“I applaud the Government’s strong emphasis on education, skilling, and employment in the Union Budget 2024. Amid growing concerns about the impact of AI on job creation, the substantial allocation of Rs. 1.48 lakh crore for these sectors demonstrates a significant commitment to developing India’s human capital. The introduction of various schemes to promote skilling and job creation is poised to significantly boost economic growth. Additionally, the comprehensive scheme providing internship opportunities in 500 top companies to 1 crore youth over five years, funded partly through CSR, is a welcome initiative. This will give the youth valuable exposure to real-life business environments and diverse professions, further enhancing their employment prospects while ensuring a future-ready workforce.” ~ Akshay Munjal, Founder & CEO, Hero Vired.
“At Re Sustainability, we applaud the government’s continued focus on environmental sustainability and endorse the creation of the critical mineral mission. This mission, with its emphasis on extended producer responsibility, technology advancement, workforce development, and appropriate financing mechanisms bolsters industry efforts to recycle critical minerals. These initiatives foster a circular economy and lessen our nation’s reliance on imported critical minerals.
Furthermore, the government’s plans to expand solid waste management projects and services to 100 major cities underscore its commitment to enhancing the quality of life for the burgeoning urban population. These comprehensive efforts signal a promising future for sustainable development in our country.” ~ Mr. Masood Mallick, CEO, Re Sustainability Limited (ReSL).
“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 ~ Mr. Prassann Daphal, CEO, Recyclekaro
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.
This well-planned budget reflects a strong commitment to supporting the critical minerals sector, which is crucial for advancing greener transformations.”
True to the tradition of growth-driven and inclusive budgeting, this Budget stands out for its focus on four key areas: Annadata (Farmers), Garib (Poor), Yuva (Youth), and Mahilayen (Women). By advancing employment generation, skill enhancement, MSME growth, and middle-class economic strength, it sets a clear path toward inclusive economic progress.
The substantial allocation of Rs. 11,11,111 crore for infrastructure, along with Rs. 1.5 lakh crore in long-term interest-free loans to states, will invigorate key sectors such as steel, cement, and real estate, fostering job creation and sustained growth. The launch of Phase IV of PMGSY, investment in flood management and irrigation projects, and support for tourism development highlight the Budget’s commitment to both rural and urban advancement.
Additionally, the emphasis on innovative urban initiatives, support for tribal communities through the Pradhan Mantri Janajattiya Unnat Gram Abhiyan, and enhancements in MSME credit and tax structures reflect a forward-thinking approach to national development ~ Lalit Beriwala, Director of Shyam Steel Industries Ltd.
Budget marks a step towards strengthening India’s Economic backbone with a focus on MSME, Agriculture and Middle income segment.
The Budget 2024 announcements mark a significant step towards strengthening India’s economic backbone, focusing on MSMEs, agriculture, and middle-income segments while maintaining fiscal prudence. Measures like credit guarantee schemes, regulatory changes, and financing/technology adoption will boost MSMEs. The allocation of ₹1.52 lakh crore for agriculture and initiatives like new high-yielding seeds, natural farming, and digital public infrastructure will enhance agricultural productivity and rural demand.
The employment-linked incentives for employees and employers, along with measures to facilitate higher participation of women in the workforce, will support job creation and skill development. The government’s commitment to fiscal discipline, aiming to lower the fiscal deficit to below 4.5% of GDP by 2025-26, will ensure sustainable economic growth.
Looking ahead, we expect the Budget 2024 measures to have a positive impact on India’s economic growth trajectory, with MSMEs, agriculture, and employment opportunities driving growth. We foresee India’s economic growth rate stabilizing at around 7-8%, driven by domestic consumption and investment. We look forward to supporting the growth aspirations of MSMEs, farmers, and individuals through our tailored financial solutions and expert guidance in Middle Income Segment ~ Mr. Sarvjit Singh Samra, MD & CEO, Capital Small Finance Bank.
“The 2024-2025 budget brings positive direction for education and nutrition in India. The National Means cum Merit Scholarship Scheme has received a significant boost, with ₹377 crore allocated for 2024-25. Together, these initiatives will help talented students from economically weaker sections continue their education beyond schooling, reducing dropouts and nurturing potential.
The PM POSHAN (formerly Mid-Day Meal) scheme has been allocated ₹12,467.39 crore for 2024-25. This represents a significant 24.67% increase from the revised estimate of ₹10,000 crore in 2023-24. This substantial investment in our children’s nutrition is heartening.
These strategic allocations, coupled with the five-year extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), form a comprehensive approach that directly addresses multiple Sustainable Development Goals. By combating hunger and promoting education, we’re making significant strides towards SDG 2 (Zero Hunger), SDG 4 (Quality Education), and SDG 10 (Reduced Inequalities). This budget takes us another step closer to achieving the Zero Hunger SDG and ensuring quality education for all ~Shridhar Venkat, CEO, The Akshaya Patra Foundation.
The latest budget’s education initiatives reflect a strategic shift towards employability-focused learning. Upgrading 1,000 ITIs and introducing extensive internship programs demonstrate an understanding that our traditional academic model is not fully aligning with industry requirements. The provision of financial support for higher education loans is a commendable move, as it will alleviate financial pressures on students and their families, thereby encouraging more young people to pursue higher education.
The introduction of employment-linked incentives stands out. By incentivizing first-time hires and supporting employers, the focus is moving from supply-side to demand-side interventions in education. Nevertheless, there are concerns about execution, particularly in coordinating large-scale internship programs with industry. The success of these initiatives will depend on how well we can bridge the gap between classroom learning and workplace demands. This is an ambitious plan, but if implemented effectively, it could profoundly transform our educational landscape ~ Dr. Monika Soni, Assistant Professor, Institute of Management, JK Lakshmipat University.
We at Wardwizard Mobility welcome the Government’s progressive and forward-thinking Union Budget 2024-25. The commitment to maintaining strong fiscal support for infrastructure projects over the next five years is a significant boost for the automotive sector. The announcement to fully exempt customs duty on critical materials, such as rare earth metals including lithium, can further incentivize electric mobility. We are looking forward to receiving the benefit of this exemption along with the sectors mentioned by the Hon’ble Finance Minister. The focus on increasing women’s participation in the workforce will also benefit the sector. The Union Budget 2024-25 presents tremendous growth opportunities for all sectors, and Wardwizard Mobility is committed to contributing to India’s journey toward a cleaner, more inclusive, and sustainable future ~ Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd.
We were hoping that the healthcare sector would be granted infrastructure status in this budget along with an increase in healthcare expenditure which is less than 2.5% of GDP. But we welcome the government’s commitment to skill development, with a promise to upskill 20 lakh youth over the next five years and a month’s wage for new hires. This initiative will significantly boost employability and address the skill gap in various sectors ~ Vikram Vuppala, Founder & Group CEO, NephroPlus
The Union Budget’s robust fiscal support for infrastructure, with Rs 11.11 lakh crore allocated for capital expenditure and ₹2.66 lakh crore for rural development, is commendable. The exemption of three cancer medicines from customs duty is a welcome relief. The previous interim budget’s allocation of ₹90,171 crore to the healthcare sector for 2024-25, up from ₹79,221 crore, laid a solid foundation.
However, we anticipated more support for holistic health practices. Increased funding and incentives for naturopathy could have advanced alternative medicine and provided diverse healthcare options. Support for research, traditional healing practices, and the establishment of naturopathy centers in tier 2 and tier 3 cities would have enhanced integrative healthcare solutions, blending conventional and naturopathic treatments for overall wellness in India ~ Dr. Babina Nandakumar, Chief Medical Officer, Jindal Naturecure Institute.
The Union Budget 2024-2025’s emphasis on employment and skill development, along with a strong focus on manufacturing and innovation, is a significant boost for the skincare and beauty aesthetics industry. The initiative to skill 1 crore youth will enhance the talent pool, driving innovation and excellence in beauty treatments and skincare solutions. Encouraging local manufacturing will make advanced aesthetic technology more accessible, fostering growth and innovation in the sector. Additionally, the focus on inclusive growth and next-generation reforms will create a conducive environment for business expansion, contributing to the overall economic growth and improving the quality of life for consumers through better and more affordable beauty solutions ~ Mr Amit Shukla, General Manager, ALMA Lasers
