Swati Bhargava, Co-Founder of CashKaro
The Union Budget 2024 is a significant step forward for India’s growth, focusing on empowering women in the workforce, supporting employee welfare, and driving innovation. The allocation of over ₹3 lakh crore for schemes benefiting women and girls, along with new initiatives like skilling programs and salary support for first-time employees, highlights the government’s commitment to gender inclusivity and employment generation.
For startups, the abolition of the angel tax for all investors is a significant boost, fostering a more vibrant and innovative startup ecosystem. The reduction of the TDS rate on e-commerce transactions from 1% to 0.1% is a crucial step for digital businesses, easing the tax burden and encouraging growth. Additionally, the comprehensive review of the customs duty structure over the next six months and the proposal to decriminalize TDS delays up to the filing of the tax date reflect a forward-thinking approach to taxation. Overall, these measures will propel India towards a brighter, more innovative future, driving economic growth and development across various sectors.
Megha Gambhir, Founder and CEO at Stupa Sports Analystics
“The removal of angel tax is a big boost for the Indian startup ecosystem, and will make the path for startups like ours easier, so we can focus on building innovative tech solutions without previous financial burdens. Additionally, the announcement of investing in sports infrastructure in states like Bihar is positive news to continue developing sports at the grassroot level in our country. This will eventually lead to more facilities, academies and sports centers integrating cutting-edge tech solutions in the coming years, and transform the way sports are played, viewed and organised.”
Rohan Bhargava, Co-Founder of CashKaro
The Union Budget 2024 brings substantial changes to personal finance that will benefit a large number of taxpayers. The increase in the standard deduction from ₹50,000 to ₹75,000 and the revision of the tax slab limit for the 5% tax rate from ₹5 lakh to ₹7 lakh will significantly enhance disposable income. These changes will provide much-needed financial relief to the middle class and boost overall consumption.
Furthermore, the proposal to increase the deduction of employer expenditure towards NPS from 10% to 14% of the employee’s salary will improve social security benefits for the workforce. The revamp of the capital gains tax regime will impact investment decisions and financial planning, ensuring a more balanced and fair approach to taxation. These measures collectively contribute to a more robust and financially secure environment for individuals and families across India.
Abhishek Gupta, Founder and Managing Partner at Pierag Consulting LLP
As a consulting firm, we recognize the transformative potential of this scheme. Our experience shows that access to finance is a critical barrier for many MSMEs looking to scale their operations and modernize their production processes. This initiative not only alleviates financial constraints but also encourages technological advancements and productivity improvements within the sector.
We advise MSMEs to leverage this opportunity to invest in state-of-the-art machinery and equipment, which can lead to enhanced operational efficiency and better market positioning.
Overall, this credit guarantee scheme is a promising development for the MSME sector, and we look forward to witnessing its positive impact on the growth and sustainability of businesses across the country.
Abhishek Gupta, Founder and Managing Partner at Pierag Consulting LLP
The Finance Minister’s announcement of a unified technological platform to enhance the effectiveness of the Insolvency and Bankruptcy Code (IBC) is a welcome and forward-thinking initiative. We recognize the critical role that technology plays in streamlining complex processes and improving outcomes. The introduction of this platform is a significant step towards modernizing the IBC framework. By leveraging technology, this platform will not only make the insolvency resolution process more efficient but also ensure higher levels of transparency and accountability. We advise businesses navigating the IBC process to embrace this technological advancement, as it will likely lead to smoother and more predictable outcomes.
Overall, this initiative represents a significant advancement in the IBC process, and we look forward to witnessing its positive impact on the resolution of insolvency cases and the overall health of the financial sector.
Attributed to Neeti Sharma, CEO, TeamLease Digital Job creation, education, skill development
“The 2024 budget sounds positive and forward looking, with focus on job creation, education, skill development and building a more inclusive workforce. The provision of Rs 1.48 lakh crore made to support education, employment, and skilling demonstrates a robust commitment to workforce development. Schemes enabling industries to create new jobs, financial support for higher education loans , ITI upgrades , internship schemes will all enable a higher skilled and employable workforce .We are confident that the proposed initiatives, enhanced by market-relevant knowledge and technological infrastructure, will bolster industries such as manufacturing, healthcare, and MSMEs.
Addressing the talent and skill shortage across key industries has been a long-standing concern. This budget aims to close the gap and foster a more inclusive workforce, particularly for women and persons with disabilities (PWD). The commitments emphasize strengthening the talent pipeline by improving access to education through loans and residential infrastructure, and aligning industry needs with learning opportunities. This approach holds great promise for the young workforce.
Industries must now focus on raising job awareness and implementing strong talent-matching initiatives to ensure employment-linked programs succeed in improving livelihoods.”
Attributed to Krishna Vij, Business Head- IT Staffing, TeamLease Digital IT/Tech & Semiconductor
“Budget 2024 promises a significant uplift for the IT and tech sector, with allocations for infrastructure development, research and innovation, as well as targeted initiatives to upskill over 20 lakh youth . In addition, the creation of over 4 crore jobs in the next 5 years, will add a much sought after boost to the tech sector. This strategic investment is poised to enhance the country’s digital infrastructure and create a skilled workforce, driving faster innovation at a wider scale.
The budget allocation for semiconductor and display manufacturing is set to grow by more than double, increasing from ₹3000 crore to ₹6903 crore. This substantial boost underscores the government’s commitment to strengthening the domestic electronics manufacturing ecosystem. The increased funding will foster innovation, support the establishment of advanced manufacturing facilities, and reduce reliance on imports. It will also attract global investments, create high-tech jobs, and position India as a key player in the global semiconductor supply chain, ultimately enhancing the country’s technological self-reliance and competitiveness.”
Attributed to Munira Loliwala, VP- Strategy and Growth, TeamLease Digital Manufacturing
“The Finance Minister’s new scheme to boost job creation in the manufacturing sector by linking it to the employment of first-time workers is a significant step forward. Offering incentives for EPFO contributions to both employees and employers for the first four years, this initiative is expected to benefit 3 million young people and create additional employment across all sectors. Additionally, the PM scheme to provide internship opportunities in 500 top companies to 1 crore youth over the next five years will further enhance skill development. Given the manufacturing sector’s pivotal role in the economy, these initiatives will help cultivate a diverse, productive, and highly skilled workforce.”
