How Budget 2024 Will Shape India’s Future, Industry Experts React

Following the announcement of this year’s budget, experts from various sectors have shared their thoughts and perspectives. From economists and industry leaders to policy analysts and financial advisors, many have offered their insights on how the new budget measures might affect the economy. Their responses highlight the expected economic growth, changes in market dynamics, and the effects on businesses and consumers. This article explores these expert opinions, providing an overview of how the budget has been received and its anticipated impact on the economy.

Jagdish Sakhiya, Founder and chief Dermatologist, Sakhiya Skin Clinic

“Budget 2024 brings a wave of optimism for healthcare! With increased funding for hospitals, advanced medical research, and expanded access to quality care, we are on a path to a healthier future. This budget underscores the government’s commitment to building a robust healthcare system, ensuring every citizen receives the best possible care. Together, we are creating a stronger, healthier nation.”

Sailesh Lachu Hiranandani, Chairman, SRAM & MRAM Group

“We welcome the budget announcement as a progressive step towards fostering economic growth and stability. The initiatives aimed at enhancing infrastructure development and promoting digital innovation are particularly promising. As a group committed to global expansion and technological advancement, we are encouraged by the emphasis on boosting manufacturing and investment in key sectors. The focus on sustainability and healthcare infrastructure also aligns with our corporate values. Overall, this budget sets a positive trajectory for India’s economic recovery and future prospects.”

Glenn Gonsalves, CEO of RedSwitches

“The removal of angel tax is a game-changer for the Indian startup ecosystem. It signals the government’s commitment to fostering innovation and supporting new businesses. This, coupled with employment incentives introduced in the very same budget, can make India an even more attractive destination for investors. If executed well, these incentives can boost job creation, enhance the workforce’s skill set, and further strengthen the country’s economic foundation. At RedSwitches, we see these measures as the central force for accelerating growth in the startup community. – Glenn Gonsalves, CEO of RedSwitches.”

Dinesh Yadav, Founder and Director, Fine Acers Pvt. Ltd.

“I anticipate that this Union Budget 2024-25, which I believe has a profoundly positive impact, particularly in regards to the reduced taxation and favorable regulations. These measures have the potential to significantly stimulate investments and innovation across various industries.

As per to my opinion, this budget is likely to be advantageous for investors with a long-term perspective.  At Fine Acers Pvt. Ltd., where we strive to offer a distinctive blend of real estate and hospitality solutions, marking a new chapter in India’s growth story.

For our esteemed investors, we are committed to providing a long-term fixed return on investment complemented by potential capital appreciation and hastle free maintenance.”

Pancham Banerji, CEO, AdEngage

“The Union Budget 2024-25, with its increased allocation for digital infrastructure, MSME credit support, and internship schemes, presents substantial growth opportunities for the IT, advertising, and marketing sectors. Enhanced capital expenditure and stable tax policies will drive sectoral innovation, while new workforce initiatives will elevate technical competencies. These strategic measures are set to optimize operational efficiencies and global service delivery, reinforcing the sectors’ trajectory towards technological and economic advancement.”

Mayank Choudhary, Partner, MARV & Associates LLP

“If I cover the tax-related part of the budget announced by our Hon’ble FM Nirmala Sitharaman ji, an effort has been made to simplify and rationalize the taxation policies in India. She also mentioned in her speech that in the next six months, the entire Income Tax Act will be reviewed. This indicates that the government feels the Income Tax Act needs to be overhauled for the middle class. This budget aims to reduce litigation between assessees and the Income Tax Department with the launch of Vivad se Vishwas Scheme version 2.0, which was a massive hit in 2020 as well.”

Shammi Agarwal, Director, Pansari Group

“We commend this year’s Union Budget for its strong focus on agriculture, MSMEs, and traditional artisans. The allocation of Rs 1.52 lakh crore for agriculture and Rs 1.48 lakh crore for education, employment, and skilling demonstrates a clear commitment to growth and innovation. The establishment of e-commerce export hubs through public-private partnerships will empower MSMEs and artisans, enabling them to access international markets more easily. Overall, these initiatives reflect a visionary approach to India’s economic development.”

Mr Piyush Goel, Founder & CEO of Beyond Key

“Budget 2024’s allocation of Rs. 1.48 lakh crore for education, jobs, and skill development demonstrates a strong commitment to fostering growth. Priorities include enhancing digital infrastructure, vocational training, and teacher professional development. Collaborating with local industries is crucial to align educational programs with market needs, preparing students for the job market and fostering a dynamic IT sector. This investment is a positive step towards building a brighter future for the nation.”

Mr. Rajiv Sabharwal, Managing Director and CEO of Tata Capital Ltd

“The Union Budget 2024 represents a pivotal moment for India’s economic growth, emphasizing substantial infrastructure investments and sustainable development. • The extensive funding for infrastructure will propel economic momentum and modernize essential sectors • Enhanced Mudra loan limits and a new credit guarantee scheme are set to stimulate growth and innovation among small and medium enterprises (SMEs) • Targeted investments in energy security and green initiatives are poised to drive long-term stability and environmental progress. • Overall, the budget lays a solid groundwork for India’s future, driving progress and resilience”

Gaurav VK Singhvi, CEO & Managing Partner, Avinya Ventures

“We’re excited about the Union Budget 2024-25 abolishing angel tax, which will boost investments in DPIIT-registered startups. This landmark decision reduces financial burdens and supports startup growth, aligning with Avinya Ventures’ mission to back visionary entrepreneurs. The ₹1000 crore allocation for space startups further highlights the focus on high-tech sectors.”

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