“Being in the industry for so long, we can firmly say that this year’s Union Budget reflects a commendable commitment towards strengthening India’s agricultural sector, supporting MSMEs and traditional artisans. The provision of Rs 1.52 lakh crore for agricultural and related industries is a monumental step that will undoubtedly drive growth and innovation in this crucial sector. Furthermore, the Union Budget’s initiative to establish e-commerce export hubs through public-private partnerships is a visionary move. These hubs will empower our MSMEs and artisans by providing them with a smooth regulatory and logistical framework, enabling them to tap into international markets with ease. Lastly, the allocation of Rs 1.48 lakh crore for education, employment, and skilling highlights the government’s dedication to building a skilled workforce ready to meet the demands of a rapidly evolving economy. In short, we warmly welcome these developments and look forward to using these opportunities to contribute to the nation’s growth,” says Shammi Agarwal, Director, Pansari Group.

“We are extremely pleased with the government’s recent union budget announcement, which promises to significantly boost the manufacturing sector and drive economic growth. The job creation scheme in the manufacturing sector is a substantial step forward, incentivizing additional employment and benefiting 210 lakh youth. This will help the MSME segment to gain skilled workers to further improve their services and products. The new credit guarantee scheme for MSMEs in manufacturing is a game-changer. This initiative will notably strengthen the manufacturing sector by facilitating term loans for the purchase of machinery and equipment without collateral and guarantee. The guarantee fund, providing guarantees of up to Rs 100 crore, will undoubtedly enhance the capabilities of MSMEs. We also commend the government’s continued efforts to reduce and simplify taxes. The abolition of the angel tax is a welcome move that will further encourage investments and innovations within the industry,” said Harshit Aggarwal, CEO and Founder Novamax Appliances.

“The special attention given to the MSME sector in the Union Budget 2024 is an encouraging move from FM Nirmala Sitharaman. We firmly believe that this support from the government through the new credit guarantee scheme for manufacturing businesses will offer a massive funding gap of Rs 20-25 lakh crore which has long been a challenge for the industry. The scheme will help with the financial pressures faced by MSMEs, making it easier for us to access the resources needed to grow and thrive. Additionally, the decision to open 24 new SIDBI branches to serve MSME clusters will greatly enhance accessibility to financial support and services for businesses across various regions. The budget’s focus on job creation through the Manufacturing scheme is also a great initiative, as it incentivizes new jobs and supports our efforts to expand our workforce. Overall, these measures will help MSMEs improve operations, seize new opportunities, and contribute more to the economy,” said Mr. Shrawan Daga, CEO, Krishna’s Herbal & Ayurveda.

“Amidst anticipation and scrutiny, the Indian government has finally released its annual budget, outlining a financial strategy for the upcoming financial year. In the budget, the Finance Minister, Nirmala Sitharaman, laid out the nine priorities of the budget, including agriculture, employment and skilling, human resource development and social justice, manufacturing and services, urban development, emergency security, infrastructure, innovation R&D and next-gen reforms. The budget introduced a new, comprehensive review of the agricultural research setup to trigger productivity and develop climate-resilient produce. While the budget talked less about sustainability reforms, it did introduce an inclination toward offering higher and more stable credit lines and loans to MSMEs. Moreover, there were several new schemes for first-time employees, which was rather remarkable. Under the new EPFO scheme, employers would also be receiving a reimbursement of up to Rs. 3,000 every month towards EPFO contributions for each additional employee. Lastly, with the budget announcing Angel Tax abolition, several emerging startups can benefit from new opportunities and score well-deserving investments to kickstart their ventures,” said Rahul Singh Co-founder EcoSoul Home.

Nidhi Sabbarwal, Founder Kalyanamm Holywaste Recycling Pvt. Ltd, says, “Being a women entrepreneur, we highly support this year’s budget with great enthusiasm. The government’s commitment to increasing the participation of women in the workforce is commendable. The initiatives to set up hostels and create partnerships for women-specific skilling programs will undoubtedly empower more women to join and thrive in various industries. Additionally, the Union Budget’s announcement to abolish the ‘Angel Tax’ has left the entire Indian startup ecosystem buzzing with innovation and ambition. By removing this barrier, the government has paved the way for increased investments and growth within the startup community. Lastly, we appreciate the expansion of SIDBI branches to serve MSME clusters, as it will enhance financial access and support for small and medium enterprises. The rationalization of GST is another positive move by the government. This will simplify tax compliance and make it easier for businesses to operate efficiently. Overall, this budget reflects a progressive approach toward encouraging entrepreneurship and economic growth, especially for women entrepreneurs like myself.”