GCM applauds Union Budget under Modi 3.0 for Promoting Sustainable Development and Vision of “Viksit Bharat” – By Devndra Chawla, MD & CEO, GreenCell Mobility
We appreciate the significant steps taken towards infrastructure development & sustainable transportation by the hon. finance minister in the first union budget under Modi 3.0 government. GreenCell Mobility remains committed to contributing to India’s sustainable development goals by promoting green mobility solutions and supporting the government’s efforts towards a greener and more connected future.
The proposal of industrial parks and road connectivity projects, including the Rs 26,000 crore investment in road infrastructure, will go a long way towards achieving the vision of Viksit Bharat. GreenCell Mobility is optimistic about the positive ripple effect these initiatives will have on the economy. Improved road infrastructure will not only boost economic growth but also enhance the quality of life for millions of Indians. These measures will facilitate easier commutes, reduce travel times, and support the growth of urban and semi-urban areas.
The creation of a climate finance taxonomy will boost capital availability for climate adaptation and mitigation. This initiative will help India to meet its climate commitments and fast track green transition, paving the way for a more sustainable future.
The government’s initiative to transform iconic tourist hubs is truly praiseworthy. With robust state-level marketing and branding, these efforts are set to make a big impact. The launch of a new rating system for tourist centers, focusing on the quality of facilities, marks a significant move towards boosting India’s tourism infrastructure. This innovative framework promises to elevate visitor experiences and position India as a top travel destination.
The reduction in tax slabs under the New Tax Regime is a game-changer. With more disposable income, people will find it easier to travel and explore new destinations. At GreenCell Mobility, we applaud this move as it will encourage more people to choose eco- friendly transportation options like our NueGo service.
Mr. 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 women 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.”
Mr. Sameer Aggarwal, Founder & CEO – Revfin Services
Waiver of import duties on critical minerals, including lithium, is expected to lower battery manufacturing costs, making EVs more affordable
“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 Rs 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.” said Mr. Sameer Aggarwal, Founder & CEO – Revfin Services
“Moreover, the dedicated support for the rural and agricultural sectors with an allocation of over Rs. 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.” added Mr. Aggarwal
Mr. 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.”
Mr. Farrokh N. Cooper, Chairman and Managing Director, Cooper Corporation Pvt. Ltd. –
“The reduction in the corporate tax rate for foreign companies from 40% to 35% is a commendable move that will attract more foreign investments into the country, fostering growth in the manufacturing sector. The proposed rationalization of capital gains taxation and the simplification of tax procedures will also enhance the ease of doing business. Additionally, the emphasis on fostering employment through various initiatives is highly encouraging. The allocation of funds towards skill development and vocational training programs will equip the labour force with the necessary skills to meet the industry’s evolving demands. As a leading engine and component manufacturer, we are hopeful that these measures will lead to increased investments, job creation, and a more skilled workforce within our sector.”
Vikas Bajaj, President of Association of Indian Forging Industry (AIFI) –
Vikas Bajaj, President of Association of Indian Forging Industry (AIFI), said,” We welcome the budget presented today, which lays out a comprehensive roadmap for ‘Viksit Bharat’ across key sectors including manufacturing and services. The emphasis on promoting MSMEs through enhanced credit support and infrastructure development is particularly commendable. These measures will not only bolster job creation but also enhance competitiveness, paving the way for a robust industrial growth trajectory. For the manufacturing sector, the proposed incentives for additional employment will significantly boost job creation and strengthen the manufacturing ecosystem. The special attention given to MSMEs, particularly labour-intensive manufacturing, through financing, regulatory changes, and technology support, is a crucial step toward enhancing global competitiveness.
The introduction of a credit guarantee scheme for MSMEs, providing up to ₹100 crore without collateral, along with the new credit assessment model and enhanced Mudra loan limits, will ensure broader financial inclusion and stability. The commitment to developing ‘plug and play’ industrial parks and reducing customs duty on key raw materials like ferro nickel and blister copper will lower production costs and enhance competitiveness. Additionally, the financial support for shifting micro and small industries to cleaner forms of energy and the facilitation of investment-grade energy audits in 60 clusters, with expansion to 100 clusters, will greatly benefit MSME units in the forging sector. Overall, this budget is a significant step towards ‘Viksit Bharat,’ and we at AIFI are optimistic about its positive impact on the forging industry and the broader manufacturing sector.”