Budget 2024-2025

Budget Reaction Quote by Mr. Puneet Vidyarthi, Head of Marketing & Business Development – India & Saarc, Case Construction Equipment & President, Rural Marketing Association of India

“This year's budget is a people-centric budget with a solemn assurance of collective prosperity and inclusive development. The Direct Benefit Transfer provided by the government to farmers is a strong step that benefits over 11 crore farmers every year. The continued support in providing 'pakka houses' in rural India through the PM Awas Yojana is a step in the right direction.

Moreover, the Deen Dayal Upadhyaya Grameen Kasuhalya Yojana guarantees high quality skill training opportunities for the rural poor to secure a better future. India is home to over 200 million artisans and the sector is the second largest rural employer after agriculture. The continuity of this Yojana not only benefits the artisan community but is also a continuum of Bharat's rich art and craft culture.”

Mr Neeraj Akhoury, President, Cement Manufacturers' Association (CMA), and Managing Director, Shree Cement Limited

“The Cement Manufacturers' Association (CMA) applauds the Government of India led by the Hon'ble Prime Minister, Shri Narendra Modi ji, for lending stability with growth to the Country for a Viksit Bharat.

We commend the Hon'ble Finance Minister Nirmala Sitharaman for the Interim Budget 2024-25 that focusses on social and economic inclusivity towards balancing the aspirations of the people with the requirements for India's sustainable growth.

This Budget retains its intent to continue the rapid growth momentum keeping a sharp focus on medium and long-term vision. The strong thrust on research and innovation with infrastructure development is a move in the right direction. The sustained emphasis on good governance will also help in further Ease of doing business and strengthen the foundations for an Atmanirbhar Bharat.

The Cement Manufacturers' Association welcomes the announcement for Cement corridors under the Railways that would help improve logistics efficiencies and boost multimodal connectivity. We reiterate our commitment to being partners in progress in the Nation's evolving growth story.”

Mr Parth Jindal, Vice President, Cement Manufacturers' Association (CMA), and Managing Director, JSW Cement Limited

“At the core of the announced Budget are speed, innovation and scale, which are indeed driving India's economic growth engine. The Cement Manufacturers' Association (CMA) resonates with the Hon'ble Prime Minister Shri Narendra Modiji's vision and the Government's intent to strengthen and boost India's progress by creating sustainable business value chains that lend solidity and robustness to India's socio-economic fabric.

The Interim Budget 2024-25 presented by the Hon'ble Finance Minister augurs well for Bharat, one of the fastest growing economies of the world. There is a continued emphasis on inclusive growth embracing health, infrastructure development, rural upliftment, enterprise, research and innovation that stand to consolidate Government's efforts for making India a formidable player in the global economic order.

The Cement sector applauds the Budget. CMA welcomes the announcement by the Hon'ble Minister to build railways corridors - for Cement, Mineral and Energy sectors – that would boost the core sectors. The allocation to key sectors such as housing are steps in the right direction as these would both foster growth with employment. The Cement sector applauds the Hon'ble Finance Minister for providing a clear direction for the Country's future growth..

As the Chairman of Sona Comstar and Chairman of the CII Europe Committee, Sunjay J Kapur shared his thoughts on the recently announced budget. Requesting you to consider it for your esteemed publication.

Sunjay J Kapur, Chairman, Sona Comstar and Chairman, CII Europe Committee

“The Union Budget 2024 builds on India's proactive approach towards transformative growth, especially fostering collaboration and innovation across manufacturing, infrastructure, and technology sectors. With a focus on skill-building and concerted efforts to drive research and development, India aims to catalyse innovative solutions, utilizing new technologies and data to fuel growth, particularly in emerging sectors. With a significant increment in capital expenditure target for FY25, the budget emphasizes on the enhancement of infrastructure for multi-modal connectivity, in addition, it promises a sustainable and efficient mobility ecosystem. Notably, the budget supports the expansion of electric mobility by boosting EV manufacturing and charging infrastructure and promoting e-buses, aligning with global decarbonization efforts. It will provide impetus to make electric vehicles more accessible to the people of India. In addition, the rooftop solarization of 1 crore households will help the country move towards cleaner energy. By envisioning an ecosystem conducive to create and innovate, this budget paves the way for transformative growth, ensuring India's prowess resonates worldwide. A budget blueprint that focusses on India's ambition to emerge as Vikshit Bharat by 2047.”

Quote by Kami Viswanathan, President – MEISA, FedEx Express:

“The 2024 interim budget's increased capital expenditure for infrastructure development is a strategic and commendable move. It promises to accelerate economic growth and positively impact the logistics sector. The emphasis on expanding air connectivity, along with the development of existing airports and the establishment of new ones, is a pivotal step that aligns with our advocacy for efficient multimodal logistics.

The government's commitment to the PM Gati Shakti National Master Plan, is encouraging. These initiatives aim to enhance logistics efficiency and reduce costs, aligning with our objectives of service excellence and innovation in logistics. Additionally, the 'Amrit Kaal' initiative, which focuses on empowering MSMEs and boosting their global competitiveness, is set to benefit the broader logistics sector.

FedEx welcomes the forward-looking approach of the 2024 interim budget, reflective of the 'Viksit Bharat' vision. We remain committed to actively contributing to India's growth journey, aligning our efforts with the government's vision for a smarter and more sustainable logistics infrastructure in India.”

Quote by Mr. Anil G Verma, Executive Director and CEO, Godrej & Boyce:

The Interim Budget 2024 is extremely well thought of and clearly a step towards the vision of Developed India @ 2047. The FM has stayed away from populist measures in an election year and needs to be congratulated for the same.

By limiting the deficit to 5.1% of the GDP which should be achievable given the rather conservative tax receipts, fiscal prudence has been given the due importance. Lower borrowings and thus lower borrowing costs will help prioritize domestic spends and guard against external shocks.

The increased capital expenditure of Rs 11.11L Cr, constituting 3.4% of the GDP, bodes well for the infrastructure led GDP growth and will also crowd in the private sector investments as we are now witnessing improvements in consumer sentiments (and demand).

The focus on sustainability through rooftop solarization, adoption of E-buses, capacity enhancements in renewable energy and coal gasification are a must, given the impact of greenhouse gases.

The continuation of emphasis on women, youth, farmers, and the underprivileged through skilling and welfare measures and financial assistance under PM-KISAN is to be lauded. This will ensure that India moves forward as a whole.

Quote by Mr. Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd:

"The Union Budget 2024's pivotal focus on infrastructure development, aligns seamlessly with our vision for enhanced logistics efficiency. The government's commendable commitment to supporting EV manufacturing and charging infrastructure is a significant stride towards sustainable mobility. We appreciate and commend the government's efforts towards Green Energy, aligned with the Nation's commitment for 'net-zero' by 2070.

The announcement of three major economic railway corridor programs, spanning energy, mineral, and cement corridors, port connectivity corridors, and high-traffic density corridors under the PM Gati Shakti initiative, is poised to be transformative. These corridors not only promise to decongest high-traffic areas but also elevate the safety and speed of passenger trains. The integration of dedicated freight corridors is poised to catalyse GDP growth and significantly reduce logistics costs.

With an increased outlay in FY25 and the expedited development of various infrastructure projects, the government's proactive approach is set to spur economic growth. The India Middle East Europe Economic Corridor announcement is particularly game-changing, strategically positioning India on the global trade map. We at Mahindra Logistics, eagerly anticipates actively participating in and benefiting from these initiatives, ushering in positive transformations in the logistics and transportation sector.”

Mr. Sandeep Chillar, Founder at Landmark

“In the pursuit of inclusive and sustainable development, the budget echoes the ethos of 'Sabka Saath, Sabka Vikas, and Sabka Vishwas,' weaving social and geographical harmony. Doubling the number of airports to 149 reflects a visionary stride which will boost the country’s infrastructure and real estate. Our Finance Minister, Nirmala Sitharaman affirms a commitment to economic policies fostering enduring growth, guided by the principles of Reform, Perform, and Transform. In addition to the extensive infrastructure proposal, the Pradhan Mantri Awas Yojana (grameen) will encourage home ownership especially across income levels.”

Jindal Stainless today welcomed the Interim Budget 2024-2025 as growth-oriented, with a focus on capital outlay, infrastructure, railway, defence, and aviation.

Managing Director, Jindal Stainless, Mr Abhyuday Jindal, noted, “A significant highlight of the Interim Budget is the proposed 11.1% increase in capital expenditure to 11.11 lakh crore, constituting 3.4% of the GDP. This unwavering emphasis on infrastructure development is expected to propel the manufacturing sector, aligning with the vision of a viksit, atmanirbhar Bharat. Key announcements, including railway corridor programmes under PM Gati Shakti and transforming rail bogies into 'Vande Bharat' coaches, are positive developments for their impact on logistics and passenger safety. The introduction of the India-Europe-Middle East corridor is a strategic move with potential trade expansion and strengthened economic ties. The budget's focus on sustainability, particularly through rooftop solarisation, aligns with the stainless steel industry's commitment to environmental responsibility. Initiatives empowering youth through skilling, entrepreneurship support, and strengthening educational infrastructure contribute to the shared vision for a prosperous, sustainable future. The industry eagerly anticipates the comprehensive budget in July, hoping for measures to address long-standing demands and protect against dumping by certain countries, fostering optimism about the future of the stainless steel industry.”

Mr. Anil Banchhor, MD & CEO of RDC Concrete

Please find below the quote on the announcements made by our FM Nirmala Sitharaman on the manufacturing industry. "I applaud the forthcoming budget's 11.1 percent increase in capex while keeping deficit in check , underscoring the government's unwavering commitment to significant capital expenditure. With spending now at 3.4 percent of GDP, aligning seamlessly with our objectives, we are excited about the emphasis on infrastructure development, boosting demand for cement & concrete. This strategic move positions RDC to supply crucial building materials for the nation's ambitious projects, fostering economic growth and directly benefiting our company.

The fiscal deficit reduction below 4.5 percent by 2025-26, as outlined in the Revised Estimate, is a commendable move. Government initiatives for iconic tourist centers, Railways corridors, port connectivity, and tourism infrastructure, including spiritual tourism, align perfectly with the growing enthusiasm for domestic tourism, creating opportunities for our industry.

Additionally, the government's commitment to supporting the expansion of Metro Rail systems in large cities with a focus on transit-oriented development is a noteworthy step. This not only addresses the evolving needs of urbanization but also contributes to sustainable and efficient urban transformation. We appreciate the government's forward-looking approach in expanding the e-vehicle ecosystem, supporting manufacturing and charging infrastructure. Particularly in the manufacturing industry, this sets the stage for a sustainable and innovative future, positively impacting job creation and the overall economy. These budgetary measures will undoubtedly contribute to our growth and the nation's progress”

Mr. Rajan Aiyer, Vice President and Managing Director, Trimble, South Asia Region.

Trimble welcomes the 2024 budget with its visionary focus on building a New India. The boost in capital expenditure, reaching Rs 10 lakh crore is a noteworthy increase from the previous fiscal's Rs 7.3 lakh crore. This commitment to infrastructure development aligns seamlessly with Trimble's mission to revolutionize the construction and related industries through cutting-edge technology for speedy, sustainable, and high-quality development.

As functional airports are set to be doubled to 149, Trimble is excited about contributing innovative solutions to enhance the aviation infrastructure. Additionally, Trimble continues to empower progress through advanced solutions fostering efficiency and resilience hand in hand with the strategic infrastructure initiatives outlined in the 2024 budget. This will indeed be the beginning of Amrit Kaal for national infrastructure development and march towards a $10T economy by 2030.”

Mr. Vinod Aggarwal, MD & CEO VECV

Commenting on the Interim Budget, Vinod Aggarwal, MD & CEO VECV said, “The interim budget injects renewed vigor into the automotive industry by emphasizing green energy and infrastructure development, with a notable 11.1% increase in capital expenditure. The budget resonates with VECV's focus on sustainable mobility, addressing challenges in EV charging infrastructure and fostering entrepreneurial opportunities. With our development plans addressing Electric, H2ICE , Fuel Cell Electric and LNG, in addition to CNG and clean Diesels,  VECV stands ready to provide tested alternate fuel solutions to customer in line with the government's Net-Zero vision.”

udget Reaction Quote by Mr. Narinder Mittal, Country Manager & Managing Director – Agriculture Business, CNH India & SAARC

“The Interim Budget has reinforced the upliftment of farmers with the continuation of PM Kisan Samman Yojana, which annually extends direct financial assistance to a substantial 11.8 crore farmers. The focus on oilseed production and processing marks a significant stride in reducing import dependency while creating new avenues for the growth of the agricultural community. Additionally, the expansion of the crop insurance scheme to benefit 40 million farmers will enhance resilience against unforeseen risks.

Moreover, the allocation of financial assistance to support the procurement of biomass aggregation is a commendable move. Encouraging farmers to participate in the bioenergy supply chain not only promotes sustainable agricultural waste management but also opens up new opportunities for income generation. This will catalyze the demand for cutting-edge farm machinery and crop management solutions, facilitating the adoption of modern farming practices powered by cutting-edge technologies. The decision to further promote private and public investment in post-harvest activities will help the agricultural ecosystem in India to flourish, encompassing every stage of the value chain, from production to market. Overall, we believe these initiatives will play a pivotal role in driving the agricultural sector towards prosperity and resilience.”

Budget Reaction Quote by Mr. Shalabh Chaturvedi, Managing Director, CASE Construction Equipment, India & SAARC

“With the decision to increase Capex by ~11% to ~11 lakh crore, representing 3.4% of the GDP, for the fourth consecutive year, the government is reinforcing their focus on sustainable long term growth, enhancing the nation's infrastructural backbone. The introduction of the three major railway corridors and the expansion of airport facilities in the country is a welcome move in the direction of improving logistics as a GDP growth lever. Key rail infrastructure projects, including Metro Rail and Namo Bharat, expanding to more cities, convey a clear emphasis on connecting rural to urban Bharat. Furthermore, new initiatives to improve port connectivity, infrastructure, and facilities will open up opportunities for job creation while boosting tourism. It is a well-rounded budget that demonstrates the government's continued emphasis on important sectors.”