From industry leaders to politicians, interim budget 2024 elicits diverse reactions

Pic: PTI File

The interim budget 2024 has stirred a mix of opinions, with the ruling party praising its continuity with the government's vision, while the opposition expressed disappointment over what they perceive as a lack of concrete measures.

The business and industry sectors, on the other hand, appreciate the budget's focus on economic growth, research, and innovation.

Prime Minister Narendra Modi hailed the budget, expressing confidence in its ability to fortify the foundations of a developed India. In a video message, PM Modi stated that the budget guarantees the strengthening of pillars crucial for a developed nation: the youth, poor, women, and farmers. He described it as a forward-looking budget, confident in continuity, and a commitment to making India a developed nation by 2047.

Union Home Minister Amit Shah emphasized that the budget aligns with PM Modi's vision for a developed India by 2047. He highlighted the milestones achieved by the BJP government in the last decade, underscoring the roadmap outlined in the budget.

Union Defence Minister Rajnath Singh praised the budget for outlining a vision of a confident, strong, and self-reliant developed Bharat. Singh noted the budget's significant allocations for infrastructure, construction, manufacturing, housing, and technology development.

Congress leaders, however, expressed disappointment. Shashi Tharoor, Congress MP, characterized Sitharaman's budget 2024 speech as one of the shortest on record and criticized it for lack of concrete implementation plans. He mentioned a gap between rhetoric and actual delivery, pointing out a decline in foreign investment.

Manish Tewari, another Congress leader, expressed concern about the increasing fiscal deficit, calling the budget a mere grandstanding exercise. He raised alarms about the unfunded extent of the Union Budget, emphasizing the need for accountability and vision.

Samajwadi Party chief Akhilesh Yadav termed the budget as the BJP government's farewell budget. He accused the government of making a shameful record over the last decade and predicted a positive change soon.

Meanwhile, BJP President JP Nadda praised the housing scheme announced in budget 2024 as a revolutionary step, emphasizing the party's commitment to poverty alleviation and infrastructure development.

Shiv Sena (UBT) leader Priyanka Chaturvedi criticized the budget, stating that it showed a huge difference between the sayings and doings of the Central government. She expressed disappointment for the lack of focus on the poor, women, and youth.

Industry and expert reactions

Biotechnology industry veteran Kiran Mazumdar-Shaw commended Sitharaman for outlining a comprehensive roadmap for sustained economic growth. She highlighted the budget's focus on research, innovation, bio-manufacturing, and technology-driven digital transformation.

Madhavan Menon, the Executive Chairman of Thomas Cook (India) Limited, expressed his positive reaction to the interim Budget of 2024, highlighting its significant focus on tourism. He commended the multipronged approach, anticipating a beneficial ripple effect across aviation, tourism, and related sectors. The announcements pertaining to airport development, the addition of new air routes, and the expansion of air connectivity to Tier 2-3 cities were particularly welcomed. Menon also noted the emphasis on domestic tourism, with plans for long-term interest-free loans to states and the development of iconic tourism centers.

In the agricultural sector, industry leaders responded favorably to the interim Budget, viewing it as a promising roadmap for strengthening agriculture, agrochemicals, and the dairy industry. Godrej Agrovet's Managing Director, Balram Singh Yadav, acknowledged the government's commitment to supporting farmers through initiatives like the PM-KISAN SAMMAN Yojana and the promotion of innovations. Devendra Shah, Chairman of Parag Milk Foods, praised the comprehensive program for dairy farmers and efforts to control diseases, seeing it as a positive step for increased productivity.

Sandeep Sabharwal, CEO of Sohan Lal Commodity Management (SLCM) Group, welcomed the impetus given to post-harvest activities, emphasizing the positive move towards encouraging private-public partnerships in agricultural logistics. Deloitte India's Anand Ramanathan highlighted the budget's support for growth and productivity in agriculture, including interventions in crop insurance, nano fertilizers, and self-sufficiency in oilseed production. He noted the focus on protein-related initiatives like boosting dairy productivity and supporting seafood exports.

MK Dhanuka, Managing Director of Dhanuka Agritech, lauded the decision to encourage private and public investment in post-harvest activities, emphasizing its significance in aggregation, modern storage, and efficient supply chains. The commitment to technological advancement in the rural sector, such as the application of nano DAP on crops, was also acknowledged.

KC Ravi, Chief Sustainability Officer at Syngenta India, emphasized the importance of digital infrastructure and technology infusion for sustaining the momentum in the agricultural sector. Varun Khurana, Founder and CEO of Otipy, commended the encouragement for private and public investment in post-harvest activities, foreseeing a more resilient and sustainable agricultural ecosystem.

Rajesh Aggarwal, Managing Director of Insecticides India, praised the continuation of flagship schemes like PM Kisan Samman Yojana and PM Fasal Bima Yojana, highlighting the government's dedication to safeguarding farmers' livelihoods. Prasanna Rao, CEO of Arya.ag, appreciated the budget's commitment to boosting both private and public investment in post-harvest infrastructure, anticipating positive outcomes in terms of reduced losses and increased productivity. He also emphasized the pivotal steps taken towards sustainable agricultural advancement, such as the expansion of Nano DAP and the commitment to oilseed self-reliance.

State level reactions:

Various Chief Ministers also weighed in. Arunachal Pradesh Chief Minister Pema Khandu hailed the budget for its comprehensive approach to inclusive growth. Uttar Pradesh Chief Minister Yogi Adityanath described it as the "vision of Viksit Bharat" and a roadmap for making India the growth engine of the world.