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Ranjit Naiknavare, President of CREDAI Pune Metro : The finance Budget presented by the Finance Minister today was a statement of account of what the Government has achieved in the last 10 years of its governance. The progress has been quite impressive in sectors like education, agriculture, youth and women empowerment, infrastructure development, railways, etc.
There has also been a mention of a new housing scheme for the middle class. The Government has announced a passing reference to special housing schemes for the middle class while showcasing its vision of a shift from ‘rental to self-owned housing.’ This would encourage the deserving sections of the middle class to buy or build their own houses and would aid in the growth of the housing market.
Under the Pradhan Mantri Awas Yojana (Gramin), 3 crore houses have already been built, and the Government is now set to deliver 2 more crore housing in the next 3 years, which I find very promising.
Overall, the Government seems to be in a very positive frame of mind, and we are confident that the growth this industry has seen over the last 2 years (post-COVID) will remain unabated for the next few years to come.
The 1 lakh crore fund corpus for research in sunrise sectors, will boost innovations powered by private sectors in India. Sustained focus on infrastructure development under the Pradhan Mantri Gati Shakti Mission, increased and better rail and road connectivity to tier 2 & 3 cities, which will further see growth in the housing sector and development in these areas.
The tax and revenue collections have significantly increased, and the fiscal deficit has been reduced to 5.1%. This increase suggests a good amount of growth.
Most importantly, the Government is also willing to come up with a ‘white paper’ on their track records. This is perhaps the first time that such an initiative has been taken. Announcements made today lay the groundwork for the futuristic growth of the Indian economy.
However, as, and when the full budget is presented, it will give clarity on various fund allocations, fiscal deficit, and growth targets of the Government. I believe that this Government has done remarkably well in the last 10 years of its governance and is now promising an ‘Amrit Kaal’ in the next 5 years.
Vishal Gokhale, Chairman and Managing Director at Gokhale Constructions: As this was the interim budget, no major announcements were expected. Announcements like the construction of 2 crore houses in the next five years under the Pradhan Mantri Awas Yojana, and the plan to use solar energy on rooftops of 1 crore houses are quite welcoming. Similarly, the announcement to provide interest-free or low-interest loans of Rs 1 lakh crore to the tech-savvy youth of the country for the next 50 years is promising for aspiring entrepreneurs.
HP Srivastava, Vice Chairman of the Deccan Chamber of Commerce Industries and Agriculture, Pune : As expected, this being an interim budget, there were no major announcements on the taxation front. However, it was encouraging to hear the reaffirmation of the Finance Minister regarding the government’s commitment to pursue a capex-led growth strategy in 2024-25 as well, while conveying its intent to rein in the fiscal deficit at 5.1 percent which augurs well for the Indian economy. Withdrawing outstanding direct tax demands up to Rs 25,000 for the period up to the financial year 2009-10 will bring a lot of relief to taxpayers in the middle-income group.
“The budget 2024 has placed a significant emphasis on inclusive development, setting the stage for India’s transformation into a “Viksit Bharat” by 2047. This strides in the PM Awas Yojana Gramin, targeting the construction of 3 crore houses with an additional 2 crore in the next 5 years, underscore a substantial commitment to affordable housing. This approach holds immense promise for the interior designing, real estate, and infrastructure sectors, with the specific focus on uplifting the middle class. Anticipated growth in real estate demand and concurrent development in infrastructure present a myriad of opportunities in Tier II and Tier III markets as well. The announcement pertaining to boosting domestic and spiritual tourism will also give rise to real estate and related businesses in those areas. As the government proactively addresses housing needs and establishing collaborations with these sectors, there’s a tangible potential for them to play pivotal roles in the transformative vision of the country,” says Mr. Amit Parsuramka, CEO, Bonito Design
Aditi Bhosale Walunj & Chetan Walunj – Founder, Repos Energy (Manufacturing, Start-up, MSME and Oil & Gas): We see this Interim Budget 2024 as a positive leap towards a collective growth environment for all. The government’s step to provide the benefit of a lower tax rate of 15% to the newly commenced manufacturing units is a commendable approach towards supporting the startup ecosystem.
The Indian Economy is expected to have steady growth as predicted by multiple agencies. But we have to keep on emphasising structural reforms and one of the key factors in that is Energy security. So it is great to see that the Govt. of India is taking active steps in this direction with the Nation Green Hydrogen Mission. This is a progressive step toward sustained future growth as it would ensure an uninterrupted supply of clean energy to all the stakeholders.
The technological applications may also benefit us in the efficient and optimal use of currently available fuels. 24/7 easy access to energy shall drive domestic production. This emphasis on sustainable energy policies coupled with fundamental infrastructural developments will for sure drive the economic growth of the nation.
Jesal Sampat – Executive Director, Pune Gas (Manufacturing, MSME and Oil & Gas): “I welcome the announcements in the Interim Budget 2024, especially the focus on sustainable energy, robust infrastructure development, the announcement of new railway corridors aimed at lowering logistics costs, and the commitment to developing tourism in the country.”
“The increased investments in renewable energy align seamlessly with global environmental responsibility. Additionally, the consistency in tax rates provides a stable foundation for operations. Eagerly anticipating the positive impact of these initiatives on the industry and the nation” , he added.
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green: “Today’s announcements on the interim budget for Viksit Bharat illustrate the government’s steadfast commitment to creating a developed India by 2047. The significant progress gained in all aspects of infrastructure physical, digital, and social over the last decade demonstrates our multifaceted economic management, which effortlessly aligns focus on infrastructure building with aggressive capital expenditure; with inclusive and people-centric development.
The allocation of 2.78 lakh crores to the Ministry of Road Transport and Highways is a clear indication of strides toward progress, particularly in fortifying the electric vehicle (EV) ecosystem. The government’s commitment to the expansion and fortification of the e-vehicle ecosystem, promote deployment of EVs for the masses, coupled with support for manufacturing and charging infrastructure, marks a pivotal moment.
The government remains resolute in its commitment to expanding and sustaining this ecosystem, fostering entrepreneurial opportunities for vendors engaged in the supply and installation of charging infrastructure. Simultaneously, it aims to create employment opportunities for the youth equipped with technical skills in the manufacturing, installation, and maintenance of these vehicles.
The EV sector was expecting an announcement in the interim budget regarding the continuation of the Fame scheme for demand generation. We are hopeful to have this coming in the weeks ahead.
We receive this budget with great enthusiasm, confidence and hope for the coming Amrit Kaal.”
Sebi Joseph, President, Otis India: “We at Otis India, would like to applaud Hon’ble Finance Minister, Smt Nirmala Sitharaman for presenting a progressive budget accelerating the momentum in infrastructure sector and for the contribution to affordable housing. The thrust on building digital public infrastructure along with the three major economic railway corridor programmes will enable multi-modal connectivity and help grow demand for new elevators. Otis India welcomes this transformative budget recognising its potential to foster holistic urban development.”
Dr, Vikram Kamat Founder and CMD of The Vitskamats Group: In response to the recently unveiled interim budget, Dr. Vikram Kamat, Founder and CMD of The Vitskamats Group expressed, “While appreciating the broader economic outlook presented in the interim budget, the hospitality and restaurant sectors also play a pivotal role in our economic landscape and require targeted support to navigate the challenges they face. As we anticipate the full budget, our hope remains steadfast for a more comprehensive approach to address the specific needs of these vital sectors.”
The Vitskamats Group, known for its commitment to excellence in the hospitality domain, emphasizes the importance of industry-specific measures to foster growth and resilience.
