Views from Different Industries on Interim Budget 2024

Pune, 1st February 2024:

Mr. Dinesh Khara, Chairman, SBI

“The interim budget has laid out an affirmative action of fiscal glide path towards 4.5% in FY26. The heartening news is that the anticipated tax buoyancy in FY24 excluding the outlier pandemic year is the highest in 7 years. This apart, the budget has laid out reinforced architecture of Big possibilities, creating an all-encompassing action-oriented roadmap to embark upon an arduous yet rewarding journey for each and every Indian, chiefly the fringe and hitherto vulnerable masses, entrepreneurs, agripreneurs and women, making them an equity holder in Viksit Bharat.”

Mr. Gopichand P. Hinduja, Chairman, The Hinduja Group

“A Runway for the Vikasit Bharat Flight to take off Interim Budget is both a time for reflection and visioning for the future while managing adroitly the present. Compliments to FM Nirmala Sitharaman for effectively achieving this. She articulated the achievements of the past decade and spelt out the broad roadmap to 2047 while maintaining the path of fiscal rectitude with fiscal deficit targeted at 5.1% in FY 25 and down to 4.5% in FY 26.

The interim budget commendably shunned any populist measures so often resorted to by the governments. But Bharat could certainly do more on its infrastructure CAPEX budgeting which increased nominally by 11%. Some bold measures are needed to increase the annual FDI level of 60bn $ further. The banking and power sector reforms coupled with further impetus on digital infrastructure are imperatives to Vikasit Bharat with improved sovereign rating. Overall, stability and continuity with judicious acceleration are the wheels deployed through this interim budget for taking off this flight. Now, it’s over to July 2024.”

Mr. Vinod Aggarwal, President, SIAM and MD & CEO, VECV

“The announcement on strengthening the Electric Vehicle ecosystem by supporting manufacturing and charging infrastructure, will boost the development and adoption of EVs in the country. He further stated, the encouragement of Payment Security Mechanism for adoption of e-buses for public transport networks is also a welcome step.”

Mr. T S Kalyanaraman, Managing Director – Kalyan Jewellers

“We welcome the interim budget announced by FM Nirmala Sitharaman, and commend the Government of India’s consistent efforts in ensuring inclusive growth as well as recognizing the pivotal role of women in economic transformation, through a diverse array of initiatives.

The country’s phenomenal growth trajectory and economic prowess in the past decade, has been nothing short of extraordinary, particularly the surge in FDI, which witnessed two-fold increase over the past two decades. As we celebrate the golden era, we would like to applaud PM Modi’s commitment and vision for fostering a thriving economic landscape. The ‘First Develop India’ (FDI) initiative, geared towards encouraging foreign partnerships, exemplifies a collaborative spirit towards economic progress.

Furthermore, we believe the PM Vishwakarma Yojana is playing a critical role in empowering the India’s artisan community. With benefits extending across 18 trades, it symbolizes the Government of India’s holistic approach towards preserving traditional craftsmanship and contributing significantly to the nation’s economic fabric.”

Sadaf Sayeed, CEO, Muthoot Microfin

“We commend the government’s recent initiatives, especially the momentum for Nari Shakti and the focus on rural development. As a microfinance institution, we resonate with their commitment to women’s upliftment, evident from the introduction of Mudra Yojana loans announcement.

Through the implementation of comprehensive programs, the government is creating opportunities for underserved communities. These initiatives additionally empower key constituencies, including farmers, small business owners, and women entrepreneurs, who are significant contributors towards the development of India.

At Muthoot Microfin, we look forward to aligning towards enabling these transformative endeavors for a self-reliant and prosperous India.”

Pradeep Lala, MD & CEO – Embassy Services Pvt. Ltd

“In a bold stride towards sustainability, our focus lies in bio-energy, amplifying ethanol production and championing green-energy access through hybrid policies. A significant breakthrough is imminent with a major announcement on distributed solar, bolstered by a welcomed relaxation in BCD for solar panel module manufacturing. A strategic push towards enhancing energy storage systems is underscored, backed by subsidies or GST relaxation to spur growth. The transformative investment in smart grids aligns with our commitment to a future-ready energy landscape. Noteworthy is our keen attention to the promising realm of green hydrogen, particularly in transportation and later in steel industries, marking a pivotal step towards cleaner industrial processes. The emphasis on ISTS for renewable energy solidifies our dedication to a comprehensive and sustainable energy ecosystem, setting the stage for a greener and more resilient future.”

Aditya Virwani, COO, Embassy Group

“The government’s announcement of a scheme to facilitate home ownership for deserving sections of the middle class is a commendable step in line with the Housing for All initiative. This not only addresses a crucial need for our young population but also propels the housing sector into a new era of growth, fosters inclusivity, and ensures that homeownership becomes a reality for a larger section of our society.

As we anticipate the final budget under the new government, we hope for continued support, including reduced home loan rates, favourable tax policies, and incentives for sustainability. These measures will be crucial in fostering an environment conducive to the growth of the real estate sector and contributing to the larger vision of India becoming a USD 7 trillion economy.”

Md. Sajid Khan, Director-India, ACCA (Association of Chartered Certified Accountants)

“The Interim Union Budget paints a promising picture of India’s transformation. The focus on skilling India’s youth through initiatives like NEP and Skill India Mission, and the emphasis on both traditional and non-traditional skilling avenues is a laudable step towards India’s aspirations of becoming a ‘Viksit Bharat’ by 2047. Public-private partnerships and leveraging industry expertise will be crucial in bridging the skill gap and empowering the ‘Amrit Peedhi’ for a developed India by 2047. Unleashing GIFT IFSC’s potential as a global financial hub requires fostering a future-ready accounting workforce through industry-aligned training programs and internships. A robust pipeline of skilled accountants adept in FinTech, international finance, and global regulations is key to propel India’s economic growth and achieve ‘Viksit Bharat’.”

Mr. Neel Chheda, Senior Executive Vice President & Head – Auto & Actuarial Analytics, TATA AIG General Insurance Company Limited

“The interim budget of 2024-25 unveils a visionary initiative to enhance EV ecosystem. By bolstering manufacturing capabilities and charging infrastructure, it aims to drive the adoption of clean and efficient transportation. We can aspire to create an ecosystem that not only benefits the environment but also propels our nation to the forefront of global leadership in sustainable energy. We expect more collaborations with the EV industry enabling solutions that cater to the evolving needs of the e-mobility landscape. We look forward to remaining committed to support and contribute to the growth and success of government’s vision for a greener future.”

Mr. Mukundan, MD & CEO, Tata Chemicals Limited

“The Interim Budget has presented clear vision for Viksit Bharat by 2047 using demography, democracy and diversity as enablers. It reinforces India’s commitment towards people-centric, inclusive and sustainable development, with every Indian becoming active players in national growth.

The announcement of the bio-manufacturing and bio-foundry scheme gives fillip to India’s larger green growth mission. Along with climate-resilient activities for restoration and adaptation measures, these initiatives will go a long way in supporting our net-zero 2070 goals. Guided by the principle ‘Reform, Perform, and Transform’, the government has taken up next generation reforms such as strengthening the e-vehicle ecosystem, underscoring India’s ambition to be a manufacturing hub.

The Interim Budget focuses on economic policies that boost the profound transformation of the economy over the past decade. This comprehensive approach strengthens our belief in the nation’s economic trajectory, and towards a future.”