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.”
