Budget 2024-25: Industry Hail Focus On Digital Growth & Innovation

The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman has been met with widespread approval from business leaders across various sectors. Industry experts have praised the government's efforts to create a more business-friendly environment while prioritising inclusive growth and innovation.

Vaibhav Gupta, Co-Founder and CPO, KlugKlug

"The Union Budget 2024-25's focus on digital infrastructure and ease of doing business is a positive step for the advertising and marketing sectors. The review of the Income Tax Act and the simplification of capital gains taxation will reduce compliance burdens, allowing businesses to focus more on growth and innovation. The proposed decriminalisation of delays in TDS payments and the reduction of TDS rates for e-commerce operators are welcome changes that will enhance operational efficiency. Furthermore, the significant investment in infrastructure and rural development will open new markets and opportunities for digital marketing and advertising. KlugKlug appreciates the government's efforts to create a business-friendly environment and is optimistic about leveraging these opportunities for growth and expansion."

Amit Khatri, Co-founder, Noise
"The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman is a visionary step towards inclusive growth, with a strong emphasis on manufacturing, upskilling and women empowerment. Youth and participation of women in the workforce hold the key to India’s success. To this end, the focus on extensive training and skill development initiatives demonstrates a clear commitment to boosting employability and productivity.

The establishment of ecommerce export hubs in a PPP model is another significant step taken by the government and will significantly empower MSMEs and traditional artisans to compete internationally. It will open opportunities for Indian players to boost their reach globally while enhancing the ease of doing business and accessing new markets. India has long been an attractive consumer market for international brands, supported by our collaborative and business-friendly policies that enable seamless operations. The export hubs are an efficient step in unlocking similar avenues for homegrown companies, allowing a global stage for their innovation and entrepreneurial mindset, and strengthening India’s position in manufacturing."

Shradha Agarwal, Co-founder and CEO, Grapes 
"The budget focusing on bolstering the employment prospects for women and youth is indeed a positive move as it will equip them with valuable skills, enabling them to contribute more effectively across industries, foster innovation, and boost productivity. The proposed allocation of Rs 1.48 crore for skilling can play a pivotal role in boosting job opportunities across the country. The changes in the new tax regime is a welcome step by the government, providing a major relief to the salaried class. The tax reliefs will pave the path for a coexisting ecosystem that will benefit both the organisation and employees at the same time. "

Jayatri Dasgupta, CMO, PayNearby & Business Head, Digital Naari
"The Union Budget extensively focused on women empowerment and skilling initiatives, with an allocation of more than Rs 3 lakh crore for schemes benefiting women and girls. This signals the government’s strong commitment to enhancing women’s growth and development.

The Budget 2024-2025's focus on women-led development and skilling is a progressive step towards empowering women across Bharat. The substantial allocation for schemes benefiting women and girls underscores the government's dedication to enhancing women's roles in economic growth. This budget bolsters our resolve to support and uplift women entrepreneurs, fostering a more inclusive and equitable society.”

Kabir Suri, President, National Restaurant Association of India 
“The emphasis on boosting tourism is a strategic step towards revitalizing the sector, promising a resurgence in hospitality industries. Also, the support given to the MSMEs in the form of Mudra loan limit increase needs to be applauded. It is unfortunate that MSMEs in the food service sector will miss out due to the fact that the Food Services sector has not been recognised as an industry yet. The recent Economic Survey has laid focus on the creation of 8 million jobs each year till 2036. The food services sector is ideally positioned to drive this goal since it employs people with all education and skill levels.  The current direct employment by the industry of 8.5 million people is slated to grow by more than 20 per cent to 10.5 million in the next four years. However, the lack of GST Input Tax Credit for the industry is slowing down the growth and job opportunities of this otherwise vibrant sector.”

Shammi Agarwal, Director, Pansari Group
“Being in the industry for so long, we can firmly say that this year’s Union Budget reflects a commendable commitment towards strengthening India's agricultural sector, supporting MSMEs and traditional artisans. The provision of Rs 1.52 lakh crore for agricultural and related industries is a monumental step that will undoubtedly drive growth and innovation in this crucial sector. Furthermore, the Union Budget’s initiative to establish ecommerce export hubs through public-private partnerships is a visionary move. These hubs will empower our MSMEs and artisans by providing them with a smooth regulatory and logistical framework, enabling them to tap into international markets with ease. Lastly, the allocation of Rs 1.48 lakh crore for education, employment, and skilling highlights the government's dedication to building a skilled workforce ready to meet the demands of a rapidly evolving economy. In short, we warmly welcome these developments and look forward to using these opportunities to contribute to the nation’s growth."

Dr Somdutta Singh, First-Generation Serial Entrepreneur, Founder & CEO Assiduus, Investor & Ex-Member Niti Aayog
"The reduction in TDS from 1 per cent to 0.1 per cent for ecommerce operators, is a significant relief for sellers. This change will enhance their working capital flow, allowing them to reinvest in their businesses more swiftly. By reducing the tax burden, sellers can maintain better liquidity and manage their cash flows more effectively. This move will particularly benefit SMEs that rely heavily on timely access to funds for day-to-day operations. Furthermore, the establishment of dedicated ecommerce export hubs will be a visionary step towards boosting online trade. These hubs will provide a robust infrastructure and streamlined processes for e-commerce exports, making it easier for sellers to reach international markets. By facilitating smoother export processes and reducing logistical challenges, these hubs will enable e-commerce businesses to scale efficiently and compete on a global stage."

Pankaj K Arora, Co-founder of Whilter.AI
“At Whilter AI, we are pleased with the Union Budget 2024's focus on fostering technological innovation and supporting the startup ecosystem. The introduction of the new internship scheme for one crore youth, providing tax incentives for startups is highly encouraging and a crucial step in bridging the skills gap and preparing a tech-savvy workforce for the future. The new credit guarantee scheme for MSMEs in the manufacturing sector will help early-stage ventures overcome initial hurdles, further supporting startups and MSMEs by offering easier access to funding, which is vital for scaling operations and developing cutting-edge technologies allowing them to focus on innovation and growth. This budget’s emphasis on maintaining a stable and predictable tax regime will also provide startups and tech companies with the financial clarity needed for long-term planning and sustainable growth.”