Talking Heads: Budget positions India as tech-driven, knowledge-driven economy

"Budget 2024 positions India as a technology-driven and knowledge-driven economy, reaffirming our commitment to sustainable development. It is a decisive step towards realising our national aspirations and strengthening our position on the global stage." Hero MotoCorp Executive Chairman Pawan Munjal "This is a visionary budget that silently strengthens the long term with a substantial capex increase and simultaneously supports current priorities of job creation, MSMEs, skilling and women empowerment while still keeping better-than-expected fiscal discipline. The focus towards agri-resilience reforms, the rural sector and the eastern states of India will help in inclusive growth." Maruti Suzuki India MD & CEO Hisashi Takeuchi "The budget is inclusive, with a strong thrust on quality job creation and skilling. It also strikes a balance between agriculture and manufacturing, with elements of services." FICCI President Anish Shah "The maiden budget of the new government has unravelled a comprehensive roadmap for sustainable and equitable growth while retaining the focus on the creation of jobs. Budget 2024-25 provides an extensive roadmap for each segment of the society so that every Indian becomes an equity holder in the growth aspirations of the new and progressive India." CII President Sanjiv Puri "The budget shows Modi 3.0 is all about continuing the path to fiscal consolidation with the fiscal deficit target of 4.9 per cent this year and 4.5 per cent the next while maintaining the capex figure at 3.6 per cent. The focus on the agri sector and housing infrastructure - affordable and urban - is substantive and augurs well." Ashok Hinduja Chairman, Hinduja Group of Companies (India) "The focus on job creation with three innovative employment-linked schemes is timely. The abolition of the angel tax will give a big boost to our startups and young entrepreneurs who are the job creators of the future. The commitment to speed up IBC resolution will lead to 12,000 businesses restarting operations and many more jobs." Anil Agarwal, Chairman, Vedanta Ltd "Finance Minister's decision to waive import duties on critical minerals, including lithium, copper, and cobalt, is a step in the right direction for the electric vehicle industry. This move will reduce battery manufacturing costs, making EVs more affordable and attractive. It will also enhance lithium-ion battery production in India, supporting localisation efforts and advancing the sector's growth." Rajeev Chaba CEO Emeritus JSW MG Motor India "The Union Budget 2024 aligns with the Finance Minister's earlier commitments, focusing on workforce enhancement, upskilling for manufacturing, and welfare for women and girls, while also strengthening energy and infrastructure. With an alarming 1.46 million new cancer cases projected, the exemption of customs duties on three additional cancer medicines is a vital step toward easing treatment costs." Prathap C Reddy Apollo Hospitals Founder & Chairman "The Union Budget builds further on the government's pre-election interim Budget and has positive indicators on how the government is looking at India's economic growth and development. The FM's emphasis on job creation through skilling is a key underlying theme. Internships at large companies with Government and CSR-backed stipends is the right approach to employability and jobs for the future." Kiran Mazumdar Shaw, Biocon Executive Chairperson "With the Union Budget 2024-25, the government has taken strides towards realising the Viksit Bharat vision by 2047. This is a forward-looking roadmap that will accelerate India's economic journey holistically. The nine-point agenda laid out by the FM will address and uplift several economic and social reforms in India, if well executed." Saugata Gupta, MD & CEO Marico Ltd "Glad to see the Union Budget's commitment to fiscal discipline and infrastructure development. A fiscal deficit of 4.9 per cent, with a target of 4.5 per cent next year, shows our economic prudence. Prioritising employment, skilling, MSMEs, and the middle class is crucial for building a strong, resilient economy. #Budget2024." Sajjan Jindal, Chairman and MD of JSW Group The focus on natural farming and agricultural productivity, incentivising job creation and employment continued impetus to bolster MSMEs, modernising urban cities and policies aimed at accelerating India's energy transition will have a long-standing effect that would significantly improve economic resilience in an otherwise volatile world economy.

Baba Kalyani, Chairman & MD Bharat Forge "The continued focus on government spending on infrastructure development augurs well for the (hospitality) sector. Improved infrastructure would translate into better connectivity, which will be beneficial to the promotion of tourism...Regrettably, however, there has been no policy announcement to facilitate the development of hotels and promotion of inbound tourism." KB Kachru, President, Hotel Association of India "The hospitality sector is disappointed but not dejected as the overall focus on infrastructure development, employment generation and skill development and development of religious tourism centres are the silver linings, which will help the sector to tide over some of the critical challenges that it faces today." Pradeep Shetty, President, FHRAI "We believe this Budget paves the way for the next generation of reforms, which we are confident will lead India to its deserved place of being Viksit Bharat." Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd "The Indian economy is set to embark on a transformative journey, propelled by a masterful blend of growth, strategic foresight, and robust investment. The Government has crafted an exemplary roadmap for the nation's comprehensive development, with a primary focus on enhancing infrastructure and advancing employment and youth upskilling." Azaad Moopen, Founder & Chairman, Aster DM Healthcare "The Union Budget announced today very critically focuses on Employment, Skilling, Manufacturing and the upliftment of the Middle class through a variety of initiatives. Employment and skilling opportunities will be created through financial assistance, where over 20 lakh youth will be skilled over a five-year period." Deepak Shetty CEO and Managing Director, JCB India. PTI MSS RKL BAL BAL