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Following are some of the top reactions from the industry on the interim Budget:
Rajesh Magow, Co-founder & Group CEO, MakeMyTrip
We acknowledge, with satisfaction, the government’s sustained focus on travel and tourism as reaffirmed in the interim budget. The commitment to bolster domestic tourism through initiatives spanning rail and air travel, coupled with the ongoing emphasis on tourism-led destinations, particularly in the realm of island tourism and spiritual tourism, reflects a strategic vision for the long-term growth of the T&T sector.
The allocation of interest-free loans to state governments for the creation of iconic tourist destinations is a noteworthy step.The expansion of airports and the PM Gati Shakti program are pivotal in enhancing connectivity to previously unexplored regional gems. These initiatives will take domestic discovery to farther reaches of the country, thereby empowering local entrepreneurs and creating employment opportunities.
While the specifics are yet to be seen, collaboration between the industry and the government is key to maximizing impact, ensuring quality standards, and fostering sustainable tourism models for an enhanced traveller experience.
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to. The Honourable Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors. In addition, the GoI’s focus on training, upskilling, and reskilling the youth of the nation through the Skill India mission is likely to place India well on the global map of tech-savvy nations. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well. Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors. At NetApp, we are aligned with the government’s focus, with innovation in data management being at the heart of everything we do. Combined with the capabilities of our tech talent, particularly the youth, we are well poised to contributing towards building a ‘Viksit Bharat’ by 2047.
Debashis Chatterjee, MD & CEO, LTIMindtree
We welcome the interim budget’s focus on skilling, deeptech, R&D, innovation, and digital infrastructure, all of which are critical drivers for the IT industry’s growth. The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders. As we strive towards achieving the goal of “Viksit Bharat” by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India’s future.
Arijeet Talapatra, CEO of TECNO Mobile India
The decision of Ministry of Finance to reduce import duties on smartphone components and spare parts is a remarkable move. This strategic move aligns with the industry’s collective request to rationalize duty structures, transitioning from 15% to 10%, thereby fostering enhanced competitiveness for the Indian smartphone sector on both domestic and international fronts. This favourable development will serve as a significant catalyst for smartphone manufacturing entities, TECNO included, deeply committed to the principles of ‘Make-in-India.’ TECNO is steadfast in its commitment to fostering industry growth through the augmentation of manufacturing and supply chain operations within India.
Pallavi Singh, Senior Vice President, Super Plastronics Pvt Ltd, a brand licensee of White-Westinghouse
The facilitation of a 34 crore loan for women entrepreneurs, along with the 43% female enrollment in STEM courses and the allocation of 1/3 seats in government, reflect a commitment to equal representation. Women setting up their own businesses will lead to job creation for the same gender, and recent studies have shown that empowering women economically leads to increased GDP and poverty reduction, benefiting families and communities. Overcoming various challenges and barriers as a woman entrepreneur in India is not an easy feat, and with encouragement from the government, this will provide a boost, especially to those from economically weaker backgrounds. Increased women’s entrepreneurship is also a step towards global collaboration and will provide India with an additional platform to expand networks and access global markets.
Rajesh Magow, Co-founder & Group CEO, MakeMyTrip
We acknowledge, with satisfaction, the government’s sustained focus on travel and tourism as reaffirmed in the interim budget. The commitment to bolster domestic tourism through initiatives spanning rail and air travel, coupled with the ongoing emphasis on tourism-led destinations, particularly in the realm of island tourism and spiritual tourism, reflects a strategic vision for the long-term growth of the T&T sector.
The allocation of interest-free loans to state governments for the creation of iconic tourist destinations is a noteworthy step.The expansion of airports and the PM Gati Shakti program are pivotal in enhancing connectivity to previously unexplored regional gems. These initiatives will take domestic discovery to farther reaches of the country, thereby empowering local entrepreneurs and creating employment opportunities.
While the specifics are yet to be seen, collaboration between the industry and the government is key to maximizing impact, ensuring quality standards, and fostering sustainable tourism models for an enhanced traveller experience.
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to. The Honourable Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors. In addition, the GoI’s focus on training, upskilling, and reskilling the youth of the nation through the Skill India mission is likely to place India well on the global map of tech-savvy nations. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well. Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors. At NetApp, we are aligned with the government’s focus, with innovation in data management being at the heart of everything we do. Combined with the capabilities of our tech talent, particularly the youth, we are well poised to contributing towards building a ‘Viksit Bharat’ by 2047.
Debashis Chatterjee, MD & CEO, LTIMindtree
We welcome the interim budget’s focus on skilling, deeptech, R&D, innovation, and digital infrastructure, all of which are critical drivers for the IT industry’s growth. The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders. As we strive towards achieving the goal of “Viksit Bharat” by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India’s future.
Arijeet Talapatra, CEO of TECNO Mobile India
The decision of Ministry of Finance to reduce import duties on smartphone components and spare parts is a remarkable move. This strategic move aligns with the industry’s collective request to rationalize duty structures, transitioning from 15% to 10%, thereby fostering enhanced competitiveness for the Indian smartphone sector on both domestic and international fronts. This favourable development will serve as a significant catalyst for smartphone manufacturing entities, TECNO included, deeply committed to the principles of ‘Make-in-India.’ TECNO is steadfast in its commitment to fostering industry growth through the augmentation of manufacturing and supply chain operations within India.
Pallavi Singh, Senior Vice President, Super Plastronics Pvt Ltd, a brand licensee of White-Westinghouse
The facilitation of a 34 crore loan for women entrepreneurs, along with the 43% female enrollment in STEM courses and the allocation of 1/3 seats in government, reflect a commitment to equal representation. Women setting up their own businesses will lead to job creation for the same gender, and recent studies have shown that empowering women economically leads to increased GDP and poverty reduction, benefiting families and communities. Overcoming various challenges and barriers as a woman entrepreneur in India is not an easy feat, and with encouragement from the government, this will provide a boost, especially to those from economically weaker backgrounds. Increased women’s entrepreneurship is also a step towards global collaboration and will provide India with an additional platform to expand networks and access global markets.
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