Budget Quotes

Budget Quote of Mr. Ashok Hinduja, Chairman, Hinduja Group of Companies (India)

“The budget shows Modi 3.0 is all about continuing the path to Fiscal Consolidation with the Fiscal Deficit target of 4.9% this year and 4.5% the next while maintaining the Capex figure at 3.6%. The focus on the agri sector and housing infrastructure – affordable and urban – is substantive and augurs well. Quite a few changes in taxation have been announced which needs a detailed study. Higher FDI is expected with a reduction in tax on Foreign Companies from 40 to 35%. Overall, a good budget for the macro Indian Investment Climate but could have been better for Indian Investors”

Mr. Ashok Hinduja, Chairman, Hinduja Group of Companies (India)

Budget 2024 reaction quote from Mayank Kumar, Co-founder & MD, upGrad, for your kind perusal.

“Budget 2024-25 allocations towards skilling and employment and Startup growth marks a watershed moment in India’s journey towards becoming the world’s largest talent economy.

With a very strong emphasis on skilling and employment and bridging the talent-academia gap, GOI’s allocations—to fuel aspirations of 4.1 crore youths, empower women to join the workforce, and provide tax benefits and loans like Skilling loan (upto INR 7.5 lakh) and Education loan (upto INR 10 lakh)—is a masterstroke, set to unlock India’s demographic dividend and drive growth. This budget is not just a financial plan but a blueprint for a brighter future where India’s youth will thrive and continue to lead global job requirements.

Innovative initiatives announced, such as the scheme to boost job creation in the manufacturing sector, incentives for EPFO contributions, and reimbursement for additional employee EPFO contributions, demonstrate the government’s commitment to creating a conducive employment ecosystem. India’s economic growth, described as a “shining exception,” will propel its focus on innovation and growth with a focus on job creation and skilling. The skilling loan and education loan initiatives will further empower India’s youth to drive growth and innovation.

Moreover, the government’s scheme to provide internship opportunities to 1 crore youth in 500 top companies over 5 years will bridge the industry-academia gap and enhance employability, empowering India’s youth with the opportunities they need to bridge the talent supply demand across global jobs. With such bold commitments towards jobs, skilling, and employment, Budget 2024-25 ignites a talent revolution in India, poised to propel the nation’s youth to global leadership.

By abolishing angel tax, the government has given a major fillip to the startup ecosystem, fostering more investments, growth, and innovation in India, and enhancing its capabilities to cater to global demands. Additionally, the reduction of capital gains tax for unlisted equity aligns it with listed equity is another strong move, further boosting investor confidence and liquidity in the startup space.”

Post Budget Reaction – Ashok Leyland

Quote attributed to Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland:

“The Finance Minister has presented a growth-oriented and pro-development Budget for 2024-25 by focusing on national infrastructure development, urban development, sustainable planning, and inclusive growth through a tech-enabled economy. With this budget, the government aims to address key issues, provide targeted support, and sets a robust agenda for growth and development. The continued emphasis on fostering investment and enhancing road infrastructure, especially in Andhra Pradesh and Bihar will facilitate growth in the manufacturing and automobile sectors. Focus on private investment in infrastructure, mining and housing sector is also likely to boost the sale of CVs. Furthermore, reduction in duties on rare earth minerals will help in promoting sustainable mobility and this resonates with our commitment to fostering a cleaner and more sustainable future.”

the Budget Reaction Quote by Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers.

“We welcome the 2024 Budget’s progressive measures to reduce customs duties on gold, silver, and platinum. These changes, coupled with the government’s commitment to enhancing domestic value addition and craftsmanship, are poised to significantly benefit the jewellery industry, further contributing to the sector’s growth.
The new tax regime, with its focus on increased disposable income will boost demand for jewellery as consumers will invest in asset creation.
Kalyan Jewellers looks forward to leveraging these positive changes to further enhance the quality and global competitiveness of the organised Indian jewellery sector, contributing to the industry’s growth and India’s continued economic prosperity.”
– Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers

Post budget reaction quote from Mr. Atul Chaturvedi, Executive Chairman, Shree Renuka Sugars Ltd

Mr. Atul Chaturvedi, Executive Chairman, Shree Renuka Sugars Ltd said “The 2024 Union Budget is commendable for its strong focus on agriculture and economic growth. It highlights the government’s commitment to reshaping Indian agriculture and boosting productivity. The allocation of Rs 1.52 lakh crore to agriculture, along with new initiatives in research as well as roping in private sector is a welcome sign and will greatly benefit the sector. The budget’s emphasis on employment and skills development will help strengthen the economy. The government’s focus on energy transition is admirable, as it is a critical component in the fight against climate change. Overall, this budget is a positive step for India’s growth and future.”