Corporate leaders share their views on sustainability-related aspects of the interim budget
Sminu Jindal, Managing Director, Jindal SAW:
“According to the 2011 census, over 2.21 percent of the Indian population and, globally, 16 percent of the world population consists of persons with disabilities. The Government’s focus on social inclusivity in development and increase in infrastructure spending by 11.1 percent have given us much-needed encouragement to promote accessible infrastructure in India. We hope that in the coming years, all new development projects will adopt the universal design guidelines and build homes, public buildings, and spaces that are truly accessible for all."
R. Mukundan, MD and CEO, Tata Chemicals:
“The Interim Budget has presented a clear vision for Viksit Bharat by 2047, using demography, democracy, and diversity as enablers. It reinforces India’s commitment to people-centric, inclusive, and sustainable development, with every Indian becoming an active player in national growth.
The announcement of the bio-manufacturing and bio-foundry schemes gives fillip to India’s larger green growth mission. Along with climate-resilient activities for restoration and adaptation measures, these initiatives will go a long way in supporting our net-zero 2070 goals.”
Deepak Sharma, MD, CEO & Zone President, Greater India, Schneider Electric:
“Promotion of solar rooftop installations, provision of 300 units of free power every month to 1 crore households, mandatory blending of Compressed Biogas (CBG) with CNG and PNG, and incentives for offshore wind energy will ensure energy accessibility, affordability, and availability. There is also a noteworthy focus on strengthening the EV ecosystem by supporting the charger manufacturing infrastructure. Increasing the number of EV buses on the roads is a welcome, environmentally friendly step.”
Abhyuday Jindal, MD, JSL:
“The budget's focus on sustainability, particularly through rooftop solarisation, aligns with the stainless steel industry's commitment to environmental responsibility. Initiatives empowering youth through skilling, entrepreneurship support, and strengthening educational infrastructure contribute to the shared vision for a prosperous, sustainable future. The industry eagerly anticipates the comprehensive budget in July, hoping for measures to address long-standing demands and protect against dumping by certain countries, fostering optimism about the future of the stainless steel industry.”
Manish Chaurasia, Managing Director, Tata Cleantech Capital:
"A forward-looking budget drives the adoption of sectors like solar rooftop, EV, and Compressed Biogas, while laying the foundation for the launch of offshore wind energy. This demonstrates the Government's steadfast commitment to climate transition."
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 to ‘net-zero’ by 2070."
Anil G. Verma, Executive Director and CEO, Godrej & Boyce:
"The Interim Budget 2024 is extremely well thought out and clearly a step towards the vision of Developed India by 2047. The FM has stayed away from populist measures in an election year and needs to be congratulated for the same. The focus on sustainability through rooftop solarization, adoption of E-buses, capacity enhancements in renewable energy, and coal gasification is a must, given the impact of greenhouse gases. The continuation of emphasis on women, youth, farmers, and the underprivileged through skilling and welfare measures and financial assistance under PM-KISAN is to be lauded. This will ensure that India moves forward as a whole."
Ajit Venkataraman, MD, Finolex Industries
"We applaud Finance Minister Smt. Nirmala Sitharaman for presenting a visionary Interim Budget 2024, setting the stage for inclusive development. The significant focus on infrastructure and housing, especially PM Awas Yojana Grameen's goal of achieving 3 crore houses and planning 2 crore more in the next 5 years, resonates with Finolex Industries' commitment to sustainable communities. The farmer-centric initiatives like PM Kisan Samman Yojana and PM Fasal Bima Yojana showcase the government's dedication to our 'Anna Data'. Finolex Industries anticipates these initiatives to have a positive impact and looks forward to participating in these transformative initiatives, reinforcing our belief in a prosperous and empowered India by 2047."
Gyanesh Chaudhary, Chairman and Managing Director at Vikram Solar:
“Prime Minister Modi’s ambitious vision of rooftop solarisation will provide 300 units of free electricity to 1 crore households every month, resulting in savings of Rs 15000–20,000 per month. This significant announcement promises a bright future not only for the renewable energy industry but also for numerous enthusiasts and entrepreneurs urging new employment opportunities. Also, efforts to promote green growth through bio-manufacturing are a step in the right direction to achieve our net zero targets."
Susanne Pulverer, CEO and CSO (Chief Sustainability Officer), IKEA India:
“We welcome the positive strides taken by the Indian government in the Interim Budget. The focus on manufacturing, youth, skilling, and women's empowerment is truly commendable and will pave the way for more inclusive growth and an inclusive economy. The emphasis on making energy security and infrastructure for green mobility accessible and affordable for many people resonates with IKEA’s sustainability vision. We believe that the government has only furthered the country’s resolve for a Viksit Bharat.”
Saurabh Kumar, Vice President - India, Global Energy Alliance for People and Planet (GEAPP):
"The interim Union Budget 2024 not only signifies a landmark in India's journey to a net-zero economy by 2070 but reflects the Government's vision of Viksit Bharat, which anchors on pillars of energy security and accessible, affordable clean energy. The rooftop solar scheme marks a significant milestone for scaling up India’s clean energy ambitions. The push for the creation of an Electric Vehicle (EV) ecosystem creation and the large-scale roll-out of E-buses through payment security mechanisms will decarbonise the mobility sector while propelling India as a potential EV manufacturing hub. The announcement of the INR 1 lakh crore corpus is a remarkable step to attract private investment in innovation, research, and development in the clean energy sector."
Sohinder Gill, CEO, Hero Electric:
"We appreciate that the budget reinforces commitment towards sustainability and emphasises a green public transportation system, prioritising a strong charging infrastructure for widespread adoption of electric vehicles. However, a noticeable gap in the budget is the absence of sustained and continued direct customer subsidies, a critical element that played a substantial role in driving the adoption of electric vehicles across various categories over the last two years."
Kamal Bali, President & MD, Volvo Group in India:
"The interim budget by the FM continued to uphold India's impetus on inclusive and sustainable growth, backed by responsible and efficient governance. It was a pleasant surprise to see aggressive fiscal deficit goals and stable macroeconomic performance while furthering capex on physical infrastructure as well as DPI."
Nitin Gupta, Co-Founder and CEO of Attero Recycling:
“The government's focus on strengthening EV manufacturing and charging infrastructure in the interim budget is a positive signal towards sustainable mobility. With such initiatives, the government is laying a strong foundation for a greener and more resilient transportation sector. The push for e-bus adoption, backed by a payment security mechanism, will help accelerate the transition to cleaner and more sustainable public transportation systems. The rooftop solarization scheme, enabling one crore households to receive up to 300 units of free electricity every month, marks a crucial step towards the adoption of renewable energy. This transition necessitates the use of lithium-ion battery packs for energy storage, indirectly promoting technological innovation and sustainability in the energy sector. Such initiatives align with global efforts to combat climate change and promote a greener, more sustainable future. While we hoped for provisions addressing the recycling of critical minerals, we are optimistic about the government's overarching commitment to achieving Net Zero by 2070. It is a collective responsibility towards environmental stewardship and building a greener future for generations to come.”
Nishith Rastogi, Founder and CEO, Locus:
“We commend the budget focus on achieving the 'net-zero' targets for 2070, and the adoption of electric vehicles and e-buses, supported by improved manufacturing and charging infrastructure. These initiatives demonstrate a comprehensive strategy for modernizing logistics with an emphasis on environmental sustainability. We are eager to enable these transformative developments, strengthening our commitment to a more efficient and environmentally responsible logistics landscape in India.”
Samarth Kholkar, CEO and Co-Founder, BLive:
"We applaud the government's forward-thinking approach in the budget announcement, particularly the emphasis on expanding the electric vehicle ecosystem. The commitment to support charging infrastructure and encourage the adoption of e-buses for public transport networks is a significant step towards a sustainable future. This move not only promotes cleaner and greener transportation but also boosts the growth of companies in the electric vehicle segment."
Nandan Mall, Founder and Managing Director, Hulladek Recycling:
"With the increased focus on enabling technology adoption for those at the bottom of the pyramid and the commitment to be net zero by 2070, we are hoping for more stringent policies and regulations towards handling the electronic waste generated by more technological development. Moreover, the emphasis on sustainable mobility would definitely transform our country’s landscape. However, with increasing EVs on the roads, an infrastructure for lithium-ion battery recycling and regulations for disposal need to be in place to ensure environmental sustainability."
Yogesh Mudras, Managing Director, Informa Markets India:
“The Food Sector witnesses a transformative stride post-budget. Empowering 11.8 crore farmers with direct financial assistance through PM-KISAN and providing crop insurance to 4 crore farmers under the PM Fasal Bima Yojana underscores a strong commitment to agriculture. Additionally, the government's push to foster private and public investment in post-harvest activities marks a strategic move towards bolstering the entire food supply chain. There are exciting times ahead as these initiatives aim to uplift farmers and strengthen the resilience of our food sector.
Sneha Singh, Acting Managing Director, The Good Food Institute India:
“GFI India applauds the government's initiatives towards sustainability and achieving a ‘net zero’ target by 2070—particularly the upcoming scheme on biomanufacturing. This aligns with our efforts towards bolstering the smart protein sector by leveraging India's excellent biomanufacturing capacity, marking a significant step towards a more sustainable and resilient food system. Coupled with the emphasis on fostering entrepreneurship and upskilling and reskilling youth under the Skill India initiative, this can open new avenues for innovative sectors like alternative proteins.”
Rohit Boda, Group Managing Director, J.B. Boda Group
“I believe that Finance Minister Nirmala Sitharaman, in her recent budget speech, emphasised the significance of the PM-Kisan Samman Yojana. This initiative provides direct financial assistance to 11.8 crore farmers, including marginal and small farmers. Additionally, the PM Fasal Bima Yojana extends crop insurance to 4 crore farmers. The PM-KISAN scheme offers a cash support increment of Rs 6,000.
The primary objective is to mitigate vulnerability by establishing a safety net that shields farmers from financial losses during unforeseen circumstances. Beyond mere insurance, this initiative promotes inclusion by encompassing more farmers under its cover. This not only enhances financial inclusion but also augments their creditworthiness, paving the way for greater financial empowerment in rural areas.
The positive impact extends to market stability, creating a foundation for a more resilient agricultural landscape. A larger insured base leads to increased risk diversification, thereby stabilising the insurance market for both farmers and insurers. This comprehensive programme sets the stage for innovative risk management solutions tailored to the specific needs of different locations and crops.
In conclusion, expanding crop insurance is a crucial step towards building a more resilient and inclusive agriculture industry. To me, this represents an opportunity to contribute to shaping a stronger, more sustainable future for Indian agriculture.”
Kishore Reddy, Founder and MD, MANA Projects:
"The focus on rooftop solarization and the scheme to assist middle-class sections in buying or building their own houses demonstrate a commitment to environmental sustainability and inclusive growth, something that the real estate sector has been focusing on for the past few years."
Aditi Bhosale Walumj and Chetan Walunj, founders of Repos Energy:
"It is great to see that the Government of India is taking active steps in this direction with the Nation Green Hydrogen Mission. This is a progressive step towards sustained future growth, as it would ensure an uninterrupted supply of clean energy to all stakeholders. The technological applications may also benefit us in the efficient and optimal use of currently available fuels. 24/7 easy access to energy shall drive domestic production. This emphasis on sustainable energy policies coupled with fundamental infrastructural developments will for sure drive the economic growth of the nation."
Abhishek Sinha, co-founder, GoodDot:
"The increase in the budget outlay for production-linked incentives will help the manufacturing and agri-processing spaces increase their scale as well as productivity. On a long-term horizon, it’s good to see GoI’s commitment to meet 'Net Zero' by 2070 through viability gap funding for wind energy, roof solarization, adoption of e-buses for public transport networks, and strengthening e-vehicle ecosystem manufacturing and charging infrastructure.
Along with the above steps, the government should also be promoting plant-based proteins for the multi-dimensional benefits of protein nutrition, environmental sustainability, and the export potential of space."
Nandan Mall, Founder and Managing Director, Hulladek Recycling:
With the increased focus on enabling technology adoption for those at the bottom of the pyramid and the commitment to be net zero by 2070, we are hoping for more stringent policies and regulations towards handling the electronic waste generated by more technological development. Moreover, the emphasis on sustainable mobility would definitely transform our country’s landscape. However, with increasing EVs on the roads, an infrastructure for lithium-ion battery recycling and regulations for disposal need to be in place to ensure environmental sustainability."
Harsh Varshneya, Principal Architect, STHAPATI:
"It's time we realised that progress must come with efforts towards improving our environmental conditions. We must see the importance of net-zero energy cycles and make the necessary efforts to harness ‘green energy’ across various sectors and usages. The government’s initiatives in this direction will provide a major push for our country in the long run to meet our energy demands via green methods."
Anshul Garg, CEO and Director of Aroma Agrotech:
“Aroma Agrotech finds enormous inspiration in the ingenious and insightful evaluation in the interim budget 2024–25. The sentiment regarding the government’s commitment to the farmers is our ‘Annadata’. The PM-Kisan Samman Yojana and PM Fasal Bima Yojana sound like the highlights of the agricultural budget, and Aroma will extend its unwavering support to implement the scheme effectively. We feel that this budget extends farmer-centric policies, support of income, risk coverage, and the encouragement of developing technologies and innovative ideas through Agritech, which aligns perfectly with our core values, and we are enthusiastic about building on the sector’s fast-paced growth by assisting these policies.”
Masood Mallick, CEO, Re Sustainability Limited:
"The Interim Union Budget 2024 demonstrates a strong alignment with India’s net-zero goal by 2070. With the 2030 target of 500 GW of renewable energy capacity clearly in sight, the budget lays a strong emphasis on rooftop solar and wind energy, and the phased mandatory blending of CBG with CNG and PNG and enhanced allocation to the National Green Hydrogen Mission—the Indian waste management and resource recovery sector wholeheartedly welcomes these announcements."
Gaurav Aggarwal, CEO and Founder of CarLelo, a Capri Loans Venture:
"Carlelo commends the government's commitment to bolstering the EV ecosystem and investing in crucial infrastructure for sustainable mobility. Ms. Sitharaman's announcement of a new scheme for bio-manufacturing further emphasises the government's commitment to sustainability by promoting the use of biodegradable materials in manufacturing processes. We eagerly anticipate the positive impact of these initiatives on the automotive industry and the environment. This shift towards green-oriented consumption aligns with Carlelo's values and contributes to a more environmentally conscious manufacturing landscape."
Prashant Vasan, CEO at Madras Mandi:
"We extend our appreciation for the government's unwavering support for our 'Annadata' through key budgetary initiatives. The direct financial assistance under the PM-KISAN SAMMAN Yojana and the extensive coverage of crop insurance through the PM Fasal Bima Yojana underscore a commitment to the well-being of our 11.8 crore farmers, including marginal and small farmers. The integration of 1361 mandis into the Electronic National Agriculture Market, with a trading volume of ₹3 lakh crore, aligns with our mission to modernise agricultural practices and empower 1.8 crore farmers."
Miniya Chatterj, Founding Director, Anant School for Climate Action, and CEO, Sustain Labs Paris:
"The Union Budget 2024 announcement brings with it a renewed focus on sustainability and inclusivity. The government's commitment to sustainability through its strategy for “Amrit Kaal” adopts economic policies that foster growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, and contribute towards the generation of resources to power investments."
Vikram Gupta, Founder and Managing Partner, IvyCap Ventures:
"The focus on bolstering emerging sectors like EV charging infrastructure and post-harvest agriculture is commendable. The government's proactive stance is evident in efforts to negotiate bilateral treaties for increased FDI and allocating a 1 lakh crore corpus for long-term financing in sunrise sectors."
Maulik Manakiwala, Partner, Indirect Tax, BDO India:
“In a move towards promoting a shift to Electric Vehicles (EV), the focus on expanding the EV charging network continues. This will also increase opportunities for a large number of small vendors for the manufacturing, installation, and maintenance of EV charging networks.”
Nadir Godrej, Chairman and MD, Godrej Industries:
“The Interim Budget 2024 lays a strong foundation for building a prosperous and inclusive India, in line with the vision of 'Viksit Bharat’. We echo the sentiment of empowerment for every section of society, particularly the 'Garib', 'Mahilayen', 'Yuva', and 'Annadata'. Their progress is intertwined with the nation's advancement, and it's heartening to see the Government prioritise their needs and aspirations. The foresight outlined for the 'Amrit Kaal', anchored in 'Reform, Perform, and Transform', sets a promising trajectory for inclusive and sustainable growth. The emphasis on next-generation reforms underscores a collective endeavour towards a prosperous future. We particularly welcome the emphasis on clean energy initiatives like bio-manufacturing and compressed biogas blending. These measures will not only address climate concerns but also create exciting new opportunities in the green sector. Overall, Budget 2024 strikes a positive balance between continuity and progress, laying down a roadmap towards development, fostering innovation, and nurturing a sustainable future for our nation by 2047.”
Dr. Roderico H. Ofrin, WHO Representative to India:
“ASHA workers, Anganwadi workers, and helpers are at the forefront of health and care delivery at the grassroots level. The World Health Organisation (WHO) applauds the extension of healthcare coverage to them under Ayushman Bharat. The initiatives announced today—upgrading existing hospital infrastructure to increase medical colleges, harmonising maternal and child care implementation, introducing HPV vaccinations for cervical cancer prevention, and expanding the U-WIN platform for managing and intensifying immunisation—will further strengthen systems and healthcare services across the country. WHO welcomes investments in these areas and will continue to support the Government of India in achieving health for all and meeting its disease elimination goals.”
K. K. Sharma, Whole-Time Director-EHS, DCM Shriram:
“A budget promising a cleaner, greener, and more sustainable future through inclusive growth and development. A very positive plan for achieving NDC of Net Zero by 2070 facilitating funding for wind energy, mandatory blending of CNG, PNG & CBG, roof-top solarisation and financial assistance for Biomass aggregation machinery. In addition, e-buses and metro for public transportation and implementation of three major railway corridors for improving logistics efficiency and reducing cost is a welcome steps in reducing our Carbon footprint.”
Sanjeev Chopra (IAS), Former Director, Lal Bahadur Shastri National Academy of Administration (LBSNAA):
“The Agriculture budget are on expected lines : MSP has been raised , fertiliser subsidies rationalised with greater focus on nano fertilizers and commitment to working with states on agricultural reforms. All one can say is that the existing policies have been retained; no fresh ground has been broken. But one must also mention that this is an interim budget- we have to wait for the regular budget for some serious policy announcements. I would expect that mano fertilisers in conjunction with micro Irrigation can be the herald of new practices, both in Horticulture and agriculture."
Bikesh Ogra, CEO and MD, Jakson Green:
“The recently announced budget's substantial infrastructure investment marks a significant stride in accelerating the renewable ecosystem. We anticipate dedicated allocations for crucial elements such as port infrastructure, renewable energy integration, and specialised infrastructure for green hydrogen. Notably, PM Gati Shakti's railway corridors emerge as a game-changer for green hydrogen and its derivatives, fostering dedicated transport links between production hubs, ports, and markets. This strategic move is poised to reduce costs, enhance accessibility, and expedite India's transition towards clean energy. Furthermore, the government's decision to reduce borrowing from markets is a pivotal development, unlocking opportunities for increased private investment, particularly in sectors like renewables. This shift acts as a catalyst for India's clean energy transition, propelling us closer to a sustainable future. Additionally, the viability gap support for offshore wind and bio-based solutions holds immense promise, presenting opportunities to lower the levelised cost of green hydrogen and its derivatives. In a seemingly neutral yet strategically significant move, the budget's stable tax and duty regime ensures a steady flow of foreign investments, particularly in critical sectors like renewable energy. This commitment to continuity prioritises investor confidence and predictability, serving as essential pillars for fostering long-term commitments and accelerating growth in key sustainability sectors.”
Preeti Bajaj, CEO, Luminous Power Technologies:
"The focus on solar initiatives in the interim budget, led by Hon’ble Finance Minister Nirmala Sitharaman, is a great move towards promoting green energy. Solar power not only ensures household electricity access but also aligns seamlessly with our enduring commitment to environmental sustainability. The 'Panchamrit' goals highlight the government's dedication to strengthening resource-efficient growth, thereby supporting energy security in terms of both availability and affordability. The visionary approach of rooftop solarization benefiting one crore households is noteworthy, reflecting a holistic vision for a sustainable future. Also, the commitment to creating employment opportunities for the youth, particularly those with technical skills, resonates deeply with our objective of cultivating a skilled and empowered workforce in the energy sector. In essence, these initiatives collectively set the stage for a transformative and sustainable energy landscape, aligning with our vision for a greener and brighter tomorrow."
Rita Roy Choudhury, Managing Partner and Chief Executive, Climate Change and Sustainability Services, ECube Investment Advisors:
“The focus on resource-efficient economic growth is a welcome thrust for the sustainable development agenda of the country. The impetus, especially on public and multi-modal transportation, will have a ripple effect on efficiency, cost optimisation, and sustainability for all sectors. The focus on the bioeconomy through biomanufacturing schemes, biomass aggregation, and biogas blending is heartening because it will enhance sustainable rural development, address the waste challenge, and reduce air pollution.”
Namita Vikas, Founder and Managing Director, auctus ESG:
"The interim Union Budget 2024–25 has been favourable and socially aligned, one that is focused on supporting economic growth through an increase in capex and building infrastructure. A significant rise in FDI since 2014 signals towards capital inflows, some of which are bound to have a green or sustainable finance focus, thus fueling action to meet India’s NDCs and Paris commitments. A substantial outlay towards the net zero transition of India by 2070 would have been desirable; however, emphasis on sectors like rural housing is slated to channel capital flows to the affordable housing sector and positively impact allied sectors like cement, steel, construction, inducing labour, and livelihood enhancement. The emphasis on coal gasification and liquification provides opportunities to lower carbon emissions and build CCUS capacities. Acceleration in funding offshore wind and boost to roof top solarization for one crore households clearly enunciates the importance placed on climate transition. These policies, along with an appropriate ecosystem of manufacturing and charging units for e-vehicles and support for the procurement of biogas, send the right signals about the government’s interest in and commitment to net-zero goals."
Abhishek Kapoor, Group CEO, Puravankara:
“The interim Budget will have a positive impact on the environment and pave the way for a greener future. The finance minister unveiled a range of laudable initiatives and schemes that will help promote green growth and the goal of achieving 'net zero' emissions by 2070—the need of the hour. Additionally, emphasis on rooftop solarisation and the upgradation of electric vehicle infrastructure underscores the government's commitment to promoting a cleaner and greener future.”
Anup Garg, Founder and Director of WOCE—World of Circular Economy:
"While we appreciate the government's emphasis on green growth and sustainable development, the interim budget falls short of addressing the urgent needs of the sustainability and climate solutions industry. No clear budget allocation for green growth was provided. Although viability gap funding was discussed for harnessing shore and wind energy, there was no mention of specific funds allocated for this purpose. Similarly, while the expansion of the Electrical Vehicle Sector by investing in charging infrastructure is a positive step, there was no clarity on the allocation of funds. Additionally, although the announcement of enabling 1 crore households to obtain up to 300 units of free electricity through rooftop solarisation is commendable and serves as a transition to green energy, the budget did not specify how this initiative will be funded. Furthermore, while initiatives like importing natural gas, methane, and ammonia to reduce emissions are mentioned, there is a lack of clarity on the budget allocation for these measures. Key expectations, such as introducing input tax credits for green fuel usage, providing subsidised loans for green technologies, and incentivizing traceability initiatives, remain unmet. As we look towards the full budget in July 2024, we urge the government to consider these crucial demands to accelerate India's transition towards decarbonisation and create a more sustainable future for all.”
Rajesh Kumar Mediratta, MD & CEO, Indian Gas Exchange:
"The budget has laid a roadmap for ensuring a green gas-based economy in India. The policy mandating phased blending of CBG for CNG and PNG will help in greening the gas supply chain and balancing the demand-supply balance for clean fuels. Financial assistance for procuring biogas aggregation machinery would tremendously help in energising the biofuel segment. We feel this budget has created a conducive environment for the trading of clean and eco-friendly biofuels, in alignment with India’s net-zero goals."
AYUSH LOHIA, CEO- LOHIA
The government's commitment to expanding Electric Vehicle (EV) manufacturing and strengthening charging infrastructure is commendable, aligning with India's net-zero emission target by 2070. Finance Minister Nirmala Sitharaman's announcement during the Interim Union Budget 2024 reflects a strategic vision for the growth of the EV ecosystem. The plan to transition a significant portion of public transport to EVs, especially buses, reinforces a proactive approach to sustainable mobility. As an EV manufacturer, we welcome these initiatives, recognising the pivotal role they play in fostering a cleaner and greener future."
Mahesh Girdhar, MD and CEO, EverEnviro Resource Management:
"We welcome the steps outlined by the Finance Minister in the Interim Budget 2024–25 to boost the biofuel sector. The mandatory blending of compressed biogas (CBG) into CNG and PNG will reduce dependency on traditional fossil fuels and promote the efficient recycling of organic waste into valuable resources. Moreover, the launch of new schemes for bio-manufacturing and bio-foundry, along with financial assistance for biomass aggregation machinery procurement, reflects the government's holistic approach towards promoting green growth and supporting the ‘Waste to Wealth’ mission. These moves will further support CBG developers to boost infrastructure, ensuring a reliable and sustained supply of compressed biogas. Overall, the budget reinforces the government's commitment to sustainable energy transition through concrete policies and incentives for the biofuels industry.”
H. S. Bhatia, Managing Director, Kelwon Electronics & Appliances Pvt. Ltd., and DAEWOO India
"Rooftop Solar and Free Electricity: The budget's spotlight on renewable energy, particularly rooftop solar installations, charts a pragmatic course towards sustainable practices. The provision for harnessing free electricity through solar installations marks a definitive step towards operational sustainability. This move transcends the realm of green credentials, representing a strategic realignment of our energy consumption with a future steeped in eco-conscious principles. As we delve into the potential of rooftop solar, this isn't just an environmental commitment; it's a shrewd business move. The budget's forward-thinking approach not only offers a tangible roadmap for cost reduction and enhanced energy resilience but also aligns with the government's vision to provide solar power access to 1 crore houses. Moreover, the introduction of the option to sell surplus power back to the grid not only amplifies the economic viability of adopting solar technologies but also empowers businesses to actively contribute to the national energy grid. This multifaceted approach, coupled with the proposed withdrawal of outstanding direct tax demands, not only positions our industry at the forefront of sustainability but also acknowledges and supports businesses that actively participate in creating a cleaner, greener future."
Davinder Sandhu, Co-founder and Chairman, Primus Partners:
“The Interim Budget signals a critical commitment, focusing on bio-manufacturing and a climate-resilient blue economy. Introducing biodegradable polymers and sustainable coastal aquaculture marks a move towards eco-friendly options. This substantial evolution towards regenerative, environmentally conscious practices highlights our commitment to a greener, more sustainable future. The path to Net-Zero looks closer than before.”
Anand Chowdhary, Co-founder and CTO of Pabio, and Co-founder and former CEO of Oswald Labs:
“The focus on offshore wind energy is a smart move; tapping into that vast potential could really change the game for renewable energy in India. The coal gasification projects sound like a solid strategy to reduce reliance on imports and cleaner energy sources. It's like hitting two birds with one stone—energy security and a cleaner environment. Also, the push for electric vehicles is super timely. With pollution levels the way they are, it’s high time we saw more EVs on the road. And the government's plan to strengthen the EV infrastructure is just what we need to make this a reality. And let's not forget the rooftop solarisation plan and the housing scheme for the middle class—these are huge steps towards not just sustainability but also social welfare. All in all, these moves are a big win for both the environment and the economy. It's heartening to see such forward-thinking policies. India's on the right track to achieving that net-zero carbon footprint by 2070!”
Gaurav Kedia, Chairman, Indian Biogas Association:
"Finance Minister Nirmala Sitharaman today presented financial assistance for machinery for the procurement of biomass schemes during Union Budget 2024, which will support the use of biomass to convert into CBG as part of the government's commitment to a greener future. The government also emphasised mandating the blending of CBG and CNG, including that for household utilisation, to support the transition towards energy security. The government's commitment to Viksit Bharat will also take gear with the Jai Anushandhan tagline. The focus on promoting innovative research towards a greener future will help create a cleaner, greener, and more prosperous future to ensure Viksit Bharat by 2047."
Veer Trivedi, Research Analyst, SAMCO Securities
“The Lakhpati Didi Scheme, aiming to empower two crore women in villages, has achieved notable success by reaching 83 lakh self-help groups and benefiting 9 crore women. With a financial injection of Rs 1 lakh per household for one crore beneficiaries, this initiative is poised to significantly uplift the economic status of rural women. This empowerment not only stimulates the rural economy but also enhances credit demand for microfinanciers, particularly from women and self-help groups, potentially reducing stress on asset quality issues.”
Mayank Bindal, Founder & CEO, Snap E Cabs (EV Cabs):
"We are thrilled by the government's commitment to bolster the electric vehicle (EV) ecosystem through robust support for manufacturing and charging infrastructure. This visionary initiative not only accelerates the transition to sustainable transportation but also fosters innovation and job creation within the EV sector. Moreover, the announcement of a new scheme for bio-manufacturing underscores the government's dedication to promoting green growth and environmental stewardship. At Snap E Cabs, we embrace these advancements wholeheartedly and stand ready to play our part in driving the adoption of electric vehicles, advancing eco-friendly mobility solutions, and building a greener future for generations to come."
VG Anil, CEO, ARENQ (EV & Power):
"We wholeheartedly endorse FM Nirmala Sitharaman's rooftop solar endeavour, aiming to deliver 300 units of free electricity monthly to 1 crore households. Committed as a battery manufacturer, we pledge top-tier, cost-efficient solutions for optimal energy storage and system performance. Collaboration with the government and stakeholders is pivotal to the initiative's triumph, nurturing renewable energy adoption, and combating energy poverty in India. Our enthusiasm is boundless as we strive to empower communities, advance sustainable practices, and forge a greener, more equitable future for all."
Kartik Narayan, CEO, Staffing, TeamLease Services:
“The recent budget announcement concerning government support for electric vehicle (EV) manufacturing and charging infrastructure represents a significant and welcome development. With India's current tally of around 7,000 charging stations starkly contrasted against China's 1.1 million, this government initiative, in tandem with the FAME scheme, is poised to not only catalyse the adoption of electric vehicles but also to stimulate job creation within the entire ecosystem of charging infrastructure."
Swayam Agrawal, founder and CEO of Aarika Innovations:
"I applaud the government's commitment to fostering growth across digital, social, and physical domains. Embracing cutting-edge technology is key to building resilient infrastructure quickly. The budget's emphasis on innovation aligns with our mission to leverage advanced gadgets and tech solutions for sustainable progress. It's a testament to the recognition that technology is the backbone of modern infrastructure, ensuring efficiency and connectivity. We look forward to collaborating with the government to drive the nation's technological evolution and contribute meaningfully to its ambitious infrastructure agenda."
Rahul Mehrotra, MD & CEO, RHDFCL:
"This budget lays the foundation for a more inclusive and prosperous India, showcasing the government's commitment to holistic growth and development. The Interim Union Budget 2024 has prioritised the betterment of the economically weaker sections, women, farmers, and youth, recognising their crucial role in nation-building. The pledge to build an additional two crore houses in the next five years under the PM Awas Yojana Grameen is laudable. It underscores the government’s commitment to ensuring housing for all. Nirmala Sitharaman's announcement of an upcoming scheme targeting the middle class, especially those living in rented houses, slums, and unauthorised colonies, is a positive stride towards inclusive growth. Anticipating a comprehensive roadmap for Viksit Bharat in the full budget this July, we believe it will reinforce the government's dedication to economic development and welfare."
Pushpank Kaushik, CEO of Jassper Shipping:
"We laud the launch of Blue Economy 2.0, which emphasises climate resilience and advocates restoration in maritime activities. The four-year turnaround time goals of 27 percent and 85 percent align with Jassper's dedication to efficiency in maritime trade. This initiative reflects our shared commitment to a more resilient and environmentally conscious marine future. It can benefit from implementing eco-friendly technologies, fuel-efficient vessels, and strategies to reduce carbon emissions, contributing to the industry's overall environmental responsibility. Furthermore, concentrating on restoration can result in better water quality, biodiversity preservation, and less of an influence on marine habitats—all of which are critical for the shipping industry's long-term viability. We are eager to work together with partners in business, government, and the neighbourhood to accomplish these shared objectives while upholding a sound balance between economic prosperity and environmental responsibility."
M. Arun Kumar, Partner, IndusLaw
"The FM has announced the benefits around the rooftop solar panel scheme that the PM launched on January 22, i.e., the Pradhan Mantri Suryodaya Yojana. The aim is to provide rooftop solar power systems to one crore poor and middle-class households across the country for adopting sustainable energy and also realising electricity savings and earnings in the form of 300 units of free electricity every month and savings of up to Rs. 15,000–Rs. 18,000 for households. What this could do is ensure electrification of households where there is a lack of or frequent disruption of electricity on a self-sustainable basis and also put money in their hands while doing so by supplying excess power to the grid."
Darshil Shah, Founder and Director, TreadBinary:
“The progressive approach in the interim budget truly underscored the significance of ‘Make in India’. The corpus of Rs 1 lakh crore to provide long-term financing with low or no interest rates will encourage and make a significant impact on research and innovation in the private sector, which will surely lead to the development of the nation. The FDI-First Develop India spirit will further strengthen the process; the schemes for green growth will be a commendable way forward, keeping the environment as a top priority along with the nation. Overall, it was a well-balanced budget catered not only to research and innovation but also green growth, solidifying India’s position as a global tech hub.”
Rahul Veerwal, CEO and Founder, GetWork:
"I am grateful that the honourable FM has provided attention to the empowerment and well-being of India’s youth. The government is right in recognising that the country’s prosperity depends on adequately equipping and empowering our young population. Youth will play a crucial role in supporting the government’s vision of building Viksit Bharat by 2047, and we hope that the full budget in July will have ample economic policies to boost both employment creation and skill training opportunities for the youth."
Dr. Sarvjeet Herald, Director, India STEM Foundation:
"Reflecting on the strides made last year, with increases in girls' enrollment in schools and STEM programmes, as well as efforts in skilling India through Skill India programmes and initiatives, we recognise 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 prioritise measures to eliminate school dropouts, enhance career awareness, and promote industry inclusion, motivating both students and parents to embrace learning, skill-building, and excellence."
Mayuresh Raut, Co-founder and Managing Partner, Seafund
"The scheme for deeptech in defence will not only help the government start addressing the Make in Bharat initiative through indigenous technologies in defence but also unlock these technologies for other civilian uses. Deeptech-focused funds like ours will definitely benefit from enabling initiatives like this.The solar rooftop schemes will be a big boost to not only meet our goals for clean energy, but will also set up India to start addressing the EV charging infrastructure that is currently holding back wider adoption of EVs. It will also create enormous jobs for the installation, manufacturing, and maintenance of solar infrastructure, and a secondary effect will be opportunities available for startups to build on this."
Pratik Kataria, Director, Sainath Developers and Committee Member, NAREDCO, Maharashtra
"We are pleased with the Finance Minister's announcement to construct an additional two crore houses under the Pradhan Mantri Awas Yojana—Gramin. This marks a crucial stride in tackling the demand for affordable rural housing while simultaneously fostering economic empowerment. The substantial investment in housing infrastructure is anticipated to stimulate economic growth and bring about a positive change in the lives of numerous families. The government's dedication to narrowing the housing gap is commendable, reflecting a robust effort to promote comprehensive development. Furthermore, the increased outlay for infrastructure to Rs 11.11 lakh crores is poised to support overall real estate development in the country."
Anil Joshi, Managing Partner, Unicorn India Ventures
"The interim budget was in line with expectations. However, startups and sunrise sectors continue to find a special mention even in the interim budget. The extension of tax exemption to startups is a good gesture, and the provision of Rs 1 lakh crore towards the sunrise segment at a nominal or zero interest rate will certainly help small businesses. The focus on boosting EV charging stations will drive the sale of both vehicles and charging infrastructure. No change to direct and indirect taxes was also expected; however, we may see new rates in the full budget to be proposed in July 2024."
Vineet Mittal, Director-Finance & Strategy, Navitas Solar:
"The reaction quote: “Empowering a million households with up to 300 units of monthly electricity through rooftop solarisation is not just a policy; it's a pledge for a sustainable future. As the Finance Minister declares this transformative initiative, it resonates with Navitas Solar's vision—reducing dependency on conventional grids, championing the green transition, fostering environmental impact, catalysing the solar industry, creating jobs, and ensuring energy affordability for all. This commitment is further fortified by long-term finance at 0 percent for R&D initiatives, extending up to a 50-year tenure. Together, we illuminate a path towards a brighter, cleaner, and more equitable tomorrow."
Dr. Sat Kumar Tomar, Founder & CEO, Satyukt Analytics:
"The Budget 2024 has resonated positively with the agriculture sector, aligning with our expectations for a technologically driven, sustainable farming approach. While the integration of IoT devices for precision farming wasn't explicitly mentioned, the focus on farmers is evident. Crop insurance coverage for 4 crore farmers under the PM Fasal Bima Yojana ensures risk mitigation. Additionally, the announcement of rooftop solarisation benefiting 1 crore households aligns with sustainable farming goals. The commitment to direct financial assistance for 11.8 crore farmers under the PM Kisan Samman Yojana reflects a dedication to enhancing the 3Ps of agricultural business: productivity, predictability, and profitability. However, the industry was expecting more industry-centric announcements in this budget to further catalyse growth and innovation in the agricultural sector."
Pritika Singh, CEO, Prayag Hospitals Group:
“I applaud the forward-looking initiatives in the new budget. Extending the benefits of Ayushman Bharat to ASHA and Anganwadi workers demonstrates a commitment to comprehensive healthcare. The government's focus on promoting vaccination for girls aged 9–14 to prevent cervical cancer is a crucial step towards a healthier future. The plan to establish more medical colleges further strengthens our healthcare infrastructure, ensuring a brighter and healthier tomorrow for all. These visionary measures underscore the collective responsibility towards building a resilient and inclusive healthcare ecosystem for the nation's well-being."
Naresh Ahuja, Founder, SMS Scientific Products:
“I commend the government's visionary approach in the budget, foreseeing five years of unprecedented development. The emphasis on comprehensive 'governance, development, and performance' reflects a commitment to progress. The budget's focus on establishing more medical colleges is promising, anticipating a new generation of doctors who embody inclusivity and prioritise effective patient-doctor communication. This progressive budget sets the stage for transformative growth and a healthier, more connected future for our nation."
Hari Kiran, Co-Founder and COO,eBikeGo
"We, as an OEM, are thrilled with the interim budget announced, as the government's commitment to expand and strengthen the EV ecosystem will significantly boost manufacturing and infrastructure development. This will emerge as a notable contribution in achieving the Net Zero Goals and lay a solid foundation for sustainable mobility and a greener environment. Also, as highlighted by the Honourable Finance Minister, new-age technologies and data are changing the lives of people and businesses. They are also enabling new economic opportunities, as India is showing solutions through innovation and entrepreneurship."
Koushik Sur, Co-Founder of MyPlan8
"The Blue Economy 2.0 initiative, emphasising climate-resilient activities and coastal aquaculture, represents a significant stride in sustainable development. The introduction of bio-manufacturing and bio-foundry schemes reflects a dedication to eco-friendly alternatives and regenerative manufacturing principles. The nationwide expansion of EV infrastructure, solar energy adoption, and enhanced waste management demonstrate a holistic commitment to environmental stewardship.”
Ashvin Patil, Founder and Director of Biofuels Junction
“The recent budget announcement by the Finance Ministery, emphasising measures such as financial assistance for biomass aggregation machinery, outlines a crucial initiative to address this issue and unlock the economic and environmental benefits of converting agricultural residues into biofuels. The focus on transforming agricultural waste into biofuels not only contributes to sustainable waste management but also aligns with the larger vision of promoting green growth and reducing carbon emissions in the country. It will also help farmers generate income from agri-waste, boost and support the rural economy and communities, and promote rural entrepreneurship.
Furthermore, the announcement of the phased mandatory blending of compressed biogas (CBG) with compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will help integrate sustainable and renewable energy sources into the mainstream fuel supply, promoting environmental responsibility and reducing dependence on traditional fossil fuels. The mandated blending of CBG in CNG and PNG represents a proactive step towards fostering a cleaner and greener energy ecosystem, aligning with the broader goals of sustainable development and reducing carbon emissions in the transportation and domestic sectors.”
Harsha Kumar, Partner, Lightspeed India
"It is great to see the Indian Government’s increased focus on strengthening the electric vehicle (EV) ecosystem. As investors in the EV landscape, we are extremely optimistic that the interim Budget announcement on boosting the EV manufacturing and charging infrastructure will benefit the sector tremendously. With India taking greater strides in achieving its Net Zero goal, e-mobility will play a pivotal role in creating a cleaner, more sustainable, and more resilient future.”
Bodhisattwa Sanghapriya, Founder and CEO of IG Drones:
'We warmly welcome the budget announcement of establishing a Rs 1 lakh crore corpus with a 50-year interest-free loan, specifically tailored for tech-savvy growth. In alignment with our Finance Minister's assertion that innovation is the bedrock of development, this signifies a golden era for our tech-savvy youth. The commitment to lead in drone tech innovation by the end of the decade echoes our own aspirations and dedication to pushing technological boundaries.
The Finance Minister's focus on addressing the needs and aspirations of the poor, farmers, youth, and women resonates deeply with our ethos. Empowering youth through our COE and aspiring to train 10 million individuals aligns seamlessly with the government's emphasis on uplifting the youth. Our vision for farmers is crystal clear, with the development of advanced Kisaan drones and our active participation in the 'Namo Drone Didi' programme, showcasing our commitment to revolutionising agriculture through technology."
Narinder Wadhwa, National President of CPAI:
"The Interim Budget 2024-2025 signifies a landmark commitment to fiscal discipline, highlighted by a projected GDP of 5.1 percent. This stance is set to buoy the bond market and fortify banks' mark-to-market valuations. With Capex outlays increasing by 12 percent to 11 lakh crore and sunset tax laws extended to March 2025, the economic landscape gleams with promise. Initiatives to address post-harvest distress in agriculture, rural development, and the Rooftop Solar scheme underscore a transformative journey towards inclusive growth and sustainability."
Ranjita Ravi, Co-Founder at Orxa Energies:
“The Interim Budget of 2024 has mentioned plans for accelerating the EV ecosystem through the expansion of charging and manufacturing infrastructure in the country. We at Orxa Energies firmly believe in India’s commitment towards growing electric mobility across the country, and we look forward to collaborating with the government in achieving this aspiration.
We are also delighted with the Honourable Finance Minister’s mention of the government’s intent to bolster deep tech for defence purposes. We are optimistic that such initiatives will accelerate our work in defence technologies and widen our footprint in these realms.”
Chakravarthi C., Managing Director, Quantum Energy:
"The emphasis on eco-conscious initiatives in the previous budget, with environmental sustainability among the top 7 priorities, set a commendable precedent. In today’s budget, this commitment is not only sustained but elevated, reflecting a clear understanding of the urgent need to address environmental challenges. While applauding the positive aspects of the interim budget, we note certain expectations that remain unmet. The imminent expiration of the FAME II subsidy programme by March 2024 sparked hopes for its extension, aligning with the government’s ambitious 2030 target of 30 percent electric vehicles on Indian roads. An extension would have solidified support for the EV industry. Furthermore, a substantial reduction in GST on lithium-ion battery packs and cells, from 18 percent to 5 percent, would have alleviated manufacturing costs, making EVs more competitively priced and boosting consumer adoption. The absence of a standardised policy for the battery-swapping market is also a missed opportunity. A unified policy would enhance safety, streamline charging infrastructure, and create a more reliable and secure environment for EV users. As we look forward to the full budget post-general elections, we hope these crucial aspects receive due consideration for the sustainable growth of the electric vehicle sector."
Kapil Bhatia, CEO and founder, UNIREC:
"We welcome the budget's visionary focus on promoting green growth through the introduction of a bio-manufacturing and bio-foundry scheme. This initiative aligns seamlessly with our commitment to eco-friendly practices. The emphasis on biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs not only supports our brand's sustainable product offerings but also contributes to a more environmentally conscious manufacturing landscape. The shift towards regenerative principles in manufacturing is particularly noteworthy, resonating with our brand's ethos of responsible and ethical business practices. This forward-thinking budgetary approach encourages the industry to continue pioneering eco-friendly alternatives and reinforces the importance of integrating green technologies into the fabric of the retail and MSME sectors. We look forward to actively participating in and benefiting from this transformative journey towards a more sustainable and regenerative future."
Anuj Kumbhat, Co-Founder and CEO, WRMS:
The interim budget 2024 reflects a commendable commitment to supporting our 'Annadata'—the farmers, who are the backbone of our nation. The allocation of direct financial assistance to 11.8 crore farmers through the PM-KISAN SAMMAN Yojana, along with crop insurance for 4 crore farmers under the PM Fasal Bima Yojana, underscores the government's dedication to safeguarding the agricultural community. The emphasis on value addition in the agricultural sector and efforts to boost farmers' income is a welcome step that aligns with the broader goal of enhancing food production for our country and the world. The success of initiatives like the Pradhan Mantri Kisan Sampada Yojana, which benefits 38 lakh farmers and creates 10 lakh employment opportunities, showcases the positive impact of strategic policies. Additionally, the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, which aids 2.4 lakh SHGs and sixty thousand individuals with credit linkages, demonstrates a holistic approach towards uplifting the rural economy. Overall, the budget's focus on reducing postharvest losses, improving productivity, and augmenting farmers' incomes reflects a comprehensive strategy to strengthen the agricultural sector, ensuring sustainable growth and prosperity for our 'Annadata.'
Brajendra Singh Tomar, Co-founder & CEO, Finayo:
"Today's interim budget shows strong support for sustainable planning, energy transition to a cleaner future, and overall development. The government's commitment to bolstering the electric vehicle (EV) industry and bio-manufacturing is clear. Finance Minister Ms. Sitharaman's introduction of zero-carbon credits and tax breaks for entrepreneurs demonstrates a strong commitment to building a green and sustainable economy. The Fund of Funds, Startup India, and Startup Credit Guarantee Schemes are aiding our youth by providing critical financial support and guarantees to promote the creation of new and innovative enterprises. Furthermore, there is a strong emphasis on extending the e-vehicle ecosystem by improving manufacturing and charging facilities. The development of a new bio-manufacturing plan aimed at promoting biodegradable products demonstrates a desire to shift manufacturing usage towards a more environmentally friendly approach. This programme supports global efforts to improve sustainable transportation and reduce carbon emissions. The government's attention on EVs and investment in charging infrastructure demonstrates its commitment to promoting their wider adoption. Collaboration among governments, car manufacturers, and charging station providers is regarded as critical for building a fully operational and sustainable electric vehicle culture. Furthermore, the government's desire to increase EV sales while revising vehicle pollution rules demonstrates its strong commitment to the EV sector."
Pratik Kamdar, CEO & Co-Founder of Neuron Energy:
“The Interim Budget focused on key sectors, and one of the promising ones is Electric Vehicles (EV). The initiatives will enhance and fortify the EV ecosystem by bolstering manufacturing and charging infrastructure. Additionally, the encouragement of greater adoption of e-buses for public transport networks through payment security mechanisms is a notable benefit. These investments not only pave the way for increased EV sales and adoption but also open doors for burgeoning job opportunities and entrepreneurial ventures within the sector. These efforts remain dedicated to driving India's green mobility revolution forward. There is also an anticipated outcome in the form of economic empowerment, which will equip the youth with valuable technical skills, ensuring a robust workforce for the manufacturing of EV chargers and associated equipment. We look forward to the July budget, where the focus will be on the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme and the much-anticipated FAME III scheme.”
Atul Gupta, Co-Founder & Director, e-Sprinto:
"Certainly, particulars in regard to the E-Mobility mission and encouragement of EV infrastructure were missing in the speech; however, the budget did point towards creating ambitious policies towards the adoption of EVs in the public transportation sector. Furthermore, since the budget has circumscribed the requirement to strengthen manufacturing of EVs and infrastructure, we can be sure that it stands high on the government's agenda, and we do expect supporting policies to follow soon."
Dhaval Radia, Chief Financial Officer (India), ZEISS Group
“The extension of Ayushman Bharat facilities to Anganwadi and ASHA workers is a crucial step in revolutionising the accessibility and affordability of healthcare services in rural India. This move is expected to bring an estimated 10 million additional people under the Health Insurance net of Ayushman Bharat, including ASHA and Anganwadi workers and their families. These health ambassadors will not only have access to quality healthcare services for themselves and their loved ones but will also play an instrumental role in promoting them among the millions of rural Indians they work closely with. It is a significant step in the right direction for healthcare, and it will have a far-reaching impact on the overall well-being of the population. Further, the government's announcement to open hospitals in all districts is a significant capital expenditure commitment aimed at improving the accessibility and affordability of healthcare facilities across India. We are encouraged by this step, which will contribute to our shared mission of providing high-quality ophthalmology and microsurgery equipment throughout India. These medical equipment and lenses will enable millions of life-changing cataract and other critical surgeries in all parts of India.”
Dr. Monica Gulati, Executive Dean, LPU, Faculty for Applied Medical Sciences:
"Investing in the health and well-being of our nation's future, the recent announcement to encourage Cervical Cancer Vaccination for girls (9–14 years) is a pivotal step towards safeguarding the health of our young generation. The expedited implementation of Saksham Anganwadi and Poshan 2.0 not only ensures improved nutrition delivery but also prioritises early childhood care and development. The introduction of the U-WIN platform for Mission Indradhanush signifies a strategic move to enhance immunisation efforts, ensuring a healthier and more resilient population. Furthermore, the extension of health coverage under the Ayushman Bharat scheme to all ASHA, Anganwadi workers, and helpers showcases a commendable commitment to the well-being of those tirelessly serving our communities. This holistic approach to healthcare reflects a visionary initiative for a healthier and more prosperous nation."
Bhawna Sethi, Founder of Let's Influence
"As a woman entrepreneur, Budget 2024 is a step forward for gender equality. More women enrolling in higher education, especially in STEM fields, is a positive change. Nirmala Sitharaman's stand against triple talaq, ensuring 1/3 seats for women in politics, and supporting housing benefits empowers us. These steps create an environment where women can make a meaningful impact in the workforce. Recognising women's crucial role in the economy, this budget boosts confidence for female entrepreneurs, opening doors for diverse business ventures. It sets the stage for a more inclusive and prosperous future led by women."
Dr. Somdutta Singh, Founder and CEO of Assiduus Global Inc.
"I welcome the budget and strongly align with certain cornerstones we've set, keeping the growth of our nation in mind. One of the most important is definitely Nari Shakti. Empowering women is not just a vision; it's a reality unfolding through entrepreneurship, dignified living, and educational strides. Over the past decade, this momentum has surged, symbolised by the 30 crore Mudra Yojana loans empowering countless women entrepreneurs. With a 28 percent rise in female enrollment in higher education and 43 percent participation in STEM courses, women are scripting a new narrative of achievement, one of the highest in the world, in fact."
Ketaki Karnik, Partner, Xynteo:
"An interim budget aimed at driving India’s green, innovative, and inclusive agenda. It also recognises the pivotal role that corporations need to, and must, play in furthering India’s green growth. Initiatives such as introducing viability gap funding, supporting the EV ecosystem, and rooftop solar should encourage private sector investment and, thus, transition towards a low-carbon economy. The substantial corpus of ₹1 lakh crore to speed up research and innovation in the sunrise sectors recognises the criticality of corporate sector investment to push India up the innovation curve and also boost India’s competitive advantage. Extending the Ayushman Bharat scheme to all ASHA and Anganwadi workers, building 20 million affordable houses, and skilling with a view to generating livelihoods support India’s inclusive growth agenda. The domino effect of such initiatives, in the medium term, will also boost rural incomes and savings and, thus, consumption."
Anujesh Dwivedi, Partner, Deloitte India:
"Solarisation: Empowering one crore households with rooftop solar installations, delivering up to 300 free units monthly, signifies a transformative synergy for the power sector. This initiative not only advances renewable energy capacity installation in the country but also addresses the chronic issue of poor financial viability and subsidy dependence for DISCOMs, marking a significant stride towards sustainability and economic efficiency. By fostering a widespread adoption of rooftop solar, this initiative not only enhances environmental sustainability but also empowers households, contributing to energy self-sufficiency and fostering a more resilient and decentralised power infrastructure for the nation.”
Viability Gap Funding: The timely announcement of Viability Gap Funding (VGF) for a 1 GW off-shore wind capacity is a strategic move, aligning with our national ambition to achieve 500 GW of installed capacity from non-fossil fuel sources by 2030. This initiative underscores a commitment to sustainable energy, propelling us closer to our renewable energy targets and reinforcing India's position as a leader in the clean energy transition.”
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 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 digitising public transport."
Dr. Kshitiz Murdia, CEO and CO-Founder of Indira IVF:
“The Interim Budget 2024–25 presented by Finance Minister Nirmala Sitharaman has touched upon an important segment of the Indian population in the healthcare outlay—the mother and child. The move to expedite action through Saksham Aganwadi for the benefit of mother and child is an imperative step to improve the health parameters of the rural population. The Finance Minister has also outlined prudent backward integrations and forward progression to support this. The establishment of medical colleges in existing hospitals will work towards adding more medical talent in the country and bridge the gap in the doctor-patient ratio. A natural progression to childbirth is the availability of proper nutrition for development and immunisation. These have been effectively addressed by advancing the Poshan 2.0 programme and the U-WIN platform."
Cervical cancer is the leading cause of cancer among women in India, and its vaccination is recommended before the girl child attains puberty to maximise its benefits. Getting protected against the disease through effective immunisation and enabling early detection are two crucial steps that can help us save close to 1,25,000 women every year.
One of the applauding factors was establishing a 1 lakh crore corpus for loans over a period of fifty years, which would be interest-free. This will encourage innovation and research in the area of medical treatment as well, inciting better clinical outcomes, increasing treatment possibilities in India, and encouraging medical tourism.”
Sanjay Borkar, CEO & Co-Founder , FarmERP
"The budget underscores a transformative vision for the AgTech sector, allocating a substantial corpus of one lakh crore rupees to fuel private sector research and innovation in emerging domains. The Finance Minister's recognition of the sector's potential for inclusive, balanced, and heightened growth through technology and innovation, particularly driven by startups, demonstrates a commitment to agricultural advancement. Prioritising timely financial support, relevant technologies, and training for Micro, Small, and Medium Enterprises (MSMEs) aligns with the government's goal of global competitiveness. Moreover, the strategic investment in post-harvest activities, including aggregation, modern storage, and efficient supply chains, signals a holistic approach to enhance the agricultural sector's resilience and sustainability."
Anirban Mukherjee, Managing Director & Partner, and lead for Climate & Sustainability at BCG
"It is commendable to see the government's forward-looking budget allocation towards achieving 'net zero' by 2070. The emphasis on promoting solar rooftops, harnessing offshore wind energy, coal gasification, and promoting the integration of compressed biogas demonstrates a commitment to diversifying our energy mix and reducing dependency on energy imports.
The strategic investment in the electric vehicle ecosystem and the innovative bio-manufacturing and bio-foundry schemes align with global sustainability goals. Additionally, the allocation for Blue Economy 2.0 reflects a comprehensive approach to climate resilience. This budget showcases a proactive stance, fostering a sustainable and regenerative future for our nation."
Viral Thakker, Partner and Sustainability Leader, Deloitte India:
"The Government of India’s interim Union Budget sustainability measures are timely and indicative of a forward-looking and responsible approach towards building a resilient and environmentally conscious nation. The 'Rooftop Solarization and Muft Bijli' initiative, in pursuit of 'net-zero' emissions by 2070, will also unlock annual savings from free solar electricity and the sale of surplus to distribution companies, electric vehicle charging, entrepreneurial opportunities for many vendors, and employment prospects for technically skilled youth. Other multifaceted efforts, including several other green energy measures, such as funding for offshore wind energy, setting up a coal gasification capacity, mandatory blending of compressed biogas in natural gas for transport and piped natural gas for domestic purposes, and financial support for biomass aggregation machinery to ensure efficient energy collection, are a welcome step in the right direction. The launch of the scheme for restoration and adaptation measures and coastal aquaculture and mariculture, under the “Blue Economy 2.0, will support climate risk mitigation and create sustainable livelihoods while safeguarding our marine ecosystems."
Jimit Devani, Partner, Deloitte India:
"Announcements such as Viability Gap Funding for Offshore Wind Energy, Rooftop Solarisation, Setting up of coal gasification and liquefaction capacity, and financial assistance for procurement of biomass aggregation machinery will provide a boost to the Power and Renewable Energy Sector and will help India achieve their ‘Net Zero’ target. However, the highly expected extension of lower tax rate of 15 percent for power-generating companies (which is due to expire on March 31, 2024) is a surprise. The government may want to consider the same during the union budget in July 2024."
Yogesh Mudras, Managing Director, Informa Markets India:
“The budget's provision of complementary electricity through rooftop solarization is a dual triumph, easing financial strain on households and championing environmental sustainability. Aligned with Atmanirbhar Bharat, the commitment to 'Net Zero' by 2070 is reinforced through measures like viability gap funding for wind energy, coal gasification, and liquefaction capacity. The commitment to enable 1 crore households to receive up to 300 units of free electricity monthly emphasises the drive towards sustainable energy adoption. The budget's forward-looking stance is evident in promoting e-buses for public transport and fortifying the e-vehicle ecosystem through support for manufacturing and charging infrastructure. These measures underscore the government's dedication to a greener and more sustainable future for India."
Srishti Dhir, Founder, Hub, and Oak:
"The Interim Budget 2024 lays the foundation to strengthen the economy and infrastructure of India. We believe this year’s budget had something for everyone, especially the poor and weaker sections of society. With an aim to promote affordable housing in the country, Finance Minister Nirmala Sitharaman emphasised the government's plan to launch a new scheme to help the middle class living in rented houses or in slums. Further, the allocation of 70 percent of PMAY houses to women in rural areas also reflects a positive transformation. The progress in the implementation of PM Awas Yojana Rural in the last few years is highly commendable, as the government is getting closer to its target of 3 crore houses. Also, their commitment to build two crore additional houses in the next five years shows the Modi-led government’s dedication to meeting the growing demand for housing in Tier 2 and Tier 3 cities. Adding to it, the roof-top solar installations on 1 crore households, providing up to 300 units free on a monthly basis, is a win-win proposition for the power sector. As the infrastructure budget is increased by 11 percent to Rs 11.11 lakh crore, it will support the growth and development of the country.”
Rishabh Siroya, Founder, Siroya Corp., and President, NAREDCO, NEXTGEN Maharashtra
"We appreciate the Finance Minister's announcement of an additional two crore houses under the Pradhan Mantri Awaas Yojana—Gramin. This not only addresses the crucial need for affordable rural housing in India but also promotes socio-economic empowerment. The government's dedication to narrowing the housing gap is commendable, reflecting a committed effort towards inclusive development. Additionally, the Finance Minister has increased the outlay for infrastructure to Rs 11.11 lakh crores in FY25. This added funding is expected to contribute to the overall growth of the real estate sector in the country."
Nawneet Vibhaw, Partner, Environmental Law, Shardul Amarchand Mangaldas & Co
"Rooftop Solar: The focus on rooftop solarization to ensure free electricity of up to 300 units for 1 crore households is a very innovative and significant step. It will serve as an example and pave the path for crores of Indian households to emulate this in the future, thus strengthening our resolve and enhancing our pace to achieve our net-zero targets by 2070. The overall focus on resource efficiency and sustainable development as our strategy for ‘Amrit Kaal’ is a welcome step that will be aptly supported through initiatives like biodegradable plastics, the development of electric vehicle infrastructure, and developing climate resilience through a robust blue economy.
Environment: Resource efficiency and sustainable development are key to our economic development and strategy for ‘Amrit Kaal’. The focus of the interim budget on rooftop solarization, biodegradable plastics, the development of electric vehicle infrastructure, and developing climate resilience through a robust blue economy are all steps in the right direction to achieve ‘net-zero’ by 2070."
Yogesh Mudras, Managing Director, Informa Markets India, on the Food and Agriculture Sector:
“The Food Sector witnesses a transformative stride post-budget. Empowering 11.8 crore farmers with direct financial assistance through PM-KISAN and providing crop insurance to 4 crore farmers under the PM Fasal Bima Yojana underscores a strong commitment to agriculture. Additionally, the government's push to foster private and public investment in post-harvest activities marks a strategic move towards bolstering the entire food supply chain. Exciting times are ahead as these initiatives aim to uplift farmers and strengthen the resilience of our food sector.”
Sameer Gupta, Chairman and Managing Director of Jakson Group.
"Aligned with the government's strategy to 'Reform, Perform, Transform', to stimulate strategic growth. In parallel, Jakson aligns seamlessly with the government's visionary initiatives, including a substantial 11.11 lakh crore infrastructure investment and the introduction of 'Pradhan Mantri Suryodaya Yojana.' This programme aims to provide 1 crore households with 300 units of free electricity through rooftop solarization, symbolising our shared commitment to economic growth and the net zero journey. These dynamic measures not only enhance energy security and promote clean energy accessibility but also drive a tech revolution, supported by an INR 1 lakh crore corpus for R&D."
Sahil Saharia, CEO, Shristi Infrastructure Development Corporation
"One notable aspect of the current budget is the government's dedication to addressing the housing requirements of the middle class. The primary goal of this initiative is to enable these individuals to either buy or construct their own homes. This declaration represents a significant stride in promoting affordable housing and realising the dream of homeownership for the middle class. By specifically targeting individuals in rented dwellings or informal settlements, the government is recognising the challenges faced by a substantial portion of the population and is implementing concrete measures to provide them with a viable path to owning a home.
Arya Sumant, Managing Director, Eden Realty
"We welcome the government’s decision to launch a scheme for deserving sections of the middle class living in rented houses or slums to build or buy their own houses. This will have a long-standing effect on not only the real estate industry but also related industries like housing finance, construction materials like cement, etc. We expect a more robust plan in the final budget to be presented in July."
Rishi Jain, Managing Director, Jain Group
"There are no unnecessary populist measures, big or structural changes, or needless twiddling of tax rates. This is a welcome move since businesses thrive on stability, and doling out freebies at taxpayer expense is unwelcome. The move to bolster the PMAY-Grameen programme and to accelerate housing for all missions is obviously a cause for celebration. I predict the higher capital outlay towards long-term infrastructure will also have a positive effect on the real estate industry."
Sanjay Jain, MD, Siddha Group
We extend our heartfelt appreciation for the government's laudable decision to introduce a visionary initiative in the interim budget catering to the deserving segments of the middle class, particularly those residing in rented houses or slums, empowering them to ‘acquire a home of their own’. This judicious move promises not only to boost the real estate sector but also the ancillary industries such as housing finance, material sourcing, architecture and design, etc.
Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research
“Given that the current budget was only interim in nature before the general elections, we were not expecting any major announcements in this event. In line with our expectations, the Government has focused its communication on (i) fiscal consolidation, (ii) stronger support and additional programmes for the economically weaker sections, (iii) continuing emphasis on infrastructure development, and (iv) fresh programmes to meet the green and sustainable development goals. On the green financing front, viability gap funding for offshore wind projects of up to 1 GW has been proposed. Coal gasification projects up to 100 million tonnes have been specified, which will possibly be implemented by the PSUs. This will help reduce the direct usage of coal. Further, it is proposed to blend compressed biogas (CBG) with compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes in a phased manner; financial support will be provided for the procurement of biomass aggregation machinery; these indicate the commitment of the government to scale up the nascent biomass energy generation sector.
Sachit Nayak, Country Controller and Finance Director, Eaton India
“The interim budget presented today is excellent, continuing on the growth path. The Indian economy has grown significantly in the last ten years, and what strikes is the FM's commendable fiscal deficit rectitude, which is at 5.1 percent of GDP for FY25. Tax collections in FY24 have been robust both directly and indirectly. Three focus areas that will propel the economy will be: infrastructure development outlay increased by INR 11.11 lakh crores; Capex outlay at 3.4 percent of GDP; and housing outlay. The building of three railway corridors with regard to energy, minerals, and cement will help provide significant employment opportunities that will boost the economy in the coming years. Overall, the FM has touched upon agriculture, women empowerment, defence, and aviation, which lays the foundation for India on the path towards being a developed country."
Dr Neerja Agarwal, Psychologist and Co-founder Emoneeds (Mental and Health Wellness)
"While the interim budget lacked specific policies or initiatives for the mental health sector, we remain optimistic that post-election, the full budget will address this critical area. With approximately 150 million Indians requiring mental health care services and a stark shortage of professionals—only 0.3 psychiatrists, 0.07 psychologists, and 0.07 social workers per 100,000 people—the need is urgent. On a positive note, we commend the government’s commitment to other health initiatives, including the extension of Ayushman Bharat, the consolidation of maternal and child healthcare schemes, and the remarkable 1 lakh crore corpus for private sector R&D. These efforts reflect a commendable focus on the nation’s well-being, growth, and innovation."
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. 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 resonate with our forward-looking mission. The significant increase in infrastructure outlay to INR 11.11 lakh crores and the emphasis on green growth show the government's pursuit to propel our nation towards economic excellence."
Sheetal Bhalerao, Chairperson and Managing Director of Wardwizard Foods and Beverages:
"I commend the government's visionary budget that lays a strong foundation for sustainable economic growth. The focus on inclusive development, support for agriculture, and initiatives promoting green growth align with our goals at Wardwizard Foods and Beverages Limited. The emphasis on infrastructure, skill development, and the commitment to fiscal stability will undoubtedly boost the overall business environment. We look forward to actively participating in the opportunities presented by this forward-looking budget, contributing to India's journey towards becoming a 'Viksit Bharat' by 2047."
Zarin Daruwala, Cluster CEO, India and South Asia markets (Bangladesh, Nepal, and Sri Lanka), Standard Chartered Bank:
“There are some clear and heartening themes that emerge from the Interim Budget. One is that of "consistency," where the Government has retained focus on fiscal consolidation by accelerating debt reduction and continuing its Capex thrust. Both of these, by way of lower interest rates and crowding in, respectively, will trigger and help grow private investments.
The second is innovation and sustainability. The Rs one lakh crore corpus setup to provide low-cost and long-term financing to the sunrise sectors will provide a jumpstart to private sector research and innovation. This innovative spirit continues in the Government’s resolve to meet ‘net-zero’ commitments through the viability gap funding and financial assistance measures introduced for offshore wind and biomass aggregation.
The plan to blend compressed biogas for energy and transport aligns with the Circularity theme adopted by the Government and also leverages the abundant availability of biomass. The proposed payment security mechanism for e-buses will catalyse private capital in this space, and measures for coal gasification will drive self-sufficiency and reduce reliance on the international oil markets.”
Balasaheb Darade, Founder and MD, New Era Cleantech Solution
The budget announcement by finance minister Nirmala Sitharaman today outlining the promotion of coal gasification and liquefaction capacity with a substantial outlay of 100 metric tonnes by 2030 underscores the government’s commitment to clean coal technologies for its energy and chemical self-sufficiency in sustainable and affordable ways.
The decision is a significant step as it helps reduce the import of natural gas, oil, and chemicals, which can be derived through coal gasification.
Coal gasification and liquefaction will enhance energy security under the Atmanirbhar Bharat framework. The focus on boosting domestic production and curbing imports of various commodities such as natural gas, hydrogen, urea, methanol, ammonia, and DME/LPG will lead to significant forex savings.
The budget announcement, coupled with the Union Cabinet's recent unveiling of an ₹8,500 crore incentive scheme for coal gasification, is poised to catalyse substantial growth in the coal-to-chemicals sector. This dual initiative enhances the viability of coal gasification projects, making them more attractive for further investment and fostering a sustainable energy landscape.
The FM has announced a research and innovation fund of ₹1 lakh crore. The other measures in the budget, including viability gap funding for offshore wind, rooftop solarisation, which will benefit one crore households, strengthening of the e-vehicle ecosystem, and the new scheme of bio-manufacturing and bio-foundry, will increase the share of renewable energy in the energy mix.
Ajai Rana, Chairman, Federation of Seed Industry of India (FSII) CEO and Managing Director, Savannah Seeds Pvt Ltd
We welcome the Finance Minister’s announcement on Atmanirbhar Oilseeds Abhiyan with a focused strategy on achieving self-reliance in oilseeds such as mustard, groundnut, soyabean, sesame, and sunflower. This is a timely and effective step that will augment our aspirations to become self-reliant in this critical sector.
The Rs 1 lakh crore R&D corpus allocation for 50 years with low or nil interest is a visionary move guided by the Hon's PM's focus on Jai Jawan, Jai Kisan, Jai Vigya, and Jai Anusandhan.
The focus on reform, performance, and transformation has been evident in the Government’s work in the last decade. We sincerely hope that in the full budget after the new government, we shall see the spirit reflected in the aspirations of the seed industry by way of GST rationalisations on seed raw materials and services, deductions on R&D expenses, and a progressive environment for enabling more investments in the sector.
Gagan Sidhu, Director, CEEW Centre for Energy Finance (CEEW-CEF)
"The announcement of viability gap funding for offshore wind as a measure to meet India's net-zero commitment is welcome, as the sector needs some support to kick off. As per CEEW's analysis, while 65 percent of the USD 10 trillion of investments required for India to achieve net zero by 2070 can be mobilised from conventional sources, the remaining 35 percent will need interventions. Further, wind as a generation source is also critical for our near-term energy ambitions. In fact, per the CEA's own assessment, wind capacity would have to grow 2x from its current 44.7 GW to 100 GW by 2030 to meet the expected increase in power demand in the country by then."
Neeraj Kuldeep, Senior Programme Lead, Council on Energy, Environment and Water (CEEW)
Today's budget announcement on rooftop solar further emphasises the active role Indian citizens will play in the country’s energy transition and supporting India’s climate commitments. Analysis by the Council on Energy, Environment, and Water (CEEW) suggests that 20–25 GW of rooftop solar capacity would be supported through solarisation of 1 crore households. Further, given that residential consumers receive subsidised electricity from discoms, solarisation of the demand from these households will save about INR 2 lakh crore for discoms over the next 25 years (the solar plant's life). All states can leverage this opportunity as rooftop solar potential exists everywhere, unlike utility-scale solar, which is primarily restricted to seven RE-rich states. CEEW analysis has already established the 637 GW of technical potential in India for rooftop solar.
Dr. K. K. Upadhyay, Chairperson, Centre for Sustainability and CSR BIMTECH
“The Union Budget for 2023–24 indeed laid out a blueprint for greener growth and identified sustainable development as a key opportunity; it suggests a commitment to environmental sustainability and addressing climate change. It recognises the importance of transitioning towards green and sustainable practices, especially in the areas of Renewable Energy, Green Fuel and Mobility, Sustainable Farming, Green Buildings, and Waste Management. Rural Development supports sustainable development in rural areas, including the adoption of eco-friendly practices in agriculture and providing access to clean energy. The success of such initiatives often depends on effective implementation and ongoing efforts to monitor and adjust strategies based on real-world outcomes.”
Anurag Bansal, MD, 13D Research & Strategy
“I'm genuinely excited about the latest Union Budget's focus on sustainable growth. The viability gap funding of up to 1 GW in offshore wind energy truly speaks to the forward-thinking approach our government is adopting towards green energy.
Additionally, the emphasis on boosting the EV sector by enhancing manufacturing and charging infrastructure feels like a step in the right direction for our environment.
The ambitious goal to develop 100 MT of coal gasification and liquefaction projects by 2030, reducing our reliance on imported natural gas, resonates deeply with my hopes for a self-sufficient, greener India.
Although the net-zero target for 2070 is ambitious, given the growing role of fossil fuels, I believe these policy changes mark the beginning of a significant shift in India's energy and environmental policies. The budget shows a strong commitment to climate change and energy independence in India.
I firmly believe in India’s growth story and the government’s resolve to transform the nation into a modern society on the foundation of strong physical and digital infrastructure with sustainability at the heart of this evolution.”
Avitech Nutrition | Outlook 2024 | Quote | How the industry has changed over the years. What are the new trends experienced and the changes faced? from Mr. Rahul Kapur, Managing Director & Chairman, Avitech Nutrition.
"The global Animal Nutrition market is anticipated to rise considerably, expected to reach a value of USD 739.87 million by 2029, with a CAGR of 5.50% during the forecast period from 2023 to 2030. The India Compound Feed Market size is expected to grow from USD 25.66 billion in 2023 to USD 34.50 billion by 2028, at a CAGR of 6.10% during the forecast period from 2023 to 2028.
Today, the Feed and Animal Nutrition market in India is increasingly driven by performance. The poultry industry navigates a competitive landscape marked by integration and consolidation, particularly within the broiler sector. In the poultry sector, the delicate and often unremunerative challenge of low-end product rates and high ingredient prices propels a quest for remunerative prices over commodity rates.
This quest unfolds through vigorous branding initiatives, with safety as a pivot, urging a shift from antibiotics to phytogenic micro-ingredients in feed. The increasingly organized approach to milk production emphasises increased output, driving greater usage of concentrates and feeds.
The shrimp sector grapples with fierce competition emanating from Ecuador in export markets, prompting strategic integration and consolidation efforts to enhance competitiveness.
Meanwhile, novel ingredients like Black Soldier Fly meal aspire to fulfil protein requirements in the feed sector, though commercial viability remains an ongoing pursuit. In the ever-evolving landscape of the egg sector, a shift in the willingness to procure feed rather than self-manufacture is observed.
Micro ingredients are emerging as pivotal elements, steadily enhancing efficiency, and controlling production costs. As the industry adapts, innovation and strategic shifts become the lynchpin for sustained success in the dynamic market. With a burgeoning middle class and rising levels of disposable income, the appetite for milk, eggs, and meat is set to grow exponentially over the next decade. In time a steady transition from live to processed meat is anticipated. This shift reflects changing consumer preferences but also signals the commencement of large investments in the processing sector."