Top Industry Leaders' Take on Interim Budget Announcements



The Interim Budget-2024-25 presented by Finance Minister Nirmala Sitharaman has swayed the sentiments of top industry leaders who expressed mixed views with the government’s moves on the nation's financial roadmap. Top industry expert leaders’ viewpoints on the Budget 2024 highlights & announcements spark the necessity of taking thoughtful action to promote economic expansion, deal with sector-specific issues, and lead India into a vibrant and sustainable future. Common optimism reflects the expectation that the Union Budget 2024 will create the foundation for a robust and creative Indian economy and address pressing issues.

Abhinav Jain, Co-Founder & CEO, Almonds AI

"Government's forward-looking budget aligns remarkably well with the impetus required for the AI and technology sectors. The focus on digital infrastructure lays a robust foundation for innovation, and the commitment to skill development among youth mirrors the mission to empower the next generation with AI capabilities. The support for electric vehicles and clean energy initiatives resonates with the Green Loyalty Program, reinforcing belief in sustainable technological advancement. This budget not only catalyzes a tech-driven economy but also heralds a golden era for companies like ours at the intersection of AI and market technology. We are eager to contribute to this transformative journey and commend the government's vision for a tech-empowered, inclusive growth trajectory”.

Dinesh Arjun, Co-founder and CEO, Raptee Energy

“We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow, and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest. This will also break the ‘range anxiety,’ the biggest barrier to EV adoption in our country. The government's support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to innovate more deeply in the battery management segment and other technologies. Growth in EV charging infra will also generate employment opportunities for the youth as companies will be on the lookout for people with the technical know-how of running and maintaining charging infra".

Shiwang Suraj, Director & Founder of InfraMantra

“The budget's plan to build two crore more houses in the next five years is a big step to help low and middle-income people in India find homes. With a new program to help middle-class people own homes, we're seeing big changes in housing. These efforts show how important it is for everyone to have a home and how new ideas in the building can make our cities better places to live”.

Anant Jain, Head of Customer Success – India, GfK – An NIQ Company - 

"The 2024 outlook anticipates strategic purchases and aspirational upgrades, fueled by the young population and expanding middle class. Government innovation and purposeful investments will be pivotal for sustained success. Despite global uncertainties, India's consumer resilience, highlighted in the November’23 RBI Survey, points to positive economic prospects.

"According to the GfK Consumer Life Survey 2023, nearly half of urban Indian consumers express confidence in an improved personal economic situation in the near future."

Thus, the potential impact on the consumer tech and durables industry remains optimistic, leveraging India's dynamic demographics and economic opportunities''.

Sahil Chopra, Founder & CEO- iCubesWire

“The commitment to providing incentives and support in sunrise sectors is a significant leap forward in empowering startups and entrepreneurs across the nation. With the establishment of a substantial financial corpus for long-term, low-interest financing, startups will find a robust backbone for investing in research and innovation. Furthermore, the launch of a new scheme to promote deep-tech technologies, especially for defense and self-reliance, opens up vast avenues for startups to contribute to critical national interests."

Mayuresh Raut, Co-founder & Managing Partner, Seafund

"The scheme for deep tech in defense will help the government start addressing the Make in Bharat initiative through indigenous technologies in defense and unlock these technologies to other civilian uses. The solar rooftop schemes will be a big boost to not only meet our goals for clean energy but also set up India to start addressing the EV charging infrastructure that is currently holding back the wider adoption of EVs. Extension of tax benefits for sovereign wealth funds expiring on 31st March 23 to 31st March 25 is a good signal from the government to indicate that there will be a continuation of beneficial policies and friendly institutional investor policies."

Shreeranganath Kulkarni, Managing Director, InfoVision

“The introduction of a 1-lakh crore fund with a 50-year interest-free benefit for private sector research and development is a transformative step that promises to substantially boost our research and development initiatives that serve not only India but also the global market. It arrives at an opportune time, aligning with InfoVision's recognition in the Zinnov Zones for Engineering R&D and Digital Services 2023, particularly for our work in Data & AI Engineering. This financial support will undoubtedly speed up efforts to create top-tier innovations in India for the world”.

Alok Kashyap, Founder and CEO at Yatiken Software Solutions

"The allocation for EV infrastructure development is particularly noteworthy as it opens avenues for software development in EV systems, IoT integration, and data analytics. The 1-lakh crore corpus for long-term financing is another indispensable boon for the IT industry, fostering innovation and research. Moreover, the Skill India Mission’s initiatives and tax benefits for startups provide a robust foundation for skill development and entrepreneurial growth."

Chakravarthi C. - Managing Director - Quantum Energy

"While applauding the positive aspects of the interim budget, we note certain expectations that remain unmet. The imminent expiration of the FAME II subsidy program by March 2024 sparked hopes for its extension as it would have solidified support for the EV industry. Furthermore, a substantial reduction in GST on lithium-ion battery packs and cells, from 18 % to 5%, would have alleviated manufacturing costs, making EVs more competitively priced and boosting consumer adoption. The absence of a standardized policy for the battery-swapping market is also a missed opportunity. As we look forward to the full budget post-general elections, we hope these crucial aspects receive due consideration for the sustainable growth of the electric vehicle sector."

Sachin Panicker, Chief AI Officer, Fulcrum Digital

“The government's emphasis on GDP - Governance, Development, and Performance, lays a sturdy framework for sustainable growth. With a focus on empowering youth and fostering innovation, the budget outlines a roadmap for unprecedented development over the next five years. In addition, initiatives like the Skill India Mission, training, upskilling and reskilling 1.4 crore youth and establishing new educational institutions, reflect a commitment to human capital development and digital empowerment".

Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC

“The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to. The Honourable Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well. Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors”.

 Debashis Chatterjee, MD & CEO, LTI Mindtree

“The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India's future”.

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

“The government's steadfast commitment to increasing the cybersecurity budget from INR 400 crores to INR 750 crores within a year is a noteworthy development within the industry and promises to address cybersecurity threats that may endanger the rapidly digitizing nation. The intersection of democracy, demography, and diversity, encapsulated by the ideology of "Sabka Prayas," emerges as the key force that will unlock India's true potential in the technology sector. Other significant initiatives, such as the allocation of a substantial amount of Rs 1 lakh crore for tech startups and the strategic emphasis on deep-tech for defense, underscore the government's dedication towards realizing its Atmanirbhar Bharat vision”.