Budget Reactions – 2024
Real Estate :
Mr. Aayushman Jain, Director, Siddha Group
The government's interest subsidy scheme for urban housing is a positive step
towards making home ownership more accessible. The PM Awaas Yojana-Urban aims
to meet the housing needs of one crore poor and middle-class families through
an investment of Rs 10 lakh crore, including Rs 2.2 lakh crore in central
assistance over five years. This initiative will boost the real estate market and
stimulate demand for affordable housing.
The central government will be proposing a lowering of stamp duty rates
especially for women owners, this is a great initiative for the Real estate
market.
Additionally, the proposal to provide rental housing for industrial workers
through PPP mode with Viability Gap Funding support is a strategic move. It
addresses the housing needs of industrial workers and encourages private sector
participation.
Overall, these budget measures will foster growth in the real estate sector,
promote inclusivity, and ensure housing for all.
Mr.Sahil Saharia, CEO, Bengal Shristi Infrastructure Development Ltd.
"The government's new interest subsidy scheme and additional funding for affordable housing mark a substantial move towards tackling urban housing issues. The ₹10 lakh crore investment under PM Awas Yojana-Urban, set to aid one crore families, alongside the ₹2.2 lakh crore central assistance over the next five years, is a commendable effort. Furthermore, promoting rental housing for industrial workers via PPP mode with Viability Gap Funding support will enhance housing accessibility and affordability."
Mr.Rishi Jain, Managing Director, Jain Group :
The Budget 2024 has been crafted in alignment with long-term goals of the Central Government as is the style in the previous 6 budgets too.
It is obvious the Government is aware of the massive profits that Stock Market
investors have made in the past 4-6 quarters and now it wants its share of
profit when these investors cash out their gains. The introduction of
specific fiscal measures to capture a portion of these profits is a prudent
move, ensuring that the benefits of economic growth are equitably shared and
reinvested into the nation's development. The extra STT and investment gain
income will obviously be offset to provide sops and relief to the salaried
class through lower tax rates and higher standard deductions. A clear populist
measure, but after the 2024 elections debacle, this was not unexpected.
I feel the populist measures will be far outweighed by the long terms benefits.
The slight pinch to investors will be outweighed by the burgeoning India
prosperity. The general populace will be somewhat satisfied while
fostering economic inclusivity and stability.
The government demonstrates its commitment to a balanced and forward-thinking
economic strategy.
I am personally very happy with the thrust on affordable housing, developing
the transport infrastructure as well as the Human Capital which has been
proposed. Achieving even 50% of these lofty goals would greatly boost the India
Story in the world markets.
Recycling Sector :
Post Budget views of Mr Nandan Mall Founder & CMD, Hulladek Recycling Pvt Ltd.
- Exempting custom duties on critical minerals will boost the recycling industry, inviting more entrepreneurs to invest and venture into the recycling industry
- Setting up of a Critical Mineral Mission is a landmark decision which will
help procuring precious metals and minerals from recycling of electronic waste
- Availability of finance in the climate sector will boost businesses
and encourage new entries
- As a youth driven organisation, we are happy to see the inclusion of paid
internship opportunities to 1 crore youth in 5 years. Internship allowance of
5000 per month along with bonus on 6000 will be provided by the government. 10%
of internship cost can be borne from the CSR funds.
Healthcare :
Mr Debashis Dhar, Senior Vice President & Chief Business Development, ILS Hospitals.
"Tertiary Care Services are significantly lacking in Tier-3 cities compared to Tier-1 cities. There is a pressing need to vigorously promote preventive healthcare. Public-private partnerships (PPP) are crucial for setting up quality healthcare facilities. Moreover, the salaried class expected greater tax relief, which was not sufficiently addressed. Exempting certain additional medicines from customs duties to support cancer patients is a commendable initiative."
Education Prof. Manoshi Roychowdhury, Co-Chairperson, Techno India Group
The Union Budget’s Rs. 1.48 lakh crore allocation for education, employment, and skill development is a major boost for India’s youth and workforce. This focus complements Techno India Group's mission to provide quality education , encourage skill development and innovation.
The continued implementation of schemes from the Interim Budget, coupled with
this renewed financial support, strengthens our efforts to build a strong
educational ecosystem.India’s stable economic growth and inflation create a
favorable environment for educational and economic reforms.
Textile & Hosiery
Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries Limited
We welcome the measures announced in the Union Budget 2024-25 aimed at
enhancing the competitiveness of our textile exports. The expansion of the exempted
goods list for textile exports is a forward-thinking move that will further
boost our export potential. These initiatives reflect the government's
commitment to supporting the textile sector and will undoubtedly contribute to
its growth and sustainability.
