April 24, 2024
Budget Buzz: Leading Entrepreneurs Sound Off on India’s Fiscal Roadmap
Finance

Budget Buzz: Leading Entrepreneurs Sound Off on India’s Fiscal Roadmap

Feb 17, 2024

New Delhi (India), February 17: The annual Union Budget unveils its plans for the Nation’s economy, and naturally, leading entrepreneurs have their keen observations to share. This curated list captures the diverse reactions of prominent business minds, offering valuable insights into how the budget might impact different sectors and the overall entrepreneurial ecosystem.

Dharmesh Mehta – Founder & Managing Director of ARTHAM Finserve Pvt Ltd

The unveiling of a budget that charts a clear course for the Nation is a welcome sight in an era of uncertainty. The cornerstone of this budget is its commitment to policy continuation, instilling confidence and stability in the corporate sector. The FY25 fiscal deficit has been pegged at 5.1% of GDP, lower than market expectations, with a commitment to reducing below 4.5% of GDP by FY26. The budget focuses on a climate-friendly approach, strengthening the EV ecosystem, domestic tourism, and multi-modal logistics to propel India towards a developed nation by 2047. It also includes measures to boost innovation in the defense sector and improve logistics efficiency.

Zeeshaan Pathan – Group MD & CEO of World Development Corporation

Working on Vikasit Bharat, Amritkal & Anusandhan, the budget has a more profound commitment to ESG, growth, research, and innovation. Deep-tech usage in defense will require PPP for cutting-edge tech development. The commitment to ESG with a Net-Zero target by 2070 is to be achieved through Coal Gasification & Liquefaction, E-Vehicles, and Blue Economy 2.0. The “Social” factor is reflected through the proposed strategizing of the population and demographic changes.

Dr. Aamir Junaid Ahmad – Founder and CEO of S S Systems

The budget’s commendable focus on empowering tech-savvy youth is evident in establishing a ₹1 lakh crore corpus for interest-free loans, showcasing dedication to innovation. The commitment to generating employment, particularly for technically skilled youth, aligns with fostering a capable workforce. Furthermore, prioritizing electric vehicle adoption and funding private sector R&D reflects a strategic commitment to sustainability and innovation.

Anubhav Agarwal – Managing Director and CEO of BN Group

Finance Minister Sitharaman’s Interim Budget holds promise for the edible oil industry. The continued focus on ‘Atmanirbhar Oil Seeds Abhiyan,’ emphasizing research, technology adoption, and market linkages, is a welcome step towards self-sufficiency. This, coupled with the increased capital investment outlay, paints a promising picture for rural development and increased consumption, directly impacting our industry’s growth. However, the success hinges on the swift implementation of these initiatives. Streamlining access to high-yielding seeds, ensuring timely procurement at remunerative prices, facilitating value addition, and crop insurance is crucial for farmers to benefit truly. Additionally, sustaining the reduced import duties on key edible oils while strengthening domestic production can create a win-win situation for consumers and industry players.