The Union Budget 2024 announcement marks a pivotal moment in the economic landscape, poised to shape the trajectory of various industries. With an emphasis on fiscal prudence and growth-oriented measures, the government's agenda sets the tone for business strategies and market dynamics in the coming fiscal year. Industry experts and market stakeholders have weighed in on the Budget 2024, offering a spectrum of perspectives and reactions. From applauding strategic allocations to expressing concerns over certain policy directions, the responses provide valuable insights into the anticipated impacts across diverse sectors.

Here are the post-budget reactions of industry players from various industries: 

Yashraj Bhardwaj, Co-founder, Petonic Infotech

"As we reflect on the Union Budget 2024, the IT sector is cautiously optimistic about the proposed changes. The focus on infrastructure development is encouraging, as a robust digital backbone is vital for our industry's growth. Standardization of capital gains taxation structures is a welcome move, offering clarity and predictability to investors. However, the sector awaits further details on income tax changes and hopes for measures that promote innovation and entrepreneurship. Overall, the budget's emphasis on the digital technology sector is a positive step towards India's digital transformation." 

Sandeep Chachra, Executive Director, ActionAid Association

Given that it is an interim budget, the Hon’ble Finance Minister has strived t

o balance increasing social welfare outlays and maintaining fiscal deficit levels.  While the emphasis on social sectors in the Interim Budget 2024, the government's commitment to addressing fundamental social needs through investments in education, healthcare, and welfare programs is welcome; sustained efforts are essential to ensure effective implementation and equitable distribution, providing universal access to critical services for socio-economic development. Housing for all and transformative measures supporting eight crore women in self-help groups are crucial aspects, aiming to empower women as owners of both farm and non-farm enterprises.

The interim budget extends the scope of several welfare programs, including multidimensional poverty targeting schemes, Pradhan Mantri Awas Yojna, Pradhan Mantri Kisan Samman Nidhi, and Lakhpati Mahila Kisan Yojna, for another five years. While there is nominal growth in proposed BE 24/25 compared to RE estimates, fiscal consolidation progress is more substantial than expected by the industry and several economists, with a planned reduction in fiscal deficit to 5.1% in 2024/25 from the current 5.8%. The budget, however, leaves certain areas wanting, such as the shortfall in rural housing, the need for expansion in PM Kisan Samman Nidhi, and considerations for tenant farmers. The budget's focus on MGNREGA remains the same, and the new scheme for urban dwellers requires higher outlays.

It is also welcome that the commitment for ‘net-zero’ by 2070 has been made in this budget. The measures mentioned were towards viability gap funding for harnessing offshore wind energy potential, coal gasification and liquefaction, phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) and piped natural gas (PNG) and financial assistance for procurement of biomass aggregation machinery. Further, the e-vehicle ecosystem is going to be strengthened by supporting manufacturing and charging infrastructure as well as the adoption of e-buses for public transport. A new scheme of bio-manufacturing will be launched to promote green growth by providing environmentally friendly alternatives such as biodegradable polymers, bioplastics, bio-pharmaceuticals, and bio-agri-inputs. As a follow-up to the PM’s announcement last month, the scheme is to install rooftop solar panels with a benefit of 300 units of free electricity per month for residents.

Given how climate change is already impacting communities in India – with the increased frequency and intensity of extreme climate events, including the heat wave that took place last year, affecting crop production, the budget stops short of providing a framework for climate-related loss and damage compensation. World Bank estimates that by 2030, India may account for 34 million of the projected 80 million global job losses from heat-stress-associated productivity decline, with more than 101 billion hours of work lost annually in rural and urban sectors. The Reserve Bank of India’s reports suggest that up to 4.5% of India’s GDP could be at risk by 2030 owing to lost labour hours from extreme heat and humidity. In such circumstances, operationalising the loss and damage fund becomes crucial and budgetary allocations are, therefore, the need of the hour.

Moreover, policies which recognise the role played by marginalised communities in protecting the environment and reducing the impacts of climate change were not touched upon by the FM in her budget speech. Expectations were high for new announcements on schemes introduced last year like the National Mission on Natural Farming, MISHTI – the Mangrove Initiative, Amrit Dharovar, GOBARdhan and PM-PRANAM.

It must be noted that, by tradition, grand schemes and policies are not often part of interim budget announcements. Therefore, what has been missed in this budget might be expected to be covered in the final budget after the elections. In the Finance Minister’s own words, the people of India are looking ahead with hope and optimism.

Moving forward, prioritising last-mile connectivity is crucial for inclusive development. The government's focus on this imperative is timely and essential for realising the vision of a truly equitable society.

Dr. Vandana Singh, Director Global Corporate Key Account Management -Saudia Cargo

" The Union Budget's spotlight on the aviation sector is truly commendable, showcasing the government's dedication to its growth. By prioritizing infrastructure enhancements and fostering innovation, it signals a promising future for both domestic and international connectivity. The allocation towards modernizing airports and simplifying regulatory frameworks reflects a proactive stance, poised to fuel competitiveness and expansion. Stakeholders eagerly await these initiatives, poised to unlock fresh opportunities and drive sustainable development. 

Additionally, the unification of the tax system through GST has lightened the compliance burden, with 94% of industry leaders viewing it positively. States and consumers alike have reaped benefits, with reduced logistics costs and lower prices. Moreover, the enhancements in air connectivity to tier 2 and 3 cities, along with the introduction of 517 new routes and plans for Indian carriers to add 1000 new aircraft, mark significant strides. It's a human-driven leap forward, promising growth and prosperity." 

Archit Agarwal, Founder & CEO, Tikshark Solutions

"In response to the Union Budget 2024, the digital marketing industry sees promising opportunities ahead. With the government's focus on digital infrastructure and technology, we anticipate a conducive environment for innovation and growth. We look forward to leveraging these developments to enhance our digital marketing strategies and reach wider audiences. However, we also hope for measures that address challenges such as data privacy and cybersecurity to ensure a secure and trustworthy digital ecosystem. Overall, the budget sets a positive trajectory for the future of digital marketing in India." 

Mrinaal Mittal, Director, Unity Group

We welcome the anticipated measures outlined in Budget 2024, particularly the proposed implementation of Single Window Clearance, granting Industry Status, and the potential increase in housing loan exemptions to ₹5 lakh. These steps, if realized, will undoubtedly boost the real estate sector and provide much-needed impetus to homebuyers. It's encouraging to see the focus on infrastructure, a key driver of economic growth. The positive impact on the Gurugram real estate market underscores the potential benefits of such initiatives. We look forward to the detailed budgetary provisions and their execution to drive sustained growth and development. 

Roshan S Bisht, Co-Founder & CEO, Asort

"As the budget unveils, it's reassuring to see that tax slabs remain unchanged. This stability ensures individuals can plan their finances with confidence. With more money left in people's pockets, there's a tangible boost to spending power, fostering economic growth and stability. It's a testament to prudent fiscal policies that prioritize the well-being of citizens. Let's seize this opportunity to invest wisely, support local businesses, and nurture our communities. Together, we can harness this financial resilience to build a brighter, more prosperous future for all." 

Sridhar Samudrala, Founder, Hecta

"Kudos to the government for its proactive increase in infrastructure allocation! This move will effectively connect and open up vast expanses of real estate, catering to the growing demand for housing. Such initiatives promise to accelerate the development growth cycle, triggering a multiplier effect. Just as ancient civilizations thrived along the banks of the Ganges, modern-day growth centers are emerging along highways and interconnected infrastructure. The National Highways Authority of India (NHAI) deserves commendation for its exemplary execution, earning the increased allocation with confidence in delivering even greater results. It's inspiring to witness comprehensive allocations across railways, airports, metros, and ports, ensuring holistic progress." 

Vinesh Menon, CEO - Human Development & Social Impact Solutions, Ampersand Group

" The union budget has been tabled as expected as " Vote on Account '' budget and has set the expectations for driving VIKSIT Bharat to 2047. I am particularly excited about the PM shri schools program & the Nep 2020 Execution and the vision to have more girl children enrolled for STEM programs. My only wish is that we add a 5th caste along with Garib, Mahila, Yuva & Annadata and that is " Baccha "...as there is a lot more we need to do for the 300 plus million pre-school and school going children in the country.  Overall, with emphasis on technology, innovation and upgradation of anganwadis, it looks like an exciting decade ahead "