Budget Quote 2024 from Industry Experts

1. Anubhav Dubey, Co-founder and CEO, Chai Sutta Bar

The Finance Minister has announced the interim budget for the fiscal year 2024-25 and it has lot of things to talk about. First of all, the policy of preserving the prevailing rates for direct and indirect taxes serves stability, ensuring that firms have an environment they can predictably operate in. CSB is pleased with the tax relief provided to startups and IFSC units up to March 31, 2025. This consistency supports the development of favorable growth and innovation-friendly conditions for startup ecosystem.
This decision to withhold all outstanding direct tax demands under a certain limit provides relief to many taxpayers and proves the government’s attentiveness. CSB appreciates the government’s efforts to streamline tax processes with the reduction of processing return times, improving performance and speedy refunds.

2. Mr. Felix Kim, Co-founder & CEO, Redrob

As we reflect on the Interim Budget presented by Finance Minister Sitharaman, Redrob applauds the government’s commitment to economic growth and the vision for ‘Viksit Bharat.’ The withdrawal of outstanding direct tax demands up to Rs. 25,000 and the extension of tax exemptions for startups demonstrate a proactive approach towards taxpayer services and fostering innovation.
The emphasis on GST’s positive impact on trade and industry aligns with Redrob’s commitment to compliance. The stable tax rates and extended exemptions provide a conducive environment for startups and tech-driven enterprises. Redrob appreciates the government’s focus on proposing interest-free loans and long-term financing for technological advancements. Redrob looks forward to further details in the detailed roadmap presented in the full Budget in July, aiming for a prosperous and technologically advanced ‘Viksit Bharat.’

3. Ms. Kavita Sharma, Co-founder and CEO, Ziyyara Edutech

As the Co-Founder and CEO of Ziyyara Edutech, I firmly believe in the transformative power of education, aligning with the progressive strides outlined in the National Education Policy 2020. PM Schools for Rising India (PM SHRI) exemplify our commitment to quality teaching, fostering holistic individuals. With thirty crore Mudra Yojana loans empowering women entrepreneurs and a commendable twenty-eight per cent rise in female higher education enrolment, we witness the impact of these reforms. The Skill India Mission, training 1.4 crore youth and establishing numerous institutions, resonates with our mission of accessible and personalized online tutoring. At Ziyyara Edutech, we stand proud in contributing to the educational landscape that empowers and equips the youth for a brighter future.

4. Mr. Sourabh Bansal, Co-founder and Managing Director, Magicrete

With Finance Minister Sitharaman’s announcement that an additional 20 million houses will be taken up in the next five years and a scheme for housing middle class, there is a positive outlook for the construction industry. It is notable that the government puts emphasis on long-term economic growth and development. The withdrawal of standing direct tax demands and maintenance of tax rates reduce the burden on many construction business owners. The fact that interest-free loans are to continue and the commitment to bring down the Fiscal Deficit implies an exercise in good fiscal policies. The focus on affordable housing, rooftop solarization, and green energy is in sync with Magicrete’s emphasis on environment-friendly construction technologies. We anticipate a proactive role in fulfilling the mission of Viksit Bharat towards nation-building.

5. Mr. Vikas Kumar Mittal, Managing Director, Nova Formworks

We commend the government for its determination to ensure economic growth and the steered path the country has been placed on. The proposed intention to streamline tax processes and preserve ongoing stability in tax rates is a welcome move toward the manufacturing sector. Prolongation of tax exemption for startups and IFSC units until March 31, 2025, will ensure continuity and promote innovativeness. This focus on green manufacturing, which is geared toward e-vehicle and bio-manufacturing sectors, coincides with our sustainability goals. Nova Formworks thanks the efforts of the government’s initiative to develop improved performance logistics efficiency institutes through a corridor of railway programs. We hope to be a part of the creation of Viksit Bharat and to engage constructively with the Government’s vision for India as an advanced Nation.

6. Vaibhav Kaushik, Co-founder and CEO, Nawgati

We would like to applaud the efforts made by the government in ensuring steady economic growth and development highlighted in the Interim Budget. The decision to withdraw outstanding direct tax demands of up to Rs. 25,000 is a progressive step in addressing the worries of one crore taxpayers. We also appreciate the decision to keep the rate of taxes on direct and indirect for such as import duties constant as in keeping with convention. The tax concession given to start-ups and also with IFSC units up till 31st March 2025 which provides for exemption of income from investments made by sovereign wealth or pension funds is a strategic move. This visionary decision secures consistency and tackles the immediacy of impacts, laying a suitable ground for establishing businesses and attracting investors sustaining economic survivability. The interest-free loan allocation under the Mudra Yojna is a progressive step towards entrepreneurship and encouraging small businesses. We also praise the focus on green energy, with specific measures for the e-vehicle industry and bio-manufacturing. The announcement of viability gap funding for shore-wind energy projects and the promise to establish coal gasification and liquefaction capacity indicates that the government is committed to sustainable practices.

Read more:- Sowing the Seeds of Employment: Budget 2024’s Impact on Agri-Entrepreneurship

7. Geeta Arya, Founder and Principal Architect, Geeta Vaibhav Architects

We applaud Finance Minister Ms. Nirmala Sitharaman for proposing a budget that aims to showcase a vision for ‘Viksit Bharat’ or developed India. The track record of governance, development, and performance by the government is a notable element in every scheme and initiative mentioned in the budget. The concentration on how to empower the youth in the National Education Policy and Skill India Mission combined with a focus on inclusive development is praiseworthy.

It is a great measure by the Finance Minister that proposes the construction of housing scheme for the middle class to help deserving sections of this class who live in rented houses or slums to buy or build their homes and it should be applauded as an important step towards resolving the issues from housing. As professional architects, we understand the trend of such schemes towards the nation’s overall progress and people’s welfare.

8. Vaibhav Gupta, Co-founder and CPO, KlugKlug

“In this interim budget, the acknowledgment of the transformative impact wielded by new-age technologies and data on individuals and businesses resonates deeply with Klug Tech’s core values. The emphasis on fostering economic opportunities and ensuring affordable, high-quality services reflects a commitment to inclusivity, reaching even those at the ‘bottom of the pyramid. As innovators and entrepreneurs, we stand poised to contribute to India’s rising global potential through our cutting-edge solutions. This budget sets the stage for a future where innovation and entrepreneurship drive positive change, elevating India’s position on the global stage.”

9.Mr. Soumya Sarkar, Co-founder, Wealth Redefine (AMFI registered MFD)

The salient features of the interim budget 2024 include a CapEx target for FY25 rising by 11.1% to 11.1 lakh crore. Specifically, there is no change in direct or indirect taxes status quo. The FY25 physical deficit target is pegged at 5.1 percent of GDP; this represents a marginal decrease from that of FY24. The budget also allows highlighting pillars such as the poor, women, youth and farmers in an attempt to foster holistic growth. The forecast for the FY25 tax receipt stands around INR 26.02 lakh crore with monthly GST collection doubled to INR 1.66 lakh crore each month Among the many initiatives are tourism projects in islands, EV manufacturing support, and free 50 years loan on interests for tech-friendly youth. Asha and Aganbari employees also enjoy Ayushman Bharat coverage. The government promises to help middle-class housing, especially people living in rental houses, slums, and unrecognized colonies. The corridor of India-Middle East- Europe has been projected as a game changer for infrastructure and exports with the foresight of India becoming a developed economy by 2047.

10. Sanjeev Bhandari, Founder and CEO, AirBrick

We appreciate the government’s commitment to improving taxpayer services, as highlighted by the Finance Minister’s announcement. The proposal to withdraw outstanding direct tax demands up to Rs. 25,000 for years up to 2009-10 and Rs. 10,000 for the period from 2010 to 2015 is a welcome relief for 1 crore taxpayers. This step aligns with the government’s efforts to ease the burden on taxpayers and foster a more supportive financial environment. Furthermore, the decision to maintain the current tax rates for both direct and indirect taxes, including import duties, provides stability and predictability for businesses. The extension of tax exemptions for startups and IFSC units until March 31, 2025, is a strategic move to encourage continued growth and innovation in these sectors.

The announcement of interest-free loans with an outlay of Rs. 1.3 lakh crore for the next year is a noteworthy initiative. This scheme aims to provide financial support and stimulate economic activities. The government’s focus on fiscal discipline, with an estimated Fiscal Deficit of 5.1% of GDP in 2024-25, reflects a responsible approach to economic management. In the housing and construction sector, the announcement of a scheme to assist the middle class in buying or building houses is a significant step towards addressing housing challenges. Additionally, the focus on green energy, e-vehicles, and bio-manufacturing reflects a forward-looking approach.

Budget Quote 2024 from Industry Experts

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