Union Budget 2024: Industry experts weigh in on Finance Minister Nirmala Sitharaman's proposals

Prime Minister Narendra Modi's government, which returned to power with the help of allies following a surprise election victory, is expected to announce the budget in mid-July. This will be the BJP-led NDA government's first major policy declaration since winning a record third term. It is also expected to explain prospective changes of India's economic goals over the next five years under the coalition administration. 

Key highlights of Union Budget 2024 included:

Significant investments in infrastructure.

• A reduction in corporate tax rates for new manufacturing units.
• A strong emphasis on digital and technological advancements.
• The budget's focus on improving ease of doing business, supporting startups and MSMEs, and promoting a green economy resonated well with industry leaders. Additionally, increased healthcare, agriculture, and education allocations were seen as steps towards inclusive and sustainable growth, making the budget a well-rounded plan for India's economic development.

We want to share some quotes from the industry on the Union Budget 2024 : 

Sajiv Nath, Regional Managing Director, Yokogawa India
"The India Budget 2024 is a significant step towards realizing the full potential of process automation in the country. The government's focus on digital infrastructure, sustainable technologies, research and development, and skill development provides a strong foundation for growth and innovation. Yokogawa India is poised to leverage these opportunities, continuing our journey of excellence in delivering state-of-the-art process automation solutions. Together with the government's support, we are confident in our ability to shape the future of the process industries, ensuring they remain competitive on a global scale.It is evident that the government's commitment to technological advancement and Industry 4.0 aligns perfectly with our vision at Yokogawa India. The focus on digital infrastructure and automation will undoubtedly drive the process industries towards greater efficiency and innovation. This budget empowers us to continue pioneering process automation solutions, ensuring that industries like oil and gas, chemicals, and refineries remain at the forefront of global competitiveness. The government's emphasis on building a robust digital infrastructure is a welcome move for the process automation sector."

He added, "The allocation of significant funds towards enhancing digital connectivity, along with incentives for adopting advanced technologies, signals a clear intent to modernize industrial operations. At Yokogawa India, we are thrilled to see this level of support, as it paves the way for integrating cutting-edge technologies like artificial intelligence, machine learning, and the Internet of Things (IoT) into our solutions. This integration will not only enhance operational efficiencies but also drive predictive maintenance, reducing downtime and costs for our clients. Moreover, the budget's focus on sustainable and green technologies resonates with our commitment to environmental stewardship. By promoting clean energy initiatives and providing incentives for industries to adopt greener practices, the government is setting a strong example for the world. I would like to request the Prime Minister, the Finance Minister, and the Government of India to expand the tax base within the Indian community so that the effective rate of tax for salaried employees can be reduced while ensuring equitable wealth distribution. Additionally, giving thrust to the manufacturing sector, especially the process automation/engineering  industry, by providing tax incentives will drive manufacturing volumes and further the 'Make in India' initiative”

Alok Kumar, Chairman of Alphard Group:
"The 2024 Budget’s strategic initiatives for maritime sector aiming to position India as a world leader is seamlessly aligned with our objectives at Alphard Group. The government’s focus on shipbuilding and maritime sector reforms are well timed. We are encouraged by the emphasis placed on the expected reforms in shipping ownership, leasing and flagging for the growth of the sector. We are uplifted by the emphasis on economic inclusivity and the promotion of entrepreneurship, which will create new opportunities."

Avinash Mada, Founder & Entrepreneur, Director Freedom With AI
"Budget 2024 offered a mixed bag for Indian taxpayers. While entrepreneurs and MSMEs gained momentum with supportive measures, salaried individuals were largely disappointed by the absence of significant tax relief. Although some adjustments were made to income tax slabs, the overall relief provided was minimal, leaving many taxpayers yearning for more substantial adjustments to their tax burdens. The budget's focus on digital infrastructure and clean energy holds promise for AI development, but concrete initiatives directly targeting AI research and deployment remain awaited." 

Prity Kumar, Group Managing Director. Alphard Group
"As a proud native of Bihar, I am thrilled to see the significant investments announced in the India Budget 2024 for our state. The Finance Minister's commitment to enhancing road connectivity with projects worth ₹26,000 crore, including the Patna-Purnia Expressway, Buxar-Bhagalpur Expressway, and a two-lane bridge over the River Ganga at Buxar, is a monumental step towards boosting our state's infrastructure. These projects will not only improve transportation but also spur economic growth and development across the region. Additionally, announcing a 2,400-MW power plant in Pirpainti, Bhagalpur district, at a cost of ₹21,400 crore, is a significant move towards addressing our energy needs and fostering industrial growth. This power plant will provide a much-needed boost to the local economy, creating jobs and ensuring a stable power supply for businesses and residents alike. These developments reflect a strong commitment to the progress of Bihar, and I am confident that they will pave the way for a brighter, more prosperous future for our state. I look forward to witnessing the positive impact these projects will have on the lives of our people and the overall growth of Bihar."
 

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• Union Budget 2024
• Finance Minister Nirmala Sitharaman