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
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.
FinTech: Stimulating entrepreneurship and innovation
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
Agriculture: Transformative vision for AgTech
Infrastructure: Building a connected and inclusive India
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.
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