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Interim Budget 2024: Reactions of Leaders to the Government’s Growth plan for India

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Budget 2024
 
On February 1, 2024, Finance Minister Nirmala Sitharaman shared the interim budget, outlining important plans for India’s growth. The main focus of this budget is on improving digital infrastructure and encouraging private investment. This means the government wants to make technology better and involve more private businesses in the country’s development. To read the key highlights of the budget, click here.
Let us turn our attention to the perspectives and reactions of leaders in response to the Budget 2024.

Interim Budget Falls Short of Addressing Immediate Socio-Economic Priorities

The government has consistently directed its attention towards initiatives aimed at supporting women, youth, the economically disadvantaged, and farmers. People expected the budget from Prime Minister Narendra Modi to directly benefit these segments, especially in this election year. However, the interim budget predominantly highlighted the government’s accomplishments from the preceding year, lacking clarity on its forthcoming focus areas. Despite heightened public expectations, this budget neither introduced new measures nor imposed additional burdens on the general public, says Mr Amit Upadhyay, Editor-in-Chief, The CSR Journal.

Promising Roadmap to Empowering Farmers

“The Interim Budget 2024-25 reiterates government’s commitment to strengthening the ‘Annadata’ and backbone of our nation – our farmers. From direct financial assistance through PM-KISAN SAMMAN Yojana to expanding farmer-centric policies and promoting innovations, the budget paves the way for inclusive, sustainable growth in the agricultural sector. Initiatives such as e-NAM and PMMSY are empowering farmers with better market access and infrastructure, while the focus on enhancing adoption of Nano-DAP clearly showcase government’s intent to handhold farmers amidst the continuously evolving weather conditions. The proposals to improve milk yields and aquaculture productivity in addition to achieving ‘Atmanirbharta’ for oilseeds, demonstrates the government’s commitment to food security and livelihood of generation across diverse agricultural fields. Overall, today’s Interim Budget 2024-25 offers a promising roadmap for empowering our farmers, ensuring food security, and propelling the agricultural sector towards a brighter future,” says Mr. Balram Singh Yadav, Managing Director, Godrej Agrovet Limited.

Focus on Sustainability

Mr Ankit Kedia, Founder and Lead Investor, Capital A says, “The finance minister’s efforts in formulating an Interim Budget that prioritizes sustainability and clean mobility are indeed noteworthy. At Capital A, our commitment to climate-conscious startups resonates strongly with the government’s focus on sectors like green energy. The provision of viability gap funding for shore-wind energy is strategically poised to attract startups and investors to this sector. Moreover, the phased mandatory blending of compressed biogas in transportation fuels and domestic piped natural gas signifies a significant stride forward. The introduction of bio-manufacturing in the electric vehicle sector promises to markedly reduce manufacturing emissions, thereby enhancing the eco-friendliness of EVs. Capital A eagerly endorses startups utilizing bio-plastics and bio-agri inputs, thereby fostering a green-oriented manufacturing sector.”
A forward-looking budget drives the adoption of sectors like solar rooftop, EV, and Compressed biogas, while laying the foundation for the launch of offshore wind energy. This demonstrates the Government’s steadfast commitment to climate transition,” Mr. Manish Chaurasia , Managing Director, Tata Cleantech Capital has said.
Mr. R Mukundan, MD and CEO, Tata Chemicals Limited said, “The Interim Budget has presented clear vision for Viksit Bharat by 2047 using demography, democracy and diversity as enablers. It reinforces India’s commitment towards people-centric, inclusive and sustainable development, with every Indian becoming active players in national growth.
The announcement of the bio-manufacturing and bio-foundry scheme gives fillip to India’s larger green growth mission. Along with climate-resilient activities for restoration and adaptation measures, these initiatives will go a long way in supporting our net-zero 2070 goals. Guided by the principle ‘Reform, Perform, and Transform’, the government has taken up next generation reforms such as strengthening the e-vehicle ecosystem, underscoring India’s ambition to be a manufacturing hub.
The Interim Budget focuses on economic policies that boost the profound transformation of the economy over the past decade. This comprehensive approach strengthens our belief in the nation’s economic trajectory, and towards a future where progress is synonymous with environmental and socio-economic inclusivity.”

Focus on Inclusive Development

“We applaud Finance Minister Smt. Nirmala Sitharaman for presenting a visionary Interim Budget 2024, setting the stage for an inclusive development. The significant focus on infrastructure and housing, especially the PM Awas Yojana Grameen, achieving 3 crore houses and planning 2 crore more in the next 5 years, resonates with Finolex Industries’ commitment to sustainable communities. The farmer-centric initiatives like PM Kisan Samman Yojana and PM Fasal Bima Yojana showcase the government’s dedication to our ‘Anna Data’. Finolex Industries anticipates these initiatives to have a positive impact and looks forward to participating in these transformative initiatives, reinforcing our belief in a prosperous and empowered India by 2047,” says Mr. Ajit Venkataraman, MD, Finolex Industries Ltd.
“The interim budget focuses extensively on inclusive development and is a step forward in the $5 trillion economy aspirations of the nation. The focus on housing sector will benefit a range or peripheral sectors like cements, paints and, steel, among others, and create employment opportunities. The focus on women empowerment will further boost the economy. The emphasis on infrastructure and rural development will lay a strong foundation for India’s growth story,” Mr Chandra Shekhar Ghosh, MD and CEO, Bandhan Bank has said.

Continued Focus on Health and Education of Youth is Commendable

Shaina Ganapathy, Head – Community Outreach Initiatives for Embassy Group stated, “At Embassy Group, we applaud the government’s continued focus on investing in the health and education of our nation’s youth, as exemplified by initiatives such as the Skill India Mission, the expansion of educational institutions, and the Ayushman Bharat scheme. These investments align perfectly with our own values of fostering a healthy and empowered workforce.
Particularly encouraging is the upskilling and reskilling of over 54 lakh youth through Skill India, creating opportunities for them to contribute meaningfully to the economy. The establishment of new IITs and higher learning institutions further strengthens the talent pipeline, which is crucial for India’s future growth.
Expanding health coverage to ASHA and Anganwadi workers, unifying maternal and child health schemes, and upgrading Anganwadi centres demonstrate a commendable commitment to public health and early childhood development. We believe these initiatives will have a lasting impact on the lives of countless individuals and families.
As a responsible corporate citizen, Embassy Group remains committed to playing our part. We actively engage in community initiatives focused on education and healthcare, and we pledge to continue collaborating with the government and other stakeholders to build a brighter future for all.”