Finance minister Nirmala Sitharaman presented her sixth consecutive budget, matching the record set by former Prime Minister Morarji Desai, just ahead of the Parliamentary elections. Find out what the leaders of JetSynthesys and Schneider Electric had to say.
Rajan Navani, Chairman, CII’s India@75 Council & Vice Chairman cum MD, Jetline Group of Companies, Founder and CEO JetSynthesys said, “Building on the foundation laid out in previous budgets and demonstrating greater fiscal prudence, the Hon. FM has delivered a remarkable budget. Most notable would be the allocation of a substantial Rs 1 lakh crore corpus, offering interest-free or low interest loans for a remarkable 50-year period dedicated to fostering long-term technological research. This shows an ecosystem shift with the government also itself building innovative digital public infrastructure. From Startup India to Scale Up India to a Research First India, investing in research should become as cool as investing in startups as other stakeholders including family offices and businesses begin to support research and development.
Additionally, the government’s continued emphasis on technology and innovation are positive developments which will propel multiple sectors forward strongly. In particular, digital video gaming, entertainment and esports industry has witnessed unparalleled growth, becoming a significant contributor to the country’s economy. These new and burgeoning industries require the much-needed investments in terms of product building, emerging technology and Gen AI, IPs and R&D and it is positive to see the government supporting through investment in infrastructure, building new age skills and funding.
Another noteworthy aspect of the budget that deserves applause is the continued emphasis on women and youth empowerment. I believe, for our tech savvy youth, this will be a golden era. The Prime Minister Mudra Yojana, for the youth exemplifies the government’s commitment to nurturing the entrepreneurial aspirations of our youth. By providing financial support, the government is not only fostering individual growth but also contributing to the overall economic prosperity of the nation.
This budget strengthens the government’s continued focus on fostering an ecosystem where indigenous industries flourish, compete globally, and contribute significantly to the nation’s GDP.”
“We acknowledge, with satisfaction, the government’s sustained focus on travel and tourism as reaffirmed in the interim budget. The commitment to bolster domestic tourism through initiatives spanning rail and air travel, coupled with the ongoing emphasis on tourism-led destinations, particularly in the realm of island tourism and spiritual tourism, reflects a strategic vision for the long-term growth of the T&T sector.The allocation of interest-free loans to state governments for the creation of iconic tourist destinations is a noteworthy step. The expansion of airports and the PM Gati Shakti program are pivotal in enhancing connectivity to previously unexplored regional gems. These initiatives will take domestic discovery to farther reaches of the country, thereby empowering local entrepreneurs and creating employment opportunities,” said Rajesh Magow, Co-founder & Group CEO, MakeMyTrip.
He added, “While the specifics are yet to be seen, collaboration between the industry and the government is key to maximizing impact, ensuring quality standards, and fostering sustainable tourism models for an enhanced traveller experience.”
“Government of India’s continued focus on domestic tourism in the interim Budget 2024-25 is encouraging. Empowering iconic destinations and local entrepreneurs through interest-free loans and quality ratings will elevate India’s tourism landscape. The projects to enhance connectivity in the country through the development of airports, railways metro lines, ports in our unexplored island including Lakshadweep, and tourism infrastructure, will enhance demand and generate employment. This is not just a boost for tourism, it’s an investment in India’s potential. We are optimistic about additional futuristic support from the Government in granting infrastructure status to hospitality and tourism, which will help us achieve a long-awaited status. We foresee that this will have a multiplier impact and drive significant investment from the private sector,” said KB Kachru, Chairman Emeritus & Principal Advisor, Radisson Hotel Group, South Asia.
Rajat Abbi, Vice President Global Marketing, Chief Marketing Officer, Greater India, Schneider Electric said, “The interim budget has laid the firm foundation for building a digitally advanced future by aligning with global technological trends and capitalizing on new age technologies and data. This will aid research, innovation, and the digital transformation journey of the country.
It is heartening to note that the budget has once again emphasized on making energy security affordable, accessible and available. The thrust laid on ushering rooftop solarisation on a mass scale and pushing the pedal on strengthening the EV ecosystem will go a long way in boosting green growth and significantly add to capacity build up.
The budget not only acknowledges the potential of our tech-savvy youth but also reinforces their role in this golden era, where programs combining the powers of youth and technology become imperative. This aligns with the vision of leveraging a corpus of rupees one lakh crore, established with a fifty-year interest-free loan, to provide long-term financing or refinancing with long tenors and low or nil interest rates, research and innovation significantly in sunrise domains.
This comprehensive approach provides a defined roadmap for India’s journey to becoming a Vikshit Bharat. As a marketing professional, I am optimistic that this budget will lengthen the transformative strides of the country and usher in an era of modern, sustainable, and equitable growth by 2047.”