's aim to prioritise agriculture research and developing climate-resilient varieties of 32 field and horticulture crops will also have an ancillary effect on the crop insurance segment as losses over medium- to long-term will likely reduce from loss of crop due to climate-related incidents.

Rajeev Sinha CEO & Co-founder, Onlygood

The increased allocation towards renewable energy initiatives underscores India's determination to reduce carbon footprints and foster clean energy solutions with the PM Surya GharMuft Bijli Yojana under which the government aims to equip 1 crore households with rooftop solar installations, offering upto 300 units of electricity per month. Also, it is set to introduce Pumped Storage Policy (PSP) for renewable energy.
Incentives of ₹500 crores for electric vehicles (EVs) and charging infrastructure development are crucial steps towards decarbonizing the transportation sector.
Recognizing nuclear energy as a sustainable energy source aligns with our goal of promoting diverse, low-carbon energy options. The government has unveiled initiatives to partner with the private sector in establishing Bharat Small Reactors, aiming to drive research and development in small modular reactors and emerging nuclear technologies.

SumitMukhija - Executive Director and Chief Executive Officer, STT GDC India

The Union Budget 2024 outlines a forward-looking vision for the digital development of India The policy document aligning energy transition pathways with employment and sustainability reflects our dedication to eco-friendly data centres. As a leader in data centre services, STT GDC India is in a position to have a significant impact on aiding India's digital transformation and sustainable growth agenda.

Anup Garg, Founder and Director, World of Circular Economy

The government’s focus on facilitating energy audits for traditional micro and small industries and supporting their transition to cleaner energy forms aligns perfectly with organizations working towards integrating sustainable practices across all sectors. This was one of our pre-budget demands, and we appreciate the government's comprehensive approach in balancing the nation’s growth and environmental sustainability.
The plan to formulate a roadmap for transitioning hard-to-abate industries from energy efficiency targets to emission targets is commendable. Appropriate regulations for this transition from the current Performance, Achieve and Trade (PAT) mode to the Indian carbon market mode will be established. This aligns with our call for incentivizing green technologies and providing a structured framework for MSMEs to reduce emissions and comply with global regulatory standards. The government's commitment to setting up Bharat Small Modular Reactors and investing in nuclear advancements further underscores its dedication to a resilient and energy-secure future.
Simarpreet Singh, Executive Director, Hartek Group
Rejoicing Green Revolution | The 2024 Budget reaffirms India's dedication to energy transition and economic growth by easing tax revisions for solar value chain components, providing fiscal support for pumped storage and rooftop solar projects, and incorporating nuclear energy to ensure future readiness.
Clean Energy goals for Industries | The 2024 Budget presents a strategic roadmap for heavy industries, emphasizing energy efficiency and emission-based targets. By supporting the adoption of alternative energy sources in traditional clusters, the budget aims to facilitate decarbonization goals and stimulate investment in tech startups within the sector.
Focus on Round the Clock Power | Favorable policies for pumped storage projects will enable renewable energy companies to address intermittency issues and provide continuous power supply. This offers an alternative to solar installations on water bodies, as pumped storage utilizes reservoirs at different levels.
Strengthening Domestic supply chain | Support extended to solar manufacturing industries by relaxing the list of exempted capital goods, thus helping India achieve its annual target of 50 GW of renewable energy.

Sebi Joseph, President, Otis India

It was heartening to witness the growth-oriented budget focusing on infrastructure and urban development, presented today by the Honorable Finance Minister, Smt. Nirmala Sitharaman. The thrust on affordable housing and developing 14 cities as growth-hubs is commendable. Establishment of industrial parks near 100 cities, increasing spend to 3.4pct of the GDP towards infrastructure, boost to skilling and employment generation will help the elevator and escalator industry and provide an impetus to the overall economy

Riju Jhunjhunwala, CMD RSWM Ltd & MD Bhilwara Energy

Ranjeet Mehta, Executive Director, PHDCCI

The announcement of support to Bharat Small modular reactors is one of the important steps towards energy independence and climate sustainability via transformative nuclear energy along with impetus on existing alternative and renewable energy sources.

Gaurav Kedia, Chairman, Indian Biogas Association

Budget 2024: A leap towards Natural Farming - The Union Budget 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. The announcement of initiatives to bring one crore farmers under natural farming, establish 10,000 bio input resource centers, and support FPOs for agri-product marketing are commendable steps. These measures are set to significantly benefit the biogas sector. By promoting natural farming, there will be an increased demand for organic manure, a key byproduct of biogas production. The bio input resource centers can serve as hubs for knowledge dissemination and adoption of biogas technology. Moreover, the support to FPOs can facilitate the marketing of fermented organic manure (FOM) as a value-added product. The budget's focus on productivity, resilience in agriculture, energy security, and innovation aligns well with the biogas sector's goals. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health.

Yogesh Mudras, Managing Director, Informa Markets in India

The Budget 2024-25 underlines a pivotal commitment to energy security and sustainability, marking a significant stride towards a greener future. A substantial allocation of Rs 19,100 crore to the Ministry of New and Renewable Energy highlights the government's dedication to strengthening the renewable sector. The Pradhan Mantri Suryaghar Muft Bijli Yojana, enabling one crore households to obtain free electricity of 300 units every month while investing in rooftop solar systems, propels India towards its ambitious goal of generating 500 GW of renewable energy by 2030. As the government remains focused on infrastructure development and strengthening the ecosystem for renewable energy and new sectors, we applaud their efforts and look forward to the transformative impact on India's renewable energy landscape.

Saunak Saha, Partner, Climate Change and Sustainability Services, EY India

The budget's focus on energy security and climate resilience is commendable. The PM Surya Ghar Muft Bijli Yojana, which aims to install rooftop solar panels on 1 crore homes and provide up to 300 units of free electricity per month, stands out as a significant initiative. Expanding the list of exempted capital goods for solar energy projects is crucial for accelerating the energy transition. Additionally, investments in nuclear research and development, along with climate finance for hard-to-abate industries, bolster this well-rounded strategy.

Sanjiv Kanwar, Managing Director – Yara South Asia

We welcome the Union Budget's strong emphasis on agriculture, particularly its aim to bolster productivity and resilience. The commitment to releasing climate-resilient crop varieties, alongside the establishment of bio-research centers, demonstrates a commendable commitment to the long-term health, sustainability, and resilience of Indian agriculture. The budget provisions for agriculture and allied sectors provide a solid foundation for these initiatives.

The attention given to pulses and oilseeds, along with the development of large-scale clusters near FPO centers and consumption centers, directly addresses the need for a robust and efficient supply chain. These large-scale clusters around consumption centers will also help in efficiently reducing the carbon footprint of the agricultural supply chain. We are also pleased to see the government's commitment to digital public infrastructure, including the digital crop survey, which will contribute to greater transparency and data-driven decision-making in agriculture.

Furthermore, we applaud the budget's commitment to facilitating higher participation of women in the workforce. We believe this focus will have a particularly positive impact on agriculture, where empowering women is crucial for a thriving agriculture sector. Increased opportunities for women in areas such as agricultural entrepreneurship, technology adoption, and leadership roles will benefit the entire industry.

We are particularly encouraged by the budget's emphasis on enhancing the ease of doing business in India under Jan Vishwas bill 2.0. Streamlining regulations and creating a more conducive environment for businesses will be crucial for attracting investment and driving growth in the agricultural sector. This union budget lays a strong foundation for a future where Indian agriculture is both prosperous and sustainable.

Saurabh Kumar, Vice President- India, Global Energy Alliance for People and Planet (GEAPP)

The policy-driven emphasis on the energy sector in the Union Budget 2024-25 exemplifies the Government's commitment to integrating the principles of energy security and energy transition as a cornerstone of Viksit Bharat. We anticipate that the development of energy transition pathways will bolster state-level initiatives aimed at accelerating renewable energy adoption. Furthermore, the proposed financial support for MSMEs to transition to cleaner energy forms will be pivotal in fostering positive change at the grassroots level.

Arun Chulani, Co-Founder, First Water Capital

As an equity investor, one can’t be happy about the increase in both the long-term and short-term capital gains. However, we also understand that collectively we need to do our bit for the nation's development. Despite the current halo effect of India’s golden decade, we are still competing for foreign capital against other emerging markets which may offer more supportive tax regimes.

From a sectoral perspective, we saw continued emphasis on infra and housing with a commitment of INR 10 lakh crore (USD 120 billion) towards the latter and 3.4% of the GDP provided to the former. We also saw a push towards energy security with an increased focus on nuclear and solar sources.

Navkaran Singh Bagga CEO & Founder, Akvo Atmospheric Water System

The announcements in Budget 2024 have shown a commendable focus on sustainability, with increased allocations for green technologies and renewable energy projects. The emphasis on water management and conservation is particularly encouraging. These steps align with our mission at Akvo to provide innovative, sustainable water solutions. However, continued and increased support will be essential to ensure long-term impact and scalability of these initiatives.

Mayuresh Raut, Managing Partner, Seafund

This was an albatross that hindered much needed capital to be deployed to deserving founders. Removal of this dreaded tax will give a huge fillip to startups in the country and free up investors to focus on the investments without having anxiety on how to deal with their implications. A few other things that work well for deep tech focused funds like us. The rooftop solar policy, the pumped storage policy and research and development for small & modular nuclear reactors, Bharat small reactors, R&D for small modular reactors, R&D for new technology in nuclear form a neat troika to alter the energy map of India. Specially on the nuclear side, it positions India to replicate the renaissance that nuclear is experiencing in the US.

Sachidanand Upadhyay, MD, Lord's Mark Industries Limited

Solar energy plays a crucial role in India's aspirations to generate 500 GW of renewable energy by 2030 given that it is a vital component in the country's efforts to reduce dependence on fossil fuels and combat climate change. The Union Budget 2024-25 underscores a pivotal commitment to energy security and sustainability. The Finance Minister's announcement of a forthcoming policy document on energy transition pathways is a significant step towards a greener future. The introduction of the PM Surya Ghar Muft Bijli Yojana is a transformative initiative while investing in rooftop solar systems representing a significant financial commitment by the Government. With 1.28 crore registrations and 14 lakh applications already recorded, this achievement reflects a robust public response and sets a promising precedent for sustainable energy adoption in India. Aligning with India's commitment to achieving net-zero emissions by 2070, Lord's Mark Industries is contributing significantly to this vision, recently securing a project to set up 50 MW of grid-connected rooftop solar projects in Uttar Pradesh.

George Alexander Muthoot, MD, Muthoot Finance

The Union Budget 2024 focuses on the comprehensive development of the economy by adhering to fiscal prudence, boosting infrastructure growth, and through continued emphasis on four major pillars of society - the poor, women, youth and the farmers. The massive impetus on capex expenditure outlay of Rs 11.11 lakh crore is a testimony to the government's focus on boosting investment activity and further strengthening fiscal health of the economy. As the largest gold loan NBFC in India, we are particularly encouraged by the government’s proposals give priority to MSMEs, women entrepreneurs and the agricultural sector. The credit guarantee scheme is going to significantly enhance credit access for MSMEs. This scheme aligns perfectly with our commitment to supporting small businesses and driving entrepreneurship, particularly among women. Further, the FM has also focused on boosting affordable housing under PM Awas Yojana offering assistance of 2.2 lakh crore rupees in the next five years. This will help in resolving various housing challenges for various lower- and middle-class families.

We are also glad to witness the slew of initiatives undertaken by the FM to boost the job creation and employability for the young talent and women of India awaiting to offer valuable contribution in India Inc’s growth. As one of the legacy employers in the NBFC space that strongly believes in the capabilities of youth, we are in alignment with the new internship programme and initiatives to boost women participation in the workforce. The budget also strikes the right balance between promoting growth and ensuring fiscal responsibility, while targeting an inflation rate of 4% will create a stable economic environment for the financial services sector. We look forward to playing our part in India’s growth story by providing last-mile credit access to underbanked sectors of the society.

Mayuresh Raut, Managing Partner, Seafund

This was an albatross that hindered much needed capital to be deployed to deserving founders. Removal of this dreaded tax will give a huge fillip to startups in the country and free up investors to focus on the investments without having anxiety on how to deal with their implications. A few other things that work well for deep tech focused funds like us. The rooftop solar policy, the pumped storage policy and research and development for small & modular nuclear reactors, Bharat small reactors, R&D for small modular reactors, R&D for new technology in nuclear form a neat troika to alter the energy map of India. Especially on the nuclear side, it positions India to replicate the renaissance that nuclear is experiencing in the US.

Nikhel Bothra, Director, EPACK Prefab

The budget’s continued focus on infra development is welcome and we expect states to carry on with the policy thrust that was mentioned in the budget. The country needs to look at sustainable construction technologies like pre-engineered and prefabricated buildings as India transitions to a green future. The policy thrust in the budget sets the tone for a transformative overhaul of India’s construction landscape encompassing sectors such as airports, medical colleges, stadia and industrial parks. This is expected to bring down on-ground gestation times, improve project economics and spur growth. The strong emphasis on skilling will also help to widen the pool of skilled labour primed to leverage the landscape of tomorrow.

Harry Bajaj, Founder and CEO, Mobec

Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, demonstrates a strong commitment to India's energy transition and sustainable development. The introduction of the PM Surya Ghar Muft Yojana, providing rooftop solar panels and up to 300 units of free electricity to 1 crore households, is a significant step towards democratizing access to clean energy. Additionally, the focus on advanced ultra-supercritical thermal power plants and critical mineral recycling will bolster our green infrastructure. The energy audit and financial support for MSMEs will drive the adoption of cleaner energy sources in key industrial clusters. These initiatives not only align with Mobec’s vision of a sustainable future but also create a robust ecosystem for green innovation and energy efficiency in India.

Capt. Ishver Dholakiya, Managing Director and Founder, Goldi Solar

The Union Budget 2024 is a forward-looking and progressive plan. The government's focus on climate risk mitigation, women's workforce development, and energy security positions India as a leader in sustainable development. Exempting capital goods for solar manufacturing will reduce costs and boost domestic production. The PM Suryaghar Muft Bijli Yojana, offering up to 300 units of free electricity monthly to 1 crore households, will enhance rooftop solar adoption. Goldi Solar applauds these efforts towards a clean energy ecosystem and the 'Make in India' vision.

Nitin Gupta, Co-Founder & CEO of Attero

The announcement of the Critical Mineral Mission by the finance minister is expected to provide a significant impetus to the industry. This mission's comprehensive mandate, including domestic production, recycling, and overseas acquisition of critical mineral assets, will help make India self-sufficient in critical minerals. In addition, the exemption of customs duties on 25 critical minerals provides a major fillip to the processing and refining sectors. These measures will significantly boost the processing and recycling industries, enabling India to become the recycling and critical minerals hub in the world. With Attero’s proprietary li-ion technology that is backed by 46 patents and offers the industry-best extraction rate, we are optimistic that we can make India self-reliant in critical minerals and also a global recycling hub.

Varun Gada, Director of LP Logiscience

As a fast-growing warehousing and 3PL service provider, I commend the Union Budget for its comprehensive approach to fostering inclusive economic growth. The broad focus on infrastructure development and the transition to solar energy is encouraging. The provision of ₹11,11,111 crore for infrastructure, amounting to 3.4% of GDP, underscores the government's commitment to robust infrastructure growth. This includes the launch of Phase IV of PMGSY to provide all-weather connectivity to 25,000 rural habitations and the development of essential infrastructure such as water, power, railways, and roads in the Kopparthy node on the Visakhapatnam-Chennai Industrial Corridor and the Orvakal node on the Hyderabad-Bengaluru Industrial Corridor.

The allocation of ₹2.66 lakh crore for rural infrastructure development is a significant step toward making rural areas more accessible by road, facilitating easier and more efficient transportation. The focused plan for endowment-rich states, including the Amritsar-Kolkata Industrial Corridor and the industrial node at Gaya, promises to generate significant economic opportunities in the Eastern parts of India. Furthermore, transit-oriented development plans for 14 large cities with populations above 30 lakh will significantly improve urban mobility and infrastructure, fostering better connectivity and economic activity.

The skilling programme, designed to upskill 20 lakh youth and upgrade 1,000 Industrial Training Institutes, is crucial for creating a workforce capable of adapting to tech-enabled systems and meeting international workflow standards. The exemption of capital goods for manufacturing solar cells and panels reinforces our commitment to sustainable energy transitions, paving the way for greener supply chains. Simplified tax regimes for corporates will reduce compliance burdens, promote entrepreneurial spirit, and provide tax relief.

Additionally, the taxonomy for climate finance will enhance the availability of capital for climate adaptation and mitigation-related investments. Streamlined FDI and overseas investment processes, including facilitating the use of the Indian Rupee for overseas investments, are poised to attract more investments, strengthening India’s position as a global economic powerhouse.

We look forward to leveraging these initiatives to enhance our logistics capabilities, support sustainable practices, and contribute to the nation’s growth story.

Sanjay Sinha, Founder of Citrus Advisors

The biggest takeaway from the Budget is the pragmatic fiscal deficit target of 4.9% in FY25 and a glide path to 4.5% by FY26. The corresponding moderation in the net and gross borrowing target by the Government of Rs 14.01 trillion and Rs 11.63 trillion will be welcomed by the bond market and may also eventually bring down borrowing cost by the corporate sector. The infra spending target of Rs 11.11 trillion which is 3.4% of the GDP reassures that Government spending will keep the capex momentum going till the time that private capex picks up in a big way.The aggressive target of creating 4.1 cr jobs in 5 years with the support of 5 central sponsored schemes with an outlay of Rs2.1 trillion is a timely intervention. Focus on urban infrastructure, energy security with a pragmatic move to green energy are practical ways to a 5-year Plan.

Manish Dabkara, Chairman & MD of EKI Energy Services Ltd

Finance Minister Nirmala Sitharaman's budget speech outlines a thorough strategy to drive India towards sustainable development and energy security. It is a great example of right things at the right time.

The roadmap for hard-to-abate industries transitioning from energy efficiency to emissions efficiency, with utilisation of carbon market instruments, aligns with our mission to promote carbon/environmental markets derivatives in reducing carbon footprints. We are excited to support Indian industries in this critical shift, leading from the front to nurture a greener and more sustainable industrial landscape.

The promotion of water supply, sewage treatment, and solid waste management projects shows the government's dedication to sustainable urban development and will encourage more sustainability solutions businesses, especially in tier 2 and 3 cities to come up.

The rooftop solarization scheme, is a landmark initiative that promises significant strides in renewable energy adoption, laying groundwork for India to become a leader in the green energy transition among developing countries. Pumped storage projects promotion will be important in integrating renewable energy into the national grid.
Advanced ultra-supercritical thermal power plants development is noteworthy. A strong nuclear energy endorsement with focus on R&D for small and modular nuclear reactors, is a watershed moment for country's energy independence.

We support the emphasis on natural farming and climate-resilient agricultural practices is a statement of the government's holistic approach to sustainable development, in extension to its existing services and operations assisting farmers of India in realising their full climate-friendly economic potential.

We are particularly excited about the focus on extended producer responsibility, in Critical Mineral Mission which will ensure that producers take active roles in recycling and managing the lifecycle of critical minerals, fostering a circular economy and reducing environmental impact.

Udit Garg, CEO & Director, Kundan Green Energy

In my view the union budget bodes well for the green energy and renewables sector in India. The initial broad-strokes of policy will foster demand while encouraging the industry to increase capacities. This is complemented by steps to augment energy security. The Government 's rooftop solar policy is of latitudinal importance and will not only be a boon for power to every home, it will have exponential impact on the country's renewable agenda helping us leapfrog to goals. Similarly, pumped storage will be a ground resilience for hydropower.

Smitha Shetty - Regional Director APAC - Achilles Information Ltd

India's unwavering dedication to achieving its Net Zero target by 2070 is evident in the budget's provisions for green growth. The allocation of ₹35,000 crores for priority capital investments towards energy transition and net zero objectives marks a significant step forward.

This comprehensive budget demonstrates a robust approach to sustainable growth, highlighting the indispensable role of technology in achieving these goals. The government's deliberate emphasis on energy efficiency and substantial investments in research and development represent significant strides toward a greener and more resilient future. By fostering innovation and technological advancements, we are not only bolstering our energy capabilities but also making substantial progress in reducing emissions across various sectors.

Additionally, the introduction of guidelines and a roadmap for hard-to-abate industries underscores the government's proactive stance in tackling complex environmental challenges. This initiative is particularly critical for industries that traditionally face difficulties in decarbonization, ensuring that they too can transition to sustainable practices.

Manoj Tulsian, CEO and Joint Managing Director, Greenply Industries Ltd

We are encouraged by the Union Budget 2024-25, which presents a forward-thinking vision for the construction and home interior industry. The focus on affordable housing under the PM Awas Yojana Urban 2.0 is noteworthy. By addressing the housing needs of urban poor and middle-class families and facilitating loans at affordable rates, this initiative is set to drive demand in our sector, supporting more families in achieving their dream of homeownership.

The budget’s emphasis on creating skill-led employment opportunities is another commendable step. By incentivizing additional employment and supporting both employees and employers, the government is fostering a robust job market that will benefit millions of youth entering the workforce. This initiative not only creates jobs but also enhances skills within the formal sector.

We also applaud the commitment to sustainability. The roadmap for transitioning industries from energy efficiency to emission targets is a significant move towards reducing our carbon footprint. Greenply has been at the forefront of this transition, leading the industry in adopting clean energy sources and maintaining harmony within the supply and demand chain without disrupting ecosystems. Additionally, the support for traditional micro and small industries to adopt cleaner energy forms and implement energy efficiency measures reflects a holistic approach to sustainable development.

We look forward to working closely with the government to ensure these measures translate into meaningful benefits for the economy and the environment.

Pratik Kamdar, CEO & Co-Founder Neuron Energy

We applaud the Union Budget's decision to exempt custom duties on critical minerals like lithium and cobalt. This pivotal move will substantially lower the production costs of battery cells, directly translating into more affordable electric vehicles (EVs) for consumers. By reducing manufacturing expenses, the overall cost of EV batteries will decrease, making electric vehicles a more economically viable option. This initiative not only supports the growth of the EV industry but also reinforces India's commitment to sustainable mobility solutions. We anticipate that these measures will stimulate greater adoption of EVs, driving positive change towards a cleaner and greener transportation ecosystem.

Gautam Mohanka, CEO of Gautam Solar

The PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants, providing free electricity up to 300 units per month to 1 crore households. Achieving 1.28 crore registrations and 14 lakh applications through the scheme is a remarkable feat indeed. We at Gautam Solar are aligned with the Prime Minister’s vision of “Vocal for local,” which opens new growth avenues for indigenous players and are committed to supporting the country's renewable energy goals by employing our capacities for optimal returns.

Ratul Puri, Chairman, Hindustan Power Group

The Union Budget 2024's emphasis on energy security as a key priority is commendable. The government's plan to develop a comprehensive policy for balanced energy transition, addressing both job creation and environmental sustainability, can address challenges in the renewable energy sector and help us combat climate change. The PM Surya Ghar Muft Bijli Yojana's positive reception and the financial support for small and medium enterprises to adopt cleaner energy forms are significant developments. Expanding the exemption list for capital goods used in solar cell and panel manufacturing will boost solar projects. These initiatives will fuel India's growth, create jobs, and advance the decarbonization of the economy.

Sumant Sinha, Founder, Chairman & CEO, ReNew

The Union Budget 2024 has undeniably taken forward the Prime Minister’s commitment towards India's clean energy transition. The Finance Minister’s announcement that the Government will release a policy document on India’s energy transition pathway and policy on pumped storage will provide much needed long-term clarity for investments across the value chain. The continuation of the PM Surya Ghar Muft Bijli scheme, on the back of an overwhelming response for its subscription, underscores the growing appetite for clean energy solutions among citizens, aligning perfectly with our national sustainability goals.

Additionally, with nuclear energy poised to be a cornerstone of our energy mix, and innovative nuclear technologies being developed in partnership with the private sector, the future looks promising. With continued policy support, accessible financing, and robust public participation, I am confident that we will achieve our renewable energy aspirations for a cleaner, more resilient, and economically vibrant India.

Gyanesh Chaudhary, CMD, Vikram Solar Limited

The Union Budget 2024 has positioned India as a frontrunner in the global solar energy landscape. By allocating a substantial Rs. 7,327 crores for solar projects and introducing initiatives like the PM Surya Ghar Muft Bijli Yojana, which aims to provide free electricity to one crore households, the government has demonstrated a strong commitment to clean energy. This budget is a catalyst for the growth of the Indian solar industry, empowering millions of households with access to affordable and clean electricity. Moreover, by supporting ancillary sectors like pump storage and creating a conducive environment for innovation through tax incentives for solar cell and panel manufacturing, the budget has laid a robust foundation for India's energy transition.

Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical

We welcome the Union Budget 2024 and the government's move to exempt customs duty on 25 essential critical minerals, including lithium. This landmark decision is a watershed moment in the mission to locally manufacture Lithium-ion battery for Electric Vehicles. This comes on the heels of our announcement of the first commercial plant for Lithium Iron Phosphate (LFP) Cathode Active Material in India. Lithium is a key raw material required for the development of cathode active material, which constitutes 50-55% of the cell cost. With the exemption of customs duty on this critical mineral, we foresee becoming a cost-competitive hub for lithium-based cathode material in India.

We will be investing significantly in this project to produce 200,000 MTPA of LFP Cathode Active Material, sufficient to support 100 GWh of Lithium-ion Battery production. This announcement not only promotes domestic battery production for us but also strengthens our position as a key player in the global supply chain.

With this easing of access in essential minerals like lithium, we are excited to speed up our mission towards a secure and sustainable energy future. Our goal is to advance the production of high-quality anode and cathode materials for Lithium-ion batteries and the Union Budget 2024 has taken a giant leap forward in supporting our vision by advancing India’s energy independence and technological leadership."

Overall, this budget has been exceptional, exceeding expectations and reflecting an impressive macroeconomic outlook for India. The government has upheld its growth-focused momentum by announcing substantial capital expenditure plans and simplifying FDI while keeping in mind the priority sectors and the common man, to pave the way for the Vikshit Bharat era.

Rajiv Sinha CEO & Co-founder, Onlygood

The Union Budget 2024 has set a new precedent for sustainable development in India, marking a significant stride towards a greener future

Renewable Energy Boost

Storage Policy (PSP) for renewable energy.

Support for Electric Mobility: Incentives of ₹500 crores for electric vehicles (EVs) and charging infrastructure development are crucial steps towards decarbonizing the transportation sector.

Emphasis on Nuclear Energy

Recognizing nuclear energy as a sustainable energy source aligns with our goal of promoting diverse, low-carbon energy options. The government has unveiled initiatives to partner with the private sector in establishing Bharat Small Reactors, aiming to drive research and development in small modular reactors and emerging nuclear technologies.

Devndra Chawla, MD & CEO, GreenCell Mobility

The proposal of industrial parks and road connectivity projects, including the Rs 26,000 crore investment in road infrastructure, will go a long way towards achieving the vision of Viksit Bharat. We are optimistic about the positive ripple effect these initiatives will have on the economy. Improved road infrastructure will not only boost economic growth but also enhance the quality of life for millions of Indians. These measures will facilitate easier commutes, reduce travel times, and support the growth of urban and semi-urban areas.

The creation of a climate finance taxonomy will boost capital availability for climate adaptation and mitigation. This initiative will help India to meet its climate commitments and fast track green transition, paving the way for a more sustainable future.

The government's initiative to transform iconic tourist hubs is truly praiseworthy. With robust state-level marketing and branding, these efforts are set to make a big impact. The launch of a new rating system for tourist centers, focusing on the quality of facilities, marks a significant move towards boosting India's tourism infrastructure. This innovative framework promises to elevate visitor experiences and position India as a top travel destination.

The reduction in tax slabs under the New Tax Regime is a game-changer. With more disposable income, people will find it easier to travel and explore new destinations.

Rahul Saxena, Co-Founder, AiDash

The Indian space sector has made rapid strides since the entry of private players, with 55 active Indian space assets today. The number of startups has surged from just one or two a few years ago to over 200 now. IN-SPACe has received more than 400 applications from startups seeking assistance. However, challenges remain in attracting private investment due to the sector's nascent stage, limited market, availability of indigenous materials, and commercialization hurdles. A government-supported VC fund of Rs 1,000 crores proposed in this Union Budget would be a significant step toward fostering industry growth and seems sufficient to meet the immediate innovation investment needs of private participants. This is in addition to the approximately Rs 4,400 crore capex allocated by the Union government for the space sector.

Moreover, the government can further support the sector by accelerating the adoption of space technology in disaster management, agriculture, defense, and infrastructure. Currently, India's space economy is valued at around $8 billion; such initiatives will help boost India's ambition to grow this to four times by 2030.

Dr. Arunabha Ghosh, CEO, Council on Energy, Environment and Water (CEEW)

The 2024 Budget has several promising provisions to build a sustainable economy. It addresses not only India's clean energy ambitions (with a focus on rooftop solar and pumped hydro storage) but also outlines actions on water treatment, air quality, and recovery from riverine floods. In parallel, it targets the broader implications of India’s green industrialisation, how MSMEs—the backbone of India's industry—will transition, and the importance of a Critical Mineral Mission. These elements are peppered through, but looked at together they form a significant push for a greener economy. Each of these provisions—from clean energy markets, to green industry, to quality of life—can benefit from a focus on loss prevention from climate events, promoting new business models for households and small industry, a circular economy of resources, and innovative financing beyond budgetary support. In that regard, the Budget’s proposal to define climate finance is a positive step towards mobilising capital for sustainability. These measures can lay strong foundations for a sustainable and prosperous India, with the energy transition as the fulcrum on which public policy can be leveraged for a wider economic transformation.

Simon Wiebusch, President of Bayer South Asia and Vice Chairman, MD & CEO of Bayer CropScience Ltd (BCSL)

The 2024 Union Budget outlines a strategy for achieving nine key priorities and aims to create opportunities for youth, farmers, and the rural population, pushing India closer to the vision of Viksit Bharat. The Finance Minister’s commitment to agricultural reforms with measures like bringing 6 crore farmers into the farmer and land registries, establishment of bio-research centers and expansion of Kisan credit cards , backed by a significant Rs.1.52 lakh crore spend, will definitely boost the sector’s growth. Despite being the second largest producer of fruits and vegetables, India accounts for merely 2% of global horticulture trade. The FM’s announcement to set up large scale clusters for vegetable production and utilization of FPO’s and start-ups to promote vegetable supply chains will not only help control food prices but set the stage for making India a major horticulture exporter. Similarly, focus on climate resilient crops and access to new technology will bring in food security as well as Atmanirbharta in key areas like oilseeds.

Nagaraj Krishnan, Managing Director, Aparajitha

This is a progressive and forward-thinking Budget. A key highlight of this Budget is its focus on nine priorities: productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms. These priorities are intricately linked with improving the Ease of Doing Business, as they collectively create a conducive environment for growth and innovation.

Further, the announcement to incentivise states to implement their Business Reforms Action Plans is a welcome step as several laws come under the Concurrent List and thus empowering the states is key. It is also good to see the government announcing measures to ease the regulatory burden off MSMEs. They contribute 30% of the GDP, and reducing the regulatory load on this sector is essential for a ‘Viksit Bharat’.

We also look forward to the financial sector vision and strategy document as it is expected to guide regulations on financial institutions.

Gopal Kabra-Founder & MD- GK Energy

Harry Bajaj, Founder and CEO, Mobec

Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, demonstrates a strong commitment to India's energy transition and sustainable development. The introduction of the PM Surya Ghar Muft Yojana, providing rooftop solar panels and up to 300 units of free electricity to 1 crore households, is a significant step towards democratizing access to clean energy. Additionally, the focus on advanced ultra-supercritical thermal power plants and critical mineral recycling will bolster our green infrastructure. The energy audit and financial support for MSMEs will drive the adoption of cleaner energy sources in key industrial clusters. These initiatives not only align with Mobec’s vision of a sustainable future but also create a robust ecosystem for green innovation and energy efficiency in India.

Sambitosh Mohapatra, Partner & Leader - ESG, Climate and Energy, PwC India

The budget focuses on all elements of the energy value chain – managing and reducing demand, encouraging resource efficiency, enhancing energy security at a national and citizen level, driving energy transition, and indigenising technologies like nuclear reactors. Most importantly, it focuses on streamlining climate finance and stimulating carbon markets. At the core of the budget is the respite given to the common man’s energy bills through the solar rooftop mission.

Hiranmay Mallick, CEO, Tummoc - A Public Transit App

The Union Budget 2024 is a significant step forward for the mobility, transit, and startup sectors. I am particularly excited about the investments in rural and urban infrastructure, which will enhance connectivity and reduce congestion. The PM Surya Ghar Muft Bijli Yojana will lower EV charging costs, promoting sustainable mobility. The abolition of angel tax is a major win for startups, encouraging investment and innovation. Additionally, the increased allocation for MSMEs and focus on technology support will foster a more robust startup ecosystem. However, increased taxes on certain financial instruments might challenge us. Overall, the budget supports sustainable growth and innovation, setting a positive trajectory for India's future.

Pashu Gopalan, President & CEO of Fenice Energy

The highlight of the budget is continued support to the 75,000 crore PM Surya Ghar Yojana - aka Muft Bijli Yojana. This will have far-reaching consequences in our society becoming carbon neutral and benefitting from solar power, which is the lowest cost of energy available to mankind. The program in its current shape benefits both the rich and the poor equally, giving them the benefit of free solar electricity, up to a certain extent. Unfortunately, the poor that consume 100-300 units/month do not necessarily have a roof that is shade free and conducive to rooftop solar. Unless the program evolves to allowing community solar, the poor will be left behind. The other major issue which will unravel is the quality of the systems being installed, which if not paid attention to, the public will be cheated in large numbers and the government's intended purpose will be defeated. In today’s day and age, every solar system can be monitored for its performance very economically and such situations have to be proactively avoided. The MNRE officers are very capable and will steer the program through the issues.

Nitin Gupta, Co-Founder & CEO of Attero

The announcement of the Critical Mineral Mission by the finance minister is expected to provide a significant impetus to the industry. This mission's comprehensive mandate, including domestic production, recycling, and overseas acquisition of critical mineral assets, will help make India self-sufficient in critical minerals. In addition, the exemption of customs duties on 25 critical minerals provides a major fillip to the processing and refining sectors. These measures will significantly boost the processing and recycling industries, enabling India to become the recycling and critical minerals hub in the world. With Attero’s proprietary li-ion technology that is backed by 46 patents and offers the industry-best extraction rate, we are optimistic that these strategic initiatives will enhance our capabilities in recycling and drive innovation and efficiency in the sector.

Sangita Reddy, Joint Managing Director, Apollo Hospitals Group

The budget announcement reflects the Government’s commitment to enhancing the healthcare system, emphasising a holistic approach that extends beyond mere financial allocations. With an increase to 90,171 crore for the health sector in 2024-25, this pivotal investment indicates a proactive stance for building sustainable healthcare strategies across India. The PM-JAY scheme offers annual cashless and paperless insurance coverage of Rs 5 lakh per family at empanelled hospitals. The initiative aims to increase the beneficiary count of the Ayushman Bharat health insurance scheme twofold within the next three years, beginning with individuals aged 70 and above.

These initiatives are pivotal in improving healthcare services in the nation. The budget highlighted the importance of strengthening healthcare infrastructure, establishing more medical colleges using existing hospital infrastructure, and focusing on preventive care. Exempting three cancer medications from customs duties is a promising strategy and undoubtedly a good move taken by the Government to improve the accessibility and affordability of treatment options for this fatal disease that causes higher mortality and morbidity rates in India and across the globe.

The exemption signifies the strong support of the Government when it comes to focusing on and addressing the cancer burden in the country. This vital step taken in the budget will reduce the financial burden of the cancer patient to a greater extent. Recognizing the mortality linked to cervical cancer, the focus is on preventive care with initiatives aimed at increasing cervical cancer vaccinations among young girls highlighting a paradigm shift towards early intervention by reducing fatalities.

Union Budget 2024-25 & MSMEs

Divyesh Dalal, Managing Director & Head – Global Transaction Services, SME & Institutional Liability Business, DBS Bank India

The measures announced in the Union Budget underscore the government's commitment to empowering MSMEs, the backbone of our economy. The introduction of the credit guarantee scheme is an encouraging step towards making capital more accessible. Additionally, the provision of collateral-free term loans for purchasing machinery and equipment will tangibly enhance the operational capabilities of MSMEs by enabling technology upgrades.

Further, lowering the turnover thresholds mandatory for onboarding on the TReDS platform will allow more MSMEs to access the benefits of this system. The establishment of e-commerce export hubs is poised to further equip enterprises with the tools and support needed to expand into international markets. By making their products more accessible globally through e-commerce platforms, Indian businesses can tap into new opportunities with offshore customers across markets. DBS Bank India is well-positioned to support MSMEs given the focus on supporting the sector.

Sushma Vasudevan, Managing Director & Partner, BCG India

The union budget has had a significant focus on growth and support of MSMEs. The introduction of the Credit Guarantee Scheme for MSMEs in manufacturing sector is a step in the right direction, allowing businesses to secure loans for machinery and equipment without the burden of collateral.

The reduction of the turnover threshold for mandatory onboarding on the TReDS platform will also help improve liquidity for MSMEs by facilitating the conversion of trade receivables into cash. Meanwhile, the establishment of E-Commerce Export Hubs in a public-private partnership model promises to open new avenues for international trade, bringing the unique products of our traditional artisans to a global audience.

Overall, these initiatives are much-needed and in the right direction. They should help create a robust framework for MSMEs to thrive, grow and sustain.

Murali Iyer, Country CFO, IKEA India

The budget demonstrated commitment to supporting MSMEs and women via access to finance, infrastructure and skilling support. Innovative schemes, such as internship opportunities for youth and the development of Digital Public Infrastructure reflect the government’s forward-thinking approach. Significant investments in infrastructure and tax relief measures, such as an increased standard deduction for salaried employees, will increase disposable income for consumers, providing a boost to retail. Additionally, the focus on climate sustainability through a roadmap for transitioning industries is most welcome. We believe the focus on manufacturing, youth, skilling, employment generation, sustainability, and women empowerment will lead to a more inclusive growth and economy.

Arundhati Bhattacharya Chairperson & CEO, Salesforce India

The provision of Rs 1.48 lakh crore this year made for education, employment, and skilling is commendable. In addition, employment-linked skills are expected to benefit 2.1 lakh youths, particularly first-time job seekers. The proposed revision of the Model Skill Loan Scheme is also expected to help 25,000 students every year. Enhancing the Mudra loan amount to ₹ 20 lakh is a step in the right direction. Developing a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria and will help cover MSMEs without a formal accounting system to access the same and drive true financial inclusion. It is also encouraging to note the intent to drive participation of women in the workforce. This has been backed up by provisions to set up hostels, establishing creches creating partnerships to organize women-specific skilling programs. A focus on geriatric care would have helped create more well-rounded benefits as women often need to drop out of the workforce in the absence of any infrastructural support for the same.

Mayank Dalmia, Co-founder, Wave Mechanics

The announcement of the credit guarantee scheme for loans upto 100cr for MSMEs can provide a much needed boost for MSME manufacturers. Will need to wait for further details and clarifications to understand its scope and applicability but it has the potential to unlock a flurry of investment into machinery and capital equipment.

Satyendra Prasad Narala - Managing Director, Regency Ceramics

The focus on MSMEs is commendable. The introduction of a credit guarantee scheme for MSMEs in the manufacturing sector, along with support for E-commerce export hubs, will fuel growth and competitiveness. However, while welcoming these measures, we urge additional support for sectors like Ceramics to ensure sustainable growth.

Hamza Arsiwala – President IEEMA

We welcome the budget announced by Finance Minister Nirmala Sitharaman today. I am glad to highlight that out of the nine priority areas identified by the government, energy security, infrastructure, innovation, employment & skilling, R&D and manufacturing are among the government's key focus areas. The emphasis is on building a roadmap for Viksit Bharat by 2047 by focusing on job creation, skill upgradation programs and employment-linked incentives on the one hand and creating an environment of boosting manufacturing, infrastructure and MSME sectors.

Kushal Bhatnagar - Associate Partner, Redseer

We commend the government’s visionary approach in the 2024-2025 Union Budget, particularly the establishment of e-commerce export hubs through a public-private partnership model. This initiative will empower MSMEs and traditional artisans to reach international markets through e-commerce, significantly enhancing their business potential. The seamless regulatory and logistic framework, coupled with comprehensive trade and export-related services, will undoubtedly boost the ease of doing business. These forward-thinking policies reflect a strong commitment to supporting the e-commerce sector and driving economic progress.

Satish Shukla, Co-founder of Addverb

As the Union Budget 2024 sets the stage for transformative advancements in the manufacturing sector, we at Addverb applaud its strategic focus on job creation, technological innovation, sustainability, and MSME support. This forward-thinking approach promises to drive efficiency, enhance productivity, and build a more resilient and innovative economy. The introduction of the credit guarantee scheme for MSMEs and the facilitation of term loans for purchasing machinery are critical steps that will enhance operational efficiency and drive technological advancement in manufacturing. By prioritizing employment and skilling, especially for women, the budget aligns with our commitment to creating inclusive and future-ready workplaces. These strategic initiatives are set to enhance productivity and resilience across sectors, propelling India towards a more sustainable and innovation-driven economy.

Dr Sudhir Mehta Founder and Chairman EKA Mobility , Pinnacle Industries

Today's union budget marks a significant milestone in India's journey toward becoming a $5 trillion economy and solidifies its role as a global growth engine. The government’s comprehensive approach to supporting various sectors, especially MSMEs and start-ups, is commendable. The introduction of a credit guarantee scheme for MSMEs, which facilitates term loans without collateral or third-party guarantees, is a game-changer. By reducing the turnover threshold for mandatory onboarding on the TReDS platform from Rs 500 crore to Rs 250 crore, the government is making it easier for smaller MSMEs to benefit from this essential online platform. Additionally, opening 24 new SIDBI branches will enhance support for MSME clusters across the country. Likewise, the abolition of the 'Angel Tax' for all investors in start-ups is another progressive move, offering substantial relief and encouraging greater investment in innovation and entrepreneurship. While, in agriculture, the allocation of ₹2.66 lakh crore for rural development and the focus on climate-resilient crop varieties reflect a forward-thinking strategy. The initiative to introduce 1 crore farmers to natural farming over the next two years, supported by certification and branding, will contribute significantly to the sector’s sustainability and productivity. Overall, these measures underscore the government's commitment to fostering economic growth, supporting innovation, and driving sustainable development across sectors.

Abhay Deshpande, Founder and CEO, Recykal

Acknowledging the potential benefits of the budget's emphasis on infrastructure development and MSME support, we at Recykal, representing India’s circular economy and sustainability sector, believe that the impacts might be somewhat indirect.

We urge the government to implement dedicated funding, policy frameworks, and skilling initiatives, as the sector aims to incentivise circular practices directly. The grants for research, infrastructure development for recycling, and product design promoting longevity and disassembly underscore the need for tangible financial support to bolster circular initiatives. Additionally, recognising the existing Extended Producer Responsibility (EPR) schemes, there is a need for a more stringent framework within these schemes in order to effectively regulate and drive sustainable practices across industries. Implementation of the policies that incentivise the adoption of green manufacturing technologies, such as tax credits or subsidies for businesses that invest in energy-efficient equipment and sustainable production processes, is required at this stage

Rakesh Kaul, CEO, Clix Capital

Budget 2024 succeeds in building on the growth momentum generated in the past decade with the announcements aimed at bolstering growth in mass-employment creating sectors. MSMEs are the lifeblood of our economy, and the Honourable Union Finance Minister Nirmala Sitharaman should be commended for ensuring the sector is poised to embark on the next phase of growth. Growth-spurring measures like increasing of MUDRA loan limit from Rs 10 lakh to Rs 20 lakh, creation of e-commerce export hubs to boost MSME hubs, loans for MSMEs for the purchase of machinery and equipment without collateral will go a long way in ensuring the inclusive growth of Bharat.

Pankaj Poddar, Group CEO, Cosmo First

India’s packaging industry is growing at a healthy pace and is contributing significantly through the export route to the exchequer. There is a need to enhance skills for youth, innovation, and R&D support for the sector. We welcome the focus in the budget on creating job opportunities in the manufacturing sector and this coupled with support to the employers will propel the industry to new heights. Further, the introduction of credit guarantee scheme for MSMEs and facilitating term loans to MSMEs for purchase of equipment without collateral or guarantee will go a long way to enhance access to capital in the sector.

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.

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.

Swati Bhargava, Co-Founder of CashKaro

The Union Budget 2024 is a significant step forward for India's growth, focusing on empowering women in the workforce, supporting employee welfare, and driving innovation. The allocation of over ₹3 lakh crore for schemes benefiting women and girls, along with new initiatives like skilling programs and salary support for first-time employees, highlights the government’s commitment to gender inclusivity and employment generation.

For startups, the abolition of the angel tax for all investors is a significant boost, fostering a more vibrant and innovative startup ecosystem. The reduction of the TDS rate on e-commerce transactions from 1% to 0.1% is a crucial step for digital businesses, easing the tax burden and encouraging growth. Additionally, the comprehensive review of the customs duty structure over the next six months and the proposal to decriminalize TDS delays up to the filing of the tax date reflect a forward-thinking approach to taxation. Overall, these measures will propel India towards a brighter, more innovative future, driving economic growth and development across various sectors.

Rohan Bhargava, Co-Founder of CashKaro

The Union Budget 2024 brings substantial changes to personal finance that will benefit a large number of taxpayers. The increase in the standard deduction from ₹50,000 to ₹75,000 and the revision of the tax slab limit for the 5% tax rate from ₹5 lakh to ₹7 lakh will significantly enhance disposable income. These changes will provide much-needed financial relief to the middle class and boost overall consumption.

Furthermore, the proposal to increase the deduction of employer expenditure towards NPS from 10% to 14% of the employee’s salary will improve social security benefits for the workforce. The revamp of the capital gains tax regime will impact investment decisions and financial planning, ensuring a more balanced and fair approach to taxation. These measures collectively contribute to a more robust and financially secure environment for individuals and families across India.

Abhishek Gupta, Founder and Managing Partner at Pierag Consulting LLP

As a consulting firm, we recognize the transformative potential of this scheme. Our experience shows that access to finance is a critical barrier for many MSMEs looking to scale their operations and modernize their production processes. This initiative not only alleviates financial constraints but also encourages technological advancements and productivity improvements within the sector.

We advise MSMEs to leverage this opportunity to invest in state-of-the-art machinery and equipment, which can lead to enhanced operational efficiency and better market positioning.

Overall, this credit guarantee scheme is a promising development for the MSME sector, and we look forward to witnessing its positive impact on the growth and sustainability of businesses across the country.

Shishir Gupta, Founder and CEO at Riot Labz

The Union Budget 2024-25 demonstrates a commendable commitment to job creation and skill development in the manufacturing sector. The introduction of three schemes for employment-linked incentives, particularly the direct benefit transfer of one month's salary to first-time employees and the support extended to employers, is a major step towards fostering a more vibrant job market. Riot Labz welcomes the government’s focus on incentivizing job creation in manufacturing, as this aligns with our vision of expanding our workforce and enhancing productivity. The provision for EPFO contributions, reimbursing employers up to Rs 3,000 per month for each additional employee, will undoubtedly encourage us and other manufacturers to generate more employment opportunities. Additionally, the extension of Mudra loan limits to Rs 20 lakh from Rs 10 lakh for those who have availed and repaid previous loans is a significant boost for small businesses. The budget also introduces a new scheme to facilitate term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee, with a guarantee fund providing guarantees of up to ₹100 crore. This comprehensive approach to supporting MSMEs and manufacturing reflects a robust strategy to address the talent gap and support advanced manufacturing processes. This budget reinforces our confidence in the government’s dedication to driving economic growth, technological innovation, and sustainable development within the manufacturing sector.

Ayush Lohia, CEO -Lohia

The government's focus on MSME support and job creation in manufacturing aligns perfectly with the Industry expectations.

The new scheme incentivizing job creation in manufacturing, with EPFO contribution reimbursements for employers, is expected to significantly benefit manufacturers across various sectors. This could lead to increased production capacity and job opportunities, with 30 lakh youth and their employers set to benefit.

The enhancement of Mudra loans to Rs 20 lakh from Rs 10 lakh is seen as a boost for small manufacturers and service providers. This increased access to credit could drive innovation and expansion in various manufacturing supply chains.

The new credit guarantee scheme for MSMEs in manufacturing is viewed as crucial for supporting smaller manufacturers and component suppliers. This, coupled with the package for financing technology support to MSMEs, could accelerate technological advancements in production processes.

Ashish Nayyar, Co-Head, India at OakNorth

The government's significant allocation to advance education, employment, and skill development is both a commendable and welcome initiative. This announcement is well-timed as there is a rising demand for specialized skills in emerging technologies, spurred by the establishment and expansion of global capability centers that drive innovation and digital transformation. We also commend the government’s efforts to support the SME sector with initiatives such as a new credit assessment model that focuses on digital footprints rather than traditional turnover criteria, a positive step towards enhancing credit access for small businesses, as well as the development of e-commerce export hubs and infrastructure. These measures will drive sustainable economic growth.

Shachindra Nath, Founder and Managing Director, UGRO Capital

We believe MSMEs play a vital role in our economy, particularly in addressing employment challenges in a country of our size. The budget's focus on MSMEs addresses these issues head-on. Increasing the limit of MUDRA loans, the credit guarantee scheme for capital expenditure and machinery purchases, and the emphasis on public sector banks' credit assessment and solving the problem of MSME which comes under distress are all groundbreaking measures. These announcements collectively signify a significant focus on MSMEs, empowering lending institutions in priority sector to provide more credit and continue building our nation. We are hopeful that the fine print will favor lending institutions dedicated to MSMEs, allowing us to continue our mission of national development.

Shivam Singla, CEO & Founder of Leegality

The introduction of a credit guarantee scheme in the 2024-25 Union Budget is a commendable move. This scheme facilitates term loans without the need for collateral or third-party guarantees, representing a significant step towards empowering the growth of small and medium enterprises.

At Leegality, we share this goal of making access to credit widespread and easy. We have been dedicated to building digital infrastructure for lenders that makes loan disbursal cheaper, faster, and easier. We are committed to making access to credit seamless for MSMEs and look forward to continuing our efforts in this direction.

Ankita Mittal, CEO, Enhanced Innovations

As a woman entrepreneur leading Enhanced Innovations, a pioneering startup in last-mile cold chain solutions for healthcare, I am heartened by the 2024 Budget announced by our honourable Finance Minister, Ms. Nirmala Sitharaman. The greater provision for infrastructure and improvements in credit guarantee schemes for MSMEs and specific incentives for technological advancements offer a good ground for growth and a healthy environment for startups like ours. The focus on skill development and employment, along with the fiscal support for critical infrastructure, ensures that we can expand our operations with confidence. The government's commitment in ensuring that deep tech and healthcare logistics have a conducive environment for growth is something we find in line with our vision to revolutionise the delivery of healthcare services.

Jay Shah, CEO & MD of M/s Jay Wood Industry

The Union Budget 2024-25 brings a wave of optimism and opportunities for the manufacturing sector. The new scheme aimed at job creation, particularly the initiative to link employment to first-time workers, is a visionary step. The substantial incentives for EPFO contributions, covering both employees and employers for the first four years, will significantly reduce financial strain on businesses, making it easier to hire and retain new talent.

By reimbursing employers up to ₹3,000 per month for each additional employee's EPFO contributions for two years, the government is directly boosting employment rates. This initiative, expected to benefit 3 million young people and stimulate employment across all sectors, is crucial for robust job creation, fostering a dynamic workforce, and stimulating economic growth. The scheme, which aims to incentivize the employment of 5 million additional people, has the potential to be a game-changer for the manufacturing industry. It will address unemployment and ensure that our sector thrives with a fresh influx of skilled workers, driving innovation and productivity.

Amit Bansal, CEO, Solv

The budget's emphasis on local kirana shops and MSMEs shows the government's commitment to revitalizing this sector. Introducing a credit guarantee scheme and raising the Mudra loan limit to 20 Lakhs for previous borrowers will facilitate finance access. By prompting banks to consider digital footprints for eligibility and implementing the MSME guarantee plan and internal assessment models, credit access for kirana shops is simplified. The collateral-free credit guarantee scheme and support for MSMEs in financial distress are crucial. Establishing export hubs and providing technological support will enhance global competitiveness and innovation for local kirana shops.

Su Piow Ko, CEO of AET India

The Union Budget 2024-25 provides significant support to the manufacturing sector, particularly through its focus on MSME clusters. The introduction of easy financing and credit guarantee schemes, along with the facilitation of collateral-free term loans for the purchase of machinery and equipment, will greatly enhance the manufacturers and suppliers network. These measures act as catalysts for the entire supply chain, driving growth and innovation. Additionally, the budget’s emphasis on employment in the manufacturing sector addresses a longstanding challenge, creating new opportunities and fostering a more robust workforce. For manufacturers like us, this budget is truly a blessing, offering the much-needed support to propel our industry forward.

Manish Shah, MD & CEO at Godrej Capital

The 2024 budget strikes a perfect balance between short-term needs and long-term goals, laying the foundation for a resilient and thriving economy. With this budget, the government has demonstrated a strong commitment to bolstering the MSME sector, recognizing its pivotal role in the country’s economic advancement. The introduction of a new credit assessment model that utilizes digital footprints of MSMEs suggests a promising step towards improving financial access and fostering sectoral growth. Additionally, the decision to raise the Mudra loan limit and expand the TReDS platform also aims to potentially ease financial burdens and enhance operational capabilities for MSMEs.

Furthermore, the budget's emphasis on urban housing through the PM Awas Yojana, coupled with substantial investments and interest subsidies, aims to simplify home ownership for many. These initiatives seem to reflect a thoughtful strategy aimed at enhancing financial inclusivity and bolstering infrastructure development, which are essential components for sustainable economic expansion.

Himanish Chaudhuri, Partner and Financial Services Industry Leader, Deloitte India

The announcement of setting up of an Integrated Technology Platform will further enhance IBC outcomes and release efficiency in the banking system. The Union Budget 2024 aims to strengthen the credit taking ability of the banks through the development of in house credit capabilities and leverage the knowledge, network and data available with the banks especially in the public sector. The MSME sector will benefit from this move as it will from the other initiatives linked to the marketplace outlined in the budget. The plan to expand the country’s infrastructure investment will be enabled by the market based financing framework which will lead to expansion of credit and consequent growth in this key sector. Overall, these initiatives are geared to build a sustainable banking sector which will be the key support to the country’s overall growth strategy. The development of Financial Sector vision and strategy for the next five years will be eagerly awaited as the ecosystem participants will be able to have a clearer road map for overall growth as well for emerging areas like climate finance in line with the focus on sustainability. Implementation and continuous governance of these initiatives will be key to unlocking the budget impact.

Bharath B Bommai, Entrepreneur & Industrialist

The credit guarantee schemes for MSMEs in the manufacturing sector—which allow them to purchase machinery and equipment without the need for collateral and offer guarantees of up to ₹100

crore—will enable businesses to grow and improve productivity, which will ultimately benefit the sector as a whole.