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
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.”
“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.”
“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.”
“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.”
“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.
“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.”
“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."
"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.
“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.”
"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."
“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.”
“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.”
"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."
"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."
“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.”
"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."
"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."
“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.”
“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.”
"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."
"Employment and skilling are important pillars of a growing economy. The government's sustained focus on prioritizing skilling and employment is a commendable step towards enhancing human capital and creating job opportunities for the youth. In today's rapidly evolving world, skill development is critical, and the government's commitment to training 20 lakh young people over the next five years will help them in the job market and foster job creation nationwide, beyond the Tier-1 cities. This initiative aligns with the industry's increasing demand for a workforce equipped with contemporary skills. Further, the expansion of skill development programs to Tier-2 and Tier-3 cities resonates with the government's vision of 'Vikshit Bharat 2047'. These cities are emerging as talent hubs and will contribute to long-term growth and the creation of local employment opportunities. It will also strengthen the pace of infrastructure development and scale the R&D initiatives in the country.”
“We applaud the Hon’ble Finance Minister for abolishing the Angel Tax in the Union Budget presented today. The removal of this tax, which had raised major concerns among foreign investors regarding startup investments in the country, has been a long-standing demand of the startup ecosystem. This announcement provides much-needed relief and paves the way for further growth in this burgeoning sector. Additionally, the introduction of the credit guarantee scheme for MSMEs, the self-financing guarantee fund with a guarantee cover up to ₹100 crore, and the increase in the limit of Mudra loans to ₹20 lakh from the current ₹10 lakh are crucial supportive measures. These initiatives will significantly help entrepreneurs by easing access to finance, fostering innovation, and driving economic growth. We are optimistic that these steps will create a more conducive environment for startups and MSMEs to thrive.”
Sudhir Kunder, Chief Business Officer, DE-CIX India
“In the realm of fiscal policy, the Union Budget 2024-25 underscores the importance of public investment in digital infrastructure and catalysing innovation in the private sector. The government's steadfast commitment to improving access to market resources, education, healthcare, and services through digital transformation exemplifies its dedication to fostering an inclusive digital economy.
The initiatives to improve data governance and productivity, particularly through the establishment of sectoral databases and incentivising reforms across land, labour, capital, and entrepreneurship, are pivotal steps towards bridging inequality and boosting total factor productivity. The establishment of three centers of excellence for Artificial Intelligence and the announcement of 100 labs in engineering institutions for 5G application development are significant strides in positioning India as a global technology leader. These efforts will undoubtedly catalyse innovation and prepare our youth for the future tech landscape.
However, it is crucial to recognise the pivotal role of data centers in our digital economy. While the budget addresses many vital areas, I believe an emphasis on tax incentives for data center investments would have been a welcome inclusion. Such incentives are essential to fortify our digital infrastructure and ensure sustained growth and resilience in our digital transformation journey.
Overall, the budget lays a strong foundation for a digitally empowered India, and I look forward to collaborating with various stakeholders in this ecosystem to realise these ambitious goals.”
"We applaud the government's special emphasis on skilling, research and innovation, complementing the 'Viksit Bharat 2047' vision, in the Union Budget 2024-25. The Budget's commitment to skilling 20 lakh youth over the next five years through centrally sponsored schemes and the provision of skilling loans will pave the way for cultivating a strong and future-ready workforce. These measures will create pathways for youth to gain essential skills, enhancing employability. We also welcome the focus towards inclusive and holistic growth through a number of other announcements including employment-linked skilling schemes, internship opportunities to students in 500 top companies as well as the allocation of over ₹3 lakh crore to advance women's roles.
Another key aspect of the budget is the establishment of the Powering Innovation, R&D Anusandhan National Research Fund. This will indeed provide a boost to private sector-driven research and innovation leading to development of cutting-edge technologies in the country. We commend these visionary steps and are committed to supporting India in nurturing a highly skilled workforce and deep-tech innovations by leveraging our local and global expertise and experience."
“The Union Budget 2024–25 has taken a substantial leap towards positioning India as a global technology and manufacturing hub. With a keen focus on semiconductor and electronics industries, the announcements are in sync with Analog Device’s vision for India. We, at Analog Devices, aim to focus more on R&D initiatives to propel India’s growth towards technological development and manufacturing prowess.
While the government has launched these initiatives aimed at providing a conducive ecosystem for economic and technological development, we play our part in upskilling our workforce, contributing towards the government's goal of a trained workforce. We are optimistic about India’s future and all geared up to make our contribution towards this historical momentum.”
“I wholeheartedly congratulate the government on presenting a visionary and forward-looking budget. The comprehensive focus on MSMEs, technology innovation, and skilling programs reflects a deep understanding of the current and future needs of our nation. The last ten years, we focused on building infrastructure and ensuring last mile connectivity. The next ten have to be about improving access, skilling and supporting small businesses. The public investment in DPI and incentivizing states to digitalize mark significant strides towards becoming a knowledge economy and ushering in India’s techade. Additionally, the improved data governance measures and easing of Safe Harbor and transfer pricing assessments will enhance ease of doing business, fostering a robust ecosystem for innovation and growth.
We particularly commend the focus on women, youth, farmers, and the underprivileged, aligning with our mission to leverage technology for inclusive development and making it a force for good. This budget not only addresses immediate economic challenges but also sets a strong foundation for sustainable development, making India a global leader in technology and digital transformation. We at InMobi, are truly excited about the opportunities this budget presents and are committed to leveraging these initiatives and supporting the government to drive growth, innovation, and inclusive development leaving the planet better than we found it.”
A. Gururaj, Managing Director, Optiemus Electronics Ltd.
"We welcome the initiatives announced in the Union Budget. The significant emphasis on manufacturing is heart warming and much needed for the growth of the economy. With the substantial expansion of the electronics manufacturing industry, the demand for a skilled workforce has become paramount. The announcement of various skilling initiatives and the scheme to incentivize additional employment in the manufacturing sector, particularly for first-time employees, will provide essential support to industries reliant on skilled workforce, especially in electronics. Furthermore, the proposal to reduce the Basic Customs Duty on mobile phones, mobile PCBA, and mobile chargers to 15% is a positive step. The measures laid out to support the MSME industries are particularly welcome to create a much needed supplier base for electronics within India. These measures collectively send out a strong message on the manufacturing sector and related eco system in India."
Pramod Sharda, CEO of IceWarp India and the Middle East
"The Union Budget 2024 reflects a visionary approach towards strengthening India's position as a global leader in the IT industry. The government's continued investment in digital infrastructure, particularly through initiatives aimed at enhancing cybersecurity and fostering innovation, is commendable. These measures will undoubtedly propel the Indian IT sector to new heights, encouraging technological advancements and creating a conducive environment for startups and established enterprises alike.
Moreover, the focus on skill development and research in emerging technologies such as AI, machine learning, and Blockchain will equip our workforce with the necessary tools to compete on a global scale. The allocation of funds for expanding internet connectivity in rural and remote areas is a significant step towards bridging the digital divide, ensuring inclusive growth and opportunities for all.
At IceWarp, we are excited about the prospects this budget brings. The emphasis on creating a robust digital ecosystem aligns perfectly with our mission to deliver comprehensive, secure, and innovative communication solutions. We look forward to leveraging these opportunities to contribute to India's digital transformation journey and drive sustained growth in the IT sector."
Sudhindra Holla, Director, Axis Communications, India & SAARC, Axis Communications
"The 'Viksit Bharat' Budget 2024 charts an ambitious course for India's future. The government's strong focus on the 9 pillars of growth, especially, Manufacturing, Urban Development, Energy Security and Infrastructure will accelerate the creation of new opportunities for the nation's growth.
The substantial investment planned for the tourism sector could significantly boost our international tourism and, in turn, our economy. Also, the budget allocation for transport infrastructure showcases the groundwork for accelerated economic development and better connectivity across India. For the safety and surveillance industry this indicates an increased responsibility of making the tourism and transportation industry robust and safe."
Vishak Raman, VP of Sales, India, SAARC, SEA & ANZ - Fortinet
“The Union Budget 2024 is a push towards a holistic growth of India’s macroeconomics from the grassroot level. The key focus on productivity and resilience in agriculture will indirectly open up rural and non-metro markets with increased spending and consumption.
Investment in skilling 20 Lakh youth over five years will bridge the skill gap that digital transformation has created across industries. Fortinet has also pledged to reduce the skill gap in cybersecurity and is offering free certifications to students in India.
Incentives for MSME, manufacturing and energy sector will see increased digitalization with growth of industry 4.0 and smart manufacturing. Fortinet aligns with this vision by providing advanced cybersecurity solutions that protect critical infrastructures and rugged OT environments. Overall, the budgets focus on Youth, Women, and Farmers is a significant step towards ‘Viksit Bharat’.”
"The budget highlights a significant commitment to enhancing women's participation in the workforce and promoting women-led development. The establishment of working women hostels and creches, along with tailored skilling programs, will provide essential support for women balancing professional and personal responsibilities. Additionally, initiatives to improve market access for women SHG enterprises and strengthen schemes like PM Vishwakarma and Stand-Up India are crucial steps for promoting women's entrepreneurship. As a woman and an industry leader, I am encouraged by the substantial allocation of over ₹3 lakh crore for schemes benefiting women and girls. These measures are pivotal for driving economic growth, achieving social justice, and building a more inclusive and equitable workforce."
"We welcome the Union Budget 2024 presented by the Finance Minister. The simplified tax structure and GST reforms show a strong commitment to ease of business, which is vital for us. The budget's focus on employment, skill development, including programs for women, and promoting women-led initiatives highlights a commitment to diversity and economic participation.
The emphasis on developing DPI applications promises significant productivity gains and business opportunities across various sectors like credit, e-commerce, education, health, law and justice, logistics, MSMEs, and urban governance. This initiative is set to drive innovation in the private sector, reinforcing our commitment to advancing digital transformation and contributing to India's technological growth."
“With the Interim Union Budget 2024, the government has reinforced its commitment to fostering technological innovation, with a significant emphasis on AI. The substantial allocation of ₹1 lakh crore to finance technology research is helping bolster the deep tech ecosystem and drive innovation, strengthening India’s position as a global technology leader. Additionally, the government’s investment of ₹10,000 crores in the IndiaAI Mission demonstrates a strategic focus on long-term economic growth and technological advancement in India.
"Building on that progress, we welcome the budget for FY 2024-25 and the recent allocation of ₹1.48 lac crore towards education, employment, and skilling. At Elastic, we are committed to empowering Indian businesses with Search AI, helping them find the answers they need in real time, using all their data, at scale. We look forward to partnering with the government to shape a secure and digital future for India.”
“At Dassault Systèmes, we welcome the government’s forward-looking initiatives outlined in today’s Union Budget for the infrastructure sector. Recognized as one of the nine key budget priorities for achieving Viksit Bharat, the infrastructure sector is poised for significant growth.
The government’s allocation of ₹11,11,111 crore (3.4% of GDP) for capital expenditure is set to advance the globalization of Indian infrastructure. Additionally, the provision of ₹1.5 lakh crore in long-term interest-free loans for state governments will bolster state-level infrastructure investments.
These initiatives align perfectly with Dassault Systèmes' mission to transform the infrastructure sector through cutting-edge technology such as virtual twins. We are eager to support and collaborate with all the key players in driving these transformative efforts.”
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
“The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, highlights digital infrastructure as a key driver of economic development. The substantial allocation of over 11 lakh crore rupees for infrastructure development and the support for private sector investments signal a strong commitment to advancing India’s digital capabilities. NetApp's objective of advancing intelligent data infrastructure closely aligns with this focus on digital infrastructure.
At NetApp, we recognise that effective digital infrastructure is essential for enhancing productivity, creating business opportunities, and fostering innovation. The Budget’s emphasis on improving data governance, including better data collection, processing, and management through sectoral databases and technology tools, supports our goals. By utilising AI and observability, we are committed to advancing these initiatives and improving data management, cyber resilience, and data governance. Additionally, the government’s significant provision of Rs 1.48 lakh crore for education, employment, and skilling will be instrumental in developing a workforce equipped to harness these advancements effectively.
The government's focus on promoting women’s participation in the workforce through the establishment of working women hostels and the allocation of over Rs 3 lakh crore for schemes benefiting women and girls is commendable. These initiatives will enhance diversity and inclusivity in the tech sector, fostering a more balanced and innovative workforce that drives industry growth and progress.”
Lt. Gen. Dr. S.P. Kochhar, Director General, COAI
"COAI has always worked closely with the Government towards raising the level of telecom connectivity in the country and appreciates the Government’s rich initiatives and prudent steps undertaken in this regard. For the Budget 2024-25 though, our long-standing demands remain unaddressed, and we will continue to work with the Government for the same.
The telecom sector maintains that the Universal Service Obligation Fund (USOF) levy be abolished/suspended considering the huge unutilized corpus in the USO Fund to the tune of nearly Rs. 80,000 crores. Till the utilisation of this fund, no USOF levy should be charged from the operators. Further, the License Fee needs to be reduced from 3% to 0.5%-1%, to cover the administrative costs of the Government only, and also clarifying the definition of Gross Revenue (GR) to exclude revenue from activities not requiring a license.
The Government has also proposed to increase Basic Customs Duty from 10% to 15% on PCBA of certain specified telecom equipment. This will increase cost of providing services as the telcos are continuously upgrading their networks with the advent of the new technology.
COAI has previously requested exemptions on customs duties for certain telecom equipment to alleviate the cost challenges associated with deploying this critical infrastructure. Over the past 5 to 6 years, the Government of India has gradually increased the customs duty on telecom equipment to 20%, posing a substantial financial burden and significantly impacting the rollout of 5G services in India. It is recommended that the customs duty be reduced to zero and then gradually increased depending on the creation of an ecosystem for manufacturing of telecom gear in India.”
“We welcome the Government’s consistent approach towards Fiscal consolidation, supporting Capex in Infrastructure by reconfirming the allocation of Rs.11.11 lakh crore in the Budget as also additional allocations towards improving Urban and Rural Infrastructure. We also welcome the Government’s focus on employment generation, skilling, Woman empowerment, MSMEs and climate change mitigation as well as their encouragement to the States to carry out land and labour reforms and improve Ease of doing Business further. We believe this Budget paves the way for the next generation of reforms which we are confident will lead India to its deserved place of being Viksit Bharat.”
Joseph Sudheer Reddy Thumma, MD & CEO, Magellanic Cloud
"The Union Budget 2024 marks a significant step forward in shaping India’s future, and at Magellanic Cloud, we are truly inspired by the bold measures outlined to drive innovation, create jobs, and strengthen infrastructure.
The proposed schemes to incentivize hiring first-time employees and the introduction of a new credit guarantee scheme for MSMEs are steps in the right direction. These initiatives will not only bolster the manufacturing sector but also enable MSMEs to thrive without the constraints of collateral, thereby fuelling innovation and job creation.
The increase in Basic Customs Duty (BCD) on telecom equipment, particularly PCBA, presents a challenge for the drone manufacturing industry. However, this shift underscores the need for us to intensify our focus on local sourcing and innovation to mitigate cost impacts and ensure sustainable growth.
Additionally, the ₹11 lakh crore allocation for infrastructure development and investment-ready industrial parks will enhance our operational efficiencies and capabilities. The support for R&D through the Anusandhan National Research Fund further aligns with our commitment to innovation and growth.
Moreover, the allocation for employment and skilling under the PM Package and the comprehensive internship scheme will nurture the next generation of talent, which is vital for sustaining our industry’s growth.
As we navigate these changes, Magellanic Cloud remains committed to leveraging these opportunities to drive excellence and contribute to India's technological and economic advancement. In alignment with the vision of a “Viksit Bharat,” we are dedicated to playing our part in building a developed and prosperous India."
“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. This progress is remarkable, with human capital, businesses, and public sector organizations rapidly adopting new technologies. Aligned with the ‘India AI Mission’ and ‘Viksit Bharat 2047,’ our commitment includes partnerships with the Government of India, various industries, and diverse communities for skilling, training, and development initiatives. This involves equipping 2 million people with AI skills by 2025. We are also transforming agriculture in India working with our partners to implement modernized, AI-driven Agri-Tech solutions to help farmers manage their farms and production and overcome challenges. At Microsoft, we are committed to ensuring AI serves 1 billion citizens in India by 2030. Together, we are building a future-ready unstoppable India, where AI drives innovation, inclusivity, and progress for all.”
Ashok Rajpal, Managing Director - Ambrane India
"In her Budget speech on July 23, 2024, Finance Minister Nirmala Sitharaman proposed reducing the basic customs duty on mobile phones and chargers from 20 per cent to 15 per cent. This move is expected to boost exports and enhance global competitiveness while also increasing domestic adoption by lowering costs. The finance minister emphasized the maturity of the Indian mobile phone industry and highlighted a strong focus on manufacturing, R&D, and innovation, particularly within the MSME sector. These measures are poised to drive substantial growth in the consumer electronics and mobile accessories industries, positioning India as a leading manufacturing hub."
“Today’s budget announcement marks a pivotal moment for India with funding focus on 9 priorities including Productivity and resilience in Agriculture, Employment & Skilling, Human Resource Development and Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development and Next Generation Reforms generating ample opportunities for all.
This budget paves way for a significant growth towards a 'Viksit' Bharat. With one lakh crore fund being allocated for research and innovation, it will help in providing a substantial sustainable growth opportunity for our country by 2047. The policy highlighting on the use of appropriate energy transition will help in balancing the imperatives of employment leading to a more organized growth and environmental sustainability.
The budget’s emphasis on providing skilling programmes will empower the youth in obtaining quality employment opportunities. We appreciate the government's move to reduce the corporate tax for foreign companies from 40 per cent to 35 per cent. This endeavour will improve the overall business environment, making it conducive to foreign direct investments into the country which will create more employment opportunities for the youth and stimulate economic growth. The Angel Tax abolition would also super charge the startup ecosystem”.
Amit Chadha, CEO and Managing Director, LTTS
“We welcome the Union Budget FY25 announcement by Finance Minister Nirmala Sitharaman, which presents a holistic approach to boosting employment, skilling, and infrastructure development. The allocation of ₹2 lakh crore towards employment and skilling schemes, coupled with groundbreaking initiatives for women empowerment and an ambitious internship program, will create a robust talent pipeline vital for the industry.
The reduction in corporate tax rates, alongside the substantial ₹11 lakh crore allocation for capital expenditure, reflects a favourable pro-business environment that will drive innovation and attract investments. As an ER&D services company, we are particularly excited about the focus on digital public infrastructure and the establishment of the Anusandhan National Research Fund. These initiatives will foster a culture of innovation and elevate India's position in the global R&D landscape.
Additionally, the development of investment-ready industrial parks promises to create new opportunities for technological advancements. I am confident that these measures will significantly contribute to India's journey towards becoming Viksit Bharat.”
Durgesh Pandey, CFO, Web Werks – Iron Mountain Data Centers
"We welcome the Union Budget 2024-25, which highlights the continued strong push towards digitization across sectors and infrastructure development. This will further provide a fillip to the data center industry, as digitization is the backbone for the growth of this sector. One of the key components is power for the data center industry, where renewable energy will prove to be a game-changer. The government's continued focus on energy transition to renewable sources is evident from the expansion of the list of exempted capital goods for the solar sector and initiatives for pumped storage to improve reliability and cost-effectiveness. Additionally, the full exemption of certain rare earth minerals used for making high-end equipment and batteries for data centers from custom duty is a significant move. This budget reflects the government's vision to drive technological advancements and digital inclusion across the nation.
At Web Werks - Iron Mountain Data Centers, we are excited about the potential for growth and innovation that these initiatives will unlock, and we remain dedicated to supporting India's journey towards a robust digital future."
“We sincerely appreciate the government for introducing measures that greatly bolster the electronics manufacturing sector. The reduction in import duties on key components will enhance our ability to produce high-quality audio devices more cost-effectively, empowering us to provide more affordable options for consumers.
The government's commitment to supporting MSMEs and the manufacturing sector is remarkable. The new credit guarantee scheme for machinery purchases, increased Mudra loan limits, and the introduction of e-commerce export hubs will empower companies like ours to expand operations and compete on a global scale. These initiatives reflect a clear vision for fostering innovation and strengthening India's position in the electronics sector.
Moreover, we are enthusiastic about the emphasis on skill development and job creation within manufacturing. The centrally sponsored scheme to skill 20 lakh youth and the incentives for hiring first-time workers will contribute to building a robust and skilled workforce. This comprehensive approach is poised to drive growth and technological advancement in our industry, steering us towards a more competitive future.”
Kapal Pansari - Managing Director, Rashi Peripherals Limited
“This is a good budget for the Indian economy. The Finance Minister, Nirmala Sitharaman, has proposed several changes in income tax to ease doing business and provide relief to income taxpayers. The basic import duty on mobile phones, PCBA, and chargers is reduced from 20% to 15%. This is expected to increase competition in local manufacturing against imports. In networking products, the basic duty is increased from 10% to 15%, which is expected to support local manufacturing. Overall, this is a good budget for rural, industrial, and agricultural development.”
Lakshmi Mittra, SVP and Head, Clover Academy
“The Union Budget 2024's focus on upskilling and education is a crucial step towards empowering youth and preparing them for the ever-changing demands of the tech industry. The allocation of Rs 2 lakh crore to five key schemes aims to create jobs and provide skill development opportunities to 41 million young people over the next five years. This strategic investment will bridge the gap between current skills and industry needs, equipping our young population for future challenges.
In addition, the initiatives to increase women's participation in the workforce are significant strides toward gender diversity. These include the establishment of working women's hostels in partnership with industry, the setup of creches, women-specific skilling programs, and the promotion of market access for women-led self-help group enterprises. With over Rs 3 lakh crore allocated for women's initiatives, the government is fostering an environment where women can thrive and make substantial contributions to the tech industry.”
Kamal Bali, President & MD - Volvo Group in India
“It is one of the most thoughtful, pragmatic and inclusive budgets, that addresses most sections of our society and economy. A growth oriented budget which continues to be large on infrastructure capex, and on schemes for skilling & employment generation, yet fiscally responsible with a good glide path, for controlled inflation & macroeconomic stability.”
Dinesh Gulati, Chief Operating Officer, IndiaMART Intermesh
"Access to affordable and timely credit has been a consistent hurdle in the MSME sector and the budget has introduced multiple benefits to address the issue. The introduction of a new scheme to support purchase of machinery and equipment without collateral and guarantee for MSMEs will not only help provide the much needed financial assistance, but also act as a catalyst to the growth of the manufacturing sector. RBI, recently estimated a credit gap of ₹20 to ₹25 trillion in the MSME sector. Increase of limit for MUDRA and slash of turnover threshold TReDS registration will further provide necessary breathing room to the MSMEs
Additionally, linkage of new credit assessment models by public sector banks on the basis of the digital footprint of MSMEs will further bring the sector closer towards the digital transformation. The formulated package to finance technology support and set up of e-Commerce export hubs in PPP* mode will enable MSMEs to go beyond the geographies of India and ensure global competitiveness of India.”
Ashish P. Dhakan, MD & CEO, Prama Hikvision India
“The Union Budget 2024-2025 has made significant allocations for the electronics manufacturing as well as infrastructure sector, and it will speed up the economic growth. The budget estimate of 2024-25 for the Ministry of Electronics and Information Technology (MeitY), saw a 52% increase in its allocation of Rs 21,936.9 crore, compared to the revised estimate of 2023-24, at Rs 14,421.25 crore. The Electronics and Infrastructure sectors got a big boost in the Union Budget; these initiatives will help the electronics security industry to grow faster.
The significant allocations for infrastructure development and technology upgrades shows the government's commitment to enhancing domestic manufacturing capabilities. Increased funding for the PLI (Production-Linked Incentive) scheme would attract more investments and boost production capacity, enabling us to be more competitive on a global scale. The government's focus on the MSME sector and manufacturing is commendable. The scheme strengthens the manufacturing ecosystem, fostering innovation and competitiveness.
The Finance Minister has announced a PM Package of five schemes with a total allocation of Rs 2 lakh crore. This year, a provision of Rs 1.48 lakh crore has been made specifically for education, employment, and skilling. The core focus on providing skilling opportunities and jobs to youth through various schemes is highly praiseworthy.”
Sumit Mukhija - Executive Director and Chief Executive Officer, STT GDC India
“The Union Budget 2024 outlines a forward-looking vision for the digital development of India. The government's commitment to investing more than ₹11.11 trillion in infrastructure, including digital infrastructure, aligns perfectly with the increasing needs of our data-focused economy. STT GDC India is especially enthusiastic about the emphasis on AI and innovation with initiatives such as the ₹1 lakh crore funding pool for private sector-led research. The focus on training 41 million young people in 5 years with a budget of ₹2 trillion will establish a strong pool of talent for the technology sector. The policy document aligning energy transition pathways with employment and sustainability reflects our dedication to eco-friendly data centres. As a leader in data centre services, STT GDC India is in a position to have a significant impact on aiding India's digital transformation and sustainable growth agenda."
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