The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman included several significant measures aimed at boosting the economy, supporting start-ups, and simplifying the tax system.

Sitharaman's Budget 2024 speech, at the same time, has drawn significant attention for its focus on the development of Bihar and Andhra Pradesh. This budget has become particularly notable due to the demands from BJP's key allies, JD (U) and TDP, highlighting the need for targeted development in these regions.

 

Here are the key highlights of the Union Budget 2024:

The government has proposed to abolish the angel tax, a move aimed at encouraging investments in start-ups. The angel tax had been a contentious issue, as it taxed the excess capital raised by start-ups over their fair market value, leading to considerable litigation and investor apprehension.

Sitharaman announced a “comprehensive review” of the Income Tax Act to make it more concise and easier to understand. This review aims to reduce litigation and improve tax compliance. The exercise is expected to be completed within six months.

The capital expenditure target has been kept unchanged from the interim budget at ₹11.11 lakh crore. This focus on capital expenditure is intended to drive infrastructure development and economic growth.

The fiscal deficit for the current year stands at 4.9% of GDP. The fiscal deficit represents the gap between the government’s total expenditure and its total revenue, excluding borrowings. It essentially indicates the amount of money the government needs to borrow from the market. The government aims to reduce the fiscal deficit to 4.5% of GDP by 2025-26.

The custom duty on mobile phones, accessories, and chargers has been reduced to 15%. This move is expected to make these products more affordable and boost the electronics manufacturing sector in India.

A substantial allocation of ₹1.52 lakh crore has been made for agriculture and allied sectors. This significant investment aims to support farmers and enhance agricultural productivity.

The government will provide financial support for loans up to ₹10 lakh for higher education in domestic institutions. This initiative aims to make higher education more accessible to students.

A new initiative will provide 12-month internship opportunities to 1 crore youth in the top 500 companies over a five-year period. Interns will receive an allowance of ₹5,000 per month and a one-time assistance of ₹6,000. Companies will bear the training cost and 12% of the internship cost.

Development Initiatives for Bihar:

·  Financial assistance will be arranged through aid from multilateral development agencies.

· The Vishnupad temple in Gaya and Mahabodhi temple in Bodhgaya will get corridors similar to the Kashi Vishwanath temple corridor.

· Rajgir and Nalanda will be developed as tourism hubs.

· The 'Purvodaya' plan will focus on the all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.

Development of Andhra Pradesh:

·  An allocation of ₹15,000 crore has been made for the development of Amravati as the capital of Andhra Pradesh. This funding is aimed at establishing necessary infrastructure and promoting economic growth in the region.

The govenment will provide assistance to Assam for flood management and related projects. It will also provide assistance to Himachal Pradesh, Uttarakhand and Sikkim suffered due to natural disaster. The government will provide Rs 11,500 crore to Bihar for flood mitigation.

REACTIONS FROM THE INDUSTRY

Dr. Jaijit Bhattacharya, President, Centre for Domestic Economy Policy Research 

This budget continues to focus on growth while ensuring support for vulnerable sections of society by strengthening the safety net and ensuring saturation of welfare measures. This maintains continuity from previous budgets and the vote on account. The fiscal headspace has provided the government a freer hand to increase investments into various infrastructure initiatives as well as climate.

Key initiatives in disaster management and agriculture. It is worthwhile to note the significantly increased investments into private sector job development as well as skill development through internships and other measures. It would be interesting to see if action has been taken on inverted duty structure on various products such as molybdenum oxide that is important for critical mineral downstream industry.  Overall, the budget is pragmatic and future looking while focussing on strengthening the safety net for the vulnerable sections

The Budget 2024 announcements reflect the government’s focus on boosting the start-up ecosystem, simplifying the tax regime, and maintaining fiscal discipline. These measures are expected to drive economic growth, attract investments, and improve the overall business environment in India.”

Arun Prakash, CEO and Founder of GUVI

“The Union Budget’s focus on upskilling Indian youth and higher education through financial packages and loans up to INR 10 lakh will have long-term benefits. The Prime Minister's Package, which includes five schemes with a budget of INR 2 lakh crore to boost employment and skills, will help India become a technology hub. This will not only benefit the EdTech industry, but also other sectors like IT by providing a steady flow of trained professionals. The center’s focus on promoting employment, upskilling, and supporting the middle class is a smart policy that will drive long-term success and position India as a leader in key sectors.”

Saunak Saha, Partner, Climate Change and Sustainability Services, EY India 

“The budget's focus on energy security and climate resilience is commendable. The PM Surya Ghar Muft Bijli Yojana, which aims to install rooftop solar panels on 1 crore homes and provide up to 300 units of free electricity per month, stands out as a significant initiative. Expanding the list of exempted capital goods for solar energy projects is crucial for accelerating the energy transition. Additionally, investments in nuclear research and development, along with climate finance for hard-to-abate industries, bolster this well-rounded strategy.”

Dr. Deepak Kumar Sahu, Editor-in-chief- VARINDIA

“In a boost for startups, Angel tax abolished, Union Minister Nirmala Sitharaman announces the abolishment of angel tax on investors in India, in a bid to boost startups. While the angel tax was first introduced in 2012 to deter the generation and use of unaccounted money through the subscription of shares of a closely held company at a value that is higher than the fair market value of the firm’s shares, its scope was widened even to non-resident investors from April 1, 2024 during last year’s Union Budget that saw strong opposition by startups.”

Arjun Prasad, Co-Founder and Chief Strategy Officer, QX Lab AI 

“The abolition of the angel tax for all classes of investment is a monumental step towards fostering a vibrant startup ecosystem in India. This move will boost the entrepreneurial spirit and drive innovation, giving startups greater access to essential capital., particularly in the AI sector, which is expected to be a game changer for businesses and economies.

Upgrading 1000 industry training institutes in a Hub and Spoke arrangement will bridge the skill gap and prepare youth for future jobs. The emphasis on women-led development and AI-driven upskilling for women highlights a commitment to gender equality and inclusive growth. Public investment in digital infrastructure and private sector innovation showcases the power of technology in enhancing access to essential services. Initiatives like the Jan Vishwas Bill and the Anusandhan National Research Fund, with a pool of Rs 1 lakh crore, will propel research, innovation, and ease of doing business.

We appreciate the government’s steadfastness in fostering the startup community. This futuristic approach will place India at the top of the generative AI list thus, promoting economic activities, embracing innovation, and fighting inequality through inclusivity.” 

Ravi Mittal, Founder & CEO - QuackQuack

“This 2024-25 Union Budget is highly influential to ensure long-term success in the startup ecosystem. By doing away with the Angel Tax, startups have been enabled to encourage a renewed business approach and enhance valuation. This will enable startups to undertake expansion initiatives without concerns about taxation, while also attracting increased funding from angel investors. Furthermore, the centre’s emphasis on upskilling will provide a viable pipeline of trained professionals for startups, ensuring long-term growth and scalability.

Raju Kumar, Partner and Energy Tax Leader, EY India

“The Union Budget presents a transformative vision for India's energy sector, emphasizing a robust push towards new energy. While the Finance Minister highlighted the impressive response garnered by rooftop solar plants policy announced as part of interim budget, commitment to research and development of small and modular nuclear reactors underscores the government's foresight in diversifying the energy portfolio and reducing carbon emissions. Effective implementation could position India as a leader in next-generation nuclear technologies, fostering private sector collaborations and boosting high-tech manufacturing. The introduction of a Pumped Storage Policy is pivotal for addressing renewable energy variability, ensuring grid stability, and integrating renewables into the broader energy framework. The transition from ‘energy efficiency’ to ‘emission targets’ for hard-to-abate industries is commendable and crucial for achieving the government’s long-term goal of Net Zero emissions by 2070. However, the absence of announcements on FAME III for EVs and the Green Hydrogen Mission suggests the industry must wait for updates in these key areas. Despite this, support for Advanced Ultra Super Critical (AUSC) thermal plants, customs duty exemptions for solar capital goods, and financial aid for small industries to adopt cleaner energy highlight that new energy takes the centre stage and is at the heart of government’s agenda of Viksit Bharat.”

Debashis Chatterjee, CEO and Managing Director, LTIMindtree

“The Union Budget 2024 – 25 is a significant step towards realizing the vision of a Viksit Bharat. The government’s comprehensive approach, encompassing skilling, infrastructure development, and digital transformation, is truly commendable. The budget's emphasis on fostering a skilled workforce through initiatives such as the comprehensive internship program is particularly noteworthy. At LTIMindtree, we are deeply committed to nurturing talent and driving technological innovation. By equipping young talent with practical experience, these initiatives will fully empower them to make substantial contributions to the nation’s progress.

Moreover, the specific focus on enhancing women's participation in the workforce through the establishment of working women hostels, creches, and women-specific skilling programs is a progressive step. These initiatives will not only empower women but also contribute significantly to the socio-economic development of the country.

We view this year’s budget as a catalyst for accelerating our growth trajectory and contributing to India’s digital transformation journey. Our focus on emerging technologies and domain expertise seamlessly aligns with the government's vision to create a knowledge-based economy.

We are excited about the opportunities presented by the budget and are confident in our ability to play a central role in shaping a 'Viksit Bharat'. We look forward to collaborating with the government, academia, industry, and other stakeholders to foster a sustainable and inclusive growth ecosystem."

 Venkatraman Narayanan, MD & CFO of Happiest Minds Technologies 

"The Union Budget's emphasis on employment, skilling, and digital infrastructure marks a transformative moment for the IT and ITES sectors. The allocation of Rs 1.48 lakh crore for these categories, coupled with the PM Package comprising five key schemes, underscores the government's commitment to building and nurturing a skilled workforce, which is indispensable for our industry. The revised skill loan scheme and the comprehensive internship program will provide young talent with invaluable exposure and opportunities, creating a pipeline of skilled professionals.

A noteworthy highlight is the focus on enhancing women's participation in the workforce through the establishment of working women hostels, creches, and women-specific skilling programs. These initiatives will empower women, enabling them to contribute significantly to the socio-economic development of the country. Ensuring that women have the support and opportunities they need to thrive in their careers is essential for building an inclusive and prosperous society.

The focus on digital public infrastructure and innovation by the private sector is a welcome move, poised to enhance productivity and create new business opportunities. The allocation of over Rs 11 lakh crore for infrastructure development, along with supporting policies to promote private investment, will significantly bolster the growth of both digital and physical infrastructure, driving holistic economic progress.

Furthermore, the establishment of the Anusandhan National Research Fund and incentives for R&D will accelerate technological advancements, fostering a culture of innovation. The reduction in corporate tax rates further enhances the competitiveness of Indian companies on the global stage."

Arundhati Bhattacharya Chairperson & CEO, Salesforce India, on the Union Budget said,

“The Budget 2024-25 presented was a balanced one, with a distinct focus on women, youth and job creation, emphasising the sustained efforts to generate ample opportunities for all. As the honourable Finance Minister mentioned, India's economic growth continues to be the shining exception despite global uncertainties and will remain so in years ahead. Initiatives towards skilling, boosting the participation of women in the workforce, driving the use of technology in agriculture and supporting SMEs that are the greatest employment generators are particularly notable. These measures provide the much-needed fuel to drive India’s economic growth.

The provision of Rs 1.48 lakh crore this year made for education, employment, and skilling is commendable. In addition, employment-linked skills are expected to benefit 2.1 lakh youths, particularly first-time job seekers. The proposed revision of the Model Skill Loan Scheme is also expected to help 25,000 students every year. Enhancing the Mudra loan amount to ₹ 20 lakh is a step in the right direction. Developing a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria and will help cover MSMEs without a formal accounting system to access the same and drive true financial inclusion. It is also encouraging to note the intent to drive participation of women in the workforce. This has been backed up by provisions to set up hostels, establishing creches creating partnerships to organize women-specific skilling programs. A focus on geriatric care would have helped create more well-rounded benefits as women often need to drop out of the workforce in the absence of any infrastructural support for the same.

The depth of talent in India is well-recognised. To capitalise on this, incentives encouraging ease of doing business while exploring ways in which IT can be used for further formal job creation, such as improving citizen services, will address the needs of our large population resulting in improving standards of living and ensuring better targeting of subsidies.

Sabyasachi Goswami, CEO, Perfios 

“We welcome the decision taken by the new government to abolish the Angel Tax which had been levying a heavy 30.9% charge on investors and had been a contentious issue for the sector. The abolition of the tax will stride and strengthen the entrepreneurial spirit in the nation by enabling more and more investors to support startups, and thereby drive economic and technological growth of the nation. I am confident with decisions like these, India is on the right path of becoming a ‘Viksit Bharat’ by 2047."

Sachin Panicker, Chief AI Officer, Fulcrum Digital

“We are pleased with the Union Budget 2024's focus on digitalization and data governance. The substantial investment in digital infrastructure and encouraging private sector involvement presents exciting opportunities. At Fulcrum Digital, we are committed to leveraging our expertise in AI and emerging technologies to support these initiatives.

The emphasis on improving data collection, processing, and governance aligns perfectly with our commitment to helping businesses make more informed decisions. Our work across various industries, including financial services, insurance, and education, positions us well to contribute to these efforts. By utilizing sectoral databases under the Digital India mission, we aim to enhance access to resources and services for everyone.

We also applaud the government's initiative to set up working women hostels and the allocation of over Rs 3 lakh crore for schemes benefiting women and girls. This is a notable step towards promoting gender diversity and inclusion, as these efforts are crucial in creating a more diverse industry.

The budget's focus on easing business operations and incentivizing states for business reforms is a welcome move. We look forward to playing a part in driving innovation and efficiency, helping India move towards a more digital and data-driven future.”

Sunil Sharma, Vice President-Sales, Sophos India & SAARC

“One of the biggest challenges that organisations face from a cybersecurity perspective is skilling of resources. It is reassuring to see the Government’s commitment to developing a skilled workforce with a provision of Rs 1.48 lakh crore been made for education, employment, and skilling. With this, we are confident that we will be able to create a pool of talented resources that can address India’s growing cybersecurity challenges.

At the same time the Union Budget 2024 emphasized stepping up of adoption of technology towards digitalization of the economy. Having the right talent, to be able to support this vision, will be critical to enabling the Government to achieve its goal of ViksitBharat @2047.

Additionally, the Government has also taken a positive step towards increasing the presence of women in the workforce. Through their various initiatives, we are hopeful of seeing a reimagined industry, one driven by diversity and inclusion.”

Arun Balasubramanian, VP & MD, India & South Asia, UiPath

“Empowering youth with essential skills is crucial for bridging the gap between academia and industry. The new initiative to skill 20 lakh youth in the next 5 years and expanded Model Skill Loan Scheme coverage brings us closer to bridging this gap. Moreover, the three ‘Employment Linked Incentive’ schemes will empower the youth to apply their skills in meaningful careers. Initiatives aimed at improving employment and skilling opportunities for women will further enhance equality and promote women-led development across sectors.

Creating Digital Public Infrastructure (DPI) Applications for large populations will unlock significant productivity gains, business opportunities, and innovation, helping to boost private sector growth. At UiPath, we look forward to integrating our automation solutions to enhance efficiency and drive a tech-focused future for India."

Dr. Ajai Chowdhry, Co-Founder HCL, Founder & Chairman, EPIC Foundation and Chairman-Mission Governing Board, National Quantum Mission

"The new budget is a game-changer! Significant impetus has been provided by the government to further strengthen the start-up ecosystem. Happy to see support for Space Tech and a generous ₹1 Lakh Crore allocation for R&D in the private sector. The support for small nuclear reactors is commendable; moreover, the abolishing of the Angel Tax will go a long way in bringing greater investments, making it a big win for startups. Similarly, there’s great support for MSMEs and an impressive job-linked incentive scheme. The focus on Ease of Doing Business and the introduction of plug-and-play manufacturing infrastructure under PPP, along with worker dormitories, is a well-rounded approach to foster growth and innovation."

Ankur Jain, Co-founder, Jivi

“This is a much-needed shot in the arm for Indian startups, especially those innovating in frontier technologies such as Artificial Intelligence (AI). Abolishing Angel Tax for all classes of investors will spur investment and help companies scale faster. India is on the cusp of a massive opportunity to lead the world in AI innovation and deployment, and easier access to capital is a welcome development.”

Bipin Preet Singh, Co-founder and CEO, MobiKwik

"India’s visionary Budget 2024 has resonated positively with the masses, focusing on employment, skilling, and MSMEs, thereby laying a strong foundation for the next five years. By introducing a new credit guarantee scheme to offer term loans to MSMEs and raising MUDRA loan limits, the budget aims to support and strengthen the MSME ecosystem. Additionally, eliminating the angel tax will help build a healthier startup ecosystem with higher access to capital and a lesser burden on investors. The long-term capital gains tax (LTCG) scheme, with its increased exemption limit to Rs 1.25 lakh, will offer investors the opportunity to earn higher tax-free gains, promoting greater investment participation and enhancing overall tax efficiency. With this move, the startup industry will witness more innovation and development across different sectors, showcasing India as a global powerhouse in the startup ecosystem. Furthermore, the government’s emphasis on youth with job creation and skilling programs will boost India’s economic growth. Overall, the union budget underscores a strategic approach towards long-term economic resilience and innovation."

Deepak Visweswaraiah, vice president, platform engineering and site managing director, Pegasystems

“With an emphasis on welfare for the youth, women, and farmers reflecting a holistic approach to societal progress, this budget isn't just about numbers, it’s about people and their potential that sets the stage for a very positive development.

Designed to drive productivity and build resilience in inclusive human resource development, social justice, and advancements in innovation, next-generation reforms, and R&D among other key economic pillars, the budget does lay a robust foundation for India's sustainable growth and development. Coupled with heavy investments in public digital infrastructure with private players, it has aimed to ensure a brighter future for all segments of society.

The new ₹3 lakh crore scheme and ₹10 lakh loans for higher education, along with plans to skill 20 lakh young Indians and provide internships to one crore youth, highlight India's dedication to talent development and diversity. This budgetary initiative is set to put India on the global map as a leader in youth skill development and workforce excellence, creating an excellent pathway to vision 2047.”

Kannav Thukral, Managing Director, BlackZone Mobiles

“Finance Minister Nirmala Sitharaman’s budget is a game changer for the mobile industry and the MSME segment under the ‘Made in India’ initiative. The reduction of Basic Customs Duty (BCD) on mobile phones and chargers to 15% is a significant step that will lower production costs, making Indian-made mobile devices more competitive. This move will enable the industry to reach a broader audience, and the reduced taxes will lead to higher profits and increased production. Additionally, the enhanced credit guarantee scheme and the facilitation of term loans for machinery purchases are set to invigorate the manufacturing sector. The tailored package for technology support and the new bank credit mechanism will significantly enhance digital capabilities and financial stability for new businesses and investments. By unlocking working capital and expanding the Mudra loan to 20 lakh, the government is empowering manufacturers to scale up operations without the burden of collateral. These measures will not only drive growth but also reinforce India’s position as a global manufacturing hub for mobile devices.”

Avneet Singh Marwah, CEO, Super Plastronics Pvt Ltd, a Kodak brand Licensee

"I commend the forward-looking measures introduced in Union Budget 2024, especially the revised tax structure and increased standard deduction, aimed at boosting consumer spending and nurturing economic growth. The allocation of an additional 3 crore houses under PM Awas Yojana will provide a significant boost to the market for large consumer durables. The proactive efforts of the government to enhance ease of doing business in the manufacturing sector are evident and commendable. The introduction of new employment incentives across manufacturing and other sectors will not only spur workforce expansion but also bolster the Make in India initiative, complementing existing PLI schemes. However, there was an expectation within the industry for more aggressive measures aimed at increasing disposable income to further stimulate consumer spending."

Su Piow Ko, CEO, AET Displays

"The Union Budget 2024-25 provides significant support to the manufacturing sector, particularly through its focus on MSME clusters. The introduction of easy financing and credit guarantee schemes, along with the facilitation of collateral-free term loans for the purchase of machinery and equipment, will greatly enhance the manufacturers and suppliers network. These measures act as catalysts for the entire supply chain, driving growth and innovation. Additionally, the budget’s emphasis on employment in the manufacturing sector addresses a longstanding challenge, creating new opportunities and fostering a more robust workforce. For manufacturers like us, this budget is truly a blessing, offering the much-needed support to propel our industry forward."

Uma Shankar Patro, Senior VP - Finance, InfoVision

"InfoVision applauds the government’s commitment to advancing innovation and digital transformation with the allocation of 5% of the Universal Services Obligation Fund towards telecommunications technology R&D. The renaming of this fund to Digital Bharat Nidhi highlights the critical role of a digital-first strategy in driving economic growth. We are particularly encouraged by the introduction of the Jan Vishwas Bill 2.0 and the incentives for states to adopt Business Reforms Action Plans and embrace digitalization. These initiatives are set to significantly enhance the ease of doing business and will have a profound positive impact on the IT sector, further strengthening India's digital economy. InfoVision fully supports these progressive measures and remains dedicated to contributing to and benefiting from these transformative efforts."

Krishna Bansal, MD & CEO, Q1 Technologies

“As India progresses on its development path, we appreciate the forward-thinking approach reflected in the Union Budget 2024. With a focus on digital infrastructure and technological innovation, the budget completely aligns with Q1 Tech’s mission to provide secure and efficient IT solutions and services. The focus on cybersecurity and digital literacy will empower businesses to operate more efficiently, fostering a growing economy.

We are optimistic about the initiatives highlighted and are working towards addressing the immediate economic challenges while laying a strong foundation for long-term growth. With the strength of IT and digitization, we aim to leverage these opportunities as much as possible and propel the nation toward a technologically advanced economic landscape.”

Rajesh Doshi, Co-founder & Director - Zebronics

"The Union Budget 2024-25, announced by Finance Minister Nirmala Sitharaman, presents a robust vision for various sectors' enhancement. The new tax regime reforms benefit law-abiding taxpayers. Job creation schemes are proposed across segments, particularly manufacturing, to drive "Vikasit Bharat."  Support for MSMEs and manufacturing includes long-term loans for machinery, credit guarantees, and establishing electronic manufacturing clusters, enhancing global competitiveness. Skill development initiatives introduce new courses, revise loans, and develop National Industrial Corridors to connect top companies with CSR funds, aiming to benefit over 1 crore youth in the next five years. The reduction of Basic Customs Duty on mobiles and accessories and PCDA is a strategic move to support these industries. Overall, steps to ease trade, reform manufacturing, and support the start-up ecosystem are vital. Reforms in solar, energy, agriculture, and education are crucial for holistic national development. Notably, the commitment to enhance the inclusion of more women in the workforce by formulation of skill development programs and encouragement of more women entrepreneurs reflects the virtue of them being amongst the decision makers in the future."

Sarvagya Mishra, Co-founder & Director at Superbot

"Superbot praises the government's commitment to driving innovation and digital transformation by allocating 5% of the Universal Services Obligation Fund to telecoms technology R&D. The rebranding of this fund to Digital Bharat Nidhi emphasizes the importance of a digital-first strategy in generating economic growth. We are very delighted by the Jan Vishwas Bill 2.0 and the incentives for governments to implement Business Reform Action Plans and embrace digitization. These steps are expected to greatly improve the ease of doing business and have a profound positive influence on the IT sector, hence improving India's digital economy. Superbot wholeheartedly supports these progressive policies and is committed to participating in and benefiting from these revolutionary efforts. Angel Tax abolishment will also attract the right set of investors to boost digitization in the growing tech startups."

Ashok Chandak, President, IESA

“IESA welcomes the budget's strong focus on manufacturing, job creation, MSME support, women's employment and rationalisation of customs duty. The initiatives mentioned are expected to act as catalysts for creating a new workforce in the thriving semiconductor and electronics sector which is facing an acute shortage of relevant skills. Additionally, allocating 1 lakh crore for research, removal of Angel tax, and support for prototypes will bolster local R&D, product innovation, and the startup ecosystem. However, caution is warranted regarding China's FDI in this strategically vital sector. Any move to relax FDI norms for China in electronics and semiconductors could potentially stifle the emerging electronics components industry and have long-term implications for the telecom, defence, and aerospace sectors which are crucial for India’s security. IESA is working with MeitY on the new National Policy on Electronics and hope some of the measures for product development in the Electronics and Semiconductors verticals. Increased support toward enhancing local value addition and PLI for electronic components would get covered.”

Anuraag Saxena, CEO - E-Gaming Federation

“The Budget 2025's strong emphasis on youth empowerment, job creation, and employment-linked skilling is optimistic. Over the next five years, the Hon'ble FM has devised a plan to provide employment possibilities for almost 4.1 crore youth. The allocation of Rs 1.48 lakh crore for employment and education to skill 20 lakh youth over five years is another noteworthy milestone. Jobs are the primary driver of economic growth, and putting new initiatives and allocations into practice would not only improve the employment situation but also have a significant impact on developing a trained labor force for all industries, including the online skill gaming. The sunrise industry has consistently played a pivotal role in providing opportunities to Bharat’s talented young individuals. We welcome today's budget as a positive development. The online gaming industry is excited to partner with the government towards a Viksit Bharat by becoming a center for global gaming innovation.”

Col. Gopal Karunakaran (Retd.), CEO, Shiv Nadar School

“The Union Budget 2024 promises to enhance opportunities for our youth and foster inclusive growth significantly. With an allocation of Rs 1.48 lakh crores this year for education, employment, and skilling, the government has reaffirmed its commitment to building a future-ready workforce. The provision of skilling loans that benefit students aligns perfectly with the country's mission to equip our students with the necessary skills to thrive in an increasingly competitive job market. These initiatives will undoubtedly create a robust framework for skill development and employment generation, essential for our nation's economic progress. Furthermore, the initiative to establish working women hostels and crèches will encourage greater participation of women in the workforce, thereby enhancing workforce diversity.

In summary, the Union Budget 2024 is a progressive and inclusive blueprint for the nation's future, dedicated to empowering our youth, fostering a diverse workforce, and driving sustainable economic growth.”

Muralikrishnan B, President - Xiaomi India

"We welcome the Budget 2024 announcement to reduce BCD on mobile phones, PCBA and chargers, while simultaneously extending exemptions on inputs/raw materials for smartphone manufacturing, capital goods, and inputs for capital goods in the electronics industry. At Xiaomi India, we have been manufacturing nearly 100% of our smartphones locally with a strong emphasis on sourcing components like PCBA, charging cables, camera modules, and mechanics, among others. Today's announcement will help further strengthen the domestic electronics manufacturing ecosystem.

The proposal for a comprehensive review of the tariff rate structure is another positive step that will further strengthen the industry.

We appreciate the government’s emphasis on increasing women's participation in the workforce and the employment-linked incentives for first-time employees. With these progressive steps, we anticipate a surge in consumer spending, including increased demand for smartphones."