Budget Reactions by various business houses 2024

Ambar Bhattacharya, Takmaa News, Kolkata, 24th Jul 2024 : Various business stallwards made comments on the financial budget 2024 as given below about the future effect on the business.

Mr. Aayushman Jain, Director, Siddha Group

The government’s interest subsidy scheme for urban housing is a positive step towards making home ownership more accessible. The PM Awaas Yojana-Urban aims to meet the housing needs of one crore poor and middle-class families through an investment of  Rs 10 lakh crore, including Rs 2.2 lakh crore in central assistance over five years. This initiative will boost the real estate market and stimulate demand for affordable housing.

The central government will be  proposing a lowering of stamp duty rates especially for women owners, this is a great initiative for the Real estate market.

Additionally, the proposal to provide rental housing for industrial workers through PPP mode with Viability Gap Funding support is a strategic move. It addresses the housing needs of industrial workers and encourages private sector participation.

Overall, these budget measures will foster growth in the real estate sector, promote inclusivity, and ensure housing for all.

Mr Sahil Saharia, CEO, Bengal Shristi Infrastructure Development Ltd.

“The government’s new interest subsidy scheme and additional funding for affordable housing mark a substantial move towards tackling urban housing issues. The ₹10 lakh crore investment under PM Awas Yojana-Urban, set to aid one crore families, alongside the ₹2.2 lakh crore central assistance over the next five years, is a commendable effort. Furthermore, promoting rental housing for industrial workers via PPP mode with Viability Gap Funding support will enhance housing accessibility and affordability.”

Mr Rishi Jain, Managing Director, Jain Group

The Budget 2024 has been crafted in alignment with long-term goals of the Central Government as is the style in the previous 6 budgets too.

It is obvious the Government is aware of the massive profits that Stock Market investors have made in the past 4-6 quarters and now it wants its share of profit when these investors cash out their gains.  The introduction of specific fiscal measures to capture a portion of these profits is a prudent move, ensuring that the benefits of economic growth are equitably shared and reinvested into the nation’s development. The extra STT and investment gain income will obviously be offset to provide sops and relief to the salaried class through lower tax rates and higher standard deductions. A clear populist measure, but after the 2024 elections debacle, this was not unexpected.  

I feel the populist measures will be far outweighed by the long terms benefits. The slight pinch to investors will be outweighed by the burgeoning India prosperity.  The general populace will be somewhat satisfied while fostering economic inclusivity and stability.
The government demonstrates its commitment to a balanced and forward-thinking economic strategy.

I am personally very happy with the thrust on affordable housing, developing the transport infrastructure as well as the Human Capital which has been proposed. Achieving even 50% of these lofty goals would greatly boost the India Story in the world markets.

Recycling Sector

Post Budget views of Mr Nandan Mall Founder & CMD, Hulladek Recycling Pvt Ltd.

– ⁠ ⁠Exempting custom duties on critical minerals will boost the recycling industry, inviting more entrepreneurs to invest and venture into the recycling industry
– Setting up of a Critical Mineral Mission is a landmark decision which will help procuring precious metals and minerals from recycling of electronic waste
– ⁠Availability of finance in the climate sector will boost businesses and encourage new entries
– As a youth driven organisation, we are happy to see the inclusion of paid internship opportunities to 1 crore youth in 5 years. Internship allowance of 5000 per month along with bonus on 6000 will be provided by the government. 10% of internship cost can be borne from the CSR funds.

Healthcare

Mr Debashis Dhar, Senior Vice President & Chief Business Development, ILS Hospitals.

 “Tertiary care services are significantly lacking in Tier-3 cities compared to Tier-1 cities. There is a pressing need to vigorously promote preventive healthcare. Public-private partnerships (PPP) are crucial for setting up quality healthcare facilities. Moreover, the salaried class expected greater tax relief, which was not sufficiently addressed. Exempting certain additional medicines from customs duties to support cancer patients is a commendable initiative.”

Education

Prof. Manoshi Roychowdhury, Co-Chairperson, Techno India Group

The Union Budget’s Rs. 1.48 lakh crore allocation for education, employment, and skill development is a major boost for India’s youth and workforce. This focus complements Techno India Group’s mission to provide quality education , encourage  skill development and innovation.

The continued implementation of schemes from the Interim Budget, coupled with this renewed financial support, strengthens our efforts to build a strong educational ecosystem.India’s stable economic growth and inflation create a favorable environment for educational and economic reforms.