July 24, 2024: Finance Minister Nirmala Sitharaman has presented a growth oriented Budget 2024-25, outlining a strategic roadmap to accelerate economic growth, enhance infrastructure, and foster innovation across key sectors. The budget’s emphasis on startups, angel investments, skilling programs, research and development (R&D) in agriculture, and support for startups, including the removal of Angel Tax, has drawn praise from industry leaders, setting a promising tone for India’s economic trajectory.
In his remarks – Prime Minister Narendra Modi wrote on X : The #BudgetForViksitBharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India.
With targeted investments in biotechnology, agriculture, space technology, and real estate, the government aims to propel India towards becoming a global innovation hub. Industry leaders welcome these initiatives as pivotal for sectoral growth, promising a brighter, more sustainable future for the nation.
Budget 2024: Industry Leaders Bullish on India’s Economic Growth and Sectoral Support
The abolition of #AngelTax is a much-needed resolution which removes the uncertainty in the fundraising process by start-ups. The clarity will help both #startups and investors move forward decisively. Also, we strongly welcome the government’s focus on boosting employment and skilling. The #Budget2024 has both the big picture and the specific initiatives to propel India ahead: Mr @rohitkbansal , Chair, FICCI Startup Committee and Co-Founder, @TitanCapitalVC & Snapdeal.
Budget 2024–25 will boost StartUps and the StartUp ecosystem through bold and innovative proposals like ending “Angel Tax” and introducing paid internships,” says Union Minister @DrJitendraSingh
Raise in Mudra loan limit to Rs 20 lakh, Rs 1 lakh crore for Anusandhan National Research Foundation and five times increase in next ten years while earmarking Rs 1,000 crore Venture Fund for Space StartUps all supplement each other to together further strengthen India’s StartUp ecosystem
Biotechnology and Agriculture
Dr. Krishna Ella, Executive Chairman of Bharat Biotech, lauded the budget’s provisions, stating, “The focus on R&D and support for startups in the biotechnology sector will catalyze innovation and growth.
The allocation for agriculture, including initiatives like promoting natural farming and enhancing crop varieties, will significantly bolster productivity and sustainability.”
The budget’s optimistic economic outlook and investments in digital infrastructure further highlights India’s potential as a global innovation hub. Special attention to MSMEs and the manufacturing sector will also provide growth impetus. The highlight of the Budget 2024 announcement allocating Rs 1.48 crore for education, employment, and skilling, will have far reaching impact. The outlay of ₹1 lakh cr innovation fund will boost R&D in the country in a very focussed manner.
Dr. Jalachari Ella, Managing Director of Ella Foods Pvt Ltd, emphasized the agricultural advancements, noting, “The introduction of high-yielding crop varieties and the shift towards natural farming practices are pivotal. These measures will ensure a steady supply of quality raw materials while promoting environmental sustainability.”
The budgetary measures by FM will benefit brands that source directly from farmers, like Ella Foods, by ensuring that raw materials and ingredients remain safe and pure. This will uphold their commitment to providing high-quality, nutritious products to consumers while supporting the livelihoods of farmers.
Jalachari added – The government is focused on improving digital infrastructure and creating large vegetable production centers near major cities. These steps will make supply chains more efficient, reduce travel times, and enhance agricultural productivity and sustainability.
Infrastructure and Digital Initiatives
The budget outlines substantial investments in digital public infrastructure and the establishment of large-scale vegetable production clusters near urban centers. These initiatives aim to streamline supply chains, reduce transit times, and enhance agricultural efficiency.
Space Technology and Energy Sector
Pawan Kumar Chandana, Co-founder and CEO of Skyroot Aerospace, highlighted the significance of the Rs 1,000 crore Venture Capital fund for the space sector, remarking, “This funding boost underscores India’s commitment to fostering private space initiatives. With strategic investments, India aims to secure a substantial market share in the global space economy by 2030.”
Siddhartha Durairajan, CEO of Hylenr, expressed enthusiasm about the budget’s support for energy independence, stating, “The government’s backing for Bharat small reactors and LENR technology represents a significant stride towards sustainable energy solutions. This initiative will mitigate fossil fuel dependency and pave the way for a greener future.”
Real Estate and Sustainability
Kirthi Chillukuri, founder of Stonecraft, highlighted the budget’s impact on the real estate sector, stating, “As part of the Viksit Bharat scheme, a substantial INR 11 lakh crores have been allocated for capital expenditures, contributing 3.4% of our GDP. This investment holds the potential to transform our real estate sector and pave the way for a more sustainable future.”
Chillukuri added, “The encouragement to transition to cleaner energy forms and implement energy efficiency measures is a beacon of inspiration. It will encourage industries to adopt sustainable practices, especially in green real estate.”
The ambitious initiatives outlined in Budget 2024-25 mark a significant leap towards sustainable progress across biotechnology, agriculture, and space exploration.
This budget signifies the Government’s commitment to elevate India’s economic trajectory to unprecedented heights. With substantial allocations such as Rs. 1.52 lakh crore to boost agricultural productivity and initiatives like the ‘National Cooperative Policy’ aimed at empowering grassroots movements, the budget promises transformative change across sectors.
The allocation of Rs. 2 lakh crore for skill training and internships, coupled with developmental initiatives for tribal communities and tax reforms, also demonstrates the government’s determination to inclusive growth and economic revitalization.
With a strong emphasis on innovation and sustainability, coupled with the abolition of angel tax to foster early-stage startup investments, India is poised to lead in these critical sectors. This forward-looking approach not only promises economic growth but also underscores India’s commitment to fostering a greener, more innovative future.
