Budget 2024: Industry leaders weigh in on India's path to growth and innovation
Nirmala Sitharaman, marks a significant step towards realising the vision of a ‘Viksit Bharat’. The Union Budget focuses on fiscal consolidation with a target of a 4.9% fiscal deficit of GDP. Key allocations include substantial funding for infrastructure, rural development, employment, and skilling initiatives. Significant policy changes include the abolition of the Angel Tax for startups, and promoting investment and innovation. The budget emphasises technology, with increased funding for research and development, also prioritising digital infrastructure, and women's development with a strong support to MSMEs and entrepreneurship.
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To provide a deeper understanding of the budget's impact, here are some reactions from various industry experts:
Nemesisa Ujjain, VP & Head of The Circle FC, noted the budget's robust foundation for economic growth, investments, and capital formation. The enhanced tax deductions, increased Mudra loan limits, and concessions for MSMEs are expected to boost entrepreneurial growth. The reduction in tax for foreign companies from 40% to 35% is anticipated to attract higher FDI, creating new growth opportunities.
Karan Verma, Co-Founder and Director of FAAD Network emphasised the budget's dedication to economic stability and growth. He highlighted the introduction of a new ₹5,000 crore fund to support innovation and the
