February 27, 2024

Post Budget Reaction 2024 Quotes by Industry Experts

Param Kannampilly

Param Kannampilly, Executive Chairman , Concept Hospitality Pvt Ltd., The Fern Hotels & Resorts

“In the wake of the recent budget announcement, we applaud the government’s foresight in recognizing the immense potential within tourism, particularly the uncharted territory of spiritual tourism, as the people of India are now willing to travel and explore more. This visionary approach not only unlocks doors for local entrepreneurship but also serves as a catalyst for employment generation. The emphasis on developing iconic tourist centers and global-scale marketing aligns seamlessly with our commitment to providing unparalleled experiences. This initiative not only enhances our global standing but also signifies a collective effort to harness the untapped potential within our borders. Additionally, our country’s economic strength positions it as an attractive destination for business and conference tourism, a trend we are prepared to champion.”

Hitesh Garg

 Mr. Hitesh Garg, Vice President, and India Managing Director, NXP Semiconductors

“Union Budget 2024 delivers a resounding commitment to sustainable tech, spotlighting support for EVs and bio manufacturing. Metro Rail and Namo Bharat projects elevate city connectivity, while the dual focus on public transport and defence tech reveals a visionary agenda.

The game-changing move of a Rs 1 lakh crore corpus for our tech-savvy youth, coupled with a 50-year interest-free loan, sets the stage for long-term financing, propelling research and innovation. This bold step positions India for a golden era in technology and innovation.

Aligned with our pre-budget expectations, the government’s emphasis on fostering a conducive environment for research and development perfectly mirrors the semiconductor industry’s trajectory. The collaborative spirit and proposed incentives position India as a global semiconductor hub, solidifying its commitment to cutting-edge technological advancements. Budget 2024 charts the course for India’s robust future in sustainable tech and innovation.”


Sulajja Firodia Motwani, Founder and CEO of Kinetic Green

“Today’s announcements on the interim budget for Viksit Bharat illustrate the government’s steadfast commitment to creating a developed India by 2047. The significant progress gained in all aspects of infrastructure physical, digital, and social over the last decade demonstrates our multifaceted economic management, which effortlessly aligns focus on infrastructure building with aggressive capital expenditure; with inclusive and people-centric development.

The allocation of 2.78 lakh crores to the Ministry of Road Transport and Highways is a clear indication of strides toward progress, particularly in fortifying the electric vehicle (EV) ecosystem. The government’s commitment to the expansion and fortification of the e-vehicle ecosystem, promote deployment of EVs for the masses, coupled with support for manufacturing and charging infrastructure, marks a pivotal moment.

The government remains resolute in its commitment to expanding and sustaining this ecosystem, fostering entrepreneurial opportunities for vendors engaged in the supply and installation of charging infrastructure. Simultaneously, it aims to create employment opportunities for the youth equipped with technical skills in the manufacturing, installation, and maintenance of these vehicles.

The EV sector was expecting an announcement in the interim budget regarding the continuation of the Fame scheme for demand generation. We are hopeful to have this coming in the weeks ahead.

We receive this budget with great enthusiasm, confidence and hope for the coming Amrit Kaal.”

Akhil Yerawar, Co-founder, CHIPMUNK

“Following the unveiling of the interim Budget by the Union Finance Minister, the retail and beauty industry eagerly awaited insights into the government’s vision for economic growth and development. As the dust settles and analyses begin, it’s evident that this Budget carries implications that resonate deeply within our sector, presenting both opportunities and challenges.

One of the notable highlights of this Budget is the emphasis placed on boosting consumer spending and enhancing purchasing power. The reduction in personal income tax rates and the proposed measures to stimulate disposable income are poised to inject a renewed sense of confidence and vitality into the retail landscape. This, coupled with the government’s commitment to infrastructure development and rural upliftment, bodes well for the expansion of our consumer base and market reach.

Moreover, the Budget’s focus on promoting entrepreneurship and fostering a conducive business environment is a welcome development for the beauty industry. The proposed measures aimed at simplifying compliance procedures and reducing regulatory burdens offer a ray of hope for small and medium-sized enterprises (SMEs) within our sector. It opens up avenues for innovation, growth, and market penetration, paving the way for a more vibrant and competitive marketplace.

At Chipmunk we view these Budget announcements with a sense of optimism and enthusiasm. We recognize the opportunities they present for us to innovate, adapt, and thrive in an ever-evolving retail and beauty landscape. As we navigate the road ahead, we remain committed to serving our customers with excellence, offering them products and experiences that enhance their lives and well-being.

In conclusion, the Budget’s overarching theme of inclusive growth and prosperity aligns seamlessly with our own ethos and values. We look forward to leveraging the opportunities presented by this Budget to drive positive change, foster growth, and contribute towards building a stronger, more resilient retail and beauty ecosystem.”

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