Industry leaders and representatives have termed the Union Budget presented by Finance Nirmala Sitharaman “transformative and forward looking due to its emphasis on capacity building and boosting agricultural production.”

Neeraj Akhoury, President, Cement Manufacturers’ Association (CMA) and Managing Director, Shree Cement Ltd. said, “Against the backdrop of global uncertainties and inflation, the Union Budget 2024-25 is transformative and forward looking with an eye on fiscal consolidation.”

“The announcement of ₹11 lakh crore capital expenditure signifies the Government’s commitment to modernising India’s infrastructure through various significant projects and allocations, which will undoubtedly drive demand for cement and other building materials,” he added.

Abhinandan Lodha, Chairman, The House of Abhinandan Lodha said, “The 2024-2025 Budget is a growth-centric blueprint with profound implications on employment and employability through real estate, infrastructure, and tourism.”

“This Budget marks a significant shift towards holistic growth, focusing on affordable housing. The allocation of ₹2.2 lakh crore for constructing one crore houses in urban areas and two crore houses in non-urban areas demonstrates the government’s commitment to improving living standards,” he added. 

Arun Alagappan, Executive Chairman, Coromandel International Ltd., said, “With agriculture remaining the backbone of the Indian economy, we welcome the Union Budget’s emphasis on ensuring food security, strengthening rural economy, as well as building resilience and productivity in agriculture.”

“The proposed comprehensive review of the agricultural research setup to focus on improving productivity and developing climate resilient crops will lend an impetus to ensuring that Indian agriculture can withstand climate impact. The initiative to bring together experts from both the government and the private sector will lend a much-needed fillip to the R&D in the agri sector,” he added.

N. Venu, MD & CEO, India and South Asia, Hitachi Energy said, “The Union Budget presented by the Finance Minister took a strategic middle path and democratised growth for the people through modernising agriculture, jobs in manufacturing, urban development, energy access and energy security.”

“The proposed bill did not single out any specific industry, instead the thrust was on job creation. It focused on the employee-employer experience from incentivising integration of new, young and diverse people into the workforce to using private sector as partners for skilling of future talent,” he added.

N.D. Mali, Founder, KDM in a statement said, “Tax reduction of up to 15% on mobile phones, mobile PCBs, and chargers is expected to boost domestic manufacturing and benefit customers. The Budget focus on employment, skilling and middle class will spur consumer spending, which, in turn, would stimulate economic growth.”

“The fiscal prudence of 4.9% and increased outlay of capex will put more money in the hands of people and general consumer sentiment will increase. The Budget will further charge the economy of Bharat,” he added.

Sanjay Salunkhe, CMD, Jaro Education said “The Budget has struck the right balance to enhance the education and employment sector. The Finance Minister’s financial support for loans up to ₹10 lakh for higher education in domestic institutions is a commendable initiative.”

“This will provide ample opportunities for upskilling the youth and budget emphasis on education, skilling, and job creation will foster long-term growth for corporates like us who have been striving to make youth of the country employable,” he added.