- The budget’s policy mix – including continued capex, job creation, support for manufacturing, agriculture, MSMEs, women, education, defence and rural development – is likely to be positive for India’s potential growth
NE BUSINESS BUREAU
MUMBAI, AHMEDABAD, RAJKOT, JULY 23
Union Finance Minister Nirmala Sitharaman has presented her 7th budget under Modi 3.0 on Tuesday and tried to please-all. Find how top industry leaders are responding to the budget announcement. In this post, navjeevanexpress.com furnishes quotes and insights from key figures across various sectors, offering their perspectives on the potential impact on business, innovation, and economic growth.
Following are the comments:
The budget is a mixed bag: Abheek Barua, Chief Economist, HDFC Bank
“The central focus of this budget has been on employment and associated issues like skill formation. The government’s efforts to reap India’s demographic dividend is visible in its push towards labour intensive production, its skilling initiative, incentivising formal job creation and increasing participation of women in the workforce. The budget estimates that these measures will help create 8 million jobs per year – which is line with the employment requirement that has been set out in the economic survey. The change in income tax slabs along with the direct benefit transfer to first time workers is likely to spur consumption, particularly for small ticket items, by increasing disposable incomes. The budget’s policy mix – including continued capex, job creation, support for manufacturing, agriculture, and rural development – is likely to be positive for India’s potential growth. The government made no compromise on its capex plans despite the increased allocation to some of its allies. The commitment towards fiscal consolidation with a reduction in the fiscal deficit to 4.9% of GDP in FY25 is a positive for medium-term debt sustainability. Although markets have been disappointed with the increase in the capital gains tax, this is line with the communication by different branches of the government and regulators to be cautious and prevent any excess build-up of risk in the system.”
Rs 1.48 lakh cr allocation for education, employment and skilling is indeed the need of the hour: Dhruv Marwadi, Trustee, Marwadi University
“The Union Budget FY 2024-25 proposes important measures to increase employment, enhance skilling, and education in India. The budgetary allocation of Rs 1.48 lakh crore for education, employment and skilling is indeed the need of the hour to shape a young, skilled workforce for New India.
For instance, the new skilling scheme which proposes to upgrade 1,000 Industrial Training Institutes (ITIs) and train 1 crore youth over a five year period is a key step to building a skilled workforce for India in sunrise sectors and new and emerging industries.
Making higher education accessible to the youth was yet another positive from the Union Budget. Revision of the Model Skill Loan Scheme and financial support for education loans up to Rs 10 lakh will play a key role here. At Marwadi University, we applaud these initiatives and are committed to supporting them through our innovative programs and industry partnerships.”
Abolition of the angel tax is a landmark move: Rishabh Jain, President, Swarrnim Startup and Innovation University
“The budget clearly spells out key national priorities of focus on employment, skilling, innovation and research and development. An allocation of Rs 1.48 lakh crore towards education, employment, and skilling will empower the youth.
The PM Internship Initiative which aims to skill 1 crore youth over 5 years is a commendable move by the government, offering both – a practical experience and financial support to young entrepreneurs.
The abolition of the angel tax for all investors is a landmark move to strengthen the Indian startup ecosystem. This will make way for easy access of early and growth-stage funds to startups. The budget clearly prioritises skilling and innovation and research, which makes way for strengthening the Make in India initiative of the government, building an industry-ready and efficient workforce and a special focus on research.
The operationalisation of the Anusandhan National Research Fund and the Rs 1 lakh crore financing pool for private sector-driven research will significantly enhance R&D capabilities in India and also prove useful for the startups.”
