Mr.
Dheeraj Panda – Managing Director of Ammann India on the Infrastructure
segment.
"The Union Budget 2024
heralds a transformative period for India's infrastructure sector with an
allocation of ₹11.11 lakh crore for capital expenditure, which constitutes 3.4%
of the GDP. This significant investment underscores the government’s commitment
to enhancing infrastructure, presenting substantial opportunities for
construction equipment companies like Ammann India to contribute to and benefit
from this growth. Additionally, the introduction of a new scheme facilitating
term loans for MSMEs to purchase machinery and equipment without collateral,
supported by a ₹100 crore guarantee fund, is poised to directly benefit our
customers within the MSME sector, fostering growth and modernization in
manufacturing.
The government’s focus on
employment and skilling, backed by a ₹2 lakh crore investment, aims to develop
a highly skilled workforce, crucial for the construction industry. This
includes employment-linked incentives, support for new hires, and extensive
skilling initiatives, ensuring a robust pipeline of skilled labour to meet
industry demands.
The budget’s emphasis on
technological support packages for MSMEs and the expansion of SIDBI branches to
serve MSME clusters will significantly enhance the manufacturing ecosystem.
These measures are anticipated to drive innovation, productivity, and
competitiveness in the construction sector, aligning with Ammann India's
strategic goals and operational aspirations."
Mr.
Shalabh Chaturvedi, Managing Director, CASE Construction Equipment – India
& SAARC region
“The Finance Minister's
announcement of INR 2.66 lakh crore for rural development, including rural
infrastructure, in the Union Budget 2024-25 is a significant investment that
aligns with our mission to support and enhance India's rural infrastructure.
Starting from the introduction of the Jan Samarth-based Kisan Credit Card, and
the support for Andhra Pradesh, Bihar, and other key regions, the government's
holistic approach to infrastructure, skilling, and rural development are vital
initiatives.
Additionally, the focus
on employment and skills with an allocation of INR 2 lakh crore is encouraging.
The various schemes for employment-linked incentives and skilling programs will
create a skilled workforce ready to meet the demands of modern infrastructure
projects. This budget reflects a balanced approach to developing infrastructure
while empowering the workforce, and we are excited to be a part of this
transformative journey. Initiatives such as providing one month's wage for
first-time employees, creating job opportunities for 30 lakh youths in
manufacturing, and supporting skilling programs for 20 lakh individuals are a
great way of boosting productivity, enhancing infrastructure and employment
opportunities across the country.”
Mr.
Puneet Vidyarthi, Head of Marketing & Business Development – India &
Saarc, Case Construction Equipment & President, Rural Marketing Association
of India
"The 2024-2025
Indian Budget places a strong emphasis on rural development, reflecting our
commitment to improving the lives of India's rural population. With the launch
of Phase IV of Pradhan Mantri Gram Sadak Yojana, it is good to see provisions
made for all-weather connectivity to 25,000 rural habitations, ensuring better
access and integration for the rural communities. The Pradhan Mantri Janjatiya
Unnat Gram Abhiyan aims to uplift 63,000 villages, directly benefitting 5 crore
tribal people by enhancing their socio-economic conditions. These initiatives
are integral for inclusive growth and more equitable development across India's
vast rural landscape.”
Mr.
Narinder Mittal, Country Manager & Managing Director – CNH India &
SAARC
“With its focus on
farmers, this forward-thinking budget is set to enhance the livelihoods by
promoting sustainable practices, boosting productivity, and developing digital
and financial infrastructure. By introducing 10 million farmers to natural
farming techniques and emphasizing on agricultural research will help develop
climate resilience for a more secure future. Furthermore, the three-year plan
and framework for digital infrastructure will benefit farmers with access to
vital information, such as weather forecasts, crop advisory services, and
market prices. This will enable informed decision-making, better crop
management, and increased financial resources for investing in advanced farm
equipment and precision technology, driving growth, productivity, and crop
quality.”
Mr
Rahul Kejriwal, Executive Director, Remsons
“The growth-oriented
budget with continued reforms and infrastructure development with fiscal
prudence and increased outlay of capital expenditure will go a long way. As the
increase in Government's expenditure will
percolate in to more demand for both passenger and commercial vehicles,
which would really a big boost for auto components sector. As a part of
reforming direct tax structures, the budget has put more money in the hands of
consumers and this would definitely spur the demand for passenger vehicles. Meanwhile, the Production
Linked Incentive (PLI) scheme for the automobile and auto components industries
drew an investment of Rs 67,690 crore, according to the Economic Survey
2023-24.”
Mr.
NS Rao, Group CFO, Ramky Group.
We applaud the Finance
Ministry and the Indian government's enduring dedication to economic progress.
Their decision to retain the Rs 11.11 lakh crore capex outlay for
infrastructure over five years, alongside fiscal support, is warmly welcomed.
This commitment, along with attracting private investment through viability gap
funding and a market-driven financing framework, promises a bright future for
infrastructure. Furthermore, the allocation of 3.4% of GDP to infrastructure,
along with Rs 1.5 lakh crore in long-term, interest-free loans to states,
empowers the industry to innovate and deliver cutting-edge projects that drive
economic growth and job creation. The significant aspect is the emphasis on
plug-and-play industrial parks, water,
sewage and municipal solid waste treatment, paving way for SDG
fulfillment and circular economy.
Mr.
Y. R. Nagaraja, Managing Director of
Ramky Infrastructure Limited.
“Ramky Infrastructure
Limited commends the Government of India's vision for propelling overall
economic growth. The Viksit Bharat mission's nine priorities unveil a wealth of
opportunities for both public and private entities through enabling policies
and fiscal support.
One of the most important
aspects of the infrastructure industry is the government's unwavering
commitment to skill development and the substantial capital expenditure outlay
of ₹11.11 lakh crore designated for infrastructure developments. The
sanctioning of twelve "plug and play" industrial parks, fully
equipped with necessary resources promises to significantly enhance the
nation's manufacturing capabilities and generate a surge in employment
opportunities. The roadmap for developing similar parks in 100 cities indicates
a decentralised approach to industrial development, one that actively
incorporates private-sector partnerships.
Furthermore, we applaud
schemes like PM Awas Yojana, which addresses housing needs in both urban and
rural areas. The government's commendable allocation of Rs 2.66 lakh crore for
rural development will facilitate the provision of essential infrastructure. In
conclusion, Ramky Infrastructure Limited firmly believes the 2024 union budget
paves the way for inclusive and sustainable growth across the nation”.
Mr.
Amit Sharma, Managing Director & CEO, Tata Consulting Engineers
"The Indian
government's transformative and futuristic initiatives are set to accelerate
the growth of the nation's infrastructure landscape while enabling
technological advancement and ensuring a viable and sustainable energy
transition. The 2024 Union Budget's focus on green growth with a ₹35,000 crore
investment, the adoption of nuclear, clean energy with Bharat Small Reactor
(BSR) and Bharat Small Modular Reactor (BSMR), and private participation in the
nuclear energy arena, incentivising the adoption of higher efficiency Advanced
Ultra Super Critical (AUSC) thermal plants, and focus on Pumped Storage
Projects (PSP) for renewable energy integration, alongside a national critical
metals and minerals policy, and the promotion of domestic solar cell and module
manufacturing, create a comprehensive roadmap for the energy transition in
hard-to-abate sectors.
On the infrastructure
front, the enhanced focus on water and waste management in 100 large cities,
along with an investment of ₹10 lakh crore for the construction of 1 crore
houses under Pradhan Mantri Awas Yojana-Urban 2.0, underscores the strategic
approach towards transformative growth.
Tata Consulting Engineers
has been a key player and thought leadership partner in these specific
initiatives with the Government of India and leading industry players. Our
efforts have been fully aligned and committed to these national priorities.
Keeping the Vikasit Bharat vision clear, we see this as a progressive roadmap
towards building a sustainable, technologically advanced, and resilient India.
Tata Consulting Engineers is committed to our promise of 'Engineering a
Sustainable & Better Tomorrow.'”
Mr.
Rajan Aiyer, Vice President and Managing Director, Trimble, South Asia Region.
Trimble commends the Union
government's 2024 budget for its ambitious vision towards a New India. The
increased focus on infrastructure development and rural upliftment will
significantly benefit the infrastructure and construction industries, driving
growth and innovation. The substantial increase in infrastructure investment in
housing under PM Awas Yojana-Urban 2.0 will address the needs and improve the
living conditions of lakhs of people. This bold vision augurs well for not only
the infrastructure and housing sectors, but also fuels economic growth,
aligning with Prime Minister Narendra Modi's vision of a 'Viksit Bharat' by
2047."
Mr.
Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd.
"The Union Budget
2024-25 outlines a visionary roadmap for India's economic growth reflecting a
visible multiplier effect on the economy. Prioritizing national infrastructure
development with significant allocation of 3.4% of GDP towards capital
expenditure and regional equity with 'Purvodaya' – an initiative by the
government focusing on the eastern region and development of industrial
corridors aligns seamlessly with our mission to create a nationwide logistics
network.
The increased emphasis on
road connectivity projects, investment-ready industrial parks, and energy
transition initiatives will enhance logistics efficiency, reduce transportation
costs, and promote sustainable practices resonating with our commitment to
build environmentally responsible supply chains and achieve carbon neutrality
by 2040. The focus on Digital Public Infrastructure in e-commerce and logistics
presents exciting opportunities for innovation and efficiency gains aligned
with our tech enabled and solution driven offerings.
The budget's balanced
approach to infrastructure investment, technological adoption, and sustainable
practices lays a strong foundation for India's emergence as a powerful global
logistics hub. At Mahindra Logistics, we are committed to support India's
growth story by building futuristic supply chains that connects India through
our pan India, technology driven, integrated logistics network solutions
bridging businesses and consumers efficiently as well as sustainably.”
MD,
Jindal Stainless
Jindal Stainless today
welcomed the Union Budget 2024-2025 as an empowering one for its focus on
employment generation and skilling.
Managing Director, Jindal
Stainless, Mr Abhyuday Jindal, noted, “It is a mature, forward-looking and
inclusive budget with its focus on employment and skilling, manufacturing,
infrastructure, innovation and R&D. In the manufacturing sector,
particularly labour-intensive manufacturing, the package covering financing,
regulatory changes and technology support for MSMEs to help them grow and
compete globally is very welcome. Continued investments in infrastructure with
an annual outlay of INR 11.11 lakh crore (estimated at 3.4% of GDP) will help
maintain the tempo of creating overall growth enablers for a viksit Bharat.
Also, earmarking a
central outlay of INR 2 lakh crore as Prime Minister's Package for Employment
and Skilling to benefit more than 4 crore youth will go a long way in building
a sound foundation for a robust economy that thrives with time. The upgradation
of 1,000 ITIs will also help augment supply of trained workforce for
industries. Already, at Jindal Stainless, we consider it paramount to deepen
industry-academia collaboration as well as developing and upskilling an
ecosystem that drives awareness and appropriate adoption of stainless steel,
especially downstream.
We welcome exempting
duties on ferro nickel the continuation of zero duty on ferrous scrap and pure
nickel and that will help the domestic stainless steel industry and alloy steel
industry to maintain its competitiveness. Exemption of customs duties on 25
critical minerals will help to provide a boost to the refining and processing
of such minerals within the country leading to greater self-reliance in line
with our shared vision of an Atmanirbhar Bharat.
The decision to sanction 12 industrial parks under the National Industrial Corridor Development will help in strengthening upstream and downstream facilities in large and heavy manufacturing sectors like iron and steel. Again, the government's push for R&D in nuclear technology is a welcome move; it will help energy dependent sectors to obtain clean energy, thereby increasing India's competitiveness in emissions-sensitive markets such as the EU.”
Mr.
Rohit Mali, Director, Firefly Fire Pumps commented “I am thrilled
with the Budget 2024-2025 announcements that demonstrate a visionary commitment
to MSMEs and labor-intensive manufacturing, essential pillars for India's
economic growth. The comprehensive package of financial, regulatory, and
technological support signals a transformative era for MSMEs, enabling them to
scale operations and compete globally.
Moreover, the Credit Guarantee Scheme for
MSMEs in manufacturing, leveraging digital footprints for credit assessment,
and measures to support MSMEs during stress periods are game changers that will
foster innovation, expand access to credit, and sustain entrepreneurial
resilience. Enhancements in Mudra Loans, mandatory onboarding on TReDS, and
SIDBI branch establishments in MSME clusters will unlock working capital,
improve credit access, and extend critical support nationwide.
In essence, this budget
lays down a robust roadmap for MSMEs, propelling us towards the vision of 'Viksit
Bharat'. We at Firefly Fire Pumps are excited to align our efforts with these
initiatives, fostering an environment where MSMEs can thrive and contribute
significantly to India's economic renaissance.”
Mr.
Sanjay Dighe, CEO & Director of Krystal Integrated Service Ltd.
"The Union Budget
2024 presented by the Finance Minister demonstrates a comprehensive and
forward-thinking approach, significantly impacting various sectors. The
government's partnership with State Governments and Multilateral Development
Banks to promote water supply, sewage treatment, and solid waste management
projects in 100 large cities will fuel the demand for facility management
services. These projects will require specialized skills and expertise in
managing complex systems and infrastructure, aligning perfectly with the goals
of skilling and employment outlined in the budget.
Moreover, the focus on
industrial development, particularly the establishment of an industrial node in
Gaya as part of the Amritsar-Kolkata industrial corridor, will drive the need
for comprehensive facility management solutions to support the burgeoning
industrial activities. This will not only involve managing and maintaining
industrial facilities but also ensuring compliance with environmental and
safety standards.
We are particularly
optimistic about the focus on creating employment opportunities. The one-time
wage incentive for first-time employees through DBT and the internship program
launching in 500 companies for one crore youth over five years are commendable
initiatives. Additionally, clarity on tax exemptions for services provided to
government entities would be highly beneficial.
Overall, the strategic priorities set forth in the Union Budget will create a robust demand for facility management services, as the industry will play a critical role in supporting the growth and sustainability of India's economic infrastructure.”
Mr. Satish Kumar Agarwal, CMD, Kamdhenu Group
“The budget with its nine priorities presents a comprehensive roadmap for Viksit Bharat. The allocation of 10 lakh crore for the construction of one crore houses for urban poor and the announcement of variable gap funding support for the development of rental housing with dorm like accommodation for industrial workers in PPP mode will lead to a significant boost to the housing sector.”
Deep
Vadodaria - CEO of NILA Spaces Limited
"We commend the
Honourable Finance Minister, Nirmala Sitharaman, for the robust allocation of
₹2.2 lakh crore towards PM-Awas Yojana Urban 2.0. This significant commitment
reflects the government's dedication to addressing the housing needs of the
poor and middle class. The completion of 3 crore houses across rural and urban
areas will greatly enhance the 'Ease of Living' and dignity for millions of
Indians.
The reintroduction of
interest subsidies under PMAY-U is a positive step that will support the
affordable housing segment, making homeownership more accessible to many.
Additionally, the Finance Minister's encouragement for states to lower stamp
duties for women homeowners is a progressive move that will significantly
reduce property acquisition costs, fostering greater female participation in
property ownership and promoting gender equality in real estate.
These initiatives,
combined with the ₹1.48 lakh crore outlay dedicated to employment generation,
will stimulate the construction industry, create millions of jobs, and ensure
inclusive urban development. The planned regulatory framework for rental
housing and the creation of dormitory-style rental housing for industrial
workers mark the beginnings of a much-needed rental housing market in the
country.
The digitization of land
records with GIS mapping and the establishment of an IT-based system for
property records and tax administration will improve the financial position of
urban local bodies, contributing to more efficient urban management.
Furthermore, the
government's balanced approach, including the raise in both short-term and
long-term capital gains, underscores a commitment to fiscal responsibility and
sustainable economic growth. At this stage, raising taxes is a prudent move to
ensure financial stability and support these ambitious development plans.”
Ms Aparna
Reddy_Executive Director Aparna Enterprises Ltd
The 2024-25 budget
presents a promising roadmap for India's growth, with a strong focus on
infrastructure development in both rural and urban areas. The record-breaking
allocation of ₹11,11,111 crore for capital expenditure (3.4% of GDP) signifies
a strong commitment from the central government in this area. The budget also
encourages private sector participation in infrastructure development.
Initiatives like viability gap funding and enabling policies create a
supportive environment for companies to contribute their expertise and
resources in the infrastructure, housing, and building materials sectors. This
renewed emphasis on infrastructure, particularly in rural areas through PMGSY
Phase IV, will accelerate the infrastructure works in these regions. We believe
that the improved connectivity in rural areas, connecting 25,000 habitations,
will create a significant demand for roads, bridges, and power grids etc. This
will drive activity for construction companies and create a ripple effect
throughout the building materials industry, with increased demand for cement,
steel, and other essential materials. Furthermore, improved rural connectivity
will act as a catalyst for housing demand. Easier access to markets and
services will incentivize people to build new homes or renovate existing ones,
leading to increased demand for housing materials and construction services.
Beyond this, the
investment of ₹10 lakh crore to address the housing needs of the urban poor and
middle class under PM Awas Yojna Urban 2.0 will spur growth in the real estate
industry and the demand for construction materials.
By focusing on overall infrastructure development, this year's budget presents a strategic opportunity for India's economic growth and strong steps to realise the dream of a developed India @ 2047.
Ajitesh
Korupolu: Pioneering a New Era of Customer-Centric Real Estate
Real estate has undergone
a significant shift towards innovation and customer-centricity in the past few
years. Mr. Ajitesh Korupolu, Founder & CEO of ASBL, stands out as a
visionary leader spearheading the shift, inevitably building ASBL into a powerhouse
in the industry.
Over the past decade,
Ajitesh has played a pivotal role in ASBL's evolution from a promising company
to a market leader, with a robust backend system that ensures the seamless
execution of high-quality projects within committed timelines. The company's
focus on intentional design, transparent processes, and enhanced livability
reflects Ajitesh's commitment to delivering not just homes but elevated
lifestyles to its patrons. Under Ajitesh's leadership, ASBL Loft emerged as a
trending project, contributing significantly to the company's impressive sales
figures. In 2022, the company achieved annual sales of approximately Rs 1,250
crores, a number that surged to around Rs 2,000 crores by 2023, demonstrating
remarkable progress and market traction.
Ajitesh Korupolu's
journey in real estate was not just a continuation of a family legacy but a
pioneering quest for innovation. Raised in a household where construction and
development were regular dinnertime discussions, Ajitesh imbibed the nuances of
the industry from his father, a seasoned real estate entrepreneur.The potential
of data-driven solutions in revolutionizing construction and real estate
project management became increasingly evident to Ajitesh. Recognizing the
untapped opportunities to enhance efficiency, he embarked on a mission to
redefine the industry through the strategic implementation of cutting-edge
technology. He became the first to introduce the concept of digital twins in
Hyderabad, a technology that creates a virtual replica of a physical structure
through Building Information Modeling (BIM). Understanding the transformative
potential of this technology, Ajitesh set out to bridge the gap between
systems, operations, and human resources in the construction process.
ASBL became one of the
pioneers in the industry as Ajitesh successfully implemented digital twin
technology across their projects through the app 'Inncircles Arena'. The
revolutionary move ensured that every stakeholder, from the grassroots workers
to the key decision-makers, had real-time access to the project's progress in
intricate detail, all through a smartphone. This transparency not only
streamlined operations but also fostered a collaborative environment where
everyone was aligned with the project's objectives. This led to 25%
time-savings in the construction of ASBL's projects.
The implementation of
digital twins not only improved project planning and execution but also
transformed the construction process into a valuable data-generating mechanism.
Every aspect of the project, from materials used to progress timelines, was
meticulously captured and analyzed. Ajitesh recognized the potential of this
data as a goldmine for accurate and actionable business insights.
Ajitesh has ensured the
use of data in decision-making not just for construction but for overall design
considerations in his projects as well. A standout example of this has been the
introduction of room-sized balconies, called 'outdoor living' balconies in
ASBL's projects. These spaces, adorned with vertical landscaping, offer a
unique connection to nature, reducing stress and enhancing overall well-being.
Learning from research conducted in collaboration with Kantar, and also by data
collected through ASBL's indigenous online platform called 'YouDesign', ASBL
has incorporated a plethora of new-age design concepts in their projects
including mixed-use spaces, coworking spaces, versatile fitness studios and
accessibility to childcare. For many working parents, balancing professional
commitments and parenting is a challenge. ASBL Loft's innovative creche
facility addresses this need by offering flexible timings, staying open until 8
pm. Designed with insights from prominent child psychologists, the creche
provides educational indoor spaces and outdoor play structures, ensuring
children's holistic development while alleviating the stresses faced by working
parents
Ajitesh's
forward-thinking approach propelled ASBL into a league of its own, setting new
standards for efficiency and transparency in the industry. Ajitesh Korupolu's
vision and commitment to innovation positioned him as a trailblazer, not only
in the context of his family legacy but as a next-generation entrepreneur who
seamlessly integrated tradition with cutting-edge technology to reshape the future
of construction and real estate.
Ajitesh's role as a
next-generation entrepreneur is characterized by his commitment to continuous
innovation across systems, operations, and human resources. The integration of
cutting-edge technology within ASBL's projects reflects his forward-thinking
approach and dedication to staying ahead in the ever-evolving real estate
landscape.
The Cement Manufacturers’
Association (CMA) today welcomed the Union Budget 2024-25 presented by the
Honourable Finance Minister Nirmala Sitharaman. The Budget presents a
commendable vision for India’s economic growth, with a strong emphasis on
infrastructure development, employment generation and energy security.
Cement
Manufacturers Association (CMA) Applauds Focus on Infrastructure Development
and Decarbonisation in Union Budget FY25
Commenting on the budget,
Mr Neeraj Akhoury, President, Cement
Manufacturers’ Association (CMA) and Managing Director, Shree Cement Limited,
stated, “Against the backdrop of global uncertainties and inflation, the
Union Budget 2024-25 is transformative and forward looking with an eye on
fiscal consolidation. The announcement of INR 11 lakh crore capital expenditure
signifies the Government's commitment to modernising India’s infrastructure
through various significant projects and allocations, which will undoubtedly
drive demand for Cement and other building materials. These initiatives
collectively illustrate the Budget's comprehensive and strategic approach to
bolstering India's infrastructure across various sectors.
Additionally, the Cement
industry is in alignment with the Government of India’s net zero goals. The
transition roadmap for 'hard to abate' industries to move from the 'Perform,
Achieve and Trade' mode to the 'Indian Carbon Market' mode is a welcome step.
The roadmap will further boost India’s energy infrastructure and encourage
renewable energy adoption. Overall, this Budget is a win-win for both the
economy and the environment, and the Cement industry is poised to play a
pivotal role in the Nation’s development journey.”
Mr
Parth Jindal, Vice President, Cement Manufacturers’ Association (CMA) and
Managing Director, JSW Cement Limited, said, “The Budget
indeed paves the way for a robust and resilient economy, fostering growth that
is both equitable and sustainable. Its focus on employment, skilling, and urban
development is a significant step towards inclusive growth. The Prime
Minister's package, with its emphasis on skilling and employment linked
incentives, will not only further enhance workforce capabilities but also
generate new job opportunities within the Cement sector. As the Cement Industry
is transitioning and adapting to newer technologies, India needs a workforce
that is skilled and equipped. The allocation of INR 1.48 lakh crore for
education, employment, and skilling initiatives stands to have a huge impact on
creating a skilled workforce that can contribute effectively to the Cement
Industry. The Cement Industry is a major contributor to employment generation
in India. The Cement Industry welcomes the Budget's strategic initiatives and
is committed to supporting these efforts through innovation and sustainable
practices.”
Mr.
Sorab Agarwal, Executive Director, Action Construction Equipment Ltd. says,
"The Union Budget's substantial allocation of over Rs 11.11 lakh crores,
nearly 3.4 per cent of India’s GDP, for infrastructure is a clear catalyst for
accelerated growth. This, coupled with the significant push of Rs 2.2 lakh
crore towards affordable housing under PMAY-Urban, creates a robust pipeline
for the construction and allied sectors. We anticipate increased business
opportunities and a positive impact on employment generation. Moreover, the
budget's focus on the MSME sector, with a proposed allocation of over Rs 22,000
crore, is a welcome move. This will foster innovation, job creation, and
strengthen the economy. The budget's overall direction aligns with the
government's vision of a 'Viksit Bharat' by 2047, providing a strong foundation
for sustainable and inclusive development.
Mr.
Sanjay Kumar Sinha, Chaitanya Projects Consultancy
says, “We welcome the visionary budget presented by the Finance Minister
Nirmala Sitharaman. The budget deeply resonates with the spirit of Viksit
Bharat. The inclusion of infrastructure and urban development in the
government's nine priorities will help the country achieve a collective dream
of USD 5 trillion economy. Government's
strong fiscal support of Rs 11,11, 111 crore will have a positive cascading
effect on different sectors. The Rs 26,000-cr outlay for the state of Bihar
that will boost roads and highways connectivity, while Rs 2.66 lakh crore
allocation for rural development, including rural infrastructure will give
impetus to rural economy. The budget also gives thrust is to construct Plug and
Play Industrial Parks across 100 Indian cities and 12 Industrial Parks under
the Industrial Corridor, keeping in mind needs of the manufacturing sector.”
Anuraag
Saxena, CEO, E-Gaming Federation, says, “The Budget 2025's
strong emphasis on youth empowerment, job creation, and employment-linked
skilling is optimistic. Over the next five years, the Hon'ble FM has devised a
plan to provide employment possibilities for almost 4.1 crore youth. The
allocation of Rs 1.48 lakh crore for employment and education to skill 20 lakh
youth over five years is another noteworthy milestone. Jobs are the primary
driver of economic growth, and putting new initiatives and allocations into
practice would not only improve the employment situation but also have a
significant impact on developing a trained labor force for all industries,
including the online skill gaming. The sunrise industry has consistently played
a pivotal role in providing opportunities to Bharat’s talented young
individuals. We welcome today's budget as a positive development. The online
gaming industry is excited to partner with the government towards a Vikasit
Bharat by becoming a center for global gaming innovation.”
Sunjay
J Kapur, Chairman, Sona Comstar & Deputy Chairman, CII Northern Region
“I congratulate the Finance
Minister for presenting the Union Budget 2024 which manages to address both
immediate challenges and sets the stage for sustainable growth. The emphasis on
ease of doing business, with measures like rationalising stamp duty and
incentivising states for business reforms is a positive step.
Abolition of Angel Tax is a
major boost for the startup ecosystem. Particularly encouraging is the focus on
energy transition and the development of a roadmap for HTA industries that
include steel, power, chemical and refinery. These initiatives will accelerate
India’s progress towards a low-carbon future.
Increased allocation for
Skill development and focus on e-commerce export hubs will create new
opportunities for MSMEs and youth. The emphasis on digital public
infrastructure is set to transform various sectors, ensuring India remains at
the forefront of the global digital economy. Moreover, the simplifications in
FDI rules will further help attract foreign investments. Furthermore,
identifying R&D as a priority area marks a significant push for innovation
across sectors.
These announcements supported by the commitment to allocating capital expenditure, equating to 3.4% of GDP is a progressive stepstone for unlocking the country’s potential. This budget not only prioritises economic growth but also lays a robust foundation for innovation and knowledge-based economy.”
Avneesh
Sood, Director, Eros Group
The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman is a significant boost for the real estate sector emphasizing urban development as a pillar of 'Viksit Bharat'. The commitment to address the housing needs of one crore urban poor and middle-class families with an investment of ₹10 lakh crore under PM Awas Yojana-Urban is a game-changer. This allocation, with ₹2.2 lakh crore in central assistance over the next five years, demonstrates the government's serious intent to tackle the urban housing crisis and stimulate economic growth. Establishing industrial parks with a Plug & Play model near 100 cities and the emphasis on rental housing with dormitory-type accommodation for industrial workers in PPP mode with VGF support will further enhance infrastructure and provide affordable housing options. These initiatives will not only invigorate the construction sector but also generate millions of jobs, positively impacting allied industries. Additionally, the focus on urban development and transparent rental markets will benefit both developers and buyers, fostering a more robust and inclusive real estate market.
Sudhanshu
Pokhriyal, Chief Executive Officer, Bath & Tiles Business, Hindware Limited
“The Union Budget 2024 is
a visionary blueprint for India's progress. Focusing on affordable housing,
urban development, and domestic manufacturing, the government has laid a strong
foundation for sustained economic growth and improved quality of life. We
applaud the government's visionary approach to better the infrastructure and
support affordable housing. In line with these initiatives, the housing market
is set to gain further momentum, providing opportunities to companies, and
fueling growth across the building and construction industry. We believe that
these steps will aid a thriving ecosystem for the building and construction
industry.”
