Union Budget 2024–25: A Robust Commitment to Sustainable Development

Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament said that India’s inflation continues to be low, stable and moving towards the 4 percent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent and steps are being taken to ensure supplies of perishable goods reach market adequately.

Dwelling on the Budget theme, Nirmala Sitharaman said that the focus is on employment, skilling, MSMEs, and the middle class. She announced the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of INR 2 lakh crore. This year, INR 1.48 lakh crore has been allocated for education, employment and skilling. The Finance Minister said, for pursuit of ‘Viksit Bharat’, the budget envisages sustained efforts on 9 priorities for generating ample opportunities for allProductivity and resilience in Agriculture, Employment & Skilling, Inclusive Human Resource Development and Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development and Next Generation Reforms.

The Minister proposes to fully exempt customs duty on 25 critical minerals such as lithium, cobalt, rare earths, which are crucial for nuclear energy, renewable energy, and telecommunications among other sectors

Prioritizing the ‘Manufacturing & Services’ sector, the Union Budget 2024-25 proposes to set up a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets.

The Finance Minister said, in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications.  Nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat.

Here’s what the industry has to say:

Encouraged by the government’s focus on consumer goods, real estate, and automotive sectors

Aditya Singh Ratnu, CEO, ZEVO

“The budget announcement for FY 2024-25 is a promising development for India’s economy, particularly in terms of job creation and boosting consumption. At Zevo, we are encouraged by the government’s focus on sectors such as consumer goods, real estate, and automotive, which are poised to benefit significantly from these measures.

The special attention given to MSMEs and manufacturing is a crucial step towards revitalizing these sectors. The introduction of a credit guarantee scheme for MSMEs in the manufacturing sector will provide much-needed financial security, enabling these businesses to expand and innovate. Facilitating term loans for the purchase of machinery is another commendable initiative that will help MSMEs modernize their operations and increase productivity.

Moreover, the formulated package to finance technology support for MSMEs is a forward-thinking move that will drive digital transformation and enhance competitiveness. By providing the necessary resources for technological advancements, the government is empowering MSMEs to adopt cutting-edge solutions and stay ahead in a rapidly evolving market.

We believe these initiatives will not only stimulate economic growth but also create a ripple effect across various industries. Increased job creation and consumption will lead to higher demand for consumer goods, real estate, and automobiles, thereby boosting these sectors and contributing to overall economic prosperity.”

MSMEs can benefit from collateral-free loans of up to 100 crores for machinery 

Kunal Gupta, CEO and Co-founder, EMotorad

“We are pleased with the government’s support for the EV industry by proposing exemptions for lithium, copper, and cobalt from customs duties. Additionally, MSMEs can benefit from collateral-free loans of up to 100 crores for machinery, and the new dedicated e-commerce export hubs are game-changers for manufacturers. These changes position India as a manufacturing powerhouse, strengthening the ‘Make in India’ initiative. However, we were hoping for the government to make a formal statement about the FAME III budget and its scope for e2w in the coming year.”

Budget has unveiled roadmap towards a sustainable India, with agriculture and energy security at its core

Gaurav Kedia, Chairman, Indian Biogas Association

“Budget 2024: A leap towards Natural Farming – The Union Budget 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. The announcement of initiatives to bring one crore farmers under natural farming, establish 10,000 bio input resource centers, and support FPOs for agri-product marketing are commendable steps. These measures are set to significantly benefit the biogas sector. By promoting natural farming, there will be an increased demand for organic manure, a key byproduct of biogas production. The bio input resource centers can serve as hubs for knowledge dissemination and adoption of biogas technology. Moreover, the support to FPOs can facilitate the marketing of fermented organic manure (FOM) as a value-added product. The budget’s focus on productivity, resilience in agriculture, energy security, and innovation aligns well with the biogas sector’s goals. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health.”

Interim budget’s financial assistance has benefited biofuel industry by simplifying complex biofuel supply chain

Kishan Karunakaran, CEO, Buyofuel

“This Union Budget once again underscores the commitment to achieving Vikisit Bharat 2047, with energy transition being a top priority. The interim budget’s financial assistance has significantly benefited the biofuel industry by simplifying the complex biofuel supply chain and generating increased interest in the sector. This budget emphasizes India’s energy mix, focusing on other clean energy sources, which highlights the government’s dedication to environmental sustainability. If appropriate regulations for transitioning the hard-to-abate sectors are outlined, we can anticipate substantial governmental support to solidify our energy transition efforts. Additionally, the policies focusing on rooftop solar, nuclear R&D, and AUSE technology in thermal power plants demonstrate India’s unwavering commitment to energy independence. The energy transition is set to play a crucial role in our nation’s progress.”

PM Package for Employment linked Incentives is a brilliant way to incentivise private and public sector in skilling of the youth 

Shalya Gupta, CEO, PHF Leasing Limited

“This budget focuses on job-creation and we welcome the steps that will ensure that the first timers/interns/youth will get a level playing field. The PM Package for Employment linked Incentives is a brilliant way to incentivise private and public sector in skilling of the youth of the country, so that they are able to eke out a respectable living. Companies like ours which hire and skill a large number of first time job seekers will benefit and be rewarded. It will also encourage companies to hire more youngsters, which will make a sizeable dent to the issues of joblessness and employability.”

Waiver of import duties on critical minerals, including lithium, is expected to lower battery manufacturing costs, making EVs more affordable

Sameer Aggarwal, Founder & CEO, Revfin Service

“The Union Finance Budget 2024 announced by the Hon’ble Finance Minister lays a comprehensive roadmap towards transforming India into a developed economy. The significant focus on skill development, employment generation, and empowering women through skilling and employability initiatives will undoubtedly foster a more inclusive and robust workforce. The allocation of INR 2 lakh crore for education, employment, and skilling, corresponding ease of access to loans for higher studies is a step in preparing our youth for future challenges. Further, abolition of the Angel Tax is a significant boost for the start-up ecosystem, paving the way for increased funding and innovation.

Moreover, the dedicated support for the rural and agricultural sectors with an allocation of over INR 3.5 lakh crore highlights the government’s commitment to equitable development. The provisions for solar rooftop installations, enabling one crore households to obtain free electricity up to 300 units per month, mark a significant step towards reducing dependence on conventional energy sources. This initiative aligns with the government’s climate change commitments and promotes sustainable growth. Also, the waiver of import duties on critical minerals, including lithium, is expected to lower battery manufacturing costs, making EVs more affordable.”

Exempting custom duties on critical minerals like lithium will lower the production costs of battery cells

Pratik Kamdar,  CEO & Co-Founder, Neuron Energy

“We applaud the Union Budget’s decision to exempt custom duties on critical minerals like lithium and cobalt. This pivotal move will substantially lower the production costs of battery cells, directly translating into more affordable electric vehicles (EVs) for consumers. By reducing manufacturing expenses, the overall cost of EV batteries will decrease, making electric vehicles a more economically viable option. This initiative not only supports the growth of the EV industry but also reinforces India’s commitment to sustainable mobility solutions.

We anticipate that these measures will stimulate greater adoption of EVs, driving positive change towards a cleaner and greener transportation ecosystem.”

Critical Mineral Mission is a groundbreaking move towards ensuring India’s self-reliance in critical minerals essential for clean energy

Anupam Kumar, Co-founder & CEO, MiniMines

“Finance Minister Nirmala Sitharaman’s announcement of the Critical Mineral Mission in the Budget 2024 is a groundbreaking move towards ensuring India’s self-reliance in critical minerals essential for clean energy and technological advancements. The mission’s focus on technology development, skilled workforce training, an extended producer responsibility framework, and robust financing mechanisms will revolutionize sustainable mineral production and recycling.

The reduction and exemption of customs duties on critical minerals such as lithium, cobalt, and rare earths will significantly boost domestic processing and refining capabilities, ensuring availability for use across sectors such as renewable energy, space, defense, and telecommunications. The facilitation of overseas acquisitions of critical mineral assets and upcoming offshore mineral auction rounds further strengthen India’s position in the global supply chain and make India self-sustainable.

At MiniMines, we are particularly encouraged by these initiatives, which align with our commitment to sustainable and patented recycling practices for extraction of rare metals, especially lithium and cobalt. The emphasis on technology upgrades and the focus on building a skilled workforce will enhance our operational efficiency and foster rapid growth for the industry, further enabling an Atmanirbhar Bharat.”

By emphasizing the recycling of critical minerals, the budget aims to reduce our reliance on imports

Sachin Sharma, Founder and Director, GEM Enviro Management Limited 

“The recent budget marks a significant advancement in the waste management sector, particularly in tackling e-waste and plastic waste. By emphasizing the recycling of critical minerals, the budget aims to reduce our reliance on imports. Key initiatives include technological upgrades, workforce development, and the establishment of an extended producer responsibility framework with appropriate financing. However, building a robust supply chain and fostering effective connections between recyclers, manufacturers, and waste producers remains crucial. The budget’s focus on sustainable growth and the promotion of a circular economy highlights a strong commitment to long-term environmental stewardship and resource efficiency.”

Budget reflects a strong commitment to supporting the critical minerals sector, which is crucial for advancing greener transformations

Prassann Daphal, CEO, Recyclekaro

“The government’s announcement of a 25% waiver on customs duty for nearly 25 critical minerals is poised to drive demand across various renewable sectors, including energy storage solutions, electric vehicles (EVs), high-tech electronics, defense, and space. This initiative will bolster the refining and processing of these minerals, strengthening a resilient supply chain ecosystem.

Additionally, the establishment of a ‘Critical Mineral Mission’ aims to oversee domestic production, recycling, and international acquisition of critical mineral assets. The mission will prioritize technology development, skilled labor, and an expanded producer responsibility framework, including Extended Producer Responsibility (EPR), which will benefit the e-waste and battery recycling sectors.

This well-planned budget reflects a strong commitment to supporting the critical minerals sector, which is crucial for advancing greener transformations.”

Budget is a catalyst for the growth of the solar industry, empowering millions of households with access to  clean electricity

Gyanesh Chaudhary, CMD, Vikram Solar Limited

“The Union Budget 2024 has positioned India as a frontrunner in the global solar energy landscape. By allocating a substantial INR 7,327 crore for solar projects and introducing initiatives like the PM Surya Ghar Muft Bijli Yojana, which aims to provide free electricity to one crore households, the government has demonstrated a strong commitment to clean energy. This budget is a catalyst for the growth of the Indian solar industry, empowering millions of households with access to affordable and clean electricity. Moreover, by supporting ancillary sectors like pump storage and creating a conducive environment for innovation through tax incentives for solar cell and panel manufacturing, the budget has laid a robust foundation for India’s energy transition.”

Credit Guarantee Scheme, term loans for machinery, and technology financing packages will help MSMEs scale up

Sameer Gupta, Chairman & Managing Director, Jakson Group

“The Union Budget 2024 is a major milestone for the nation, fostering economic growth, infrastructure development, and energy independence. The PM Suryaghar Muft Bijli Yojana, aimed at installing rooftop solar panels in 1 crore households to provide 300 units of free electricity, is transformative in making sustainable energy accessible. This will boost solar adoption in the residential sector and drive economic growth.

Special attention has been given to MSMEs and manufacturing. The support includes a Credit Guarantee Scheme, term loans for machinery, and technology financing packages. These measures will help MSMEs scale up and enhance competitiveness. The budget also prioritizes infrastructure development with long-term interest-free loans to states and significant project allocations, enhancing connectivity, economic activities, and overall quality of life across the nation. Additionally, the simplified rules for foreign direct investment and overseas investment will open new avenues for global expansion, attract international investments, and enhance our global footprint.

Jakson is leveraging these opportunities to drive innovation and expand globally. These measures will advance the renewables sector, and help combat climate change. This budget marks a transformational shift in the Indian energy landscape. Jakson is dedicated to advancing a sustainable and inclusive future, fostering innovation, and driving economic empowerment.”

Establishment of a carbon market will incentivize reduced emissions, aligning with India’s climate goals

Gopal Kabra, Founder & MD, GK Energy

“The budget can be termed as progressive aimed at bolstering the solar sector’s growth and sustainability and we welcome the budget proposals. The government’s commitment to increasing investment in renewable energy was evident through significant allocations for solar infrastructure development, and energy storage solutions. Notably, the custom duty exemption on capital goods for solar cells and panels stands out as a pivotal move. This exemption is expected to lower production costs, making solar energy more affordable and accessible. More than 1.3 Cr registrations and more than 14 lakhs applications under PM Suryaghar initiative is poised to accelerate rooftop solar installations, enhancing energy security and supporting the energy transition. Additionally, the establishment of a carbon market will incentivize reduced emissions, aligning with India’s climate goals. These initiatives collectively reflect a forward-looking vision for a sustainable and self-reliant solar ecosystem in India.”

Focus on climate risk mitigation, women’s workforce development, and energy security positions India as a leader in sustainable development

Capt Ishver Dholakiya, MD & Founder, Goldi Solar

“The Union Budget 2024 is a forward-looking and progressive plan. The government’s focus on climate risk mitigation, women’s workforce development, and energy security positions India as a leader in sustainable development. Exempting capital goods for solar manufacturing will reduce costs and boost domestic production. The PM Suryaghar Muft Bijli Yojana, offering up to 300 units of free electricity monthly to 1 crore households, will enhance rooftop solar adoption. Goldi Solar applauds these efforts towards a clean energy ecosystem and the ‘Make in India’ vision.”

Budget provisions mark a significant leap towards a sustainable energy future

Arif Iqbal Aga, Director, SgurrEnergy India

“The budget provisions mark a significant leap towards a sustainable energy future. The announcement of policies for pumped storage projects and small modular nuclear reactors addresses two critical aspects: energy storage and diversification of the energy mix. The focus on rooftop solar plants through the PM Surya Yojana is commendable, especially with its potential to offer free electricity up to 300 units for households. This will not only alleviate the burden on the grid but also empower millions of households to become self-sufficient in their energy needs. However, the success of these initiatives will depend on the execution and continuous support from both central and state governments. It is also crucial to ensure that the regulatory framework is streamlined to facilitate faster implementation of these projects.”

Policy to promote pumped projects for electricity storage will help facilitate smooth integration of growing renewable energy share

Amit Jain, Global Chief Executive Officer, Sterling and Wilson Renewable Energy Group

“As a leader in the renewable energy sector, we feel that the recent budget announcement is an acknowledgement of the industry’s huge potential in terms of meeting India’s global sustainability commitments, ensuring the nation’s long term energy security, and providing access to affordable and clean power source for the people. We commend the government’s move to support energy transition by expanding the list of exempted capital goods for use in the manufacture of solar cells and panels in the country.  The PM Surya Ghar Muft Bijli Yojana which involves installation of rooftop solar plants to enable one crore households obtain free electricity is a step in the right direction and shall promote a more sustainable future. The announcement to fully exempt 25 critical minerals and reduce BCD on two of them will assist the renewable energy sector, since it shall provide a major fillip to the processing and refining of such minerals and help secure their availability. The proposed policy to promote pumped storage projects for electricity storage will help facilitate smooth integration of growing renewable energy share thereby reducing challenges posed by its variable and intermittent nature. Expansion of India’s renewable energy infrastructure – both greenfield and brownfield will require skilled workforce to ensure efficient project execution, while reducing cost and time overruns. We therefore welcome the government’s focus towards upskilling 20 lakh youth over a 5-year period and upgrading 1000 Industrial Training Institutes.”

Achieving 1.28 crore registrations and 14 lakh applications through the PM Surya Ghar Muft Bijli Yojana is a remarkable feat indeed.

Gautam Mohanka, CEO, Gautam Solar

The PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants, providing free electricity up to 300 units per month to 1 crore households. Achieving 1.28 crore registrations and 14 lakh applications through the scheme is a remarkable feat indeed. We at Gautam Solar are aligned with the Prime Minister’s vision of “Vocal for local,” which opens new growth avenues for indigenous players and are committed to supporting the country’s renewable energy goals by employing our capacities for optimal returns.

Aspiration to involve private sector in modular nuclear reactors for green energy is a positive step in energy transition

Baroruchi Mishra, Group CEO, NET Enterprise

“Overall a balanced budget aimed at job creation which in turn will lead to increased consumption and propel growth. It also has a good focus on energy transition.

.Focus on Water Management including solid waste management for large cities is particularly heartening. Proper implementation of the solid waste management will key to success.

There is great scope for 3 way collaboration here – Centre, States and private sector. The agencies that need to implement this will need to get innovative with the technology choices – proven techs like chemical recycling of single use plastics, plasma gasification of solids wastes etc should be evaluated. This should not be mired into the bureaucratic red tape as this can lead to reduction in fossil fuel use if done correctly.

Aspiration to involve private sector in modular nuclear reactors for green energy is a positive step in energy transition.

Instead of promising free electricity at 300 units for 1 Cr households under PM Surya Ghar Bijli Yojna, the government should have announced more enabling subsidises for solar panel installations and battery procurement. And let the population get addicted to using solar as much as they can. The word “free” is toxic for the economy and kills enterprise.

Emphasis on Climate Finance is good; Banks and lending Financial institutions should not stall the noble intent of the government.

I assume ‘mitigation related investments’ will cover carbon capture and storage (CCUS) as this is the only pathway to carbon reduction in the hard-to-abate sectors like cement and steel. Widespread use of DRI for making green steel will take at least 10-15 years; we cannot wait that long as the EU’s Carbon Border Adjust Tax will hit steel exports by 2026. The US and other countries may follow suit making our steel exports uncompetitive.”

A great move towards making India global hub for processing of critical minerals essential for advanced energy storage, e-mobility, solar and green hydrogen manufacturing 

Dr. Rahul Walawalkar, President, India Energy Storage Alliance (IESA)

“IESA welcomes announcement for support of Pumped Hydro storage in budget, which is a key step for supporting Long Duration Energy Storage technologies. We welcome efforts for support for hard-to-abate sectors for improving energy efficiency and adopting clean energy. Recent tender results for RE+ storage have demonstrated that India is poised to adopt large scale “Firm and Dispatchable Renewable Energy” (FDRE) coupled with energy storage for such decarbonization effort. Custom duty exemption for critical minerals for supporting Lithium ion battery manufacturing as well as associated supply chain is a great move in the direction towards making India the global hub for critical minerals. Abolishment of Angel tax is a great and long overdue step boosting investor’s confidence and the promising EV and Clean tech startup ecosystem.”

Employment generation, Skilling, and Improved Women workforce participation in Clean Tech and EV sector

Dr. Rahul Walawalkar, President, IESA Academy

“IESA Academy welcomes various initiatives announced in the Budget for Skilling and Employment. The four-year PF support is a good move to benefit new manufacturing facilities. IESA Academy also welcomes the announcement of “5 schemes and initiatives “to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of INR 2 lakh crores”. Over 1000 industrial training institutes with course content aligned to industry and emerging needs were a demand of today’s youth. As India’s Clean Tech and Energy Storage sector is gradually becoming the biggest employment generation sector, the announcement of a scheme for internships in the top 500 companies to 1 crore youth will play a vital role in empowering the nation’s youth. Keeping the promise of the development and empowerment of women, INR 3 lakh crore for schemes benefitting women has been announced this financial year. IESA is willing to work with members to see if we can launch such efforts for women-specific skilling programs through the IESA Academy under the IESA -WE (Women in Energy) Initiative.”

An increase in PLI and EMPS and a reduction in FAME – means that the much speculated FAME III is ruled out

Highways, whether physical or digital have the potential to connect rural populations with markets

Ankit Mathur, Co-Founder, Greenway Grameen

“It is encouraging to see budgetary allocation for rural infrastructure. Highways, whether physical or digital have the potential to connect rural populations with markets and provide them with new economic opportunities. We look forward to the finer aspects of this dedicated rural spend and sincerely hope that this boosts rural demand across the board.”

Introduction of programs focused on skilling and offering employment opportunities for youth represents a significant step towards economic advancement

Harinder Singh, Managing Director & CEO, Yokohama India

“We appreciate the Union Budget 2024 for its emphasis on infrastructure development, job creation, and skill enhancement in the manufacturing sector. The Finance Minister’s introduction of programs focused on skilling and offering employment opportunities for youth represents a significant step towards economic advancement. At Yokohama India, we are particularly encouraged by the focus on diversity hiring and incentives for job creation in manufacturing facilities. These efforts resonate with our dedication to fostering a diverse and inclusive workplace, as demonstrated by our 1,000-strong female workforce across our four plants. The government’s backing of internships and skill development initiatives will equip young people and strengthen our industry, driving innovation and growth. This budget signals a strong vision for India’s manufacturing sector and aligns with our mutual objective of building a resilient and inclusive economy.”

Increased allocation to the solar power sector, including the promotion of the rooftop solar scheme, will aid the renewable capacity addition

Girish Kumar Kadam, Senior Vice President & Group Head – Corporate Ratings, ICRA Limited

“The budget’s focus on measures on green energy continues to reinforce the commitment towards achieving energy transition in the long run. The increased allocation to the solar power sector, including the promotion of the rooftop solar scheme, will aid the renewable capacity addition in the country. Further, the measures to promote the availability of critical minerals are expected to support the development of battery energy storage projects and reduce the cost of storage in the long run. This, along with the policy to promote the development of pumped storage projects, would facilitate the integration of renewables with the grid. However, timely implementation of policy measures remains key.

Taxonomy for climate finance will help improve availability of funds for adapting to climate change 

Dr. Miniya Chatterji, Founding Director, Anant School for Climate Action, and CEO, Sustain Labs Paris

“The government has laid its focus on energy security as one of the pillars in the Union Budget 2024. The new policy document on India’s energy future is much awaited, and I expect it to include the plans to achieve rooftop solarisation, enhancing electric vehicle infrastructure, and promoting biodegradable polymers & bioplastics – as was announced in the interim budget in February. I also look forward to the government’s focus on developing indigenous energy technologies and building local capabilities amongst micro and small industries in energy production and management. On that note, the provision of financial support to micro and small industries for shifting to cleaner forms of energy is also a commendable move by the government. Another good move is the exemption of custom duty on capital goods for manufacturing of solar cells and panels. A taxonomy for climate finance, as planned by the government, will help improve the availability of funds for adapting to climate change and reduce greenhouse gas emissions.

Under urban development, the budget also talks about promoting water supply, sewage treatment and solid waste management projects and services for 100 large cities in India. This will set a benchmark for water and waste management practices which can then expand to tier-2 and tier-3 cities eventually.”

Budget highlights the government’s commitment to bringing out a policy document on appropriate energy transition pathways

Manoj Sinha, CEO and Co-founder, Husk Power Systems

“The Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman has taken a crucial step towards enhancing India’s climate action by proposing the development of a taxonomy for climate finance. I was very glad to hear the terms Climate Adaptation funding as it is a non-trivial way to look at financing renewable energy programs. I am hoping to see more clarity on this action and subsequently policies supporting climate adaptation projects as this will redefine the future of energy security for rural communities that bear the brunt of the climate change.

Furthermore, the budget highlights the government’s commitment to bringing out a policy document on appropriate energy transition pathways. This will provide a roadmap for India’s energy transition, outlining strategies and measures to accelerate the adoption of clean energy technologies, promote energy efficiency, and reduce the country’s reliance on fossil fuels. By considering the socio-economic implications of the energy transition, the government aims to ensure a just and inclusive transition that benefits all segments of society.

I found a few missing items that were not spelled out in the budget and that included using Artificial intelligence enabled Virtual Power Plant to systematically integrate of decentralized energy resources and with the centralized grid as this is the only viable path to India’s ambition of net zero by 2070. This is the need of the hour and Power Ministry must consider allocating resources and funding to enable this mechanism.

Overall, the Union Budget 2024-25’s focus on developing a taxonomy for climate finance and formulating a policy document for energy transition will contribute to India’s climate goals. With the addition of Ai powered VPPs to integrate DERs (like microgrids and PM Suryaghar Muft Bijli Yojana) with the centralized grid India will establish itself as a leader in the global fight against climate change.”

Government’s focus on energy transition will propel India towards a greener future, ensuring energy security while fostering innovation in mobility and transportation

Aryaman Tandon, Managing Partner – Mobility, Energy, and Transportation and Co-Founder, Praxis Global Alliance

“The reduction of customs duty on key components like mobile phones and solar panels is a strategic move that will boost domestic manufacturing and drive the adoption of renewable energy. This aligns perfectly with our industry’s goals of sustainability and technological advancement.

The government’s focus on energy transition and strategic sector support will propel India towards a greener future, ensuring our energy security while fostering innovation in mobility and transportation.

The 2024-25 budget’s focus on advancing solar and thermal power reflects a significant leap forward for the energy sector. These measures not only bolster our commitment to sustainable energy but also pave the way for innovative advancements and increased efficiency. We are excited about the opportunities this budget creates for driving clean energy initiatives and contributing to India’s energy future.”

Focus on nine priorities, from employment and skilling to next-gen reforms, as well as the Critical Minerals Mission reflect a holistic approach

Bharat Gite, MD and CEO oTaural India

“The recent budget announcements mark a significant stride for the manufacturing sector, especially for MSMEs. The focus on facilitating term loans for machinery purchases and financing technology support for MSMEs is commendable, as it will enhance productivity and competitiveness, enabling smaller enterprises to scale up their operations and contribute more effectively to the economy.

Employment and skill building are crucial, and the incentives for job creation in manufacturing, linked to EPFO contributions for employers hiring 30 lakh youth, are strategic. The provision of rental housing for industrial workers through PPP mode addresses a vital need for affordable living arrangements.

The emphasis on increasing women’s workforce participation is particularly noteworthy. Establishing hostels and women-specific skilling programs will help bridge the gender gap and provide women with the necessary resources and opportunities to thrive in the industrial sector.

Lastly, the focus on nine priorities, from employment and skilling to next-gen reforms, as well as the Critical Minerals Mission reflect a holistic approach to generating ample opportunities.

Overall, these budget measures align with Taural India’s vision of fostering growth, innovation, and inclusivity in the manufacturing sector.”

Budget serves as a catalyst for accelerating our growth trajectory and supporting India’s digital transformation journey

Niranjan Nayak, MD, Delta Electronics India

“The Union Budget 2024-25 presents a compelling vision for a thriving ‘Viksit Bharat, we at Delta are particularly encouraged by the government’s comprehensive approach that prioritizes skilling, infrastructure development, and digital transformation. The focus on creating a skilled workforce through internship programs aligns perfectly with our own commitment to nurturing talent and driving innovation. We also applaud the budget’s emphasis on increasing women’s participation in the workforce. Initiatives like women’s hostels, creches, and skill development programs are crucial steps towards a more inclusive and empowered society. Delta strongly believes in the power of diversity, and these measures will contribute significantly to India’s socio-economic progress.

Overall, the budget serves as a catalyst for accelerating our growth trajectory and supporting India’s digital transformation journey. Delta’s focus on emerging technologies and domain expertise aligns seamlessly with the government’s vision for a knowledge-based economy. We are excited about the opportunities presented and confident in our ability to play a central role in shaping a ‘Viksit Bharat.’ We look forward to collaborating with all stakeholders to create a sustainable and inclusive growth ecosystem for India’s future.”

PM Surya Ghar Muft Bijli Yojana and the Jobs Budget emphasize sustainability and employment

Rohit Kumar, Founder and CEO, XPay Life

“The Union Budget 2024 aligns perfectly with XPay Life’s mission to enhance digital transactions and financial inclusion in rural India. The substantial allocation for rural development, including infrastructure and housing, will bolster our efforts. Enhancing Mudra loans to INR 20 lakh and focusing on MSMEs will empower small businesses. Rationalizing the GST structure and setting up an integrated technology system for the IBC will simplify compliance. Abolishing the Angel tax will attract more funds for rural development. The PM Surya Ghar Muft Bijli Yojana and the Jobs Budget emphasize sustainability and employment, driving digital literacy and economic empowerment in rural India.”

Investment in agriculture and employability/skilling is poised to yield future productivity gains

Saroj Kumar Mahapatra, Executive Director, PRADAN

“This budget marks a significant step forward in agricultural development. By prioritizing agricultural research focused on climate-resilient crop varieties, it aims to bolster future food security and mitigate inflation risks. The substantial outlay of INR 1.52 lakh crore for the agricultural economy is a positive move for rural demand. Investment in agriculture and employability/skilling is poised to yield future productivity gains. 1 crore farmers will be initiated into natural farming, supported by branding and certification in the coming two years. 10,000 bio-input resource centers will also be established. These agricultural reforms are designed to enhance rural incomes and are expected to have a positive impact on credit demand and asset quality for lenders.

Announcement of ‘Annadata,’ highlighting higher Minimum Support Prices (MSP) for all major crops fulfils the promise to support farmers. Additionally, the PM Garib Kalyan Anna Yojana has been extended for five more years, benefiting over 80 crore.”