Interim Budget 2024: Industry leaders across sectors give thumbs up

New Delhi (India), February 5: Union Finance Minister Nirmala Sitharaman presented her sixth Budget on February 1. This was an interim budget ahead of the general elections later this year. The Interim Budget 2024 focused on youth and women empowerment, while maintaining fiscal consolidation and continuing capex, hinting continued investment focus across sectors infra, housing, auto, agriculture, solar etc.  Here are some reactions of industry leaders:

Dr Manu Gupta, CoFounder, SEEDS said, “The budget unveiled today by the Hon’ble Finance Minister undoubtedly reinforces the Government’s Viksit Bharat vision. With a strategic emphasis on initiatives that empower a large population of Indians to acquire or construct their homes and address essential needs such as water and electricity. This ensures direct enhancement of living standards, contributing to improved health and overall well-being. This approach fosters inclusivity and could diminish climate-induced impacts, particularly during disasters. 

As highlighted by our Finance Minister, our nation, during the G20 Presidency, exemplified leadership by forging a consensus on solutions for global climate induced challenges. The spotlight on India’s extensive coastal line, envisioning a blue economy 2.0 coupled with inland capacities, earmarked for climate-resilient activities through a multidimensional, integrated, and multi-sectoral approach, is poised to significantly augment capabilities for enduring, positive impacts for the communities.” He added.

Dr Aanchal Jain, CEO, PMI Electro Mobility  said, “The government’s unwavering commitment to advancing e-mobility exemplifies visionary leadership. The decision to accelerate the adoption of e-buses for public transport and provide extended support for charging infrastructure stands as a beacon of progress for the entire industry. Addressing a pivotal concern, the announcement of a Payment Security Mechanism reflects the government’s proactive stance in fostering a conducive business environment.

The far-reaching benefits of the e-mobility sector’s growth will not only reverberate throughout the industry but also extend to auto component and child part manufacturers. This ripple effect underscores the transformative power of sustainable transportation initiatives, igniting innovation and prosperity across the automotive landscape.”

Nishi Chandra, Head Marketing, Loom Solar, said, “With focus on building homes for the underserved, to rooftop solarisation and free electricity, the foundations of aatmanirbharta for electricity have been strengthened in this interim budget by the government.  This paves way for a thrust in solar sector for a larger purpose of enabling the citizens of our country besides youth working in the solar sector to be more productive for nation building leading to Viksit Bharat Vision.”

Nishant Arya, Vice Chairman and MD, JBM Auto, said, “We welcome today’s interim budget presented by Hon’ble Finance Minister. The allocation of INR 13bn in FY25 towards PM e-Bus Sewa programme will ensure deployment of electric buses at the grassroot level. We are optimistic of the PLI scheme for advanced chemistry cell battery storage will further help in reduction of cell prices once production starts in India. This will further the momentum that already exists due to visionary policies of the government.”

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