Prittle Prattle Pr

Category: Economy

  • Paving the Way for Agricultural Transformation in Union Budget 2024-2025

    The Union Budget 2024 has brought forth substantial measures to revolutionize the agriculture sector, focusing on sustainable practices, infrastructure development, and farmer welfare. The budget has allocated ₹1.52 lakh crore to enhance agricultural productivity and rural demand.

    Abhay Parnerkar, CEO, Godrej Tyson Foods Ltd, expressed his optimism, stating, “The Union Budget’s emphasis on agricultural development, particularly the creation of large-scale vegetable production clusters, is a significant step forward in strengthening the country’s food value chain. This initiative aligns perfectly with our vision of a robust and sustainable food ecosystem. Additionally, the focus on natural farming is commendable and will undoubtedly contribute to the overall health and well-being of our nation with enriched farm to table experiences for consumers. We are optimistic about the potential of these initiatives to enhance food security, improve farmers’ livelihoods, and drive economic growth. I also firmly believe the growth in frozen food category will reduce wastage and nutrition loss in the food value chain.”

    Prem Kumar Vislawath, CEO and Founder, Marut Drones, highlighted the budget’s commitment to innovation in agriculture, “The allocation of ₹1.52 lakh crore for agriculture and allied sectors by the finance minister underscores a pivotal commitment to bolstering India’s agricultural resilience.

    The emphasis on developing climate-resistant varieties and introducing 109 new high-yielding varieties is a forward-looking stride towards sustainable agriculture. Additionally, the promotion of farmer producer organizations, cooperatives, and startups heralds a new era of inclusive growth and innovation in the agricultural sector. Exempting lithium imports from customs is a bold step demonstrating India’s commitment to strengthening the drone manufacturing sector. Lithium, crucial for drone battery production, will now bolster domestic drone manufacturing, underlining the government’s support for this industry. The abolition of the Angel Tax for investor classes is a significant boost for startups, affirming the government’s unwavering support for entrepreneurship and fostering a conducive investment environment. However, we look forward to enhanced subsidies on agricultural machinery, including drones, as a critical step towards modernizing our farming practices.”

    Prateek Rastogi, Co-Founder & CEO of Greenday, underscored the budget’s impact on climate-resilient agriculture, “The 2024 budget further strengthens the government’s commitment to agriculture and startups, with a significant focus on climate-resilient agriculture. This is a tremendous boost for biofortified varieties, which are the beacon of hope for climate resilient farming. The emphasis on agricultural research is particularly exciting for us at Greenday. Our mission to enhance the nutritional value of food while supporting farmers is closely aligned with these initiatives. This will help us create nutrion dense and climate resilient farms that meet the growing demand for sustainable and nutritious food.
    The removal of the angel tax and the major push for agri startups make this an ideal time for investors to dive into this sector. The budget’s increased allocation for agricultural infrastructure and support for innovation will drive remarkable growth over the next five years. For Greenday and our Better Nutrition brand, this budget provides the perfect environment to scale operations and bring more innovative products to market. We are helping farmers create and market differentiated varieties, which is essential for improving food security and nutrition. The focus on digital infrastructure and ease of doing business is another significant win for startups. Streamlined processes and better connectivity will enable us to reach more people, faster. It’s an exciting time to be in the agri-tech space, and we’re eager to leverage these new opportunities to drive growth and create lasting change. Overall, the 2024 budget lays a strong foundation for innovation and growth in agriculture and startups. It’s a pivotal moment, and I’m optimistic about the future it promises for companies like Greenday.”
    The article was curated by Prittle Prattle News as an industry story.
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  • A Boost for the Education and Skill Development Sector in Union Budget 2024-2025

    The Union Budget 2024 has made significant strides towards advancing the education and skill development sectors in India. With a substantial allocation of ₹1.48 lakh crore for education, employment, and skilling, the government has demonstrated a robust commitment to nurturing the future of the nation.

    Rohit Gupta, COO & Co-founder, College Vidya, praised the budget, stating, “Budget 2024’s allocation of ₹1.48 lakh crores for education, employment, and skilling demonstrates a robust commitment to India’s educational future. At College Vidya, we’re particularly excited about the government’s decision to provide financial support for education loans up to ₹10 lakhs for higher education in domestic institutions. This aligns perfectly with our mission to increase access to quality education. The Prime Minister’s package of five schemes, with a ₹2 lakh crore outlay over five years, is a game-changer for youth empowerment. The goal to skill 20 lakh youth through employment-linked initiatives addresses a critical gap between academic learning and industry requirements. We see tremendous potential in integrating these initiatives with digital learning solutions. This budget sets a positive tone for collaboration between the government and ed-tech companies to deliver quality education at scale. With these bold steps, India is poised to create an educated, skilled, and employable youth force that will drive our nation’s growth.”

    Pratham Barot, CEO & Co-Founder of Zell Education, echoed similar sentiments, “We are pleased with the government’s emphasis on providing opportunities for skill development and employability in the budget. The Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crores is really inspiring. The Govt has made a provision of ₹1.48 lakh crores for education, employment and skilling taking one more step towards development and success. The emphasis on vocational training and apprenticeships is particularly noteworthy, as it will enable practical, hands-on experience that aligns with industry demands. Furthermore, the allocation of resources for digital skill training will ensure that our workforce remains competitive in an increasingly digital global economy. Overall, this budget reflects a forward-thinking approach to building a resilient and skilled workforce, which is essential for the sustained growth and prosperity of our country. We are optimistic that these measures will yield significant benefits and look forward to their successful implementation.”

    Prof. (Dr) Preeti Bajaj, Director General, KIET Group of Institutions, emphasized the holistic development focus, “Budget 2024’s focus on holistic development, particularly in education and skill development, is a watershed moment for India’s future. The government’s commitment of ₹2 lakh crores over five years for youth empowerment, coupled with this year’s allocation of ₹1.48 lakh crores for education, employment, and skilling, demonstrates a clear vision for building a knowledge-based economy. The emphasis on employment-linked skilling schemes is a game-changer.

    With the goal to skill 20 lakh youth, this initiative addresses the critical need to bridge the gap between academic learning and industry requirements – a challenge we’ve long recognized at KIET. As a leading educational institution, we’re excited to leverage our expertise in technical and professional education to support these government initiatives. We see immense potential for collaboration between academia and industry to create curricula that are responsive to market needs and to provide hands-on, practical training to our students. This budget sets a strong foundation for transforming India’s youth into a skilled, employable workforce ready for taking our country to become Viksit Bharat.”
    The article was curated by Prittle Prattle News as an industry story.
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  • Child Welfare and Social Development in Union Budget 2024-2025

    The Union Budget 2024-2025 has demonstrated a significant commitment to improving the lives of children, child welfare, and promoting social development. With substantial allocations in education, health, and welfare schemes, the government aims to create a supportive environment for the holistic development of children and marginalized communities.

    Mr. Shridhar Venkat, CEO, The Akshaya Patra Foundation:

    “The 2024-2025 budget brings positive direction for education and nutrition in India. Two aspects particularly excite us at Akshaya Patra: The National Means cum Merit Scholarship Scheme has received a significant boost, with ₹377 crore allocated for 2024-25. This increase aligns beautifully with our own Akshaya Patra Scholarship Program. Together, these initiatives will help talented students from economically weaker sections continue their education beyond schooling, reducing dropouts and nurturing potential. The PM POSHAN (formerly Mid-Day Meal) scheme has been allocated ₹12,467.39 crore for 2024-25. This represents a significant 24.67% increase from the revised estimate of ₹10,000 crore in 2023-24. This substantial investment in our children’s nutrition is heartening. As key implementers of the mid-day meal program, we at Akshaya Patra are energized by this commitment. These strategic allocations, coupled with the five-year extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), form a comprehensive approach that directly addresses multiple Sustainable Development Goals. By combating hunger and promoting education, we’re making significant strides towards SDG 2 (Zero Hunger), SDG 4 (Quality Education), and SDG 10 (Reduced Inequalities). At Akshaya Patra, we’re more motivated than ever to collaborate with the government in these crucial areas. This budget takes us another step closer to achieving the Zero Hunger SDG and ensuring quality education for all.”

    Mr. Dhruv Sarin, Co-founder, PB Partners (A brand under Policybazaar):

    “We applaud the Indian government’s Union Budget 2024 for its forward-thinking approach that will foster economic growth, innovation, and social inclusion across all segments of society. The reduction of TDS (Tax Deducted at Source) rates from 5% to 2% for individual agents selling insurance policies is a particularly commendable initiative, as it will directly increase their disposable income. Empowerment of India’s young workforce was also one of the central focus areas. With five targeted schemes aiming to benefit 41 million youth over five years and supported by a central outlay of ₹2 lakh crore, this move will result in more employment opportunities and significantly uplift India’s youth. The women-specific skilling programs and initiatives to boost workforce participation are also laudable steps towards inclusive growth. These initiatives will lay a solid foundation for sustained economic growth by financially strengthening India’s lower middle segment and youth.”

    Mr. Rohan Rai, CEO and Co-Founder, Edupull:

    “India is poised to achieve remarkable growth in the rapidly evolving digital era, outpacing the economies of its neighboring nations. With this in mind, we are thrilled about the new measures announced in the 2024–25 interim budget to support education, employment, and skill development. The government has allocated Rs 1.48 lakh crore for these important areas, showing a strong commitment to improving opportunities for our youth. One highlight is the plan to provide internships for one crore young people in 500 top companies. Each intern will receive a stipend of Rs 5,000 and a one-time assistance of Rs 6,000. This is a fantastic opportunity for young people to gain valuable work experience. Companies will fund these internships through their CSR funds, creating a great partnership between the public and private sectors. A new centrally funded scheme will also be launched in partnership with state governments and companies to train around 20 lakh youth over a five-year period. As part of this initiative, 1,000 ITIs will be updated, with training content and design linked to industry skill requirements. The Education Ministry’s budget has increased by 6.8%, now totaling Rs 1,20,627.87 crore, up from Rs 1,12,899.47 crore last year. This extra funding will help improve schools, colleges, and educational programs across the country. Another important announcement is the support for loans up to Rs 10 lakh for higher education in domestic institutions. This will make it easier for students to afford college and university, opening doors to better careers. At Edupull, we know how crucial these measures are. For example, many young people struggle to find internships through campus placements that provide real-world experience. This new internship program will help bridge that gap. Additionally, the increased budget for education means more resources and better learning environments for students. The loan support will help students from all backgrounds access higher education, giving them the chance to succeed. We believe these initiatives will make a big difference in the lives of young people across the country, helping them take informed decisions about their career path.”

    Sudarshan Suchi, CEO, Bal Raksha Bharat, expressed his appreciation, “The recently presented Budget 2024-2025 demonstrates a significant commitment to improving the lives of children through comprehensive allocations in education, health, and child welfare. Over ₹3 lakh crore allocated for schemes benefiting women and girls ensures that these crucial segments of the population receive support for education, healthcare, and economic participation.

    Additionally, the launch of the Pradhan Mantri Janjatiya Unnat Gram Abhiyan is set to benefit 5 crore tribal people, which includes a significant number of children, by improving their socio-economic conditions. Additionally, the allocation of ₹1.48 lakh crore for education ensures significant investment in infrastructure, quality of education, and skill development. The budget speech also mentioned a centrally sponsored scheme that aims to skill 20 lakh youth over five years by upgrading 1000 Industrial Training Institutes (ITIs). Upgrading ITIs and skilling initiatives prepare youth for employment, reducing unemployment and driving economic progress. This skilled workforce can attract global businesses and enhance India’s competitiveness.

    Although specific child health allocations are not detailed, the focus on inclusive healthcare ensures that children and adults receive necessary medical services. Healthy children grow into productive adults, reducing future healthcare burdens and increasing societal productivity. The Budget 2024-2025 reflects a robust commitment to fostering the well-being and development of children through targeted investments. Strategic allocations in child welfare will lay a solid foundation for achieving a Viksit Bharat. These investments are not just expenditures but critical enablers of a developed, equitable, and prosperous India.”

    Regarding the introduction of the National Pension Scheme for Minors (NPS Vatsalya), he added, “The introduction of the National Pension Scheme for Minors (NPS Vatsalya) in the Indian Budget 2024 represents a significant development in the domain of child welfare and financial security. NPS Vatsalya aims to provide a structured and secure financial instrument for the long-term welfare of children and is designed to cater to the needs of minors, offering a way for parents or guardians to plan for the future financial security of their children.

    Unlike SSY or PPF, NPS Vatsalya is focused on creating a pension corpus rather than just savings, which aligns well with long-term financial security goals. The automatic transition from a minor’s scheme to an adult NPS plan offers a seamless process for continued savings and investment. This scheme integrates child welfare into broader financial and social security frameworks, reflecting a more holistic approach to child welfare beyond immediate needs. It represents a shift towards future-oriented policy measures aimed at ensuring long-term benefits for children as they grow into adulthood. By targeting minors, the scheme can be inclusive of a wide demographic, including those from economically weaker sections who might not otherwise consider long-term savings for their children. However, the challenge lies in amplifying its awareness and reach, ensuring that all parents, especially in remote or underprivileged areas, are aware of and can access NPS Vatsalya. Similarly, some parents might find pension schemes complex and might require additional support to understand the benefits and operation of the scheme.
    The effectiveness of the scheme will depend on the returns generated by the investments made under NPS Vatsalya. Parents will need assurance of adequate returns to meet future needs. NPS Vatsalya is a forward-thinking initiative that aligns well with the goals of child welfare by promoting early financial planning and ensuring future stability for minors. Its focus on long-term pension benefits represents a significant step towards comprehensive child welfare, integrating financial security into the broader social safety net.
    However, its success will depend on effective implementation, accessibility, and the ability to address the challenges faced by different segments of the population. The scheme reflects a commitment to the future well-being of children and presents an opportunity to cultivate a culture of long-term financial responsibility among Indian families.”
    The article was curated by Prittle Prattle News as an industry story.
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  • Enhancing Healthcare Infrastructure and Access in Union Budget 2024-2025

    The Union Budget 2024 has introduced key measures aimed at improving the healthcare sector in India. With increased allocations for Healthcare infrastructure, research, and disease prevention, the government aims to strengthen the country’s healthcare system and ensure better access to medical services.

    Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd and CEO, Venus Medicine Research Centre:

    The Central government’s decision to exempt three more cancer medicines from customs duty is a commendable step towards making cancer drugs more affordable and incentivising manufacturers by reducing their costs. We also welcome the Finance Minister’s announcement to include manufacturing & services and innovation, research & development among the nine priority areas identified by the government to ensure fast-paced growth in line with its vision of “Viksit Bharat”. Pharma manufacturing being India’s Healthcare strength, we expect the government to build on it with its incentive-based approach. A renewed focus on innovation and R&D, on the other hand, will transform India into a value-driven economy, unleashing its immense potential wealth creation potential.

    Dr. Ashutosh Niranjan, Dean of Noida International Institute of Medical Sciences(NIIMS) & Hospital, expressed his enthusiasm, “I am thrilled to see the government’s concern for the health sector through the FY2024 budget which was released on Tuesday by Union Finance Minister Nirmala Sitharaman, all eyes lie on the health sector with high expectations from the healthcare and pharma sector. The Finance Minister Nirmala Sitharaman earlier this year in the interim budget outlined some significant plans for India’s healthcare sector. For 2024–25, the sector was allocated ₹90,171 crore from the budget, additionally, the Interim Budget 2024–2025 included a number of noteworthy healthcare initiatives. A large rise over the ₹79,221 crore allocated for 2023–2024. A new program to Enhancing encourage immunization against cervical cancer in girls aged 9 to 14 was launched in an attempt to reduce the occurrence of this chronic and preventable illness.”
    The article was curated by Prittle Prattle News as an industry story.
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  • Advancing Infrastructure Development and Sustainability in Union Budget 2024-2025

    The Union Budget 2024 has placed a strong emphasis on infrastructure development and sustainability, aiming to boost economic growth while ensuring environmental responsibility. Key measures include significant investments in Infrastructure Infrastructure projects and initiatives to promote green energy and sustainable practices.

    Devndra Chawla, MD & CEO, GreenCell Mobility, expressed his optimism, “We appreciate the significant steps taken towards infrastructure development & sustainable transportation by the hon. finance minister in the first union budget under Modi 3.0 government. GreenCell Mobility remains committed to contributing to India’s sustainable development goals by promoting green mobility solutions and supporting the government’s efforts towards a greener and more connected future. The proposal of industrial parks and road connectivity projects, including the Rs 26,000 crore investment in road infrastructure, will go a long way towards achieving the vision of Viksit Bharat. GreenCell Mobility is optimistic about the positive ripple effect these initiatives will have on the economy. Improved road infrastructure will not only boost economic growth but also enhance the quality of life for millions of Indians.

    These measures will facilitate easier commutes, reduce travel times, and support the growth of urban and semi-urban areas. The creation of a climate finance taxonomy will boost capital availability for climate adaptation and mitigation. This initiative will help India to meet its climate commitments and fast track green transition, paving the way for a more sustainable future. The government’s initiative to transform iconic tourist hubs is truly praiseworthy.

    With robust state-level marketing and branding, these efforts are set to make a big impact. The launch of a new rating system for tourist centers, focusing on the quality of facilities, marks a significant move towards boosting India’s tourism infrastructure. This innovative framework promises to elevate visitor experiences and position India as a top travel destination. The reduction in tax slabs under the New Tax Regime is a game-changer. With more disposable income, people will find it easier to travel and explore new destinations. At GreenCell Mobility, we applaud this move as it will encourage more people to choose eco-friendly transportation options like our NueGo service.”

    Subahoo Chordia, Head – Real Assets Strategy, Edelweiss Alternatives, added, “The government has maintained its allocation towards infrastructure sector at INR 11+ lakh crores (i.e. 3.4% of GDP) and additional interest-free loan of INR 1.5 lakh crores to States will be a booster for the infrastructure segment. The budget has lent further emphasis to multiple infrastructure segments towards development of roads, airports, etc. Further, industrial parks, to service 100+ cities and development of 12 specific industrial parks under national schemes is envisaged. The Government has lent further weight in its fight against climate change.
    The fiscal incentives for rooftop solar and pumped storage will enhance energy security and availability. Further indirect tax incentives towards renewable energy items and critical minerals such as lithium, copper bodes well for the segment. Overall the budget maintains its focus on long-term growth and sustainability and is positive towards infrastructure segments.”
    The article was curated by Prittle Prattle News as an industry story.
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  • Promoting Green Mobility and Sustainable Transportation in Union Budget 2024-2025

    The Union Budget 2024 highlights a renewed focus on promoting green mobility and sustainable transportation solutions. With significant investments in electric vehicles Transportation and supporting infrastructure, the government aims to drive the adoption of eco-friendly transportation options across the country.

    Mr. Naveen Garg, Cybersecurity Reliability Engineer at Akamai Technologies, emphasized the budget’s impact on the tech sector, “India’s commitment to using technology to increase productivity and investment in public infrastructure is demonstrated by the recent budget declaration, which will further India’s digitalization. The government is creating a more technologically advanced and linked educational ecosystem by allocating a substantial Rs100 crores to enhance digital infrastructure in schools and higher education institutions. By guaranteeing digital gadgets, smart classrooms, and high-speed internet connection, this investment will close the digital gap and facilitate seamless online learning. Furthermore, the Finance would be used to create and improve digital content, including e-books, interactive lesson plans, and AI-powered individualized education programs. This action will improve education while also giving young students the tools they need for the future. The initiative is called Vikasit Bharat.”

    Mr. Bantwal Ramesh Baliga, Group CEO of Acquaviva, applauded the budget’s employment incentives, “The scheme introduced in the budget to incentivize the hiring of first-time employees is a game-changer for the manufacturing sector. By benefiting 3 million youths and their employers through direct incentives based on EPA contributions over four years, the government is not only encouraging job creation but also nurturing a skilled workforce. This initiative reflects the Modi-led NDA Government’s commitment to boosting economic growth and employment opportunities. The budget’s announcement to prioritize the participation of women in the workforce is welcomed in sectors like hospitality and retail. This initiative aims to diversify the workforce and recognizes the contributions that women can bring to these sectors. The budget is paving the way for greater gender equality and economic empowerment within these industries.

    Furthermore, the announcement to promote water supply, sewage treatment, and solid waste management projects for 100 large cities reflects an approach to transportation infrastructure development. These initiatives will not only enhance urban living standards but also increase demand across various industries involved in construction, engineering, and environmental technologies. Overall, the budget’s focus on incentivizing employment, supporting women’s participation in key sectors, and advancing urban infrastructure projects is set to catalyze industrial growth, create new job opportunities, and drive sustainable economic development. This forward-looking strategy positions India for long-term resilience and prosperity.”
    Mr. Sanchit Sekhwal Goyal, Director, Su-Kam Power Systems Limited:
    “SuKam welcomes the Ministry of Finance’s decision to fully exempt the custom duty on critical minerals which will reduce the price of lithium-ion batteries and consequently making electric vehicles more affordable. This move will significantly boost the adoption of electric vehicles across the country. Additionally, the budget’s focus on expanding charging infrastructure and promoting research and development in battery technology will drive innovation and support the growth of the green mobility sector. By making electric vehicles more accessible and promoting sustainable transportation, India is taking a significant step towards achieving its climate goals and reducing its carbon footprint.”
    The article was curated by Prittle Prattle News as an industry story.
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  • Technological and Startup Ecosystem in Budget 2024-2025

    How Budget 2024-2025 Supports Innovation and Growth

    The Union Budget 2024-2025, presented by Finance Minister Nirmala Sitharaman, has laid out a comprehensive framework to bolster technological innovation and support the startup ecosystem in India. The budget introduces several key initiatives aimed at reducing tax burdens, simplifying compliance, and fostering an environment conducive to innovation and growth.

    Dilip Chenoy, Chairperson, Bharat Web3 Association

    “The nine focus areas of budget 2024 are key steps towards our goal of Viksit Bharat. The budget also lays out a clear framework for digitisation of various sectors, where Web3 technology could play a critical role. We were hoping for some relaxation to the taxation framework on VDAs in this budget, but the absence of any announcement is not particularly disheartening, given the Govt’s overall negative stance towards the sector.

    We have submitted data-backed quantitative analyses regarding the flight of users’ trading and transactions, as well as the potential increase in government revenue should the taxation structure be revised. We will continue to push for rationalization of the taxation framework, which includes reducing the TDS to 0.01%, allowing setoff of losses on VDA transactions and modifying the 30% tax on capital gains. We are hopeful that the government will consider our requests and that we will see changes in the future. On the positive, abolishing the angel tax for all classes of investors will work towards bolstering the Indian startup ecosystem. We look forward to more Web3 startups setting base in India, given India’s immense Web3 talent and potential. Finally, the impetus provided to blockchain skilling and talent development in the Economic Survey can empower youth for the exciting opportunities in Web3 and contribute to a skilled ecosystem for Web3 adoption.”

    Shivam Thakral, CEO of BuyUcoin, India’s second-longest running digital asset exchange
    “We welcome the positive announcements made by the honorable finance minister in today’s budget. However, the demands of the Web3 sector were not met and we will continue our constructive dialogue with the regulators to address the industry concerns. Here is our analysis of the Union Budget 2024: Angel tax abolished: India’s startup ecosystem received a big boost in today’s budget as the angel tax is abolished for all classes of investors.
    This move will be a gamechanger for startups planning to raise funds for their expansion as it will give startups more surplus funds to invest in product innovation and technology development to implement their long-term vision for the industry. The move will encourage a lot of innovators to start their entrepreneurial journey and VCs will find it more convenient to invest in early-stage startups. With deep-tech, blockchain and emerging technologies in focus. VCs will be keen to bet on innovative technologies to facilitate the transition from Web2 to Web3. TDS on VDAs untouched: However, Web3 as a sector was slightly ignored in the budget as the request to reduce the TDS on VDA transactions was not accommodated in the budget announcement. The delay in reducing the TDS will hamper the industry growth prospects as digital assets will not have a level playing field with other asset classes like stocks, gold and real estate. Higher tax and not allowed to offset gains: The high tax on gains from VDAs still stands at 30% which is relatively very high and the users are not allowed to offset losses like stocks. This move will prove to be detrimental for the web3 industry as it deprives the industry from a level playing field.
    Emerging tech in focus: In an encouraging move, the government highlighted the importance of technologies like blockchain and artificial intelligence. Government is actively involved in leveraging the potential of blockchain and AI for better governance and enhanced delivery of citizen schemes. At the same time, the economic survey also talks about the threats and challenges associated with Artificial Intelligence. The deep-fake incidents that occurred recently calls for a responsible use of emerging technologies through constructive collaboration between government and private players.”
    Mr. Kartik Chhaya, Chief Operating Officer, Rupeeseed
    “We welcome the Union Budget 2024’s forward-thinking approach, particularly the reduction in corporate tax rates for foreign companies and the simplification of FDI rules. These measures will enhance India’s attractiveness as a global tech hub. The focus on employment-linked skilling and the support for MSMEs, including the credit guarantee scheme, align well with our mission at Rupeeseed to drive innovation and growth in the fintech sector. Additionally, the emphasis on developing DPI applications and improving IBC outcomes will streamline processes and foster a more efficient financial ecosystem. Notably, the Budget’s move to address Angel Tax concerns for startup entrepreneurs is a significant step forward. By providing clarity and relief in this area, the government is helping to create a more supportive environment for startups, which is crucial for fostering innovation and attracting investment. Overall, this budget sets a robust foundation for technological advancement and economic growth, which augurs well for businesses.”
    Mr. Abhinav Jain, Co-Founder & CEO, Almonds AI
    “The Union Budget 2024 has delivered a landmark decision for India’s startup ecosystem. The abolition of angel tax for all investor classes is a game-changing move that signals the government’s unwavering commitment to nurturing our nation’s innovative spirit. This pivotal reform will inject much-needed momentum into our startup landscape, which has faced headwinds recently. By removing this significant barrier to investment, the Budget 2024 is not just opening doors – it’s constructing highways for capital to flow into groundbreaking ideas. This bold step, building upon previous initiatives like the Startup India program, positions India to regain its growth trajectory in the startup space. The Union Budget 2024 sends a clear message: India is not only open for business but is actively cultivating the next wave of entrepreneurs who will propel our economy forward.”
    Mr. Utkarsh Gupta, Managing Director- Ramagya Group:
    “Finance Minister Nirmala Sitharaman’s latest budget sets forth an ambitious plan to empower 41 million youth over the next five years with a central outlay of ₹2 lakh crore. This includes significant allocations for education, skilling, and employment, which are critical areas for India’s growth. The government’s decision to provide financial support for higher education loans up to ₹10 lakh will make quality education more accessible, ensuring that students from all backgrounds have the opportunity to succeed. The focus on upgrading 1,000 Industrial Training Institutes (ITIs) and aligning their curriculum with industry needs will bridge the gap between academic learning and market requirements. At Ramagya Group, we are excited about these developments and are committed to supporting the government’s vision for a skilled and educated India.”
    Conclusion:
    The Budget 2024-2025 provides a significant boost to the technological and startup ecosystem in India. By addressing key concerns like angel tax and simplifying compliance, the government is fostering an environment that encourages innovation and investment. As industry leaders express their optimism, it is evident that these measures will pave the way for sustained growth and technological advancement in the country.
    The article was curated by Prittle Prattle News as an industry story feature.
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  • Budget 2024-2025: Enhancing Economic Stability and Grassroots Development

    Financial Experts Applaud Measures for Long-Term Economic Health and Inclusive Growth

    The Budget 2024-2025, unveiled by Finance Minister Nirmala Sitharaman, has drawn praise for its comprehensive approach to fostering economic stability and addressing grassroots issues. By focusing on long-term economic health, enhancing employment, and supporting the underprivileged, the budget aims to create a more inclusive and robust economy. Here’s what industry leaders have to say about the budget’s impact on the financial sector and grassroots development.

    Quote on Economic Strategy from Mr. Nitin Rao, CEO, InCred Wealth

    “Budget 2024-2025 build up for long term measures is positive. Many key areas have a positive build-up without impacting the fiscal position. Taxation increases seem negative, though was anticipated. Markets will stabilize after the negative shocks in the short term and track the progress of the country in the medium term.”

    Quote on Grassroots Development from Mr. Siddarth Bhamre, Head of Research at Asit C Mehta Investment Intermediates Ltd

    “The budget 2024-2025 is economy-centric and especially targets grassroots issues like employment and rural economic stress. Multiple direct and indirect schemes and announcements will target the upliftment of the poor, women, youth, and farmers. The finance minister has made this budget to enhance employment, increase skill sets, ease business for MSMEs, and provide tax measures for the middle class. From the capital markets point of view, it would be slightly disappointing as far as taxation is concerned. The economic measures announced are the need of the hour for rural employment and reduce stress in the MSME space. This budget has targeted the pain points in the economy.”

    Mr. Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd

    “The Union Budget 2024-25 reflects the growth-led vision of the government towards building a dynamic Viksit Bharat. The reforms announced by the honourable Finance Minister like enabling a stamp-duty cut for women homebuyers will act as a sense of encouragement for fence-sitters to make the move along with resonating a strong message for women empowerment. Keeping in check the motive to promote housing for EWS, the announcement about the allocation of additional 3 crore homes under PMAY along with interest subvention schemes about affordable homes will contribute to the vision of Housing for All. Overarching this, the 10-lakh crore outlay to boost urban housing under PMAY 2.0 will elevate the demand for affordable homes. The state-wise moderation of stamp duty rates is a strong move that will potentially enable relief to homebuyers from the stamp duty and registration charges, thus propelling housing demand across new and emerging markets. However, the sector still awaits the need to redefine the definition of affordable homes to include home sizes from 60 sq.m to 90 sq.m, rather than the current price bracket of ₹45 lakh, and incentivization to developers and homebuyers to develop and invest in green projects to save the environment. Overall, Budget 2024’s strategic investments and reforms are expected to drive substantial growth in the real estate sector, benefiting both developers and homebuyers alike.”

    Quote on Insurance Sector from Mr. Parimal Heda, Chief Investment Officer, Go Digit General Insurance

    “The Union Budget 2024-2025 has maintained its commitment to fiscal prudence yet announced various tax-friendly measures for the Indian taxpayers. From the perspective of the Insurance Sector, amendment made by the government to clarify various activities in insurance sector as neither a supply of goods nor a supply of services is an extremely positive measure for the sector. This will immensely reduce compliance and ongoing litigation burden and provide overall stability to the sector. Rationalisation of tax deducted at source (TDS) from 5% to 2% for payment of insurance commission to individual agents will ensure additional income in the hands of such individuals for payments made by the insurers.

    TDS reduction to 2% for payment of bonus or proceeds made on life insurance policies upon maturity will also ensure higher receivables for individual policyholders. Abolishment of angel tax for all classes of investors will provide a huge fillip to the start-up sector that in the past had witnessed funding winter. This will bring in the much-needed capital, especially from the foreign investors to the growing start-up ecosystem of the country and aid in their future growth. Floods are one of the most common natural disasters in India. Identifying key states, the government has taken strong steps towards flood mitigation. As systemic risks of floods get mitigated over time through various measures like flood-controlled structures, it will aid insurance companies in underwriting the risks related to liability and property insurance better going forward. New assessment model for MSME credit and announcement of credit guarantee scheme will also foster better insurance collaboration with lending companies and aid in better assessment of risks.

    From an ancillary benefits point of view, the government’s proposal to boost domestic tourism and unlock economic potential of key destinations will have an ancillary impact on travel insurance as well and boost its uptake as bite-sized travel insurance products will likely become part of travellers’ planning. The government’s aim to prioritise agriculture research and developing climate-resilient varieties of 32 field and horticulture crops will also have an ancillary effect on the crop insurance segment as losses over medium- to long-term will likely reduce from loss of crop due to climate-related incidents. The Finance Minister’s financial sector vision and strategy document will also be another keenly watched policy by the BFSI sector to garner better insights on the agenda planned by the government for the remaining decade.”

    Quote on MSME Support from Mr. Manish Aggarwal, CEO & Founder, FINQY

    “We welcome the key announcements made in the Budget 2024-2025 presented by Finance Minister Nirmala Sitharaman. The introduction of the MSME credit guarantee scheme for collateral-free loans and the doubling of the MUDRA loan scheme to Rs 20 lakh marks a significant positive development. These measures will facilitate easier access to capital for the MSME sector, fostering favorable conditions ahead. The allocation of Rs 10 lakh crore for the Prime Minister’s urban housing plan is commendable. Encouraging states to reduce stamp duties is a positive development for aspiring homeowners, as lower stamp duties will make homeownership more affordable and stimulate the housing market. In my view, these initiatives will also significantly boost the home loan industry as a beneficial side effect. We also welcome the abolition of the 30% Angel Tax for all investor classes. This move will encourage more angel investors to support startups, fostering innovation and growth in the startup ecosystem.”

    Quote on Startup Ecosystem from Mr. Ankur Mittal, Cofounder, Inflection Point Ventures
    “While we have to still read the complete change on the abolishment of angel tax but on the face of it, this action has the ability to bring lot of regulatory clarity which generally is appreciated by the investor communities across the world. This should help founders looking to raise capital both in domestic and international markets.”
    Quote on Infrastructure from Mr. Subahoo Chordia, Head – Real Assets Strategy, Edelweiss Alternatives
    “The government has maintained its allocation towards infrastructure sector at INR 11+ lakh crores (i.e. 3.4% of GDP) and additional interest free loan of INR 1.5 lakh crores to States will be a booster for the infrastructure segment. The budget has lent further emphasis to multiple infrastructure segments towards development of roads, airports etc. Further, industrial parks, to service 100+ cities and development of 12 specific industrial parks under national schemes is envisaged. The Government has lent further weight in its fight against climate change. The fiscal incentives for rooftop solar and pumped storage will enhance energy security and availability. Further indirect tax incentives towards renewable energy items and critical minerals such as lithium, copper bodes well for the segment. Overall the budget maintains its focus on long term growth and sustainability and is positive towards infrastructure segments.”
    Quote on Fiscal Prudence from Mr. Deepak Ramaraju, Senior Fund Manager, Shriram AMC
    “The budget has not been a big bang budget in terms of announcements or reforms. The government has tried to strike a balance between social reforms, growth, fiscal prudence and coalition partners. Special packages to Andhra Pradesh and Bihar have been provided in terms of industrial corridors, infrastructure push and financial support for key projects. This ensures the continuity of the coalition. The fiscal prudence is improved and the fiscal deficit is reduced to 4.9% of the GDP from 5.1%. The borrowing is pegged to Rs 14 L Cr which is less than last year. This is positive for the overall economy. Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&O segment. We can expect more measures in the F&O space in the days to come. On the growth and social agenda, the government has clearly articulated the focus areas like agriculture, employment, skilling, infrastructure, inclusive social growth, manufacturing, infrastructure, urbanization, innovation and next-gen reforms. The budget spending in the years to come will keep adding to these focus areas.”
    Sangram Baviskar, Managing Director, Real Estate Practice, TruBoard Partners
    “The Union Budget’s emphasis on infrastructure, skilling, and rural development sets the stage for broad economic growth, which typically translates to a thriving real estate market. The allocation for rural development and the focus on building smart cities will significantly enhance real estate opportunities across urban and rural areas. Additionally, the introduction of new schemes for affordable housing will drive demand in the real estate sector, making homeownership more accessible to a broader population. Overall, these initiatives will contribute to a robust and resilient real estate market, fostering economic growth and development.”
    Uday Chawla, Managing Partner, TRANSEARCH India
    “We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development. For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”
    Conclusion:
    Budget 2024-2025 sets a clear path towards economic stability and inclusive growth. By addressing critical issues such as employment, rural economic stress, and grassroots development, the budget aims to uplift the underprivileged and create a more balanced economic environment. The feedback from financial experts highlights the potential of these measures to foster long-term economic health and support the overall growth trajectory of the country. As the government implements these initiatives, the collaboration and support of various stakeholders will be crucial in realizing the vision of a resilient and inclusive India.
    The article was curated by Prittle Prattle News as an industry story feature.
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  • Union Budget 2024-2025: Strengthening India’s Financial Landscape

    Industry Leaders Discuss Budget’s Impact on Capital Markets, Debt, and Investments

    The Union Budget 2024-2025, presented by Finance Minister Nirmala Sitharaman, has introduced several measures aimed at strengthening India’s financial sector. The budget 2024-2025 focuses on fostering sustainable growth, enhancing the stability of financial markets, and promoting investments. Here’s what industry leaders have to say about the budget’s implications for the finance sector.

    Quote on Capital Markets from Mr. Shripal Shah, MD & CEO, Kotak Securities

    “This Union Budget 2024-2025 sets a clear vision for India’s economic future, prioritizing both growth and fiscal responsibility. The increase in the tax rate on long-term capital gains and short-term capital gains on equity, along with the increase in STT on futures and options, are aimed at moderating currently heightened activity levels and fostering a more sustainable pace of growth in the stock market. We anticipate a small period of adjustment as the market adapts to these new tax measures, but this will ultimately contribute to a sustainable investment landscape with balanced and orderly growth of the capital market. Overall, this budget instills confidence in India’s growth trajectory and lays a strong foundation for the future. We remain optimistic about the long-term prospects for the Indian economy and capital markets.”

    Quote on Debt Markets from Mr. Deepak Agrawal, CIO-Debt, Kotak Mahindra AMC

    “The budget signals the continuity of the strong India macro story by pegging the fiscal deficit for FY 25 at 4.9% lower than market expectation and guiding for below 4.5% for FY 26. The budget numbers are credible given that nominal GDP growth rate is retained at 10.5%. Extra revenues from RBI have been prudently used by increasing total expenditure only by ~ 50,000 crores, while keeping capital expenditure constant and the balance being utilized in reducing the fiscal deficit. As bulk of the increase in expenditure outlay is in the form of asset creation (houses/roads etc), the budget is non-inflationary and would provide comfort to RBI on the inflation front. Commitment of fiscal consolidation in the year ahead, improves chances of India Rating upgrade in FY 2026. Given comfort on the Current Account Deficit, duty on gold/silver import was reduced to 6%.”

    Quote on Investment from Mr. Nikunj Agarwal, Head – Fund Raise, Finance & Lending Alliances, Propelld

    “The Rs 1.48 lakh crore announced in Budget 2024 for education and employment and skill enhancement is welcoming news. The financial support for loans up to Rs 10 lakh for students aiming for higher education in domestic institutions. Further, it was announced that a guarantee from a government-promoted Fund will be available Loans up to ₹7.5 lakh amount. Such initiatives in the education and skilling financing sectors are widely praised and can be seen as crucial steps towards fostering the potential of the youth, who are integral to the future growth of our nation. These measures are expected to play a pivotal role in advancing our country’s socio-economic development as a whole.”

    Mr. Uma Shankar Patro, Senior VP – Finance, InfoVision

    “InfoVision applauds the government’s commitment to advancing innovation and digital transformation with the allocation of 5% of the Universal Services Obligation Fund towards telecommunications technology R&D. The renaming of this fund to Digital Bharat Nidhi highlights the critical role of a digital-first strategy in driving economic growth. We are particularly encouraged by the introduction of the Jan Vishwas Bill 2.0 and the incentives for states to adopt Business Reforms Action Plans and embrace digitalization. These initiatives are set to significantly enhance the ease of doing business and will have a profound positive impact on the IT sector, further strengthening India’s digital economy. InfoVision fully supports these progressive measures and remains dedicated to contributing to and benefiting from these transformative efforts.”

    Quote on Bond Market from Mr. Vishal Goenka, Co-Founder of IndiaBonds.com

    “The budget demonstrated financial prudence with expected fiscal deficit target now 4.9% for FY24-25. This is constructive overall for the bond yields. The focus on infrastructure spending shall further increase issuance in infrastructure bonds. Listed bonds continue their favorable treatment for capital gains versus unlisted bonds and debt mutual funds.”

    Quote on Economic Strategy from Mr. Nitin Rao, CEO, InCred Wealth
    “Budget build up for long term measures is positive. Many key areas have a positive build-up without impacting the fiscal position. Taxation increases seem negative, though was anticipated. Markets will stabilize after the negative shocks in the short term and track the progress of the country in the medium term.”
    Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd., commented, “Domestic benchmark indices opened with a gap up on Tuesday, in line with global cues. As a result, the Nifty opened positively, but after initial gains, the index witnessed heavy profit booking due to volatility surrounding the Union Budget. However, the market managed to digest the negative factors and concluded the day on a marginal negative note at 24,479 levels. Technically, the index on a daily scale formed a hammer candlestick pattern. As per this pattern, today’s low of 24,074 will act as strong support for the index. On the upside, the high of the bearish engulfing candle is placed near 24,855. Until the index conquers these levels, a sell-on-rise strategy needs to be adopted in Nifty.

    The Bank Nifty index opened with a gap up but was unable to sustain at higher levels and witnessed heavy profit booking. As a result, Bank Nifty settled the day on a negative note at 51,778 levels. Technically, the index on a daily scale is forming a lower top and lower bottom pattern, indicating weakness. On the upside, 52,000 and 52,550 will act as resistance points for Bank Nifty, while on the downside, 51,200 and 51,000 will act as key support points.”

    Lakshmi Iyer, CEO-Investment & Strategy, Kotak Alternate Asset Managers Limited, shared her perspective, “The budget has ensured fiscal discipline, while ensuring impetus to growth is not compromised upon. Pragmatism has prevailed across key announcements seen. Change in capital gains tax (increase) and increase in STT may be a near-term sentiment spoiler, however, as market focus moves to growth trajectory and earnings potential, the medium to long-term case for equities remain intact.
    No increase in government borrowing program and the sustained path to fiscal prudence could mean lower interest rates in the coming quarters. FPI continues to be net buyers in both equities and fixed income, which also adds to the liquidity flows from external sources.”
    Conclusion:
    The Union Budget 2024-2025 outlines a robust framework aimed at fostering financial stability, promoting investments, and supporting economic growth. By introducing strategic measures for capital markets, debt management, and investment facilitation, the budget seeks to create a sustainable and resilient financial ecosystem. The positive feedback from financial industry leaders underscores the budget’s potential to enhance India’s economic trajectory and build a strong foundation for future growth.
    The article was curated by Prittle Prattle News as an industry story.
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  • Union Budget 2024-2025: A Lifeline for MSMEs and Employment

    Industry Experts Applaud Budget’s Focus on MSMEs, Skilling, and Economic Growth

    The Union Budget 2024-2025, presented by Finance Minister Nirmala Sitharaman, has been well-received by industry leaders, particularly those in the MSME sector. The budget aims to bolster economic growth through strategic investments in employment, skilling, and support for small businesses. Industry experts have highlighted the significant positive impact these measures are expected to have on the overall economy and the MSME sector in particular.

    Quote on MSMEs and Employment from Mr. Om Narayan Singh, Founder of Digital Gramin Seva, IMOC Digital Financial Services Private Limited

    “I am thrilled to see the FY2024 budget presented by Financial Minister Nirmala Sitharaman which is wholly focused on employment, skilling, MSME, and the middle class to strengthen the poor, women, youth, and farmers. For employment and skilling, the government has allotted 2 lakh crore. The budget provided tech support for MSMEs by introducing credit guarantee schemes in which they will provide funds to the startups during their time of stress, which will eventually help the entrepreneurs grow even in their adversities. Along with this, another scheme has been announced, which is a self-financing guarantee fund. This scheme will operate on pooling the credit risks of such MSMEs. A separately constituted self-financing guarantee fund will provide each applicant with a guarantee of up to INR 100 crore, while the loan amount may be larger. Other than this, the limit of Mudra loans has been enhanced, earlier it was 10 lakh, which now has increased to 20 lakh rupees for those who have paid their previous loans under the Tarun Category. They want to promote ‘Vikaas bhi Virasat bhi’. To strengthen the startups, FM has announced SIDBI will open new branches to serve more MSMEs over the next three years, along with 24 new branches in FY25. The Finance Minister stated that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow. This move aims to prioritize and promote the use of the Rupee for overseas investments.”

    Quote on MSME Support from Mr. Karan Sehdev, Founder of Merch Matters

    “I am overjoyed to see the government’s dedication to supporting small businesses like mine as an owner of an MSME. Our ability to dream large has increased thanks to the Atamnirbhar program, and the support of entrepreneurs has created new opportunities for growth and innovation. Our aspiration to become a major actor in the world has been neared by the Nation Corporation Policy.

    Our compliance procedures have been made simpler by the convenience of EPFO participation, and our ability to assemble a skilled workforce has been aided by employer support and skill-building programs. The ‘Vikas bhi, Virasat bhi’ methodology has made it possible for us to advance while maintaining our heritage. Our financial load has decreased thanks to the tax relief, enabling us to increase our business investments. We will also experience a paradigm shift thanks to the MSME self-financing funds for guarantee, which give us access to loans of up to 100 crores.

    The most encouraging thing, though, is the credit help at times of stress. It’s a safety net that will support us during any difficult financial times. These programs are appreciated, and I think they will help us move toward a better future. We are now an integral component of India’s development narrative rather than just little companies. We are grateful to the government for its support and for providing us the ability to soar.”

    Quote on MSME Growth from Mr. Vishal Goenka, Co-Founder of IndiaBonds.com
    “The budget demonstrated financial prudence with expected fiscal deficit target now 4.9% for FY24-25. This is constructive overall for the bond yields. The focus on infrastructure spending shall further increase issuance in infrastructure bonds. Listed bonds continue their favourable treatment for capital gains versus unlisted bonds and debt mutual funds.”
    Mr. Ashish Saraf, VP and Country Director, Thales in India
    “We applaud the government’s special emphasis on skilling, research and innovation, complementing the ‘Viksit Bharat 2047’ vision, in the Union Budget 2024-25. The Budget’s commitment to skilling 20 lakh youth over the next five years through centrally sponsored schemes and the provision of skilling loans will pave the way for cultivating a strong and future-ready workforce. These measures will create pathways for youth to gain essential skills, enhancing employability. We also welcome the focus towards inclusive and holistic growth through a number of other announcements including employment-linked skilling schemes, internship opportunities to students in 500 top companies as well as the allocation of over ₹3 lakh crore to advance women’s roles. Another key aspect of the budget is the establishment of the Powering Innovation, R&D Anusandhan National Research Fund. This will indeed provide a boost to private sector-driven research and innovation leading to development of cutting-edge technologies in the country. We commend these visionary steps and are committed to supporting India in nurturing a highly skilled workforce and deep-tech innovations by leveraging our local and global expertise and experience.”
    Conclusion:
    The Union Budget 2024-2025 stands out as a forward-looking financial plan that seeks to empower MSMEs, promote employment, and drive economic growth. By focusing on credit support, skilling, and easing compliance for small businesses, the budget addresses some of the most critical needs of the MSME sector. The positive feedback from industry leaders underscores the potential of these measures to transform the MSME landscape and contribute to India’s overall economic development. As the government implements these initiatives, the collaboration and support of various stakeholders will be vital in achieving the vision of a resilient and prosperous India.
    The article was curated by Prittle Prattle News as an industry story feature.
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