Industry experts praise the balanced approach and focus on key sectors in the Budget
In response to the recently announced Interim Budget 2024, key figures from major corporate sectors have offered their perspectives, reflecting a general sense of optimism and appreciation for the government’s approach towards fostering economic growth and social development.
Insurance Sector: Promoting simplified taxation and industry growth
Mr. Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, praised the government’s balanced approach evident in the budget. He highlighted extensions of tax breaks for startups and improvements in taxpayer services as measures reflecting the commitment to simplify taxation. Additionally, Singhel welcomed the allocation of interest-free loans to promote tourism and infrastructure development in regions like Lakshadweep. The expansion of air connectivity through the Udan Scheme and fiscal announcements emphasising infrastructure development were also lauded as steps towards modernising transportation and infrastructure.
The budget’s focus on agriculture, healthcare, social security, and renewable energy was commended for addressing various sectors and challenges while prioritising the welfare of all citizens and the country’s overall progress.
Banking and FinTech: Supporting fiscal prudence and sectoral growth
Manish Kothari, President and Head of Commercial Banking at Kotak Mahindra Bank, described the budget as directionally positive, supporting critical commitments related to fiscal rectitude, continued capital expenditure growth in infrastructure, and support for marginalised sectors. He emphasised the importance of lifting the bottom of the pyramid for the nation’s overall progress.
Mr. Madan Sabnavis, Chief Economist at Bank of Baroda, noted the budget’s adherence to fiscal prudence and its pragmatic deficit targets for the upcoming fiscal years. He highlighted the significant allocation for capital expenditure directed towards roads, railways, and defense, which is expected to have positive effects on various industries.
FinTech: Stimulating entrepreneurship and innovation
Sashank Rishyasringa, Co-founder and MD of axio, welcomed the positive developments in the interim budget, particularly the extension of tax benefits to startups and various financial entities until March 2025. He expressed expectations for the July budget to build on these initiatives and further foster growth prospects for the BFSI sector and startups in the country.
Rishyasringa emphasised the importance of policies that improve credit access for lower-income groups and first-time borrowers, aligning with the RBI’s call for diversification of funding channels beyond traditional banks.
Healthcare: Bolstering the healthcare industry
Dr. Narendra Vankar, Founder and CEO of Quantum CorpHealth lauded the government’s dedication to bolstering the healthcare industry, particularly highlighting initiatives aimed at improving healthcare accessibility and nutrition delivery. He expressed anticipation for further encouraging announcements in the coming months.
Agriculture: Transformative vision for AgTech
Mr. Sanjay Borkar, CEO & Co-founder of FarmERP, underscored the budget’s transformative vision for the AgTech sector, including substantial allocations for private sector research and innovation. He praised the government’s recognition of the sector’s potential for inclusive growth and emphasised the importance of timely financial support and relevant technologies for MSMEs.
Infrastructure: Building a connected and inclusive India
Mr. Amit Uplenchwar, Director at Kalpataru Projects International Limited, applauded the government’s emphasis on infrastructure development, particularly through initiatives like the PM Gati Shakti program. He highlighted the substantial increase in infrastructure spending and the focus on inclusive growth as crucial for fostering economic development. 
Ashish Modi, President of Honeywell India, praises the government’s growth-focused and sustainable budget. He applauds the detailed framework outlined by the finance minister for advancing infrastructure, boosting youth employment, and enhancing GDP growth. Modi highlights the transformative steps of the government’s Green Growth vision, including rooftop solarization, offshore wind investments, and strengthening the EV ecosystem, all aligned with Honeywell’s megatrends and commitment to supporting India’s development.
Real Estate: No Big-bang announcements
Anuj Puri, Chairman of ANAROCK Group, noted the absence of significant announcements for the real estate sector in the interim budget.
