The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has drawn varied reactions from industry leaders, startup founders, and investors. The budget, centred around the principles of Atma Nirbharta (self-reliance) and Viksit Bharat (developed India), has sparked enthusiasm and optimism across different sectors.
Drones Take Flight in Make In India Initiative
In the drone industry, Devan Chandrasekharan, Founder of Fuselage Innovations, welcomed the budget’s support for drone production within India. The allocation of 72% more funds under Production Linked Incentives (PLI) for drone manufacturing is expected to propel the Indian drone industry into a new era of innovation and growth, encouraging industry players to take bigger risks.
Devan Chandrasekharan
“The Interim Budget 2024 supports the production of drones within India… This boost is expected to bring in a new era of innovation and growth for the Indian Drone industry.”
Prem Kumar Vislawath, Founder and CEO of Marut Drones, highlighted the budget’s focus on agriculture. The integration of modern farming techniques and the mention of Nano DAP class of fertilisers were seen as crucial steps, aligning with Marut Drones’ capabilities and promoting rural growth.
Prem Kumar Vislawat
“Farmer-centric policies with the government encouraging embrace of modern technology through start-ups will go a long way in helping rural parts of the country grow to their full potential.”
Empowering Electric Vehicles (EV) and Solar Industry
Raman Bhatia, Founder & Managing Director of Servotech Power Systems Ltd, has shared valuable insights, particularly in the Electric Vehicle (EV) and solar sectors. Mr. Bhatia expresses enthusiasm for the budget’s emphasis on Atma Nirbharta and Viksit Bharat, aligning with the government’s vision for a self-reliant and developed India. His endorsement of the focus on deploying E-Buses in commercial spaces in the EV sector reflects optimism, anticipating advancements in the electric mobility ecosystem. Simultaneously, Mr. Bhatia commends the groundbreaking Rooftop Solarisation+Muft Bijli initiative, foreseeing its potential to democratise access to solar power and drive the transition towards renewable energy. As Budget 2024 unfolds, Mr. Bhatia’s insights indicate positive momentum for growth and sustainability in both the EV and solar industries.
Raman Bhatia
“The Union Budget 2024 reflects a commitment to a self-reliant India. The emphasis on deploying E-Buses and the Rooftop Solarisation+Muft Bijli initiative signals positive strides for sustainable growth. Excited to contribute to a cleaner and more energy-efficient future.”
Davinder Sandhu, Co-Founder & Chairman of Primus Partners, praises the identification of logistics corridors aligned with specific commodity flows. This measure is seen as a way to bring synergy across infrastructure planning and building, leveraging India’s Gati Shakti platform to lower costs and enhance logistics efficiency. Additionally, the Suryodaya Yojana is acknowledged as a step towards democratising rooftop solar for rural housing.
Davinder Sandhu
“Praising the identified logistics corridors and the Suryodaya Yojana, these measures enhance efficiency and democratise rooftop solar for rural housing.”
Innovation Boost for Startups
Jayakrishnan T, Founder of ASIMOV Robotics, praises the 2024-25 interim budget for introducing a fifty-year interest-free loan. He believes this move will greatly help startups and small businesses recover from COVID-19 financial challenges by easing their debts and high-interest loans. Jayakrishnan sees it as a smart step towards economic recovery and supporting the growth of innovative businesses.
Jayakrishnan T
“Kudos to the 2024-25 budget for the fifty-year interest-free loan. It’s a big help for startups recovering from COVID-19, supporting economic recovery and growth.”
In the startup ecosystem, Saloni Jain, Founding Partner at Sunicon Ventures, applauded the allocation of 1 lakh crore for innovation. This financial boost was recognized as a pivotal change, addressing historical funding gaps for deep research and reshaping the tech startup landscape.
Saloni Jain
“The 1 lakh crore for innovation aligns the government with entrepreneurial priorities, reshaping the tech startup landscape and addressing a historical funding gap for deep research.”
Deepak Gupta, General Partner at WEH Ventures, welcomes the corpus of 1 lakh crore for R&D, highlighting its significance in complementing the PLI scheme and boosting long-term technological capabilities.
Deepak Gupta
“1 lakh crore for R&D complements the PLI scheme, propelling technological growth.”
Focus on Sunrise Domains and Green Energy
Dr. Dinesh Singh, Co-Founder and Director of FAAD Network, sees the establishment of a 1 lakh crore corpus with 50-year interest-free loans for sunrise domains as a visionary move. This initiative reflects a strategic focus on new-age technology and research, fostering innovation.
Dr. Dinesh Singh
“Establishing a 1 lakh crore corpus for sunrise domains is a visionary move, emphasising a focus on new-age technology and research. This initiative fosters innovation and highlights the government’s commitment to propel India forward.”
Rajat Mehta, Chairman of JITO Incubation and Innovation Foundation (JIIF), appreciates the budget’s prioritisation of green energy and the commitment to ‘net-zero’ by 2070. The focus on offshore wind energy, coal gasification, and compressed biogas blending, along with the significant corpus for sunrise domains, supports startups and strengthens the Electric Vehicle Ecosystem.
Rajat Mehta
“The budget’s focus on green energy and the ‘net-zero’ target by 2070 is commendable. Prioritising offshore wind energy, coal gasification, and compressed biogas blending aligns with environmental goals. ”
Financial Perspectives
Puneet Pal, Head of Fixed Income at PGIM India Mutual Fund, noted a pleasant surprise in the fiscal deficit pegged at 5.1%, against expectations of 5.3%. This lower fiscal deficit is anticipated to lead to lower yields, impacting the financial landscape positively.
Puneet Pal
“A pleasant surprise on the fiscal deficit pegged at 5.1% against expectations of 5.3%. This will lead to lower yields as the borrowing numbers are also lower than market expectations.”
The Union Budget 2024 has garnered positive responses, with industry experts expressing enthusiasm for the proposed measures and the potential they hold for driving innovation and sustainable growth in various sectors.
