Budget 2024: Here's What India Inc. Has To Say

In her 56-minute speech, Finance Minister Nirmala Sitharaman proposed new railway corridors, measures to boost green mobility, rural and urban housing push, among other proposals.

While the full budget will be presented after the general election, Sitharaman said the government's focus would be to reduce fiscal deficit to 5.1% in the next financial year from the estimated 5.8% in the current fiscal.

Here's what top executives from India Inc. have to say about the financial roadmap for the next fiscal:

Niranjan Hiranandani, founder of Hiranandani Group

Sitharaman decoded an "integrated and equitable" growth budget outlay encompassing significant social reforms, enhancing the economic growth value chain, emphasising the sunrise sectors, and impetus to urban and rural housing with mega infrastructure projection, according to Niranjan Hiranandani, founder of Hiranandani Group.

"Keeping the fiscal consolidation target at 5.1% will decrease the cost of borrowing for businesses and industries. This in turn will help stimulate economic growth, stabilise the economy and reduce the risks of inflation," he said.

"A focused direction is set for addressing the housing deficit needs of the urban poor with the buy or build house motto. The continual skilling and upskilling of the working populace will help the sector gain a competitive advantage and increase direct as well as indirect employment opportunities," Hiranandani said.

Mohit Malhotra, CEO of Dabur India

The strategic decisions to enhance incentives for the rural populace, particularly women, are expected to have a lasting positive impact, enhancing sentiment over the long term, according to Mohit Malhotra, chief executive officer of Dabur India Ltd.

"The extension of healthcare coverage under Ayushman Bharat to ASHA and anganwadi workers and the expansion of the 'Lakhpati Didi' scheme's target to 3 crore women are big positives this year," he said.

It will go a long way in empowering rural women and enhancing the quality of life, ensuring sustained demand for branded consumer goods, according to Malhotra.

Aasif Malbari, CFO of Godrej Consumer Products

The focus on enhancing connectivity and infrastructure also bodes well for India Inc., including the fast-moving consumer goods sector, said Aasif Malbari, chief financial officer of Godrej Consumer Products Ltd.

"Moreover, the emphasis on upskilling and the significant rise in women in the workforce signify a holistic approach to fostering an inclusive and dynamic economy, setting an optimistic tone for the years ahead," Malbari said.

Kiran Mazumdar Shaw, executive chairperson of Biocon

Sitharaman's emphasis on research and innovation, bio-manufacturing, green technology, robust infrastructure development and technology-driven digital transformation augur well for India to deliver on "aspirational yet people-centric, inclusive development," Kiran Mazumdar Shaw, executive chairperson of Biocon Ltd.

Pavitra Shankar, MD of Brigade Group

The budget outlines a positive vision for the future of the Indian economy, with a focus on boosting investment, sustainable growth, innovation and infrastructure while ensuring fiscal prudence and social welfare, according to Pavitra Shankar, managing director of Brigade Group.

The indication that the Union government is looking to focus on housing for all and affordable housing is a welcome step in that direction, Shankar said.

The long-term loans given to states to develop tourism will positively impact the hospitality industry, Shankar said. "We are hopeful that the full budget later this year will translate into tangible outcomes for the real estate sector and for the overall development of the economy."

Sanjiv Puri, chairperson of ITC

"The sharp focus on the welfare of farmers, the setting up of integrated aqua parks, and support for dairy farmers, together with the far-sighted schemes for agriculture and rural development, housing, women empowerment, youth and marginal segments, will trigger a virtuous cycle of productivity, incomes, consumption, investment and livelihoods," said Sanjiv Puri, chairperson of ITC Ltd.

The continuing impetus to tourism and the effort to build iconic destinations across states will drive the growth of this employment-intensive service sector, according to Puri.

"The proposal to increase public expenditure is commendable, which, together with astute fiscal prudence and stability in taxes, inflation management and direct benefit transfer, will lead to better utilisation and targeting of public funds," he said.

Angshu Mallick, CEO of Adani Wilmar

"The widespread adoption of Nano-DAP across all farming regions is a commendable innovation, empowering farmers and aligning our practices with environmental harmony, reflecting a conscientious approach within the FMCG sector," said Angshu Mallick, chief executive officer of Adani Wilmar Ltd.

The launch of the Atmanirbhar Oilseeds Scheme marks a pivotal step towards achieving self-sufficiency in oilseed production, showcasing the commitment to advancing self-reliance and sustainable practices within the FMCG landscape, according to Mallick. "We have been investing in an oil-seed crushing facility over the years."

At present, Adani Wilmar possesses a crushing capacity of 1.2 million tonne in soya, and in mustard seed crushing, with existing and forthcoming facilities, it will amount to 0.7 MT, Mallick said.

Sandeep Dutta, the lead of India business at Accenture

The budget outlines several initiatives to sustain the country's growth trajectory, according to Sandeep Dutta, the head of India business at Accenture Plc.

"The focus on research and development and new-age technologies has the potential to not just accelerate our economic growth but also create new opportunities for talent from India at a global level," Dutta said.

Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Ltd., an Adani Group company.