TV Narendran, CEO and MD, Tata Steel, said, “It is heartening to see the government's emphasis on every region contributing to a 'Viksit Bharat' which is underscored by a special focus on the eastern part of the country. The financial support envisaged to promote research and innovation is an encouraging initiative which will help nurture the aspirations of our youth."
Girish Kousgi, MD and CEO, PNB Housing Finance said, “We commend the Finance Minister for presenting a forward-looking budget that reflects a prudent fiscal policy. The renewed focus on collective progress, encapsulated in the philosophy of— Sabka Saath, Sabka Vikas aligns seamlessly with the 'Housing for All' mission. The thrust on transitioning individuals from rented to owned homes is an excellent and a much-needed initiative.”
Umesh Revankar, Executive Vice Chairman, Shriram Finance said, "The announcement of the creation of a corpus of ₹1 lakh crore, coupled with 50-year interest-free loans for research and innovation in sunrise domains will accelerate the country's digitalization journey, positioning it as a leader among global digital economies and fostering opportunities for emerging entrepreneurs."
Neeraj Bansal, Co-Head & COO–India Global, KPMG said, “The budget’s focus on research and innovation—with a corpus of INR1 lakh crore with a 50-year interest free loan—is a significant move given India’s aspirations of being a $5–7 trillion economy by 2030. Further, the emphasis on green energy, announcement of rooftop solarisation and the fostering of the EV ecosystem underline the government’s priority on sustainability.”
"The identification of three major economic railway corridors under PM Gati Shakti underscores policymakers' focus on enhancing logistics efficiency, fostering crucial multi-modal connectivity essential for the success of 'Make in India.' These corridors will drive economic growth, and streamline transportation networks," Revankar added.
Manish Aggarwal, Partner and Head – Infrastructure and Disinvestments and Head – Special Situations Group, KPMG said, “Clean energy transition finds a core place in the budget with the announcement of a VGF scheme for setting up 1 GW of offshore wind projects, implementing rooftop solar on 1 crore households, focus on bio-fuels via mandated procurement and gasification or liquefaction of coal.”
Chandra Shekhar Ghosh, MD and CEO, Bandhan Bank said, “The interim budget focuses extensively on inclusive development and is a step forward in the $5 trillion economy aspirations of the nation.” He added, “The focus on women empowerment will further boost the economy. The emphasis on infrastructure and rural development will lay a strong foundation for India’s growth story."
Adar Poonawalla, CEO of Serum Institute of India said, “I applaud the Indian government's announcement to vaccinate girls aged 9-14 against cervical cancer.” He added, “Extending health cover for ASHA and Anganwadi workers, setting up more medical colleges, and streamlining maternal and child healthcare schemes demonstrate a holistic commitment to health.”
Chief Economic Advisor V Anantha Nageswaran pointed out the absence of tax rate increases in both the current and preceding fiscal years and said that the government is focusing on broadening the tax base to meet revenue targets while implementing measures to simplify the tax payment process for the citizens.
Akhilesh Ranjan, Advisor PwC and former member of CBDT said, “ The substantial increase in personal income tax collections (the revised estimates (RE) for FY24 being about 13% higher than the budget estimates (BE), and the BE for FY25 pitched at an even higher increase of about 28% over that of FY24) is notable and indicates a robust and increasingly compliance-based tax system, generating a direct tax to GDP ratio of well over 6%.”
Talking about the highlights of the budget, Abhay Bhutada, Managing Director, Poonawalla Fincorp said, “The 2024 Interim Budget is a decisive step towards India's economic sustainability, in line with the 'Viksit Bharat by 2047' vision. The fiscal responsibility reflected in the 5.8% GDP fiscal deficit is commendable. The 'First Develop India' focus promotes FDI, aligning with our global collaboration goals. I anticipate progressive policies supporting fintech, digital lending, and digital skills.”
"The announcement by the Hon'ble Finance Minister today to increase the capital expenditure on infrastructure is a welcome step, which would have a multiplier effect on the nation’s overall economy," Tata Steel's Narendran added.