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Interim Budget 2024 || Post Budget Reactions around Education, MSME, Agri Tech Startup, Auto and Personal Finance Sector

Education Sector:

Inputs from Dr Sarvjeet Herald, Director – India STEM Foundation:

‘Reflecting on the strides made last year, with increases in girls’ enrollment in schools and STEM programs, as well as efforts in skilling India through Skill India programs and initiatives, we recognize the importance of building upon these successes. While no new initiatives were unveiled this year, there’s an opportunity to shift focus towards holistic child-to-adult development. Let’s prioritize measures to eliminate school dropouts, enhance career awareness, and promote industry inclusion, motivating both students and parents to embrace learning, skill-building, and excellence.’

MSME Sector:Inputs from Mr Pulak Jain Co-founder, Chief Business Officer and Head Strategy at TransBnk:

“We welcome the government’s move for training in MSME. Micro, Small, and Medium Enterprises will play the most crucial role in the Indian economy in the coming days. It’s already considered the backbone of the country’s industrial development and with this move it will help the Indian economy in additional Employee generation. They provide job opportunities to a large section of the population, particularly in rural and semi-urban areas, thereby contributing to inclusive economic growth.
MSMEs make a substantial contribution to India’s Gross Domestic Product (GDP) and make a significant impact on the overall economic output of the country. Therefore, we look forward for government focused on training towards more Digitization and technology adoption so that it can help MSME’s leverage technology for improved efficiency and competitiveness which can lead to further participation of MSME’s in Global business.”

Agri-tech Drone Startup:

Inputs from Mr Amandeep Panwar, Co-Founder & Director, BharatRohan:

“As an advocate for sustainable agriculture and technological advancement, I want to express my profound appreciation for the recent Financial Budget announcement by the Government of India. This budget represents a resolute commitment to empowering youth, fostering sustainability, and promoting innovation in the agricultural sector, all of which are crucial for elevating farming practices, mitigating post-harvest losses, and securing a more prosperous future for Indian agriculture.

The 20 lakh crore INR allocation for targeted agricultural credit and the launch of the Agriculture Accelerator Fund are commendable. They ensure vital financial support for farmers to adopt new technologies and improve their farming practices, while also being equally promising for driving rural innovation and supporting agritech startups.

 I believe this budget announcement demonstrates a promising path forward for Indian agriculture and technology-driven agritech initiatives. It reflects a shared vision of fostering sustainable and technologically advanced farming practices to secure a prosperous future for our nation’s agricultural landscape.”

Personal Finance Sector:

Inputs form Mr Neeraj Gupta, MD, Branch International: 

“In India, we’ve seen countless dreams stifled by financial hurdles this groundbreaking initiative holds the key to unlocking boundless potential. One lakh crore, interest-free for fifty years, signifies a monumental opportunity to harness the strength of our youth-centric demographic mix, fostering business innovation tailored for the unique nuances of the Indian ecosystem. Along with financial backing; robust mentorship is equally crucial. Nurturing the aspirations of young entrepreneurs requires experienced individuals who can provide insightful guidance and support, steering them through the complexities of their growth story. Together, with this holistic approach, we can pave the way for a flourishing era of innovation and economic empowerment in India.”

Auto Sector:

Inputs from Mr Hiranmay Mallick, CEO & Co-Founder, Tummoc:

“As we embark on this transformative journey outlined in the budget, I’m truly inspired by the emphasis on technology, youth empowerment, and sustainable development. The commitment to expanding Metro Rail, fostering EV manufacturing, and providing interest-free loans for the tech-savvy youth reflects a vision for a smarter, more connected nation. It’s not just about infrastructure; it’s about building the foundation for smarter cities where mobility plays a pivotal role. The focus on equipping and empowering the youth is not just an economic strategy; it’s a pathway to nation-building. In this new world order, where every form of infrastructure is being built at an unprecedented pace, the prosperity of our nation hinges on our ability to innovate, connect, and create a sustainable future.

These measures are catalysts that will drive our nation towards unparalleled development over the next five years and beyond, where accessibility, digital footprints, seamless payments, and policies become the driving force behind digitizing public transport.”

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