Post Budget Reactions from Industry Leaders

Post Budget Reactions from Industry Leaders

Mr. Venkatram Mamillapalle, Country CEO & Managing Director, Renault India Operations, “With the Interim Union Budget 2024 announcement completed, Renault India embraces the transformative vision outlined by Finance Minister Nirmala Sitharaman, steering towards a 'Viksit Bharat' by 2047. As a committed contributor to the nation's progress, we applaud the inclusive approach reflected in initiatives like the Fasal Bima Yojana, benefiting 4 crore farmers, showcasing the government's dedication to rural prosperity. Renault India enthusiastically supports the impetus on advancing the e-vehicle ecosystem, recognizing its pivotal role in sustainable mobility.”

Mr. Sudarshan Venu, MD, TVS Motor Company, “The emphasis on homes for the middle class and expansion of women self-help groups shows the government is committed to development across the board, even as it encourages investment in sunrise sectors and technology. For the automobile sector in particular, the continued infrastructure spending with the push to develop the EV ecosystem is exactly what the industry needs.”

Mr. Deepak Sharma, Zone President, Greater India, MD & CEO, Schneider Electric India, “The interim budget provides a robust blueprint for Viksit Bharat. It comprehensively addresses all sectors of the economy, with a specific emphasis on fostering innovation, research, and entrepreneurship. Setting up a corpus of 1Lakh crore & providing 50-year low interest loan for tech-savvy youth will scale up research and innovation. The budget also demonstrates a noteworthy commitment to sustainability, particularly in the energy sector.”

Kami Viswanathan, President, MEISA, FedEx Express, “The 2024 interim budget's increased capital expenditure for infrastructure development is a strategic and commendable move. It promises to accelerate economic growth and positively impact the logistics sector. The emphasis on expanding air connectivity, along with the development of existing airports and the establishment of new ones, is a pivotal step that aligns with our advocacy for efficient multimodal logistics. We remain committed to actively contributing to India's growth journey, aligning our efforts with the government's vision for a smarter and more sustainable logistics infrastructure in India.”

Mr. Anil G Verma, Executive Director and CEO, Godrej & Boyce, “The Interim Budget 2024 is extremely well thought of and clearly a step towards the vision of Developed India @ 2047. By limiting the deficit to 5.1% of the GDP which should be achievable given the rather conservative tax receipts, fiscal prudence has been given the due importance. Lower borrowings and thus lower borrowing costs will help prioritize domestic spends and guard against external shocks. The increased capital expenditure of Rs 11.11L Cr, constituting 3.4% of the GDP, bodes well for the infrastructure-led GDP growth and will also crowd in the private sector investments as we are now witnessing improvements in consumer sentiments (and demand).”

Mr. Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd, “The Union Budget 2024's pivotal focus on infrastructure development, aligns seamlessly with our vision for enhanced logistics efficiency. The government's commendable commitment to supporting EV manufacturing and charging infrastructure is a significant stride towards sustainable mobility. We appreciate and commend the government’s efforts towards Green Energy, aligned with the Nation’s commitment for ‘net-zero’ by 2070. The India Middle East Europe Economic Corridor announcement is particularly game-changing, strategically positioning India on the global trade map. We at Mahindra Logistics, eagerly anticipate actively participating in and benefiting from these initiatives, ushering in positive transformations in the logistics and transportation sector.”

Sulajja Firodia Motwani, Founder and CEO of Kinetic Green said, “The announcements on the interim budget for Viksit Bharat illustrate the government's steadfast commitment to creating a developed India by 2047. The significant progress gained in all aspects of infrastructure physical, digital, and social over the last decade demonstrates our multifaceted economic management, which effortlessly aligns focus on infrastructure building with aggressive capital expenditure; with inclusive and people-centric development. The allocation of 2.78 lakh crores to the Ministry of Road Transport and Highways is a clear indication of strides toward progress, particularly in fortifying the electric vehicle (EV) ecosystem. The government's commitment to the expansion and fortification of the e-vehicle ecosystem, promoting deployment of EVs for the masses, coupled with support for manufacturing and charging infrastructure, marks a pivotal moment.”

Mr. Vinod Aggarwal, MD & CEO VECV, “The interim budget injects renewed vigor into the automotive industry by emphasizing green energy and infrastructure development, with a notable 11.1% increase in capital expenditure. The budget resonates with VECV’s focus on sustainable mobility, addressing challenges in EV charging infrastructure and fostering entrepreneurial opportunities. With our development plans addressing Electric, H2ICE , Fuel Cell Electric and LNG, in addition to CNG and clean Diesels,  VECV stands ready to provide tested alternate fuel solutions to customer in line with the government's Net-Zero vision.”

Mr. Prasan Firodia, MD, Force Motors, “It is heartening to note the balanced and growth-oriented Interim Budget for the fiscal year 2024-25. The budget focuses on boosting capital expenditure to strengthen the nation's infrastructure, creating a conducive ecosystem that fosters innovation and entrepreneurship and laying the groundwork for transformative progress in various sectors. We, at Force Motors, look forward to further strengthening the Auto Industry and contributing to building a sustainable future for our nation.

Satyakam Arya, – Managing Director & CEO, Daimler India Commercial Vehicles,The framework of the interim Union Budget proposed by the Honourable Finance Minister, Government of India, is quite optimistic. The most prominent takeaway for me was the capital expenditure outlay of INR 11.1 trillion towards infrastructure development. I would consider this generous allocation to be indicative of a boom for the commercial vehicles industry in the near term. The Indian CV industry is already on an upward trajectory and this CAPEX outlay has the potential to take CV industry volumes higher in the coming 3-5 years, than the previous benchmark.

Mr. Rajesh Gupta, Founder & Director at Recyclekaro, “The union budget's "Panchamrit" targets, as highlighted by the finance minister, aim to support sustainable economic growth with a focus on using resources efficiently. This is expected to boost India's raw material capacity, especially in the manufacturing of Li-ion batteries. The commitment to strengthen the e-vehicle ecosystem through support for manufacturing and charging infrastructure shows a proactive approach to environmentally-friendly growth. By embracing economic policies for ongoing growth, the government is setting a path for a circular economy, emphasizing environmental responsibility and smart use of resources. This approach not only tackles challenges in the lithium-ion battery industry but also contributes to building a resilient and sustainable future for our nation.”

Mr. Arun Shukla, President and Director, JK Lakshmi Cement, “JK Lakshmi Cement applauds the Honourable Finance Minister, Shree Nirmala Sitharaman, for crafting the visionary Union Budget 2024-25, a blueprint that aligns profoundly with our ethos of inclusive development. As a stalwart in the cement industry, we welcome the Government of India's commitment to fostering growth, sustainability, and inclusivity. The Government's strategic focus on all forms of infrastructure, be it digital, social, or physical, and a strong emphasis on women's empowerment, resonates with our forward-looking mission. The significant increase in infrastructure outlay to INR 11.11 lakh crores and the emphasis on green growth shows the Government's pursuit to propel our nation towards economic excellence.”