Finance Minister Nirmala Sitharaman presented the budget for the year 2024 after NDA came in power for the third time. This budget is followed by the interim budget presented in the same year. This budget by Sitharaman under BJP was presented for the seventh time, breaking the records of late- Morarji Desai who presented it for sixth consecutive terms.
The Finance Minister, while presenting the budget, mentioned that this year it will prioritise:
1. Productivity and resilience in agriculture
2. Employment and skilling
3. Improved human resources, social justice
4. Manufacturing and services
5. Urban development
6. Energy security
7. Infrastructure
8. Innovation, research and development
9. Next generation reforms
After the presentation of the budget, founders and co-founders from across various sectors of the industry expressed their opinion as follows:
It is a balanced budget, if implemented well: Agam Chaudhary, Founder and CEO, Two99
“This budget aims for overall growth by supporting rural areas, improving skills, and encouraging new businesses. The small increase in tax slabs will leave more money with salaried employees. While the higher capital gain taxes seem surprising, it might help strengthen banks, which are currently over-leveraged. Overall, it is a balanced budget that, if implemented well, can drive our nation towards higher and more inclusive growth in the coming years.”
This will ease the financial burden on e-commerce businesses: Aditya Vikram Singh, Founder, Thin Threads
“I am thrilled by FM Nirmala Sitaraman’s announcement to raise the Mudra loan limit to Rs 20 lakh. This is fantastic news for MSMEs like ours. Increasing the loan limit from Rs 10 lakh to Rs 20 lakh, especially for those who have repaid previous loans, demonstrates a strong commitment to our growth. This extra financial support will enable us to invest more in our operations, create new products, and expand our customer base.
The introduction of a credit guarantee scheme is another great step forward. It will make it easier for businesses to obtain necessary funds without heavy collateral, lowering credit risks for MSMEs. The self-financing guarantee fund, covering up to Rs 100 crore, shows the government’s dedication to supporting us.
This initiative will boost productivity, create business opportunities, and encourage innovation within the private sector. The reduction of the TDS rate on e-commerce operators from 1 per cent to 0.1 per cent is excellent news. This will ease the financial burden on e-commerce businesses and encourage more growth and innovation in the sector. It’s a positive move towards strengthening the digital economy.
Additionally, the plan to develop a digital public infrastructure for e-commerce is promising. It reflects a forward-thinking approach, integrating technology with traditional sectors for greater efficiency and innovation.
Overall, these measures indicate a bright future for MSMEs in India. They will play a crucial role in driving economic growth and creating job opportunities, further strengthening our economy.”
The abolition of angel tax for all investor classes is a game-changing move: Abhinav Jain, Co-Founder and CEO, Almonds AI.
“The Union Budget 2024 has delivered a landmark decision for India’s startup ecosystem. The abolition of angel tax for all investor classes is a game-changing move that signals the government’s unwavering commitment to nurturing our nation’s innovative spirit. This pivotal reform will inject much-needed momentum into our startup landscape, which has faced headwinds recently. By removing this significant barrier to investment, the Budget 2024 is not just opening doors – it’s constructing highways for capital to flow into ground-breaking ideas. This bold step, building upon previous initiatives like the Startup India programme, positions India to regain its growth trajectory in the startup space. The Union Budget 2024 sends a clear message: India is not only open for business, but is actively cultivating the next wave of entrepreneurs who will propel our economy forward.”