Budget Reactions

Industry Expresses Positive Sentiment
A diverse group of esteemed industry professionals has largely expressed their support for the welfare and industry-friendly initiatives in the 2024-25 fiscal budget. Overall, the sentiment was positive.

Raju Vaziraney, Advisor to Amrut Distilleries and India Glycols Ltd
Glad to see the financial proposals in the Union Budget 2024. The economy is on a roll. There is considerable allocation for youth, women, poor & infrastructure in the budget. The Union Government has not made a populist budget but a progressive budget towards Viksit Bharat.

Pulkit Arora, Director, CYK Hospitalities
Finance Minister Nirmala Sitharaman’s budget is a game changer for the tourism sector. India aims to establish itself as a world-class tourist destination, focusing on places that are of immense spiritual importance, which includes Vishnupath temple in Gaya and Mahabodhi temple in Bodhgaya, and comprehensive development of the Kashi Vishwanath corridor, and of the Brahmkunda of Rajgir and Nalanda, in Bihar.

The Indian food and beverage industry rises significantly each year. As India aims to promote world-class tourism experience, this would also benefit our F&B industry. This in turn would significantly contribute to economic and social growth.

Amit Khatri, Co-Founder, Noise
The Union Budget of 2024, presented by the Finance Minister Nirmala Sitharaman is a visionary step towards inclusive growth, with a strong emphasis on manufacturing, upskilling, and women empowerment.

To this end, the focus on extensive training and skill development initiatives demonstrates a clear commitment to boosting employability and productivity. By linking job creation in manufacturing to first-time workers and offering EPFO incentives, the government is paving the way for a robust manufacturing ecosystem, creating 4 crore jobs over the next five years. It is certainly a commendable initiative to boost local manufacturing.

I feel the abolition of the angel tax will undoubtedly boost funding in the startup ecosystem, fuelling innovation and growth. This move, along with incentives for job creation in the manufacturing sector and support for MSMEs, will not only stimulate valuable employment opportunities for millions of young people but also ensure economic resilience, laying a strong foundation for a powerful growth trajectory for India.

Dr. Prathap C. Reddy, Founder & Chairman of Apollo Hospitals
The Union Budget of 2024 aligns with the Finance Minister’s earlier commitments, focusing on workforce enhancement, upskilling for manufacturing, and welfare for women and girls, while also strengthening energy and infrastructure.

With an alarming 1.46 million new cancer cases projected, the exemption of customs duties on three additional cancer medicines is a vital step toward easing treatment costs. Addressing gaps in cancer care requires collaboration between communities, healthcare providers, and policymakers.
Additionally, adjustments in Basic Customs Duty for medical equipment components will support domestic manufacturing and lower costs for advanced technologies.

Nikita Mittal, Director of Growth at Mittal Teas
We are very thrilled about the new budget to support e-commerce export. As India is one of the few countries that produce teas, and one of the top players in the tea segment, it will be really great to tap this vertical.

This budget is expected to benefit the Indian tea industry with expanded market reach through greater access to a global customer base; would increase international recognition of Indian tea brands; provide better margins by selling directly to consumers; reduce India’s tea industry’s dependency on traditional markets; help us maintain high quality standards for international markets and help tailor our products and marketing strategies to global demand.