Budget 2024 Highlights: FM disappoints investors, rewards (some) taxpayers
- 7:11 PM IST, July 23 Vedanta chairman on Union Budget 2024
- 6:37 PM IST, July 23 LIC Housing Finance CEO on Union Budget
- 4:07 PM IST, July 23 Will old tax regime be over?
- 3:55 PM IST, July 23 Expenditure towards railways highest
- 3:44 PM IST, July 23 FM on ₹15,000 crore to Andhra Pradesh
- 2:33 PM IST, July 23 Rahul Gandhi calls Sitharaman's Budget as a 'Kursi Bachao' Budget
- 1:50 PM IST, July 23 What Rajnath Singh said on the Budget
- 1:43 PM IST, July 23 What Amit Shah said on the Budget
- 1:21 PM IST, July 23 What becomes cheaper after the Union Budget?
- 12:55 PM IST, July 23 What Andhra Pradesh is getting from the Budget
- 12:43 PM IST, July 23 Stock markets bleed, Sensex down 1000 points
- 12:21 PM IST, July 23 Limit of LTCG tax hiked from 10% to 12.5%, FM says
- 12:20 PM IST, July 23 Nirmala Sitharaman announces review of income tax
- 12:18 PM IST, July 23 9 priorities of Union Budget 2024
- 12:10 PM IST, July 23 What Nirmala SItharaman said on GST
- 12:03 PM IST, July 23 Free electricity upto 300 units per month for 1 crore households under solar panel scheme
- 11:59 AM IST, July 23 Gaya and Mahabodhi temples to get corridors
- 11:54 AM IST, July 23 FM on development of nuclear reactors
- 11:50 AM IST, July 23 PM Suryaghar Muft Bijli Yojana launched
- 11:48 AM IST, July 23 Urban housing outlay of ₹10 lakh crore announced
- 11:46 AM IST, July 23 Reactions to FM's announcements
- 11:45 AM IST, July 23 FM on women in workforce
- 11:44 AM IST, July 23 FM announces ₹2.2 lakh crore push to make urban housing more affordable
- 11:43 AM IST, July 23 Sidbi to open 24 new branches to serve MSMEs clusters, says FM
- 11:41 AM IST, July 23 Govt to launch scheme to offer internship in top companies to one crore youth in five years, says FM
- 11:39 AM IST, July 23 Credit guarantee schemes for MSMEs in manufacturing, FM announces
- 11:38 AM IST, July 23 2.66 lakh crore for rural development, FM says
- 11:36 AM IST, July 23 ₹26,000 crore for various road projects in Bihar
- 11:35 AM IST, July 23 Mudra loans to be enhanced to 20 lakh from 10 lakh, says FM
- 11:32 AM IST, July 23 FM on Andhra Pradesh
- 11:31 AM IST, July 23 Bihar's win in Budget
- 11:28 AM IST, July 23 For women in workforce, this is FM's announcement
- 11:24 AM IST, July 23 FM announces financial support for loans up to ₹10 lakh for higher education
- 11:22 AM IST, July 23 Nirmala Sitharaman on skilling
- 11:16 AM IST, July 23 Nirmala Sitharaman on agriculture
- 11:13 AM IST, July 23 Need to focus on the garib, mahilaye, yuva, and annadata, says FM
- 11:12 AM IST, July 23 Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore, says FM
- 11:10 AM IST, July 23 Govt to focus on 4 different castes, Nirmala Sitharaman says
- 11:06 AM IST, July 23 Nirmala Sitharaman begins speech
- 11:03 AM IST, July 23 How is stock market doing just before Nirmala Sitharaman's speech?
- 10:37 AM IST, July 23 How to get Budget document?
- 10:33 AM IST, July 23 Nirmala Sitharaman meets President ahead of Budget speech
- 10:27 AM IST, July 23 Lok Sabha members express expectations from upcoming Budget
- 10:21 AM IST, July 23 Congress MP on Budget expectations
- 10:20 AM IST, July 23 Union Cabinet meet ahead of Budget
- 10:15 AM IST, July 23 What's happening in the Parliament?
- 10:14 AM IST, July 23 Budget used to presented at 5pm till 1999
- 10:10 AM IST, July 23 When Budget dates were changed to February 1
- 10:04 AM IST, July 23 Another record that Nirmala Sitharaman holds on the Budget
- 9:58 AM IST, July 23 Nirmala Sitharaman reaches Parliament with red tablet for her record 7th Budget speech
- 9:54 AM IST, July 23 Nirmala Sitharaman meets President with Budget documents
- 9:47 AM IST, July 23 J&K budget copies arrive in Parliament
- 9:43 AM IST, July 23 Nirmala Sitharaman dons white silk saree today
- 9:42 AM IST, July 23 Nirmala Sitharaman heads to Rashtrapati Bhavan with 'bahi-khata'
- 9:36 AM IST, July 23 Stock market opens in green
- 9:32 AM IST, July 23 Will stock market rise on Budget day or see volatility?
- 9:18 AM IST, July 23 How Sensex has performed in the past 10 years on Budget Day
- 8:53 AM IST, July 23 What Economic Survey said on Capital markets
- 8:45 AM IST, July 23 More from Ministry of Finance
- 8:39 AM IST, July 23 CEA Nageswaran arrives at Ministry of Finance
- 8:38 AM IST, July 23 Nirmala Sitharaman to present J-K Budget today as well
- 8:32 AM IST, July 23 Which is the longest Budget speech?
- 8:29 AM IST, July 23 In case you missed it, key highlights from the Economic Survey
- 8:22 AM IST, July 23 Nirmala Sitharaman reaches North Block
- 8:12 AM IST, July 23 Why Citi expects Nirmala Sitharaman will increase funding for rural schemes
- 8:05 AM IST, July 23 What Economic Survey said on Railways
- 7:54 AM IST, July 23 How stock market may open ahead of the Budget?
- 7:41 AM IST, July 23 Which allocations are likely in Budget 2024?
- 7:20 AM IST, July 23 What will Nirmala Sitharaman do for the middle class today
- 7:15 AM IST, July 23 What are the cues in Economic Survey for today's Budget?
- 7:12 AM IST, July 23 Investing in railway stocks today? Watch out for these shares
- 7:09 AM IST, July 23 Why stock market will look at government borrowing in the Budget
- 7:05 AM IST, July 23 Can you expext tax cuts in Nirmala Sitharaman's speech today?
- 7:02 AM IST, July 23 Tax slabs in the new ta regime
- 6:58 AM IST, July 23 When Arun Jaitley merged Railway Budget with the Union Budget
- 6:52 AM IST, July 23 These three factors could life the stock market mood today
- 6:47 AM IST, July 23 P Chidambaram's ‘dream budget’ of 1977
- 6:35 AM IST, July 23 GST collection is something you should look out for in Nirmala Sitharaman's speech
- 6:30 AM IST, July 23 Why experts are focussing on capital expenditure in Nirmala Sitharaman's Budget
- 6:23 AM IST, July 23 Manmohan Singh's 1991 Budget
- 6:19 AM IST, July 23 What about fiscal deficit should be your focus in Nirmala Sitharaman's speech
- 6:17 AM IST, July 23 A look at tax slabs under the old tax regime
- 6:12 AM IST, July 23 Budget throwback from 1957-58 when tax reforms were brought
- 6:09 AM IST, July 23 What were Interim Budget's allocations for Railways
- 6:06 AM IST, July 23 What are the income tax changes likely in Union Budget?
- 6:01 AM IST, July 23 What Indian Chamber of Commerce wants from Nirmala Sitharaman's Budget
- 5:53 AM IST, July 23 PM Modi on how this Budget ;is important for Amrit Kaal'
- 5:43 AM IST, July 23 When is the Railway Budget? What to expect?
- 5:32 AM IST, July 23 A look at the Monsoon Session of the Parliament
- 5:26 AM IST, July 23 Key points from Interim Budget in February
- 5:17 AM IST, July 23 What manufacturing sector wants from Nirmala Sitharaman
- 5:11 AM IST, July 23 A record for Nirmala Sitharaman today
- 5:08 AM IST, July 23 What Chief Economic Advisor V Anantha Nageswaran said on the Indian economy
- 5:03 AM IST, July 23 When and where to watch the Union Budget 2024 presentation?
- 5:01 AM IST, July 23 At what time will Union Budget 2024 be presented?
- 4:58 AM IST, July 23 What Economic Survey said about Indian economy?
Budget 2024 Highlights: Track all updates on Union Budget 2024 here
![Budget 2024 Highlights: Finance minister Nirmala Sitharaman addresses a post-Budget press conference, in New Delhi. Budget 2024 Highlights: Finance minister Nirmala Sitharaman addresses a post-Budget press conference, in New Delhi.](https://images.hindustantimes.com/img/2024/07/23/550x309/PTI07-23-2024-000230B-0_1721733195222_1721733218718.jpg)
Budget 2024 Highlights: Finance Minister Nirmala Sitharaman, in her seventh consecutive Union Budget for 2024-25, highlighted key priorities of the government. She listed nine priority areas for the government which are: productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development and next-generation reforms....Read More
Budget 2024 Live Coverage in Hindi
Highlights from Budget:
- Five schemes announced to focus on 4.1 crore youth over 5 years with outlay of ₹2 lakh crore
- Internship scheme for one crore youth in top companies over five years
- Employment-linked incentives, including one month's wage support for first-time employees
- For MSMEs: Credit guarantee scheme and term loans for machinery purchase, technology support package for MSMEs
- SIDBI to open 24 new branches to serve MSME clusters
- Mudra loan limit increased from ₹10 lakh to ₹20 lakh
- Financial support for higher education loans up to ₹10 lakhs
- Provision for rural development at ₹2.66 lakh crore
- Special financial support of ₹15,000 crore for Andhra Pradesh
- New airports, medical facilities, and sports infrastructure for Bihar
- Inflation moving towards 4% target
- Over ₹3 lakh crore allocated for schemes benefiting women and girls.
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Supriya Paul, CEO & Co- Founder, Josh Talks, said, “The Union Budget 2024-25 represents a significant stride towards Bharat's development. The abolition of the Angel Tax for all investors is a substantial advancement, ensuring that startups remain within India and flourish domestically. The allocation of ₹1.48 lakh crore towards education, employment, and skills development is a substantial investment. By enhancing the quality of education and training, we are equipping our youth with the necessary skills to thrive.”
Ravi Goel, Chief Business Officer, RapidShyp, said, “The budget announcement by the Hon’ble Finance Minister Smt Nirmala Sitharaman is extremely progressive. The government has continued focusing on steps to help the economy by prioritizing infrastructure development and fiscal discipline. The allocation of ₹11.1 lakh crore, representing 3.4% of GDP, is a significant leap towards transforming India's infrastructure landscape. We are hopeful that this budget will greatly enhance infrastructure investments, especially in multi-modal transport and state-of-the-art warehousing.”
Budget 2024 LIVE Updates: Nilesh Shah on Union Budget 2025
Budget 2024 LIVE Updates: Nilesh Shah, Managing Director, Kotak Mahindra AMC, said, “This budget has achieved the trinity of impossible. Fiscal Prudence, Investment and Growth momentum. Fiscal Prudence of 4.9 % for FY 24 will pave the way for Rating upgrade. Support to employment generation will boost growth. Infrastructure investment at 3.4 % of GDP is elevated yet not crowding out others.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Amit Kishore Prasad, Founder & MD, SatNav Group, said, “Women in workforce will get a major boost with the FM's assurance that Creches will be set up to help them, this is already a part of the Maternity Act 2017, just needs to be implemented with a sense of much greater urgency in Government Departments, PSUs and Private Companies.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Saurav Kasera, Co-Founder and CEO, Clirnet and DocTube, said, “The Union Budget 2024-25 presents several promising initiatives for the digital sector. The abolition of the angel tax is a significant step that will foster innovation and support start-ups. The emphasis on research and development, particularly through the Anusandhan National Research Fund, will drive technological advancements. The government's commitment to developing Digital Public Infrastructure (DPI) will enhance service delivery and support the integration of healthcare.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Manish Aggarwal, Director, Bikano, Bikanervala Foods Pvt Ltd, said, “I am heartened by the Union Budget 2024's comprehensive approach towards agriculture and rural development. The allocation of INR 1.52 lakh crore for agriculture and allied sectors, alongside the release of 109 high-yielding and climate-resilient crop varieties, marks a significant advancement. This initiative will undoubtedly enhance supply chain efficiencies and reduce agricultural wastage, which are critical for our sector. The plan to initiate 1 crore farmers into natural farming with support for certification and branding is another commendable step.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: George Alexander Muthoot, MD, Muthoot Finance, said, “The Union Budget 2024 focuses on the comprehensive development of the economy by adhering to fiscal prudence, boosting infrastructure growth, and through continued emphasis on four major pillars of society - the poor, women, youth and the farmers. The massive impetus on capex expenditure outlay of ₹11.11 lakh crore is a testimony to the government's focus on boosting investment activity and further strengthening fiscal health of the economy.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Prabhat Srivastava, Co-Founder and Director, VitusCare Medlife pvt ltd, said, “The abolition of the angel tax will simplify fundraising, attract diverse investors, and enable startups to access more funds leading to better growth. The better accessibility of funds will allow more investment in growth, R&D, and market expansion. This change is vital for creating a supportive ecosystem, driving innovation, and boosting economic growth. It demonstrates a strong commitment to fostering entrepreneurship and supporting the startup community.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Supriya Paul, CEO & Co- Founder, Josh Talks, said, “The Union Budget 2024-25 represents a significant stride towards Bharat's development. The abolition of the Angel Tax for all investors is a substantial advancement, ensuring that startups remain within India and flourish domestically. The allocation of ₹1.48 lakh crore towards education, employment, and skills development is a substantial investment.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Ranen Banerjee - Partner and Leader Economic Advisory, PwC India, said, “Fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Amar Ambani, Executive Director, YES SECURITIES, said, “Barring the capital gains tax dampener for the investor community and removal of indexation benefit, the Union Budget was balanced and consistent in policy. Brushing aside concerns around more populism, the target set for the fiscal deficit at 4.9% is a huge positive. Agriculture package of Rs1.5 lakh crores is along expected lines and will help provide a fillip to the rural economy."
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Akshay Sarma, Chief Financial Officer, Axio, said,
“The budget announcements mark a continuous effort to help India achieve its economic dream of reaching a USD 5 trillion economy by 2024-25. Addressing key challenges in the startup ecosystem, the abolition of the Angel Tax for all investors will boost startups and attract diverse investments. Simplifying FDI and promoting the Indian Rupee for international investments enhance India's global economic standing."
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Rumki Majumdar, Economist, Deloitte India, said, “Measures to improve ease of doing business have been addressed, with proposed reforms to improve law and justice and corporate governance. To make IBC more effective, announcements were made to integrate technology system for IBC for better outcomes and establish additional tribunals.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Achala Jethmalani, Economist, RBL Bank. said, “From a macroeconomic standpoint, the increased revenue receipts led fiscal consolidation augments well for the economy at large. The social sector spending and the focus on extending loans under several schemes implies increased financial intermediation. The land related reforms proposed in the budget if gets implemented would help facilitating credit flow and other agricultural services to the end-user.”
Budget 2024 LIVE Updates: ‘Rise in capital gains tax rates and increased STT are a short term negative’
Budget 2024 LIVE Updates: Pranav Haridasan, MD & CEO, Axis Securities, said, “The Union Budget 2024-25 has presented short-term challenges for the markets. The rise in capital gains tax rates and the increased STT are a short term negative. The capital expenditure allocation, unchanged at ₹11.1 lakh crore, fell short of the expected ₹11.5-12 lakh crore. However, the budget does have its positives.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Manish Jain, Managing Director, Bajaj Broking, said, “The Union Budget 2024 balances well between fiscal responsibility and growth. Fiscal deficit at 4.9% is in line with market expectations, and points the government is on the path of fiscal discipline. For the capital markets, the increase in capital gains tax does hurt investors. Short-term gains on financial assets will now be taxed at 20%, compared with 15% earlier while long-term gains on all assets face a 12.5% tax, from 10% earlier. This change, coupled with an increased exemption limit of ₹1.25 lakh per year for capital gains on financial assets, could reshape investor behaviour.”
Budget 2024 LIVE Updates: Hinduja Chairman on Union Budget 2024
Budget 2024 LIVE Updates: A.P. Hinduja, Chairman, Hinduja Group of Companies (India), said, “The budget shows Modi 3.0 is all about continuing the path to Fiscal Consolidation with the Fiscal Deficit target of 4.9% this year and 4.5% the next while maintaining the Capex figure at 3.6%. The focus on the agri sector and housing infrastructure - affordable and urban - is substantive and augurs well. Quite a few changes in taxation have been announced which needs a detailed study. Higher FDI is expected with a reduction in tax on Foreign Companies from 40 to 35%. Overall, a good budget for the macro Indian Investment Climate but could have been better for Indian Investors.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Ruhie Pande, Group CHRO & Head of Marketing & Communications, Sterlite Power, said, “The 2024 budget's focus on social justice, energy, and employment is pivotal for India's vision of 'Viksit Bharat' by 2047. By ensuring equitable access to resources, promoting sustainable energy solutions through initiatives like the PM Surya Ghar Muft Bijli Yojana, and generating ample employment opportunities with comprehensive internship schemes and incentives, the budget paves the way for inclusive growth and economic stability.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Venkat Chalasani, Chief Executive, AMFI, said, “The Finance Minister presented a growth-oriented budget today. The focus on fiscal consolidation without cutting down on capital expenditure with clear roadmap for “Viksit Bharat” is extremely positive. The emphasis on job creation, skilling, a boost to the MSME sector as well as tax relief to the middle classes will add more income in the hands of the people.”
Budget 2024 LIVE Updates: MakeMyTrip on Union Budget 2024
Budget 2024 LIVE Updates: Rajesh Magow, Co-Founder & Group CEO, MakeMyTrip, for your editorial consideration, “The government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. We also welcome the initiatives to develop iconic spiritual and cultural sites into world class tourist hotspots."
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Angshu Mallick- MD & CEO of Adani Wilmar said, “I see great potential in the ₹1.52 lakh crore allocation in the 2024 Union Budget for revolutionizing India's agriculture sector. This strategic investment will significantly enhance productivity, resilience, and sustainability. Key initiatives like innovative crop research, high-yielding varieties, and natural farming practices will directly benefit 1 crore farmers, supported by the establishment of bio-input centres.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Nitin Gupta, Co-Founder & CEO of Attero, said, “The announcement of the Critical Mineral Mission by the Finance Minister is expected to provide a significant impetus to the industry. This mission's comprehensive mandate, including domestic production, recycling, and overseas acquisition of critical mineral assets, will help make India self-sufficient in critical minerals. In addition, the exemption of customs duties on 25 critical minerals provides a major fillip to the processing and refining sectors. These measures will significantly boost the processing and recycling industries, enabling India to become the recycling and critical minerals hub in the world."
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Parimal Heda, Chief Investment Officer, Go Digit General Insurance, said, “The Union Budget 2024 has maintained its commitment to fiscal prudence yet announced various tax-friendly measures for the Indian taxpayers. From the perspective of the Insurance Sector, amendment made by the government to clarify various activities in insurance sector as neither a supply of goods nor a supply of services is an extremely positive measure for the sector. This will immensely reduce compliance and ongoing litigation burden and provide overall stability to the sector.”
Budget 2024 LIVE Updates: ‘Staying the course with Viksit Bharat’
Budget 2024 LIVE Updates: Shanti Ekambaram, Deputy Managing Director, Kotak Mahindra Bank said, “The finance minister prioritized nine key areas, aiming to benefit the poor, women, youth, and farmers. These areas include agriculture, employment, skilling, and manufacturing. The infrastructure outlay remained at 11 lakh crores, with a focus on housing. The fiscal deficit target of 4.9% is commendable, and the emphasis on the fiscal consolidation path is positive. However, the surprise twist was the Capital Gains tax: short-term capital gains at 20% and long-term gains at 12.5%. While this may impact sentiment in the short term, the overall focus on employment, development, and infrastructure promises long-term benefits. In summary, it’s a sensible budget that addresses key segments, sectors, and states while maintaining fiscal discipline.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Praveen Raju, Partner, Spice Route Legal, “A most needed change the industry has been incessantly seeking since its inception. Intended to probably curb some illegitimate transactions, but affected all forms of equity funding. Not just that, it was in conflict with the spirit of valuation norms for foreign equity funding. While this may not necessarily have a direct impact on increase in funding, but would surely eliminate the unnecessary need to align valuation reports and price negotiation.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Abhishek KG, Co-founder, Clapingo, said, “We are pleased to see a strong emphasis on job creation and upskilling in the Union Budget 2024. The significant allocation of INR 1.48 lakh crore towards education, skilling, and employment aligns perfectly with our mission to empower young professionals and students with English speaking skills across the country. More and more investors will be encouraged to invest in young startups, and entrepreneurs will have a confidence boost to start their own ventures, with the proposal to abolish angel tax.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Sharad Mathur, Managing Director & Chief Executive Officer, Universal Sompo General Insurance Company, said, “The 2024 Union Budget reflects a strong commitment to driving economic growth and fostering financial security across the nation. The increased standard deduction and the proposed reduction in tax rates under the new tax regime will provide significant relief to individuals, particularly middle-income earners.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Manish Sheth, MD & CEO, JM Financial Home Loans said, “The budget announcements aim to further enhance housing access to all. The Rs. 2.2 lakh crore allocation for urban housing initiatives under PMAY-U over the next five years underlines the strong focus of the government on affordable housing for the poor and middle class. The fiscal support will boost demand for housing finance. Another commendable proposal is to encourage states to lower stamp duties for the women homebuyers and reduce duties for properties purchased by women.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates Nitya Sharma, Founder and CEO, Simpl said, The Union Budget 2024 has effectively recognised the importance of a robust e-commerce ecosystem and offering credit at scale in empowering millions of small and medium sellers across the country. The proposed development of e-commerce export and industrial hubs will enable our sellers to cater to a global market while support to MSMEs and promoting entrepreneurship through policy interventions will further propel opportunities for sellers including Direct-to-Consumer brands."
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Kartik Chhaya, Chief Operating Officer, Rupeeseed, said, “We welcome the Union Budget 2024's forward-thinking approach, particularly the reduction in corporate tax rates for foreign companies and the simplification of FDI rules. These measures will enhance India's attractiveness as a global tech hub. The focus on employment-linked skilling and the support for MSMEs, including the credit guarantee scheme, align well with our mission at Rupeeseed to drive innovation and growth in the fintech sector.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Abhishek Gupta, Founder and Managing Partner at Pierag Consulting LLP, said, “Our experience shows that access to finance is a critical barrier for many MSMEs looking to scale their operations and modernize their production processes. This initiative not only alleviates financial constraints but also encourages technological advancements and productivity improvements within the sector.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Vimal Kumar Alawadi, Managing Director, Best Agrolife Ltd, said, "Since climate change has been impacting agricultural output, it requires a sustained emphasis to shift Indian farming from its reliance on rains to an irrigation-led ecosystem. Accordingly, the FM mentioned that the Budget’s key priorities include productivity and resilience in agriculture.
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Karthik Somasundaram, Partner, Spice Route Legal, "Creating more benches of the NCLTs, training of the Court and Registry staff in becoming efficient and using technology and moving to digital filing will go a long way in expediting disposal of IBC cases, which will result naturally in resolving stressed assets. Supreme Court and most High Courts have adopted technology and gone digital in respect of case papers and filings, the effects are visible. Time that the NCLTs and the NCLATs went savvy and efficient."
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Domnic Romell, President, CREDAI-MCHI, said, “The Union Budget 2024-25 presents a robust framework for the growth and development of the real estate sector. The emphasis on affordable housing, urban infrastructure, industrial development, and digitalization are particularly beneficial for a dynamic and densely populated city like Mumbai. CREDAI-MCHI is optimistic about the opportunities these initiatives will bring to the real estate sector and to the economy.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Praveen Raju, Partner, Spice Route Legal, “The finance minister has announced the setting up of an additional 100 food quality and safety testing labs with the National Accreditation Board for Testing and Calibration Laboratories. This is a welcome announcement by the government against the backdrop of the recent backlash on the FSSAI for the lack of strong enforcement of food safety standards of Indian food products, particularly with the ban of MDH and Everest spices in foreign countries."
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Kartik Narayan, CEO- Staffing, TeamLease Services Limited, “ The introduction of the new employment-linked incentive scheme in the budget marks a significant advancement in reducing informal employment in the country. By providing financial support and incentives to both employers and employees, the scheme aims to promote formal hiring practices and ensure essential benefits. Initiatives such as support for first-time employees, recognition of EPFO enrollments, and assistance for the MSME sector are specifically designed to transition more workers into formal employment.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Jaspreet Bindra, Founder, Tech Whisperer, said, “The emphasis on technology and innovation in the 2024-25 Union Budget is a major boost for the AI and tech sectors and aligns india to achieve the Viksit Bharat goal of 2047. The removal of the Angel Tax for investors is a significant step that will strengthen the startup ecosystem, encouraging more investments and fostering innovation. This change will significantly improve startup funding sentiment while boosting the morale of deep tech and AI startups to take bigger bets."
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Sanjeev Krishan, Chairperson, PwC in India, said, “The budget highlights India's next leap forward – empowering the very nucleus of the nation – Indian citizens. Right from driving the participation of women in the workforce to enhancing the employability of the youth across the nation, the focus on building a future-ready workforce is evident. With the right incentives and fiscal support, the Government has paved a clear path towards a Viksit Bharat – bringing together the power of the private and public sector, and reinforcing this with our distinctive demographic advantage.”
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Subburathinam P, Chief Strategy Officer, TeamLease Services Limited,
"By introducing a scheme that incentivises job creation in the manufacturing sector through the employment of first-time employees, the sector is poised to significantly boost job opportunities. This initiative, which provides incentives to both employees and employers based on their EPFO contributions for the first four years of employment, will encourage formal hiring and foster a more stable and productive workforce. As more manufacturing plants are being set up around Tier 2 and 3 cities, the youth in these regions are more likely to benefit from such initiatives. This approach will not only enhance job security but also drive growth and innovation within the manufacturing sector, ultimately contributing to a stronger economy."
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Jaskiran Arora, Dean- Education Quality, BML Munjal University, said, “The budget marks a pivotal moment for India's education sector, reflecting a robust commitment to enhancing opportunities for the youth. The allocation of Rs. 1.48 lakh crore for education, employment, and skilling underscores a strategic shift towards holistic development. The introduction of financial support for loans up to ₹10 lakhs for higher education, particularly for those excluded from existing government schemes, is a game-changer. The e-vouchers offering a 3% annual interest subvention for one lakh students will make higher education more accessible and affordable, potentially transforming countless futures."
Budget 2024 LIVE Updates: Reactions to FM's speech
Budget 2024 LIVE Updates: Kapil Makhija, MD & CEO of Unicommerce, said, "The government’s focus on building a digitally enabled India is evident in the measures announced during Budget 2024. Encouraging the country’s e-commerce sector by reducing TDS to 0.1% for e-commerce operators, supporting MSMEs by setting up e-commerce export hubs, leveraging the digital footprint of online enterprises to evaluate credit eligibility, elimination of equalization levy for supply for goods and services via e-commerce are notable changes that will support growth of India’s e-commerce sector."
Budget 2024 LIVE Updates: FM cuts import duties for gold and silver, industry reacts
Budget 2024 LIVE Updates: Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said, “We are delighted to learn about the significant reduction in import duties for Gold, Silver to 6%, and Platinum to 6.4%. This decision, which aligns with the industry's long-standing request, is expected to have a positive impact on the organization and growth of the industry. By lowering import duties, we anticipate an increase in gold consumption and a moderation in gold prices, which have recently reached record highs."
Mitesh Khimji, Director, Khimji Jewellers, said, “We express our sincere appreciation for the favourable decision made by the esteemed Prime Minister and the Finance Minister to reduce the import duty on Gold, Silver to 6% and Platinum to 6.4%. This advantageous move offers substantial relief to the gems and jewellery sector. It will further augment the industry's global competitiveness and effectively eradicate the parallel grey market”.
Budget 2024 LIVE Updates: ‘AI-ready workforce aligns well with Budget’s priorities'
Budget 2024 LIVE Updates: Puneet Chandok, President, Microsoft India & South Asia said, “The Union Budget and Economic Survey’s emphasis on technological innovation and digitization sets India on the fast track to becoming an ‘AI-first nation,’ opening new opportunities for collective and inclusive progress from commerce to communities. Leveraging a digitized economy and an AI-ready workforce aligns well with the budget’s priorities towards employment & skilling, innovation, research & development, and productivity & resilience in agriculture. With a diffusion rate surpassing that of any previous technology, India leads the world in AI skill penetration and talent concentration rates."
Budget 2024 LIVE Updates: Reactions on FM's speech
Budget 2024 LIVE Updates: Suchindra Kumar, Partner - Education, PwC India, said, “The focus of the budget for higher education is on building world class institutions – with the outlay increased from INR 1,300 crores to INR 1,800 crores in this year’s budget. The increase in teacher training mission budget coupled with a 25% increase in research funds and the increase in the budget for digital learning initiatives would improve the quality of education in the higher education system.”
Budget 2024 LIVE Updates: Reactions on FM's speech
Budget 2024 LIVE Updates: Akshay Munjal, Founder & CEO, Hero Vired, said, “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."
Budget 2024 LIVE Updates: Reactions on FM's speech
Budget 2024 LIVE Updates: Subburathinam P, Chief Strategy Officer, TeamLease Services Limited, said, “By introducing a scheme that incentivises job creation in the manufacturing sector through the employment of first-time employees, the sector is poised to significantly boost job opportunities. This initiative, which provides incentives to both employees and employers based on their EPFO contributions for the first four years of employment, will encourage formal hiring and foster a more stable and productive workforce.”
Budget 2024 LIVE Updates: Reactions on FM's speech
Budget 2024 LIVE Updates: Varun Sheth, Co-Founder, Ketto, said, "The focus on critical areas such as agriculture, employment, loans, and MSME support is commendable. Extending the PMGKAY and allocating substantial funds for women's and girls' schemes demonstrate a strong commitment to social progress. The reduction in custom duties on essential cancer drugs and the new employment-linked incentives are noteworthy initiatives. These steps pave the way for a progressive and inclusive future. We are optimistic about the positive changes these measures will bring."
Budget 2024 LIVE Updates: Reactions on FM's speech
Budget 2024 LIVE Updates: Subash Vasudevan, CBO and Co-founder, iBUS Networks, “Increased infrastructure investment is a welcome sign. Allocating ₹11,11,111 crore for capex, which is 3.4% of GDP, is a strong start. Every rupee invested in infrastructure can provide opportunities to further digitize it. This creates a ripple effect, attracting more investments and paving the way for a smart economy. It has the potential to generate three times the benefit and will also provide opportunities and benefits to startup ecosystems."
Budget 2024 LIVE Updates:- ‘Focus is on growth’
Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “The FM has secured a few critical aspects for the future readiness of the country in terms of strengthening the start-ups eco-system, focus on new age technology, space tech and encouraging clean tech. There was a significant focus on sectors like agriculture, infrastructure at large as well as developing skills and generating employment, which will have a positive compounding effect on the economy going forward. It lays the groundwork for a robust and sustainable economic growth with India remaining one of the bright spots in the global economic landscape."
Budget 2024 LIVE Updates: Reactions on FM's speech
Budget 2024 LIVE Updates: Rajan Pental, Executive Director, YES BANK, said, “The launch of the Credit Guarantee Scheme, which provides term loans up to ₹100 crore without requiring collateral, will notably reduce risk for banks and expand their lending opportunities, facilitating greater investment in essential machinery and equipment. The new credit assessment model, which leverages digital footprints, represents a transformative shift in evaluating MSME creditworthiness. This innovation will streamline the credit process and extend support to MSMEs that lack formal accounting systems, making credit access more inclusive and efficient. Additionally, the enhancement of Mudra loan limits to ₹20 lakh and the provision for continued credit support during periods of stress are designed to stabilize borrowers and reduce the likelihood of non-performing assets. These measures will help maintain operational continuity and foster growth.”
Budget 2024 LIVE Updates: 'Government's commitment to modernising India’s infrastructure seen'
Budget 2024 LIVE Updates: Neeraj Akhoury, President Cement Manufacturers Association (CMA), said, “Against the backdrop of global uncertainties and inflation, the Union Budget 2024-25 is transformative and forward looking with an eye on fiscal consolidation. The announcement of INR 11 lakh crore capital expenditure signifies the Government's commitment to modernising India’s infrastructure through various significant projects and allocations, which will undoubtedly drive demand for Cement and other building materials. These initiatives collectively illustrate the Budget's comprehensive and strategic approach to bolstering India's infrastructure across various sectors."