Budget 2024: Industry cheers FM’s vision for innovation

The interim budget or Vote of Account tabled by Union finance minister Nirmala Sitharaman in the Parliament on Thursday focused on revising the fiscal deficit target for FY25 among other big measures.

Industry players shared their responses to the announcements.

Angshu Mallick, MD & CEO - Adani Wilmar

We commend the vision and intent expressed by the government through the interim budget proposals to create a pathway for inclusive and sustainable growth for India. This will lead to India emerging as a developed economy by 2047. As an FMCG player we support the vision that will empower different segments of society, making them partners in the growth journey. The government’s focus on development is evident encompassing various social groups and people at all levels.

The widespread adoption of Nano-DAP across all farming regions is a commendable innovation, empowering farmers and aligning our practices with environmental harmony, reflecting a conscientious approach within the FMCG sector. Moreover, the launch of the 'Atmanirbhar Oilseeds Abhiyaan' marks a pivotal step towards achieving self-sufficiency in oilseed production, showcasing our commitment to advancing self-reliance and sustainable practices within the FMCG landscape. We have been investing in oilseed crushing facility over the years. At present, Adani Wilmar possesses a crushing capacity of 1.20 million metric tons in Soya whereas in mustard seeds crushing, with existing and forthcoming facilities it’ll amount to 0.70 million metric tons.

Overall, the Union Budget 2024 lays the foundation of inclusive growth that will lead to ‘Sabka Vishwas’. The next five years holds the promise of unprecedented development towards realizing the dream of developed India @ 2047. The trinity of demography, democracy and diversity supported by ‘Sabka Prayas’ has the potential to fulfil aspirations of every Indian.

Ahmed Aftab Naqvi, Global CEO and Co-founder, GOZOOP Group

I think it's a forward-looking Interim Budget. The allocation of Rs one lakh crore for a 50-year period as a support to tech-savvy youth at low or no interest rates will fuel more energy in Bharat. The certain tax benefits given to startups signal direction of innovation and economic dynamism. As an entrepreneur, this ignites optimism. With the government’s focus on rural development, FMCG as a category will get the much-needed boost. In the post-election budget, I would like to see emphasis on privacy regulation for AI, which is a critical aspect for the A&M industry.

Siddharth Dabhade, Managing Director, MiQ

We heartily welcome the recently announced interim budget, which is a key step towards realising India's growth potential and directing the country towards a more sustainable future. In what can be deemed a golden era for tech-savvy youth, the 2024 interim budget emphasises the government's commitment to digital infrastructure and new technologies. We expect more investment in upskilling, reskilling, and tech innovation, making our workforce future-ready.

The government's emphasis on developing tourist centres to promote business, spiritual and adventure tourism, provides a huge opportunity for digital marketing and branding to unlock India's tourism potential on a global scale.

Aasif Malbari, CFO, Godrej Consumer Products Limited (GCPL)

The Union Budget, though interim, highlights a deep commitment to the long-term vision of strong economic growth. Continuing the path of fiscal consolidation is a positive sign for overall economic growth, which has the potential to boost consumption patterns in the long run. The focus on enhancing connectivity and infrastructure also bodes well for India Inc including FMCG sector. Moreover, the emphasis on upskilling and the significant rise in women in the workforce signify a holistic approach to fostering an inclusive and dynamic economy, setting an optimistic tone for the years ahead.

Rohit Jain, President, Lionsgate Play (India & Emerging Markets Asia)

We applaud the government's forward-looking approach in the interim budget 2024, recognizing the pivotal role of innovation and technology in shaping the future economy. The allocation of resources towards technology and innovation is a positive step and resonates profoundly with the entertainment sector, where creativity thrives on cutting-edge advancements. The government's commitment to fostering an environment conducive to growth and evolution is deeply appreciated.

Vaibhav Gupta, Co-founder and CPO, KlugKlug

In this interim budget, the acknowledgment of the transformative impact wielded by new-age technologies and data on individuals and businesses resonates deeply with Klug Tech's core values. The emphasis on fostering economic opportunities and ensuring affordable, high-quality services reflects a commitment to inclusivity, reaching even those at the 'bottom of the pyramid. As innovators and entrepreneurs, we stand poised to contribute to India's rising global potential through our cutting-edge solutions. This budget sets the stage for a future where innovation and entrepreneurship drive positive change, elevating India's position on the global stage.