Interim Union Budget 2024: Tax benefits for startups, women empowerment, EV ecosystem support

Union Finance Minister Nirmala Sitharaman presented her sixth Budget on February 1. The Interim Budget ahead of the general elections later this year was focused on youth and women empowerment, while maintaining fiscal consolidation and continuing capex. FM Sitharaman lowered down FY25 fiscal deficit target to 5.1% of the GDP. There were no changes made to the direct tax and indirect tax rates.

There weren’t much expectation from the Indian policymakers at the Union budget 2024, but watershed moments boosted the mood in startup and technology sectors, marking a critical point for the country’s growth.

The Government of India continued its contribution towards the startup ecosystem as the FM increased the tax benefits for the sector, as well as for the funding added by sovereign funds. The budget extended the tax exemption on particular incomes of IFSC elements until next year, on 31st March.

The budget appreciated startups focusing on new-age technologies and the metamorphic impact it has had on citizens and businesses, describing them as the stimulus behind adaptation and innovation. The interim budget has also set up a special fund to assist startups in its infancy, providing pivotal financial assistance and helping them create more employment. It also emphasized on establishing a corpus of INR 1 lakh crore, which will provide a fifty-year loan without interest. This has been done to encourage R&D and innovation to private enterprises, while ensuring a prolonged financial plan for them.

All these initiatives will assist the Indian youth in the longer run, whose technological prowess will be showcased to the world as more jobs are created. Technology-based startups have been creating more employment opportunities to India’s exceptionally trained young professionals, and considering the inroads made by the budget 2024, more of them will be indirect recipients of the opportunities these initiatives create.

Richa Jaggi, Co-Founder & CMO, Awshad

“Empowering women through entrepreneurship has emerged as a transformative force in the last decade. As Co-Founder of Awshad, a premium CBD startup in the wellness sector, we are thrilled to witness Budget 2024’s unwavering emphasis on fostering female entrepreneurship. With initiatives like the MUDRA Yojana, which has disbursed 30 crore loans to woman entrepreneurs, and a commendable 28% surge in female enrollment in higher education over the past 10 years, we anticipate a profound impact on the workforce. Awshad stands aligned with this vision, dedicated to pioneering positive change in the entrepreneurial landscape for women.”

Pritesh Mahajan, Co-founder, Revamp Moto

“For our country’s vibrant youth, the government’s unwavering dedication to fostering entrepreneurship is demonstrated by programmes like PM Mudra Yojana and extensive support from Fund of Funds, Startup India, and Start Up Credit Guarantee schemes. These initiatives, which have sanctioned loans worth `22.5 lakh crore, empower young entrepreneurs and promote growth. Within the electric vehicle industry, this kind of support acts as a spark for innovation.

“In addition to advancing us towards a sustainable future, the budget’s priority on building up the EV ecosystem, manufacturing, and infrastructure for charging EVs puts Revamp Moto and other EV businesses at the vanguard of green growth. This budget steers us closer to a future of sustainable employment, ground-breaking discoveries, and good economic effect as we navigate the rapidly changing field of green technology.”

Rishabh Khanna, Cognitive Scientist & CEO, Suraasa

“The recent budget’s emphasis on youth empowerment and skill development is a testimony of the Indian government’s commitment to advancing the nation’s educational landscape. The strategic initiatives aimed at addressing teacher shortages and implementing transformative reforms under the National Education Policy 2020 are commendable.

“The anticipated support for technology-enabled education, particularly in tier 3+ towns, and the emphasis on digital infrastructure, teacher training, and vernacular education, is expected to significantly enhance the learning experience of our students. At Suraasa, we remain dedicated to skill development of teachers for the 21st-century and transforming their careers. This budget aligns seamlessly with our objectives, and we look forward to leveraging these opportunities to further empower our educators and contribute to the growth of the education sector.”

Ravi Mittal, Founder & CEO, QuackQuack

“As the Founder of a startup, I am thrilled to witness the visionary steps taken in the Union Budget 2024. The allocation of a INR1 lakh crore fund for long-term, low-interest loans towards deep tech in defence is a testament to the government’s commitment to fostering innovation.

“With INR43 crore loans sanctioned through PM Mudra Yojana, totalling INR22.5 lakh crore, our youth’s entrepreneurial aspirations are also being significantly supported. The extension of tax benefits and continued support through schemes like Fund of Funds, Start-Up India, and Start-Up Credit Guarantee until March 2025 further exemplifies the government’s dedication to empowering startups.”

Vikram Bhandari, Founder & CEO, Yantra

“I think the impact of the new age technologies will bring about much excitement for the sphere. We at Yantra remain deeply committed to discovering new economic opportunities that will allow more Indians to join the workforce and benefit from it. The budget 2024-25 indicates that the potential of India is reaching an all-time high and we stand ready to contribute to it through innovation and entrepreneurship.”

Sameer Aggarwal, CEO & Founder, Revfin

“The vote-on-account and interim budget presented by the Hon’ble Finance Minister, signals towards a transformative era for the nation. Continued focus on the rural economy support, youth skill development, and gender-inclusive initiatives reflects a holistic approach toward inclusive and sustainable growth. Skill India Mission’s success in training 1.4 crore youth strengthens the workforce for evolving job demands.”

“The commitment to fortify the Electric Vehicle (EV) ecosystem and support manufacturing and charging infrastructure aligns with global environmental goals, positioning India as a leader in widespread sustainable mobility adoption.”

Sarvagya Mishra, Co-founder & Director, Superbot

“It’s encouraging that the government recognizes the importance of addressing skill development to meet the demand for a high-quality workforce in the emerging technology sector, crucial for India’s ambitious goal of a $5 trillion economy. All the initiatives mentioned in the interim budget speech like establishment of more IITs, IIITs, STEM courses etc., are cementing the foundation of the growing India, which is youth.

“Commendably, the government’s embrace of deeptech in critical sectors like defense underscores our country’s progressive stance. Given that R&D is a capital-intensive step for businesses in deeptech, blockchain, machine learning, and Generative AI, increased allocation towards MUDRA schemes and the announcement of a 1-lakh crore corpus with 50-year interest-free support will undoubtedly fuel technological growth.”

Hari Kiran, Co-founder & COO, eBikeGo

“We as an OEM are thrilled with the Interim Budget announced as the government’s commitment to expand and strengthen the EV ecosystem will significantly boost manufacturing and infrastructure development. This will emerge as a notable contribution in achieving Net Zero Goals and lays a solid foundation for sustainable mobility and a greener environment. Also, as highlighted by the Honourable Finance Minister, the new age technologies and data are changing the lives of people and businesses. They are also enabling new economic opportunities as India is showing solutions through innovation and entrepreneurship.”

Kuldeep Mirani, Co-Founder & CEO, BeyondSeed

“BeyondSeed commends the announcements made in the budget, aligning with our mission to empower early-stage startups and foster entrepreneurship. The government’s initiatives, including PM Mudra Yojana’s sanctioning of 43 crore loans totaling `22.5 lakh crore for entrepreneurial aspirations, along with the Fund of Funds, Start-Up India, and Start-Up Credit Guarantee schemes, reflect a commitment to nurturing the entrepreneurial spirit.

“The emphasis on leveraging new-age technologies and data to transform lives and businesses resonates with BeyondSeed’s approach in offering startups access to our comprehensive Growth Engines. We are particularly excited about the announcement of a rupees one lakh crore corpus with a fifty-year interest-free loan, providing long-term financing or refinancing for research and innovation in sunrise domains. This forward-looking move aligns with BeyondSeed’s commitment to supporting startups in scaling their businesses through access to resources and mentorship. As India positions itself as a global player in innovation and entrepreneurship, we at BeyondSeed are enthusiastic about contributing to this golden era for our tech-savvy youth. Through our platform, we will continue to back and nurture startups, enabling them to thrive in this era of opportunities.”

Ankit Kedia, Founder & Lead Investor, Capital A

“The government’s Interim Budget initiatives deserve commendation. The substantial support through PM Mudra Yojana and integration of Fund of Funds, Start-Up India, and Start-Up Credit Guarantee schemes underscore a commitment to nurturing a vibrant startup ecosystem. The emphasis on sustainability and clean mobility is pivotal.

“However, an explicit focus on regulatory frameworks and incentives for sustainability-driven businesses is needed. A comprehensive strategy for research and development in emerging sectors would further bolster India’s global standing in startups. Amidst the prevailing funding winter, there is an increased need to boost investment opportunities for VCs. It’s imperative to keep focusing on promoting innovation across the country. The mention of bolstering deep-tech investments, especially in the defense sector, is welcome. There is a need to expand such initiatives to other domains as well such as fintech. Recognizing the pivotal role of the fintech sector in fostering financial inclusion and innovation would have added a crucial dimension to the budget’s vision for a resilient and sustainable economy.”

Chitranshu Mahant, CEO & Co-founder, Primebook

“We commend the government for its efforts towards upskilling millions of youths through the Skill India Mission and establishing new ITIs and higher learning institutions. The increase in female enrollment in higher education by 28% in the last 10 years is a significant step towards gender equality in education, and we are pleased to see the government’s commitment towards this cause. These efforts will help learners in India become world-ready and equip them with the necessary skills to succeed in the global workforce.

“However, learners need access to affordable technological tools that cater to their needs to make this a reality. The digital infrastructure has become a crucial aspect of education, and the government must prioritize affordable technology and digital literacy for all in their future policies. As a brand dedicated to eliminating the digital divide in the country, we strongly urge the government to recognize the importance of digital inclusion and take substantial steps to make affordable technology accessible to all learners in India.”

Chakravarthi C., Managing Director, Quantum Energy

“The interim budget might not have specified any policy or allocation towards the EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right is to strengthen the EV ecosystem holistically for which the budget is indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars.”

Anil Agarwal, CEO & Co-founder, InCruiter

“While we appreciate the focus of the Skill India Mission on training and upskilling millions of youths, the emphasis should be on bridging the gap between skilling initiatives and industry needs. Hiring skilled talent for the right opportunities remains a challenge for HR professionals, and a more targeted approach could be the adoption of AI tech-driven HR software to make the process faster and more efficient. Fostering a culture of continuous learning to align skill development with emerging sectors and specific job profiles is crucial. The new institutions of higher learning are commendable, but ensuring quality education and industry exposure is key. We also need to see stronger industry-academia partnerships to equip graduates with the practical skills that businesses demand.”

Kaushal Sampat, Founder, Rubix Data Sciences

“If India is to reach the ambitious target of $7 trillion GDP by 2030, it is important to focus on infrastructure development, energy security, skill development and emphasis on innovation and entrepreneurship. The budget touches on all these aspects. Capex outlay has increased by 11.1%, there have been announcements on solar energy and electric vehicle infrastructure, and skill development is also being given importance.

“The allocation of a significant 1 lakh crore for a 50-year loan dedicated to innovation, research, and development underlines the government’s recognition of the pivotal role these elements play in India’s journey to becoming a developed economy.”

Sumit Singh, CEO & Co-founder, DashLoc

“The budget has clearly exhibited that the government is extending full-fledged support towards adoption of technology across sectors. The special mention that deeptech in defence section gained in the speech truly indicates that the government is going to support emerging technologies in crucial sectors too. Alongside, it is a matter of pride that STEM courses have seen aggressive enrolment from women. We can expect a quality and skilled workforce in India that will keep the wheel running towards striking progress.”

Harsh Goenka, Chairman, RPG Group

“The foresight shown towards technology is commendable. The 1 lakh crore support for technology investments aligns with the nation’s rapidly growing digital economy, unlocking new growth avenues and fostering innovation to cement India’s position as a global leader in the digital space. Strengthening of deep-tech technology for the defence sector will ensure our defence forces are always equipped with the most advanced technologies to meet any future threat.

“The budget makes a strong case for environmental sustainability, aligning with our Net Zero commitment. Viability gap funding for investments in renewable energy, green initiatives, and sustainable urban planning demonstrates our proactive stance on climate change. The proposed rooftop solar investment of 1 crore households will promote grassroot level energy self-sufficiency and also create multiple economic opportunities.”

Anirudh A Damani, Director, Artha India Ventures

“In this year’s interim budget, the Finance Minister has adeptly spotlighted the government’s dedication to pivotal sectors poised to elevate GDP growth, with a particular focus on empowering youth, women, and micro-entrepreneurs. This commitment is further enriched by an ambitious agenda to enhance digital infrastructure, aiming to foster entrepreneurship nationwide and boost employment opportunities. Notably, the budget’s provisions for EV and deep tech sectors signal a continued allure for venture capital in startups, reinforcing investor confidence. The introduction of a Rs 1 lakh crore corpus for long-term, interest-free loans emerges as a landmark initiative, promising to invigorate entrepreneurship in tier 2 and 3 towns.

“Our experience over the past decade affirms the high potential of these regions as the cradle for India’s next 100 unicorns, where access to early-stage capital has remained elusive. The government’s move to provide interest-free loans is a game-changer, not only facilitating capital accessibility but also encouraging deeper penetration by institutional investors in search of disruptive startups. This strategic intervention is poised to reshape India’s entrepreneurial landscape, heralding an era of widespread innovation and growth”.

Varun Babbar, MD India & SAARC, Qlik

“The 2024 budget announcement signals a strategic focus on propelling the economy toward sustained growth. The government’s dedication to fostering growth, enhancing productivity, and creating employment opportunities aligns seamlessly with Qlik’s commitment to empowering businesses with transformative data solutions, including cutting-edge AI and ML applications.

“The emphasis on transformative reforms via NEP 2020 and the Skill India Mission, particularly in crucial tech and AI segments, highlights the immediate need for upskilling and reskilling. The allocation of Rs. 1 lakh crore for Research and Innovation, coupled with interest-free loans, underscores the crucial role of the private sector. Furthermore, the forward-looking initiatives supporting shore-wind energy demonstrate a commitment to technological advancement and resonate with Qlik’s vision for sustainability and impactful innovation.”

Ashwini K Channan, CEO, Airvoice

“The budget for the upcoming fiscal years reflects a positive perspective. As a Vote-on-account, it indicates continuous support for existing programs and an augmented focus on infrastructure spending. Notably, the establishment of a corpus of one lakh crore rupees is a key highlight, providing long-term financing or refinancing at favorable terms, fostering investments in intelligent CleanTech solutions.

“The budget’s emphasis on Blue Economy 2.0 reinforces a commitment to creating holistic and cleaner environments. This strategic move supports the development and acceptance of cleantech, coupled with initiatives like rooftop solarization, ensuring accessibility to air-quality hardware and products. While the comprehensive impact of the government’s commitment to CleanTech will unfold in the full-budget presentation post-elections, our outlook remains highly optimistic.”

Pratip Mazumdar, Co-founder & Partner, Inflexor Ventures

“The budget introduces a corpus of one lakh crore for long-term financing or refinancing with extended tenors and low or nil interest rates, along with bilateral investment treaties with foreign partners aligning with the ‘first develop India’ spirit. This step addresses the funding challenges faced by the industry, particularly in research and development (R&D), facilitating scale-up.

“Inflexor Ventures applauds the 11.1% increase in Capex, the renewed focus on deep-tech technologies, especially for defense applications, and the extension of certain tax benefits, anticipating a revitalization of the startup ecosystem. The increase in Capex, coupled with the emphasis on deep-tech and tax benefits, is seen by Inflexor Ventures as a positive force.”

Bhakta Keshavachar, Founder & CEO, Chara Technologies

“A noteworthy initiative is the government’s commitment to enhancing Electric Vehicle infrastructure. This not only promotes eco-friendly transportation but also opens up new avenues for businesses involved in EV-related systems.

“A substantial investment of 1 lakh crore in the technology sector, coupled with favorable interest rates, represents a significant leap forward for technology in India. This investment is designed to stimulate growth in the private sector, with a specific focus on advanced technology. The emphasis on innovation and technological progress is a strategic move with the potential to positively reshape the technology landscape in our country. This will help companies like us which are on the cutting edge of innovation and eliminating or reducing dependence on Rare-Earth minerals”. 

Atul Gupta, Co-founder & Director, e-Sprinto

“Certainly, particulars in regard to the E-Mobility mission and encouragement of EV infrastructure were missing in the speech, however, the budget did point towards creating ambitious policies towards adoption of EVs in the public transportation sector. Furthermore, since the budget has circumscribed the requirement to strengthen manufacturing of EVs and infrastructure, we can be sure that it stands high on the government’s agenda, and we do expect supporting policies to follow soon,”

Ratheesh D, Director, CABT Logistics

“Logistics gets a shot in the arm with Budget 2024! The visionary conversion of 40,000 rail bogies to Vande Bharat standards and doubling of airports to 149 signal a major infrastructure push. This, coupled with the procurement of 1,000 new aircraft by Indian carriers, creates a powerful ecosystem for seamless freight movement.

“FM Nirmala Sitharaman’s announcement of three major railway corridors and dedicated economic rail corridors for specific commodities showcases a proactive approach to tackling logistics bottlenecks. These initiatives are poised to significantly reduce logistics costs (currently at 12% of GDP), a major pain point for the industry. The focused strategy on freight movement aligns seamlessly with the National Rail Plan and promises to catapult India’s manufacturing competitiveness by ensuring efficient and cost-effective delivery of goods.”

Vishal Jain, Co-founder, Roadcast

 “With airports doubling, and 1,000 aircraft orders, India propels into a new era of efficiency. The unveiled railway corridors, particularly the port connectivity and energy corridors, promise de-congestion, slashing logistics costs and boosting competitiveness. This logistics sector is estimated to grow to 563 billion dollars in 2030, at a compound annual growth rate 9.4 percent. These new developments will halo achieve this number and reduce the Indian logistics costs as well which are currently higher than other countries.

“Nirmala Sitharaman’s visionary corpus of Rs 1 lakh crore, featuring a 50-year interest-free loan, is a beacon for tech-savvy innovation. This strategic blend of infrastructure overhaul and technological investment will bring forth a dynamic future, elevating India’s logistics sector to unparalleled heights of efficiency and global competitiveness.”

Sampath Reddy, Chief Investment Officer, Bajaj Allianz Life Insurance

“Overall, the interim budget exhibits continuity and stability, emphasizing fiscal prudence, infrastructure development, clean energy adoption, and inclusive growth. It lays the foundation for a future-oriented path towards economic prosperity. This careful balancing act positions India to navigate the upcoming transition while maintaining its focus on long-term goals, creating a optimistic outlook for the nation’s economic trajectory. The 10 year benchmark yield softened significantly with the bond market taking the fiscal prudence shown in the budget positively.

“Clean energy also receives considerable attention in the budget. Investments in rooftop solarization programs highlight the government’s push for modernization and sustainability. The rooftop solarization scheme, targeting 1 crore households with access to free electricity up to 300 units, exemplifies this dual focus on infrastructure development and environmental consciousness.”

Rajesh Shah, Chairman & MD, EUROBOND

“The government’s decision to transform 40,000 railway coaches to suit the specifications of the Vande Bharat Express shows the commitment of the government to take the railways to the next era, something we support wholeheartedly. Added to that, the project to expand the major railways infrastructures including the Metros and Namo Bharat to upcoming metropolitans closely aligns with our mission for comprehensive development in those areas.”

Bharat Patel, Director & Chairman, Yudiz Solutions

“I strongly agree with our honorary FM Smt. Nirmala Sitharaman that MSMEs have the potential to compete at global level. Establishing training facilities to equip MSMEs with skill, knowledge, and resources will benefit the economy and themselves both. We are talking about job creation, export potential, and societal development. On the other hand, a corpus of Rs. 1 lakh crore with a 50 years interest-free loan, it’s a huge move indeed to support the IT sector. It will empower companies like Yudiz to take long-term ambitious R&D projects in exploring cutting-edge technologies in the area of AI, AR/VR, Blockchain, Game and Web 3.0. It will strengthen the entire IT ecosystem and support the sector’s growth. The increased funding enables us to address challenges and progress without friction. I believe that the budget of 2024 is a strategic roadmap that will propel India towards sustainable development and the modern phase of digital transformation.”

Ajay Kaushik, Founder & CEO, Panacea Infosec

“With an inclusive and forward-looking interim budget, the Finance Minister announced a roadmap for Vikasit Bharat. The Finance Minister focused on modern technologies and data in the budget. The startup sector has made great strides forward with the allocation of a hefty 1 trillion corpus and a record 50-year low-interest or interest-free loan facility. There was a budget allocation of 8000 crores to the National Mission on Quantum Technologies, and there is a plan to create a Data Center Economic Zone to encourage jobs and investment in the rapidly growing data center sector to have a positive impact on the economy and contribute to long-term sustainable growth.”

Akshay Mehrotra, Cofounder & CEO, Fibe

“The Budget’s focus on ‘youth and entrepreneurs’ will help in realizing the Government’s vision of a developed India by 2047 as they are the key drivers of growth. We welcome the announcement of creating a corpus of one lakh crore with five-year interest free loan and providing long term financing and refinancing with low or nil interest rates. It will not only harness the potential of this vibrant, tech-savvy generation but also foster innovation and contribute to technological advancements and economic progress. We applaud the success of the ‘Skill India Mission’ that has been able to train 1.4 crore youth, while upskilling 54 lakh youth.”

Aishwarya Jain, Cofounder, Kirana Club

“As a woman and a woman entrepreneur, I feel extremely proud and happy on government’s strong focus towards women empowerment in our country. The government has recognised the potential of women to drive the country forward and bring about a significant socio-economic change. 30 crore Mudra Yojana loans have been pivotal in driving women entrepreneurship in our country and increase in women enrolment in higher education and STEM courses are big positives. As a women entrepreneur myself, I believe that a supportive entrepreneurial system is the foundation for a more inclusive and thriving India. This budget provides the encouragement and the enthusiasm for women to strive more and break the glass ceiling. I believe that day is not far away when the entrepreneurial ecosystem in India will be run by women entrepreneurs and we will have more women startup founders.”

Nischal Shetty, Co-founder, Shardeum

“In this transformative era, where the confluence of youth and technology holds boundless potential, the Hon’ble Finance Minister’s establishment of a Rs. 1 Lakh crore corpus with 50-year interest free loan is a welcome move. India’s youth have a keen knack for exploring new-age and innovative technologies such as Web 3 and blockchain and this announcement by the government will be pivotal in facilitating more research and development on such innovative technologies. It will fuel growth of more Web3 professionals in the country thereby redefining India’s growth trajectory on the global stage. Harnessing the youth’s energy and embracing technological advancements, will pave the way for a future where creativity, entrepreneurship, and digital prowess converge to shape a thriving and resilient nation. The interim budget has truly unlocked the potential of web3 and blockchain industry that will further drive economic growth and ensure a ‘golden era’ for the tech savvy youth.”

Raja Debnath, Managing Director, Veefin Solutions Ltd.

“We applaud the government’s intention in calling out ‘timely and adequate finances, relevant technologies and appropriate training’ for MSMEs as an ‘important policy priority’. This will push financial institutions to keep priority sector lending in focus and adopt technologies that boost credit disbursement to MSMEs.”

Gurjodhpal Singh, CEO, Tide India

“We commend the government’s continuous support towards making women the part of the formal economy across sectors from agriculture to entrepreneurship. Recognizing this crucial contribution, today’s budget clearly showed the focus of the government of India towards empowering women for the economic development of the country. To encourage them and start their own businesses, the Mudra Yojana scheme has been a game-changer, providing loans to 30 crore women. This will bridge the digital divide and help women entrepreneurs to equip with the tools they need to compete in the modern marketplace.

“We believe Indian fintechs will help women-led MSMEs to access formal credit lines while saving time and money through digitisation and to unlock their immense potential to drive India’s economic growth.”

Kumar Gaurav, Founder & CEO, Cashaa

“We indeed were expecting some progress on the lines of the regulatory framework in the crypto sector, which has been one of the primary speculations all this while. Nevertheless, the government is whole heartedly accepting technological disruption in different sectors by emerging technologies like AI, machine learning, blockchain etc. Adoption of deeptech in sectors like defence indicates a positive sentiment. We do understand that it is an interim budget, and there has been no mention of any regulatory framework or rationalization in tax or TDS structure, in regard to the crypto sector which has been long pending. However, we are hopeful about the coming months and expect to hear encouraging policies soon.”

Parimal Heda, Chief Investment Officer, Digit General Insurance

“The government’s resolve to support the manufacturing and charging infrastructure of the electric vehicle ecosystem will surely provide a fillip to the Niti Aayog’s EV penetration target of 30-35% by FY30. This will aid in driving EV volumes in the country and will have an ancillary effect on the adoption of EV insurance in the country. The insurance industry is already well-prepared to meet this rising demand through launch of EV-specific motor insurance coverage, providing adequate protection to the specific risks associated with EVs compared to Internal Combustion Engine (ICE) vehicles.”

Rajesh Bharatiya, Managing Director, Peoplefy

“Looking at our burgeoning young population, India needs many more initiatives to create jobs in sectors like Manufacturing, Green Energy, Digital, etc. I was expecting a few more initiatives by the government to galvanize job creation in line with the ground realities of unemployment. This year, there are many aspiring graduates across the campuses who are eagerly waiting for their placement or internship. There aren’t enough jobs for freshers.”

Dr. Harshit Jain, Founder & Global CEO, Doceree

“The FY 2024-25 interim budget, announced by our Hon’ble Finance Minister, heralds a transformative phase for all industries, including Health-tech. The allocation of 50-year interest-free loans for technology-supported startups is commendable, poised to inspire youth, fostering innovation for groundbreaking healthcare solutions. The re-emphasis on ‘Anusandhan’ reflects a push for high-level strategic research, reinforcing the pharmaceutical industry’s commitment to tailored treatments for India’s diverse population. Further, the decision to expand medical educational institutions using existing hospital infrastructure underscores the government’s dedication to a skilled healthcare workforce, strengthening our healthcare system.”

Alok Kashyap, Founder & CEO, Yatiken Software Solutions

“In line with the government’s ambitious vision of technology contributing 20-25% to the GDP by 2025, this forward-looking budget charts a promising course for the IT sector. The allocation for EV infrastructure development is particularly noteworthy as it opens avenues for software development in EV systems, IoT integration, and data analytics. The 1-lakh crore corpus for long-term financing is another indispensable boon for the IT industry, fostering innovation and research. Moreover, the Skill India Mission’s initiatives and tax benefits for startups provide a robust foundation for skill development and entrepreneurial growth.”

Shreeranganath Kulkarni, Managing Director, InfoVision

“The introduction of a 1-lakh crore fund with a 50-year interest-free benefit for private sector research and development is a transformative step, particularly for innovation-driven enterprises like ours with a strong focus on edge technologies such as  Artificial Intelligence (AI) and Machine Learning (ML).

“The injection of such long-term, interest-free capital promises to substantially boost our research and development initiatives that serve not only India but also the global market. This financial support will undoubtedly speed up efforts to create top-tier innovations in India for the world.”

Prashant Singh, Co-founder & Chief Operating Officer, LeadSquared

“The interim budget 2024 recognises the potential of tech-focused start-ups and its vital contribution to development of the country. The continuation of essential schemes like credit guarantee and Start-up India, Funds of Funds show a promising start-up environment in India, one that will provide employment for youth in the country and drive innovation.”

Dr. Sudhir Mehta, Founder & Chairman, Pinnacle Industries & EKA Mobility

“The emphasis on improving manufacturing and charging infrastructure aligns perfectly with our aim for a more environmentally responsible tomorrow. Simultaneously, the growing adoption of e-buses for public transport networks is a commendable step that not only solves environmental issues but also paves the way for significant growth in the electric vehicle market. The emphasis on EV charging infrastructure not only accelerates the transition to greener energy, but also encourages entrepreneurial possibilities for vendors, creating jobs for young people skilled in manufacture, installation, and maintenance.

“Furthermore, the introduction of the rooftop solarisation scheme, the conversion of 40,000 rail coaches to Vande Bharat standards, and the ambitious goal of establishing 100 million tonnes of coal gasification and liquefaction capacity by 2030 demonstrate a comprehensive approach to sustainable development. Additional efforts, such as starting a new biomanufacturing and bio-foundry plan and legislating the gradual mixing of CNG and biogas, add to the budget’s optimistic tone for a future in which economic growth and environmental conscience coexist.”

Manu Saigal, Director, General Staffing, Adecco India

“The interim budget reflects a robust commitment to job creation, skill development, and talent growth. Notable achievements include the Skill India Mission’s training of 1.4 crore youth and the establishment of 3000 new ITIs. The expansion of higher education institutions, such as IITs, IIITs, IIMs, AIIMS, and universities, underscores a focus on diverse talent development.

“Women’s empowerment through initiatives like Mudra Yojana loans and increased enrollment in STEM courses signals a move towards gender-inclusive workforce participation. The allocation of a significant corpus for research and innovation, coupled with a tech-focused fund, promises a golden era in employment for tech-savvy youth. The introduction of a scheme for deep-tech technologies in defense aligns with self-reliance objectives, fostering innovation and skill development in cutting-edge sectors. As AI and human partnerships become more prevalent, there will be a need to upskill the labour force, especially as AI becomes more sophisticated and takes over more tasks. This comprehensive approach aims to position India as a global leader in talent, innovation, and economic growth.”

Mandar Natekar, Co-Founder & CEO, NeuralGarage

“The interim budget presented today shall provide an impetus to an ecosystem of startups, technology companies and aspirants, providing them with ample opportunities to set-up, enhance technological offerings and bolster innovation. These are positive sentiments that will further strengthen India’s technology landscape through research and innovation. A corpus of Rupees One Lakh Crore will be established with a fifty-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates. The private sector will witness a steep growth with innovation being at the forefront. Further, the government has extended tax benefits for start-ups to March 31, 2025 and withdrawn some outstanding direct tax demands. Deeptech and GenAI have the potential to revolutionize a variety of sectors. Ethical practices and its usage will lead to Indian brands and artists being recognised from local to global markets creating a seamless experience and put India on the global map for technological prowess.”

Maulik Manakiwala, Partner, Indirect Tax, BDO India

“In a move towards promoting a shift to Electric Vehicles (EV), the focus on expanding the EV charging network continues. This will also increase opportunities for a large number of small vendors for manufacturing, installation and maintenance of EV charging networks.”

Bodhisattwa Sanghapriya, Founder & CEO, IG Drones

“The commitment to lead in drone tech innovation by the end of the decade echoes our own aspirations and dedication to pushing technological boundaries. Our vision for farmers is crystal clear, with the development of advanced Kisaan drones and our active participation in the ‘Namo Drone Didi’ program, showcasing our commitment to revolutionizing agriculture through technology.”

Neeraj Kumar, CEO & Founder, Peakmind

“In terms of accomplishments, a noteworthy array of higher education establishments has been instituted, comprising 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities. The Pradhan Mantri Mudra Yojana has approved a commendable 43 crore loans amounting to Rs. 22.5 lakh crore, to foster the entrepreneurial aspirations of the youth. Initiatives like the Fund of Funds, Startup India, and the Startup Credit Guarantee Schemes are actively supporting the endeavors of the younger generation.”

Debojyoti Dhar, Director & Co-founder, Leucine Rich Bio

“We commend the Finance Minister for unveiling a groundbreaking initiative in biomanufacturing and biofoundry. The establishment of a substantial corpus amounting to Rs 1 lakh crore, accompanied by a 50-year interest-free loan for technological advancements, is a strategic move that will undoubtedly stimulate private sectors to elevate their commitment to research and innovation. This forward-thinking approach aligns with our expectations from the budget, and we are optimistic that it will foster a culture of technological growth and expertise.”

Deepak Sharma, Co-founder & CEO, MedLern

“The budget addressed the importance of research and development in the healthcare sector, aiming to encourage innovation and the development of new medical technologies. Increased funding for healthcare education and training programs is also evident, indicating a focus on building a skilled healthcare workforce.”

Dinesh Arjun, Co-founder & CEO, Raptee Energy

“Various initiatives announced by the FM today clearly demonstrate the government’s intention to further accelerate EV adoption and also generate significant employment opportunities for the youth. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem. We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest. This will also break the ‘range anxiety’, the biggest barrier for EV adoption in our country. The government’s support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies. Growth in EV charging infra will also generate employment opportunities for the youth as companies will be on a look out for people with technical know-how of running and maintaining charging infra. EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make in India EV vehicles”.

Hari Kiran, Co-Founder & COO, eBikeGo

“We as an OEM are thrilled with the Interim Budget announced as the government’s commitment to expand and strengthen the EV ecosystem will significantly boost manufacturing and infrastructure development. This will emerge as a notable contribution in achieving Net Zero Goals and lays a solid foundation for sustainable mobility and a greener environment. Also, as highlighted by the Honourable Finance Minister, the new age technologies and data are changing the lives of people and businesses. They are also enabling new economic opportunities as India is showing solutions through innovation and entrepreneurship.”

Dhananjaya Bharadwaj, Co-founder & CEO, ParkMate

“ParkMate applauds the interim Union Budget 2024-25 for its commendable focus on fortifying the electric vehicle ecosystem, a positive development for all parking management stakeholders. The government’s pledge to allocate a 1-lakh crore corpus with a 50-year interest-free financing scheme for private sector R&D holds tremendous promise, capable of ushering innovative solutions across sectors. Importantly, this substantial financial commitment not only empowers ongoing research and development initiatives but also lays the foundation for transformative, long-term projects.”

Mayuresh Raut, Co-founder & Managing Partner, Seafund

“The scheme for deeptech in defence will not only help the government start addressing the Make in Bharat initiative through indigenous technologies in defence but also unlock these technologies to other civilian uses. Deeptech focused funds like ours will definitely benefit from enabling initiatives like this.

“The solar rooftop schemes will be a big boost to not only meet our goals for clean energy, but will also set up India to start addressing the EV charging infrastructure that is currently holding back wider adoption of EVs. It will also create enormous jobs for installation, manufacturing and maintenance of solar infrastructure and a secondary effect will be opportunities available for startups to build on this.”

Anil Joshi, Managing Partner, Unicorn India Ventures

“The interim budget was in line with the expectations. However, startups and sunrise sectors continue to find a special mention even in the interim Budget. The extension of tax exemption to Startups is a good gesture and provision for Rs 1 lakh crore toward sunrise segment at nominal or zero interest rate will certainly help small business. The focus on boosting EV charging station will drive sale of both vehicles and charging infrastructure. No change to direct and indirect tax was also expected, however we may see new rates in full budget to be proposed in July 2024.”