Interim Budget 2024 – Industry Speaks

Lt. Gen. AK Bhatt, Director General, Indian Space Association (ISpA)

Lt. Gen. AK Bhatt (Retd.), Director General, Indian Space Association

“We commend the government’s allocation of the Rs 1 lakh crore corpus in the interim budget 2024 for long-term financing of technological research. This move will be beneficial for startups in the rapidly expanding space sector, providing them with support to innovate and conduct further research across various domains of space technology.

Additionally, the new scheme being launched for boosting deep-tech for the defense sector will be transformative. This initiative holds significant promise for DefSpace startups, which can play a substantial role in enhancing the ecosystem due to the integral relationship between space and defense industries.

However, we are sanguine that the post-election full budget will include support for a liberal FDI policy for space, inclusion of space grade components in PLI, reduction of GST for satellites, launch vehicles and ground equipment manufacturing and provide tax holidays and lower import duty for space sector firms.”

Mahindra University, Vice Chancellor, Dr . Yajulu Medury

Dr. Yajulu Medury, Vice Chancellor, Mahindra University

“The Budget 2024 exemplifies the government’s commitment to empower ‘Amrit Peedhi’, our youth and National Education Policy 2020 reaffirms commitment towards transformative reforms, ensuring quality education and inclusive development. Initiatives like Startup India, Skill India and PM Mudra Yojana align with our vision to cultivate a robust entrepreneurial culture on our campus, reiterating our focus on growing the University’s Entrepreneurship and Innovation Cell (EIC). The rise in female enrollment, especially in STEM courses, and their growing impact on the workforce, stands testament to inclusivity as we envision a future where our youth not only thrive but also lead, armed with skills and innovation for a dynamic world.”

Avinya Industrial & Logistics Parks, Founder & MD, Abhijit Verma

Avinya Industrial & Logistics Parks, Founder & MD, Abhijit Verma

The Interim Budget 2024 reinforces the government’s commitment towards boosting the logistics infrastructure in India. Infrastructure development, a primary focus of India, will play a pivotal role in achieving India’s aspiration of reaching a $7 trillion economy by 2030. The announcement of the three important economic railway corridors for energy, mineral, and cement, coupled with increased port connectivity and high traffic density under the PM Gati Shakti Yojana has the potential to improve logistics efficiency and facilitate multi-modal connectivity. This will serve a long way towards the government’s goal of reducing India’s logistics costs to that of global standards and enabling logistics industry to become a key contributor towards India’s overall GDP growth.

Yodda – Elder Care, Founder and CEO, Tarun Sharma

“The interim budget showed a glimpse of promoting the startup ecosystem in India but didn’t have much takeaway for the senior citizens. It was positive to see that certain tax exemptions for startups and IFSC units, which were expiring on March 31, 2023, have now been extended till March 31, 2025. There is an urgent need to address the growing challenges faced by senior citizens in India by making various elder care services more affordable and accessible. With no change in income tax slabs and continued higher GST rates on various elder care services offered by private players, including at-home elder care services, there is an urgent need to address these challenges. We need robust economic policies that foster the growth of the elder care service sector in India and make such services affordable.”

Routematic, Founder & CEO, Sriram Kannan

Routematic, Founder & CEO, Sriram Kannan

The government has shown a progressive stance towards its commitment to building and strengthening the EV ecosystem. By supporting EV manufacturing, enhancing charging infrastructure, incentivized adoption of e-buses, coupled with robust payment security mechanisms, the government is paving the way for a more environmentally friendly and sustainable mode of transportation. This holds particular significance for corporate transport as it should help boost the corporate sector’s goals of embracing green mobility and contributing to a cleaner and greener future”

Cellular Operators Association of India (COAI), Director General, Gen. Dr. S.P. Kochhar

Lt. Gen. Dr. S.P. Kochhar, Director General, COAI

The Interim Budget presented by the Finance Minister today reemphasized the government’s economic policies and the commitment to sustained growth, improving productivity and creating opportunities with a focus on skilling and reskilling. In a significant gain for the telecom sector just before the interim budget, the current customs duty exemption granted to vessels engaged in laying submarine cables in India – which lapses on 31st March 2024 – was extended up to 30th September 2024. Telecom companies depend heavily on submarine cables for the high-speed transfer of data around the globe and this step will help in following the compliances.

The announcement of a corpus of ₹1 lakh crore for the technology sector is a positive measure as access to capital is a critical factor to support innovation and growth. The long-term, interest-free or low interest rate loans and focus on deep tech will further encourage the private sector to scale up research and innovation.

We are hopeful that in the post-election full budget, the industry’s suggestions to reduce regulatory levies like License Fee, deferring USOF contribution till the existing funds are exhausted, exemption of Basic Customs Duty (BCD) on Telecom equipment, waiving of GST on regulatory payments and refund of ITC, among others, will be considered and addressed by the Government during the course of the year.”

Esri India, Managing Director, Mr. Agendra Kumar

Agendra Kumar, Managing Director, Esri India

“The 2024 Interim Budget has placed a robust emphasis on fostering innovation and embracing cutting-edge technologies to realize the ambitious goal of ‘Viksit Bharat by 2047.’ It rightly underscores the pivotal role that technology plays in shaping our economic landscape. A notable strategic move is the allocation of a 1-lakh crore corpus through a 50-year interest-free loan, aimed at incentivizing the private sector to elevate their investments in Research and Development (R&D) and propel digital innovation. Financial backing provided to start-ups is also poised to make the ecosystem flourish and contribute significantly to the overall economic landscape. This forward-looking budget not only fuels the growth of the IT sector but also actively supports a comprehensive skills development ecosystem, ensuring the creation of a workforce that is geared for the future. As technology continues its rapid advancement, the 2024 interim budget emerges as a catalyst, steering the IT sector, including the robust geospatial sector toward sustainable excellence and global competitiveness. The visionary initiatives outlined in this budget position India on the trajectory of becoming a technological powerhouse, laying the foundation for a prosperous and globally influential nation.”