Interim Budget 2024: Industry responses

Finance Minister Nirmala Sitharaman presented the interim Budget 2024, which largely focused on the achievements from the government measures in the past and some of the measures planned for the year ahead. Here are the responses from the industry on the interim budget measures.

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 prioritize 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.

SANJAY SHARMA, CHIEF FINANCIAL OFFICER, TATA PROJECTS
I am pleased to acknowledge the positive trajectory set by the fiscal year 2024-25 budget, which clearly reflects a strong commitment to infrastructure development and overall economic growth of India. The substantial increase in capital spending by 11%, reaching 3.4% of GDP, and a record outlay for infrastructure, including the construction of three major railway corridors, establish a solid foundation for unprecedented development in the foreseeable five years. This augmented financial allocation, combined with the elevated outlay of Rs 11.11 lakh crores specifically earmarked for infrastructure in FY25, signals a determined stride towards unparalleled infrastructural growth. Furthermore, this financial commitment paves the way for achieving our national goal of becoming a developed nation by 2047.

As we embark towards an ambitious development of India in the next five years, Tata Projects is positioned to play a significant role in contributing to the nation's economic prosperity and advancing its infrastructure. The positive budgetary trends align seamlessly with our commitment to excellence, and we eagerly anticipate actively participating in and driving the forthcoming era of growth and progress.

AMIT UPLENCHWAR, DIRECTOR, KALPATARU PROJECTS INTERNATIONAL
We applaud the government's emphasis on infrastructure development, particularly the PM Gati Shakti initiative involving three major railway corridor programs. This commitment, alongside the substantial increase in infrastructure spending to Rs 11.11 lakh crore for FY25, demonstrates the government's unwavering focus on building a more efficient and connected India. Additionally, advocating for inclusive growth, the emphasis incorporating aspects like geography, gender, and grades of strata will not only span development across the nation but also alleviate poverty and bolster the economy. Striking a balance between infrastructure and social spending is crucial for fostering a self-sustainable and inclusive micro and macroeconomic development. Furthermore, the focus on leveraging India's natural and human resources through enabling schemes aligns with our vision of making India Atmanirbhar. This holistic approach, coupled with the UDAN scheme's expansion for new airports, directly contributes to building smart, sustainable cities, fostering regional connectivity, and stimulating economic growth—an era truly heralding Amrit Kal.

SANDEEP GULATI, MD, EGIS INDIA
We are thrilled to see the government's commitment to bolstering the nation's infrastructure across various sectors. The vision outlined, encapsulating Sabka Vikas, Sabka Vishwas, Sabka Saath along with the aspiration for a Developed India by 2047, resonates deeply with our own dedication to contributing to the country's growth and prosperity.

The doubling of the number of airports to 149 in the last decade, alongside the expansion of existing airports and the comprehensive development of new ones under schemes like UDAN, indicates a strong commitment to enhancing connectivity and accessibility throughout the nation.

Furthermore, the proposed expansion of Metro Rail initiatives like Namo Bharat to additional cities reflects a forward-looking approach to urban transportation and sustainable development. The implementation of major railway corridor programs under PM Gati Shakti underscores the government's focus on improving logistics efficiency, which is vital for driving economic growth and competitiveness.

We particularly welcome the initiative to launch the Housing for Middle-Class scheme, which will empower more individuals to realize their dream of homeownership while stimulating growth in the construction sector.

The emphasis on enhancing port connectivity, developing tourism infrastructure, and improving amenities in islands like Lakshadweep demonstrates a holistic approach to inclusive development, ensuring that no region is left behind in India's progress trajectory.

SANJAY PALVE, SENIOR MANAGING DIRECTOR, ESSAR CAPITAL
We commend the government's focus on governance and development, accompanied by a commitment to reducing the fiscal deficit. Moreover, the substantial capex outlay and emphasis on infrastructure development signal opportunities for strategic partnerships and prudent financial planning. The announced budget reflects a mature commitment to holistic progress, setting the stage for a promising and transformative trajectory for the country.

KUSH, CEO, ESSAR POWER
The interim budget 2024-25 has laid a foundation to propel towards reliable, cleaner, greener, and sustainable energy. The government's commitment to providing free rooftop solar electricity to one crore households, signifies a strategic move towards resource-efficient economic growth. This initiative not only ensures energy security but also stimulates entrepreneurship and employment in the evolving renewable energy landscape.

CHANDRASHEKAR V, MD & CEO, GMMCO
The 11.11 lakh crore strong infrastructure push, supported by the three railway corridors, as well as the continued focus on housing for the middle class, underscores the government’s unrelenting attention towards bolstering domestic infrastructure. This push is expected to spawn its own ecosystem of ancillary players, equipment OEMs, and heavy machinery players. GMMCO is uniquely poised to leverage the emerging opportunities and play a significant role in contributing to India’s infrastructure push, in sync with PM Modi’s vision of Atmanirbhar Bharat.

ANIL YENDLURI, MANAGING DIRECTOR, VISHWA SAMUDRA GROUP
Vishwa Samudra Group commends the Interim Budget's focus on boosting capital expenditure by 11% to over Rs 11 lakh crore that will lead to asset creation in the economy. We are keen to collaborate with the government on building new ports and infrastructure corridors. With our substantial experience in infrastructure development, we are well-positioned to support this vital push to strengthen India's economic expansion.

VINAY KUMAR G, VICE PRESIDENT & SECTOR HEAD - CORPORATE RATINGS, ICRA
Capital allocation for the Ministry of Road Transport & Highways increased by 3% to Rs. 2.72 trillion in FY2025 BE from Rs. 2.65 trillion in FY2024 RE. Although the growth is modest at 3%, it indicates government’s focus on the road sector and enables the ministry to meet the completion targets for the Bharatmala and the NIP (National Infrastructure Pipeline). In line with the last year budget announcement, the government continued with nil borrowing program for NHAI while keeping the allocation flat at Rs 1.68 trillion in FY2025 BE.

OLIVIER LOISON, MANAGING DIRECTOR, ALSTOM INDIA
The Union Budget promises to drive development and innovation, taking India’s infrastructure to the next level and by bringing together its transportation ecosystem for rail, road, aerospace and more to benefit individuals and businesses alike. The continued focus on infrastructure with an increased outlay of Rs 11.11 lakh crores in FY25 will play a key role in boosting India’s economic growth.

As the frontrunners in sustainable mobility and drivers of India’s rail revolution, the announcement of metro and Namo Bharat expansion, three major railway corridor program and transformation in existing rail ecosystem will create opportunities for us to introduce world class rolling stock, rail equipment & infrastructure, signalling and services in India. It will not only strengthen the overall efficiency of transportation network but also improve the reliability and safety of passenger trains.

Alstom is committed to support India’s transition to more innovative, sustainable, and accessible mobility systems. We look forward to the opportunities that will emerge from this progressive interim budget.

VIVEK LOHIA, MANAGING DIRECTOR, JUPITER WAGONS
This year’s Union unveiled a transformative vision for the rail sector, emphasizing strategic initiatives such as the Port Connectivity Corridor, Energy, Mineral, and Cement Corridor, and the High Traffic Density Corridor. These corridors signify a pivotal step towards enhancing connectivity, driving economic growth, and ensuring passenger safety. With a focus on outcomes over outlays, the government underscores its commitment to timely delivery and cost-effective logistics solutions. The announcement reflects a bold stride towards holistic transformation and underscores the government's dedication to modernizing India's railway infrastructure.

The announcement in the Union Budget 2024 regarding the upgrade of 40,000 regular rail bogies to Vande Bharat standards marks a significant milestone in India's railway modernization journey. This initiative reflects a dedicated effort to elevate passenger safety, comfort, and operational efficiency to global standards. As the nation progresses towards modernizing its railway infrastructure, this move underscores a commitment to excellence and sets a benchmark for future development. It is a testament to the ongoing efforts to enhance the quality and reliability of our railway services, ultimately benefiting millions of passengers across the country.

RAJIV AGARWAL, MD & CEO, ESSAR PORTS
The Interim Budget 2024-25 is clearly prepared with a vision towards making our country Viksit Bharat by 2047. With a substantial increase in infrastructure outlay the budget has rightly given a thrust to multi-modal connectivity by implementing three major economic railway corridors under the PM Gati Shakti programme. These initiatives will go a long way in improving logistics efficiency and reducing cost. This will surely elevate India's logistics and infrastructure landscape.

VIKRAMJIET ROY, MANAGING DIRECTOR, MACCAFERRI INDIA
We welcome the government’s focus on infrastructure creation which is expected to be an economic force multiplier and also lead to a positive cascading effect on ancillary industries and lend to job creations. The multifarious initiatives to boost agricultural productivity is also a part of the piece. This infrastructure push, which entails development of triple railways corridors as well as well as the construction of airports is expected to catalyse investments and spur demand in sectors such as steel, cement, iron ore and transportation. Maccaferri is uniquely poised to partner with the government in this transformative journey which is ultimately expected to propel India into the growth orbit of the top three economies of the world.

SATISH KUMAR AGARWAL, CHAIRMAN & MANAGING DIRECTOR, KAMDHENU
The budget addressed one of the most important needs of the middleclass that is housing. The government’s commitment to build 20 million houses for poor in the next five years and the announcement of a scheme to help deserving sections of the middle class to buy or build their own houses will all contribute to high demand for construction inputs. The solar rooftop project for one crore houses, while providing financial savings will also ensure easier access to energy for a better quality of life along with demand of structural steel products to build structure for solar rooftop.

ARUN SHUKLA, PRESIDENT AND DIRECTOR, JK LAKSHMI CEMENT
JK Lakshmi Cement applauds the Hon’ble Finance Minister, 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, resonates with our forward-looking mission. The significant increase in infrastructure outlay to Rs 11.11 lakh crores and the emphasis on green growth shows the Government's pursuit to propel our nation towards economic excellence.

We also applaud the Government's efforts to deepen GST reforms, creating a more unified and efficient tax regime. This, coupled with initiatives like the bio-manufacturing scheme, and multi-modal connectivity projects, creates a favourable environment for sustained economic growth and job creation. 

MANISH MEHAN, CEO & MD, TK ELEVATOR INDIA
Government's announcement to build two crore new rural homes under PM Awas Yojana Grameen Scheme, setting up of an Urban Infrastructure Development Fund (UIDF) under the National Housing Bank for the creation of urban infrastructure, signals a robust push for real estate growth, extending its impact beyond metros and creating exciting opportunities in tier-II and tier- III cities. The transportation infrastructure development near metro stations will further foster urban mobility and unlock investment potential.

SEBI JOSEPH, PRESIDENT, OTIS INDIA
We at Otis India, would like to applaud Hon’ble Finance Minister, Nirmala Sitharaman for presenting a progressive budget accelerating the momentum in infrastructure sector and for the contribution to affordable housing. The thrust on building digital public infrastructure along with the three major economic railway corridor programmes will enable multi-modal connectivity and help grow demand for new elevators. Otis India welcomes this transformative budget recognising its potential to foster holistic urban development.

NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS’ ASSOCIATION (CMA), AND MANAGING DIRECTOR, SHREE CEMENT
We commend the Hon’ble Finance Minister Nirmala Sitharaman for the Interim Budget 2024-25 that focusses on social and economic inclusivity towards balancing the aspirations of the people with the requirements for India’s sustainable growth.

This Budget retains its intent to continue the rapid growth momentum keeping a sharp focus on medium and long-term vision. The strong thrust on research and innovation with infrastructure development is a move in the right direction. The sustained emphasis on good governance will also help in further ease of doing business and strengthen the foundations for an Atmanirbhar Bharat.

The Cement Manufacturers’ Association welcomes the announcement for Cement corridors under the Railways that would help improve logistics efficiencies and boost multimodal connectivity. We reiterate our commitment to being partners in progress in the Nation’s evolving growth story.

AKSHAT SETH, MD & CEO, HIL
The two strong takeaways for us in this budget are the continued push on housing and the focus on triple rail corridors, both of which underscore the government’s economic priority of leveraging infrastructure creation as a growth multiplier. As a market leading player in home and building materials, we believe this play to our strengths and we are well poised to leverage the opportunity. Our Pipes & Construction Chemicals business and our technology leading AAC blocks, panels and boards could provide great support to the government’s continued push towards housing for all including India’s burgeoning middle class. This focus on infrastructure creation will augment India’s domestic manufacturing capacity and ensure continued high orbit economic growth for the foreseeable future.

PANKAJ PODDAR, GROUP CEO, COSMO FIRST
Being an election year, the government has adopted a policy of minimal changes. Instead of freebies, the government has looked at real upliftment & growth through the building of rural houses, Rooftop solarisation meeting sustainability goals & providing free electricity, increasing seats for medical students, vaccination, modern storage for agricultural products, increasing dairy productivity, aqua parks etc. The government continues to work towards fiscal consolidation, which should help build credibility globally. Interest-free or near-interest-free long-term loans for Research is a welcome step and so is enhanced investment in infrastructure and city development. Some of this investment must be allocated towards cleaner cities with better waste management.

HEMANT KHURANA, MANAGING DIRECTOR - MORTARS AND HOMES BUSINESS, SAINT-GOBAIN INDIA
The Interim Budget 2024-25 is a growth-oriented budget with a focus on green growth, motivating businesses to accelerate their shift towards net-zero goals and sustainability. The significant reduction in corporate tax rates and emphasis on affordable housing present opportunities for our business. The budget also addresses crucial aspects such as the target set for PM Awas Yojana (Grameen) of three crore houses and adding two crores more houses in the next five years, meeting housing requirements for families, and infrastructure investment, among other key programs. This provides Saint-Gobain MyHome business with opportunities to expand its network, offer innovative building solutions, and make homes more accessible and sustainable. The increased threshold for presumptive taxation will simplify compliance for our dealers and retail partners. Overall, the budget serves as an opportunity for us to help empower millions of Indians to build their dream homes.

SHISHIR JOSHIPURA, CEO & MD, PRAJ INDUSTRIES
The Interim Union Budget 2024 will create a conducive environment for business growth, innovation, and socio-economic development. The announcement of financial assistance for biomass collection and equipment as a part of the Budget is an excellent step that will help build a resilient feedstock supply chain. This will ensure the availability, accessibility, and affordability of bio-based feedstocks, inspiring investors' confidence in setting up Bio-refineries. Continued focus of leveraging captive resource i.e Bioenergy in the energy mix is aligned with vision of Energy Independence by 2047.  These green growth initiatives will facilitate energy security while achieving the climate action objectives of the nation.

SATYAKAM ARYA, MANAGING DIRECTOR & CEO, DAIMLER INDIA COMMERCIAL VEHICLES
The framework of the interim Union Budget proposed by the Honourable Finance Minister, Government of India, is quite optimistic. The most prominent takeaway for me was the capital expenditure outlay of Rs 11.1 trillion towards infrastructure development. I would consider this generous allocation to be indicative of a boom for the commercial vehicles industry in the near term. The Indian CV industry is already on an upward trajectory and this CAPEX outlay has the potential to take CV industry volumes higher in the coming 3-5 years than the previous benchmark.

While the interim budget sets the tone, I am keenly looking forward to the post-election budget that should encompass a strategy that refines the Indian economy in the next five years, thereby encouraging new investments, boosting employment and providing new business opportunities to various industries. What is also important is a definitive direction on the implementation of the Scrappage Policy, a long term fuel policy for Indian passenger and commercial vehicle industries, charging infrastructure that will pace up the surge of EVs in the country, FAME-III and manufacturing-boosting incentives (PLI), favourable taxation on green vehicles and steps for ease of doing business, to mention a few – these will have a far-reaching effect on the health of the manufacturing industry as we tread on a path that will lead us to realizing the dream of Viksit Bharat in 2047.

ANIRUDH BHUWALKA, CEO, BLUE ENERGY MOTORS
The union budget presented by the honourable Finance Minister has further strengthened the government’s commitment towards long-term social and infrastructure development. It places a significant emphasis on Green Energy, a vital move that aligns with India's 'net-zero' environmental goals, while also boosting sustainable and development.

The government's comprehensive strategy towards the Electric Vehicle (EV) ecosystem is especially noteworthy. This holistic approach is set to benefit a wide range of stakeholders, including OEMs, service providers, e-payment companies, and, crucially, the end-users. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem.

Overall, the Union Budget demonstrates a well-rounded vision that promises to propel India towards a more sustainable and economically robust future.

MAHESH VISWANATHAN, CFO, FINOLEX CABLES
The Union Budget 2024 strategically addresses key aspects with its focus on rooftop solarization through the ‘Muft Bijli’ initiative. This move not only aligns with the global trend towards sustainable energy but also marks a significant stride in empowering one crore households with up to 300 units of complimentary electricity monthly. As a prominent player in the electrical cables industry, Finolex Cables is enthusiastic about contributing to this transformative initiative by delivering top-notch products that bolster and elevate solar infrastructure. The government's commitment to fostering inclusive and sustainable development, encapsulated in the 'Reform, Perform, and Transform' mantra, deeply resonates with our business principles. We eagerly anticipate engaging with the government and collaborating with stakeholders to build consensus, steering the nation toward the implementation of next-generation reforms that foster robust growth.

The focus on MSMEs aligns seamlessly with Finolex Cables' pivotal role in supporting infrastructure development. Furthermore, the budget's acknowledgment of the housing sector, exemplified by initiatives such as the Pradhan Mantri Awas Yojana and the Housing for Middle-Class scheme, sets the stage for Finolex Cables to make substantial contributions to the nation's infrastructure landscape.

ANUJ PURI, CHAIRMAN, ANAROCK GROUP  
As anticipated, the Interim Budget 2024 made no big-bang announcements, but continued its focus on infrastructure upgrades and building connectivity across the country. This will benefit real estate growth in not just the top cities but in Tier 2 & 3 cities across the country. 

The FM made some announcements that will go on to benefit the sector both directly and indirectly. Continuing the PM Awas Yojana (Gramin) aims for 2-crore more houses to be taken up in the next five years. Housing for the middle class will help deserving sections of the middle class, living in rented houses or slums, or chawls and unauthorized colonies, to buy or build their own houses. This is likely to free encroachment areas like slums for easier redevelopment.

Capex outlay allocation to be increased by 11.1% to Rs 11,11,111 lakh crore, accounting for 3.4% of GDP will unlock the potential for real estate development across assets because major part of this allocation will be used for various infra upgrades and new projects. Transit-oriented development in urban areas may give a boost to housing demand in cities and lead to rise in residential prices. Development of iconic tourist centres is likely to favourably impact the hospitality sector with hotels and restaurants across categories. Moreover, long-term loans proposed to states for tourism. Extending tax benefit to start-ups for another year may help the office real estate to rejuvenate.

ANSHUMAN MAGAZINE, CHAIRMAN & CEO, INDIA, SOUTHEAST ASIA, MIDDLE EAST & AFRICA, CBRE
This budget is focused on infrastructure development and scores well on initiatives for women, youth, farmers, and weaker sections of the society.

The proposal to add 2 crore additional houses under the PM Awas Yojana (Gramin) over the next 5 years is likely to enable growth in the rural areas. Further, the announcement on housing for middle class for deserving sections would propel the development of real estate and construction activities along with allied sectors.

Emphasis on developing tourism in the country is an excellent initiative. With this, numerous tier 2 and tier 3 cities will witness economic development which will further help the overall economy. The proposal to address the emerging fervour for domestic tourism with announcements of projects for port connectivity, tourism infrastructure, and amenities will also help in generating employment. Additional emphasis on continued development of airports, will drive more opportunities for the sector.
The interim budget will continue to support the progressive outlook of the government.

ANSHUL JAIN, MANAGING DIRECTOR, INDIA & SOUTHEAST ASIA AND HEAD OF APAC TENANT REPRESENTATION, CUSHMAN & WAKEFIELD
The Government, through the interim budget, has increased allocation to infrastructure especially in Tier 2 and 3 cities. Infrastructure will be the key focus for inter-connectivity across larger and smaller towns. This is likely to have a positive impact on housing and commercial development in these areas. In fact, the Government’s massive spend on infrastructure is one the main drivers of recent economic growth we saw in India, and that benefit will continue to accrue in the near future.

The emphasis on social housing for EWS and LIG segments will further strengthen homebuying sentiments and will help in boosting both supply and demand for affordable houses.

The hospitality and retail sectors in tourist destinations also stand to gain significantly from Government’s renewed focus on promoting tourism through various circuit activations and potential state-level incentives.

SHRINIVAS RAO, FRICS, CEO, VESTIAN
In line with India’s goal to be a developed nation by 2047, the Interim Budget 2024-25 aimed at holistic development with a focus on core areas of the economy. The budget aimed to increase revenue and decrease borrowings by keeping the fiscal deficit at 5.1% for 2024-25, adhering to the long-term target of 4.5% by 2025-26. The revised estimates of fiscal deficit also improved to 5.8% of GDP in 2023-24 compared to the last budget estimates. The budget focused on the development of agriculture & food processing, skill development, women empowerment, sustainable development, healthcare, infrastructure development, tourism, and housing sectors.

Infrastructure outlay increased by 11.1% to Rs 11.11 lakh crore which would be 3.4% of the GDP. This will indirectly infuse growth in the real estate sector. Furthermore, a boost in sustainable development is expected to catalyze the momentum of green development across the country, including the real estate sector. The construction sector and hospitality industry were also in focus with several announcements in the budget.

SANDEEP RUNWAL, PRESIDENT, NAREDCO MAHARASHTRA
The Interim Budget for 2024-25 presented by Union Finance Minister Nirmala Sitharaman reflects a comprehensive vision aimed at fostering inclusive growth and sustainable development in India. The focus on transforming India into 'Viksit Bharat' by 2047 underscores the government's long-term commitment to national development. This vision, encapsulated in the slogan ‘sabka saath, sabka vikas’ (together with all, development for all), emphasizes the inclusive nature of the government's approach.

The commitment to the PM Awas Yojana Grameen, with the target of constructing 2 crore additional houses, continues the government's focus on rural development. The announcement of a new housing scheme for the middle class is particularly noteworthy. This initiative seems to be aimed at addressing the housing needs of those living in substandard conditions like slums and chawls or those burdened by rent.

Overall, the budget appears to be strategically crafted with an eye on both immediate and long-term goals. The success of these initiatives, of course, will depend on effective implementation and the government's ability to meet these ambitious targets.

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.

DHAVAL AJMERA, DIRECTOR, AJMERA REALTY & INFRA INDIA
The budget showcases a strong projection of India’s journey from developing to a developed nation, with multiple announcements focused on the socio-economic upliftment of the masses under the PMAY scheme through a strong development of real estate and infrastructure. The announcement of a housing scheme dedicated to middle-class citizens will empower the masses to shift to buying from renting, thus elevate the overall standard of living across the country. The Metro Rail and Namo Bharat expansion will influence the rapid spread of urbanization, thus leading to creation of micro-markets in and around metro cities.

In the pursuit of economic resilience, the Interim Budget also charts an ambitious course, unveiling a capital expenditure of Rs 11.1 lakh crore for FY25. With a prudent 11.1% rise in infrastructure spending, the budget echoes a commitment to aligning growth estimates. In addressing the pressing issue of deteriorating infrastructure, India's imperative lies not in reduction but in a substantial increase in investment—a pivotal step towards a robust and sustainable future.

ASHWIN SHETH, CMD, ASHWIN SHETH GROUP
We acknowledge the strategic direction outlined in the 2024 interim budget, particularly its focus on reinforcing the affordable housing sector through the increased allocation for the Pradhan Mantri Awas Yojana (PMAY). This puts a spotlight on the government's unwavering commitment to encouraging inclusive real estate development, acknowledging the key role of affordability in comprehensively addressing housing needs.  The allocation of 70% of PMAY houses to women in rural areas is of special significance and will go a long way towards providing secure living spaces and advancing women empowerment. The progress in the implementation of PM Awas Yojana (Grameen), approaching the target of three crore houses, with a commitment to taking up construction of two crore additional houses over the next five years, reflects the government’s dedication to meet the growing demand for housing in rural areas.

Moreover, the increased outlay for infrastructure to Rs 11.11 lakh crores in FY25, is a welcome move, giving further support for overall growth and development in the sector. Building on these developments, we look forward to continuing to help develop a robust and inclusive real estate landscape in India.

PIYUSH BOTHRA, CO-FOUNDER AND CFO, SQUARE YARDS
The government's announcement regarding the construction of an additional 20 million homes under the Pradhan Mantri Awas Yojana (PMAY) Rural underscores its commitment to promoting inclusivity and ensuring ample living accommodations for all. This initiative is poised to significantly elevate housing standards in rural areas, catalysing growth in the housing sector within these regions. Furthermore, the pledge to introduce a housing scheme specifically catering to deserving sections of the middle class, currently residing in rented houses, slums, chawls, or unauthorized colonies, represents a significant stride towards providing a sense of security and pride. Enabling these individuals to purchase or build their own homes not only fulfills their dreams but also contributes to fostering a stronger and more resilient community.

PRADEEP AGGARWAL, FOUNDER & CHAIRMAN, SIGNATURE GLOBAL (INDIA) 
Finance Minister underscored the government's recognition of the significance of homeownership. The FM stated a housing scheme would announce soon targeting the middle class, extending to those residing in rented houses with the aim of facilitating the construction or purchase of their own homes. This initiative is expected to revitalize the Mid housing & Affordable housing sector.

Moreover, with the economic scenario improving and the average real income of individuals witnessing a 50% increase, optimistic expectations abound for the real estate sector to thrive across all segments.

An additional favourable development is the government's unwavering focus on infrastructure development, reflected in the 11.1% increase in the outlay for infrastructure. The government's ambitious goal of transforming India into a 'Viksit Bharat' by 2047 is poised to create a conducive environment for the expansion of the overall economy and the real estate sector as well.

BADAL YAGNIK, CHIEF EXECUTIVE OFFICER, COLLIERS INDIA
The Interim budget was laid on the premises of infrastructure, housing, green energy initiatives and innovation, setting up the foundation for a 6-7% sustained GDP growth in the next few years. The unwavering commitment to infrastructure development stands as a cornerstone for fostering economic growth, extending tangible impact on the real estate sector in the longer run. The strong 11.1% YoY increase in infrastructure outlay to over Rs 11 lakh crore signals a steady and significant wave of upcoming developments and opening of vast opportunities for all stakeholders including real estate. The continued emphasis on green growth, particularly through the promotion of electric public transport and charging infrastructure development, further positions India on the path of sustainable and environmentally conscious real estate development. At the same time, the government's persistent emphasis on affordable housing unveils a myriad of opportunities for residential developers, as they position themselves to make substantial contributions, aligning with the broader vision of inclusive and accessible living. Amid positive market synergies in the form of stable interest rates, attractive incentives and increased affordability, domestic investors too are likely to resonate upbeat confidence towards all real estate segments.

MAZHAR SYED, DIRECTOR, ASMITA INDIA REALTY
The swift advancement of infrastructure, spanning physical, digital, and social aspects, indicates an era of unparalleled progress. Every part of the country is actively contributing to economic growth. In the 21st century, Digital Public Infrastructure becomes a crucial element in production, significantly contributing to the organization of the economy. Our vision for 'Viksit Bharat' is that of a Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential. As we construct, connect, and introduce new ideas, our collaborative endeavours are moulding a future where comprehensive growth flourishes on a sturdy and interconnected infrastructure.

HARSHVARDHAN TIBREWALA, DIRECTOR, ROHA REALTY 
The Budget 2024 signals a bold stride towards 'Viksit Bharat' with an 11.1% increase in infrastructure expenditure, reaching Rs 11,11,111 crore, or 3.4% of the GDP. This boost underscores the government's commitment to economic growth and widespread employment.

The vision for 'Viksit Bharat' envisions a prosperous nation with modern infrastructure and opportunities for all. This aligns with the real estate sector's growth, promising increased property values as infrastructure improves. Real estate investors can anticipate a positive impact on property markets, making strategic investments more appealing in the coming year.

SACHIN PATEL, CHIEF MANAGING DIRECTOR, SWAMINARAYAN CITY
The government's commitment to infrastructure through 'Viksit Bharat' in the budget 2024 shines a beam of hope on the growth of the real estate sector. The government has allocated Rs 11,11,111 crore which is an 11.1% increase from the previous year proclaims their commitment to increase economic growth and boost employment creation. This substantial investment, constituting 3.4% of the GDP, promises a multiplier effect that will undoubtedly stimulate the real estate market.

Emphasizing the transformative impact of the Atal Setu (Mumbai Trans Harbour Link) Bridge on industry growth, there is a pressing need for the government to prioritize more such infrastructure developments to unleash substantial economic potential.

RAHUL GARG, FOUNDER AND CEO, MOGLIX
The establishment of new infrastructure corridors for ports, energy, minerals and cement will boost manufacturing and supply chains. Doubling the number of airports to 149 will energize the aviation sector.

As a manufacturing-focused company, we welcome the government's aim to enhance the EV ecosystem through manufacturing and charging infrastructure support. The proposed bio-manufacturing scheme for green growth aligns with our sustainability mission.

It is heartening that policy priority will be given to provide training for MSMEs like ours to build global competitiveness. Preparing the financial sector to meet MSME investment needs is key.

The upcoming years will see unparalleled development as we strive for a developed India by 2047. There are abundant opportunities ahead and we are poised to fulfill the aspirations of our youth.

The increased infrastructure outlay to Rs 11.11 lakh crores in FY25 will provide a significant boost to the manufacturing and logistics sectors.

DR. SUDHIR MEHTA, FOUNDER & CHAIRMAN, PINNACLE INDUSTRIES & EKA MOBILITY
The Union Government has yet again reinstated its commitment to sustainably growing and strengthening the economy. Capital allocation of Rs 11.11 lakh crore towards infrastructure development will play a pivotal role in fostering economic growth and prosperity. The government's initiatives and focus on uplifting women entrepreneurship will significantly enhance the start-up ecosystem, propelling the Indian economy to new heights.

The emphasis on improving manufacturing and charging infrastructure aligns perfectly with our aim for a more environmentally responsible tomorrow. The emphasis on EV charging infrastructure not only accelerates the transition to greener energy, but also encourages entrepreneurial possibilities for vendors, creating jobs for young people skilled in manufacture, installation, and maintenance.

The introduction of the rooftop solarisation scheme, the conversion of 40,000 rail coaches to Vande Bharat standards, and the ambitious goal of establishing 100 million tonnes of coal gasification and liquefaction capacity by 2030 demonstrate a comprehensive approach to sustainable development. 

LINCOLN BENNET RODRIGUES, CHAIRMAN AND FOUNDER, THE BENNET & BERNARD COMPANY
The interim budget has no changes to taxation and tax rates for direct and indirect tax rates remain unchanged. Though the homebuyers would be happier if some relief were given, I am sure they would appreciate non-increasing tax slabs for now. Moreover, I am certain that when the newly elected government presents the budget in July, taxpayers can expect some tax reductions on home loans and a tax deduction on property purchases. Needless to say, we were not expecting a lot of big announcements as it was an interim budget, and we can safely assume that the next budget announcement will be more comprehensive than the last few years and will cover more grounds for the overall benefit of taxpayers. However, the current government’s focus on encouraging people from across social strata to become homeowners is much appreciated and deserves special commendation.

AMIT GOYAL, MANAGING DIRECTOR, INDIA SOTHEBY'S INTERNATIONAL REALTY
The Finance Minister's Budget 2024 speech was both positive and encouraging, shedding light on the reasons behind economic growth, including the robust demand in the real estate sector, particularly in the high-end and luxury segments. The government's focus on affordable housing, with the announcement of a special scheme for those living on rent, is anticipated to contribute to the overall growth of the real estate sector.

The proposed scheme will contribute to more housing developments in the country, boosting the real estate landscape to newer heights. Moreover, with new financing and entrepreneur-friendly policies, India will witness more people becoming high-net-worth individuals, hence more likely to invest in real estate. 

RAJESH SHAH, CHAIRMAN & MD, EUROBOND
The team at Euro Panel Products is enthralled by the new interim budget of 2024-25, specifically in the infrastructure and railways sector. The government’s decision to transform 40,000 railway coaches to suit the specifications of the Vande Bharat Express shows the commitment of the government to take the railways to the next era, something we support wholeheartedly. Added to that, the project to expand the major railways infrastructures including the Metros and Namo Bharat to upcoming metropolitans closely aligns with our mission for comprehensive development in those areas. The capex target of Rs 11.1 lakh crore for FY25, along with a 11.1% increase shows volumes to the Prime Minister’s dedication towards establishing state-of-the-art infrastructures throughout the country and Eurobond remains steadfast in its commitment to championing the nation's ambitious infrastructure development goals, supporting the burgeoning momentum with unwavering dedication to innovation and cutting-edge technology.

SUDHIR PAI, CEO, MAGICBRICKS
Given its interim nature, the budget offered only a few announcements that impact real estate. Its commitment on advancing the "housing for all" vision stands out with provisions under the PM Awas Yojana and a focus to enhance economic, digital and social infrastructure. These strategic initiatives are poised to generate additional employment opportunities and foster a positive ripple effect on the real estate sector.

From a supply perspective, tax breaks such as a reduction in custom duties or GST, would have been beneficial in accelerating new supply. In the current landscape where demand has surged to a decadal high along with a substantial increase in residential prices, such measures could have played a role in creating a balance and crafting a sustainable long-term growth story.

Overall, the interim budget centers around infrastructure development across various sectors, aiming to enhance the livability index and assist in promoting homeownership.

SRISHTI DHIR, FOUNDER AT HUB AND OAK
The Interim Budget 2024 lays down the foundation to strengthen the economy and infrastructure of India. We believe this year’s budget had something for everyone, especially for the poor and weaker section of the society. With an aim to promote affordable housing in the country, Finance Minister Nirmala Sitharaman emphasized on 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% of PMAY houses to women in rural areas also reflects a positive transformation.

The roof-top-solar installations on one 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 per cent to Rs 11.11 lakh crore, it will support the growth and development of the country. 

GEETA ARYA, FOUNDER AND PRINCIPAL ARCHITECT, GEETA AND VAIBHAV ARCHITECTS
We applaud Finance Minister Nirmala Sitharaman for proposing a budget that aims to showcase a vision for ‘Viksit Bharat’ or developed India. The track record of governance, development, and performance by the government is a notable element in every scheme and initiative mentioned in the budget. The concentration on how to empower the youth in the National Education Policy and Skill India Mission combined with a focus on inclusive development is praiseworthy.

It is a great measure by the Finance Minister that proposes the construction of housing scheme for the middle class to help deserving sections of this class who live in rented houses or slums to buy or build their homes and it should be applauded as an important step towards resolving the issues from housing. As professional architects, we understand the trend of such schemes towards the nation’s overall progress and people’s welfare.

PRITAM CHIVUKULA, CO-FOUNDER & DIRECTOR, TRIDHAATU REALTY AND VICE PRESIDENT, CREDAI-MCHI
The Interim Budget 2024, delivered by Finance Minister Nirmala Sitharaman, exemplifies a conservative and assured fiscal plan. The authorisation of an 11.1% rise in capital spending to Rs 11.11 lakh crore, equivalent to 3.4% of GDP for the fiscal year 2024-25, is a welcome step that matches with market expectations, promoting an atmosphere conducive to economic growth.

The ambitious objective of building two crore residences in rural regions over the next five years under the PM Awaas Yojana - Gramin is a notable endeavour. Furthermore, the near completion of the 3-crore home objective under the PM Awaas Yojana - Gramin and the start of a rooftop solar project to give free power to 1 crore families are excellent initiatives. Likewise, allocating 70 percent of these houses for women, emphasizes the government’s commitment to gender-inclusive development.

The Interim Budget 2024 represents a forward-thinking approach, tackling critical areas while driving the country towards a brighter, more sustainable future. 

SAMYAK JAIN, DIRECTOR, SIDDHA GROUP
Firstly, the Finance Minister's emphasis on India as a "youthful nation with lofty aspirations" is a nod to the country's demographic advantage. This perspective is crucial as it underscores the government's commitment to harnessing the potential of its young population, which is pivotal for long-term economic growth and innovation.

The budget's continued focus on infrastructural upgrades is a strategic move. By investing in infrastructure, the government is not only enhancing the country's physical capabilities but also indirectly boosting the real estate sector.

The announcement of a new scheme to aid the middle class in acquiring or building their own homes is a commendable initiative. Targeting those living in slums, chawls, or rented houses, this scheme could be a crucial step towards inclusive development and addressing the urban housing shortage. Tax incentives for home buyers in this budget could have been a significant catalyst in further promoting home ownership and boosting the real estate sector.

Overall, the Interim Budget for 2024-25 appears to balance continuity in policy with new initiatives aimed at inclusive growth and development.

HIMANSHU JAIN, VP - SALES, MARKETING & CRM, SATELLITE DEVELOPERS
Given this is an Interim budget we believe today’s Union Budget presented by Finance Minister Nirmala Sitharaman is not a populist but a visionary one. It continues with the government’s commitment to an inclusive growth and sustainable development policy.

The government’s announcement to set up a 1 lakh crore corpus for tech savvy youth from the private sector with low or nil interest free loans is a welcome move. This will create a huge demand for commercial properties and give a major boost to the start-up business as well.

The government continues with its focus on rural upliftment with the decision to construct 2 crore houses for the rural poor, over the next 5 years under the Pradhan Mantri Awas Yojana Gramin. The government has given due recognition to the burgeoning middle class of our society by introducing a housing scheme for them, which will offer those residing in chawls or slums an opportunity to shift into more respectable housing enclaves.

However, there has been no mention on raising the tax rebate threshold which would offer additional tax benefits to first time home buyers in the affordable housing segment. Given the high cost of living in urban cities, this would have come as a big relief to them.

SUSHIL PASRICHA, PARTNER, BAIN & COMPANY
Aligned with the government's persistent focus on capital expenditure, Budget 2024 has effectively bolstered ongoing investments to advance national logistics and public infrastructure. The unveiling of three significant economic railway corridors is poised to reduce the cost of raw materials, bolster port connectivity, and shorten transit times. This strategic move is expected to significantly drive down overall logistics costs, fostering a conducive environment for export growth, particularly in vital sectors such as automotive, pharmaceuticals, and semiconductors.

MRINAAL MITTAL, DIRECTOR, UNITY GROUP
We welcome the anticipated measures outlined in Budget 2024, particularly the proposed implementation of Single Window Clearance, granting Industry Status, and the potential increase in housing loan exemptions to ₹5 lakh. These steps, if realized, will undoubtedly boost the real estate sector and provide much-needed impetus to homebuyers. It's encouraging to see the focus on infrastructure, a key driver of economic growth. The positive impact on the Gurugram real estate market underscores the potential benefits of such initiatives. We look forward to the detailed budgetary provisions and their execution to drive sustained growth and development.

HENNA MISRI, CEO, SPACE CREATTORS HEIGHTS
The budget signals stability by refraining from tinkering with existing policies. The commitment to sustaining India's growth through increased infrastructure expenditure, despite it being an interim budget, is a positive indication. Moreover, the emphasis on containing the fiscal deficit at 5.1%, showcasing fiscal responsibility, ensures a balanced approach. The pledge for inclusiveness, particularly for women and the downtrodden, reflects a commitment to leaving no one behind. Overall, the government has adeptly navigated a challenging landscape, promising to maintain the positive trajectory of the last five years, even amid adversities like COVID, supply chain disruptions, and geopolitical tensions.

B K MALAGI, COO, EXPERION DEVELOPERS
In a transformative stride, the Finance Minister's Interim Budget cuts across a new dawn for India's middle class and the real estate sector. The promise to construct 2 crore additional homes empowers millions to realize their dream of owning a home and catalyzes a ripple effect of economic revival. With an 11.1% increase in infrastructure outlay, amounting to a monumental Rs 11,11,111 crore, we witness an unprecedented commitment to holistic development. The vision of 'One Nation, One Market, One Tax' encapsulates this era of reform, reflecting a nation on the precipice of historic transformation, fuelled by strengthening the financial sector and proactive inflation management. Indeed, these measures collectively script a narrative of hope, progress, and prosperity for every Indian.

JASH PANCHAMIA, PARTNER, SURAKSHA GROUP
We applaud the Government’s focus on the development of affordable housing in the interim Union Budget 2024. The revolutionary scheme empowers the middle class, which resides in rented houses, slums, and unauthorized colonies, to buy or build their own homes. In addition to building affordable housing, it is also commendable that our Hon’ble Finance Minister focused on providing free electricity to one crore families. 

The development of real state will also further boost employment especially for the youth of the country. This will significantly create an upward trajectory for the country’s economy. A compact budget reflects the commitment to inclusive growth, sustainable living, and fostering opportunities for the next generation.

RK NARAYAN, PRESIDENT STRATEGY & BUSINESS DEVELOPMENT, HORIZON INDUSTRIAL PARKS
Implementation of major railway corridor programmes under PM Gati Shakti. coupled with a continued focus on physical infrastructure investment means opening up of newer frontiers for setting up logistics and industrial parks. At present, Horizon Industrial Parks is operational in 8 markets with 17 Grade A assets and we see this move positively impacting us.

Rooftop solarisation program and facilitating entrepreneurship opportunities for creating EV charging infrastructure is a major boost towards achieving India’s net-zero targets by gradually reducing dependence on fossil fuel-based energy sources. At Horizon, we have installed roof top solar in our parks and aim to reach at least 20 MW installed capacity by end of 2024.

KAMI VISWANATHAN, PRESIDENT – MEISA, FEDEX EXPRESS
The 2024 interim budget's increased capital expenditure for infrastructure development is a strategic and commendable move. It promises to accelerate economic growth and positively impact the logistics sector. The emphasis on expanding air connectivity, along with the development of existing airports and the establishment of new ones, is a pivotal step that aligns with our advocacy for efficient multimodal logistics.

The government's commitment to the PM Gati Shakti National Master Plan, is encouraging. These initiatives aim to enhance logistics efficiency and reduce costs, aligning with our objectives of service excellence and innovation in logistics. Additionally, the 'Amrit Kaal' initiative, which focuses on empowering MSMEs and boosting their global competitiveness, is set to benefit the broader logistics sector.

FedEx welcomes the forward-looking approach of the 2024 interim budget, reflective of the 'Viksit Bharat' vision. We remain committed to actively contributing to India's growth journey, aligning our efforts with the government's vision for a smarter and more sustainable logistics infrastructure in India.

ANIL G VERMA, EXECUTIVE DIRECTOR AND CEO, GODREJ & BOYCE
The Interim Budget 2024 is extremely well thought of and clearly a step towards the vision of Developed India @2047. The FM has stayed away from populist measures in an election year and needs to be congratulated for the same.

By limiting the deficit to 5.1% of the GDP which should be achievable given the rather conservative tax receipts, fiscal prudence has been given the due importance. Lower borrowings and thus lower borrowing costs will help prioritize domestic spends and guard against external shocks.

The increased capital expenditure of Rs 11.11 lakh crore, constituting 3.4% of the GDP, bodes well for the infrastructure led GDP growth and will also crowd in the private sector investments as we are now witnessing improvements in consumer sentiments (and demand). 

The focus on sustainability through rooftop solarization, adoption of E-buses, capacity enhancements in renewable energy and coal gasification are 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.

RAMPRAVEEN SWAMINATHAN, MANAGING DIRECTOR AND CEO, MAHINDRA LOGISTICS
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 for ‘net-zero’ by 2070. 

The announcement of three major economic railway corridor programs, spanning energy, mineral, and cement corridors, port connectivity corridors, and high-traffic density corridors under the PM Gati Shakti initiative, is poised to be transformative. These corridors not only promise to decongest high-traffic areas but also elevate the safety and speed of passenger trains. The integration of dedicated freight corridors is poised to catalyse GDP growth and significantly reduce logistics costs. 

With an increased outlay in FY25 and the expedited development of various infrastructure projects, the government's proactive approach is set to spur economic growth. The India Middle East Europe Economic Corridor announcement is particularly game-changing, strategically positioning India on the global trade map. We at Mahindra Logistics, eagerly anticipates actively participating in and benefiting from these initiatives, ushering in positive transformations in the logistics and transportation sector.

SHALABH CHATURVEDI, MANAGING DIRECTOR, CASE CONSTRUCTION EQUIPMENT, INDIA & SAARC
With the decision to increase capex by ~11% to ~Rs 11 lakh crore, representing 3.4% of the GDP, for the fourth consecutive year, the government is reinforcing their focus on sustainable long-term growth, enhancing the nation's infrastructural backbone. The introduction of the three major railway corridors and the expansion of airport facilities in the country is a welcome move in the direction of improving logistics as a GDP growth lever. Key rail infrastructure projects, including Metro Rail and Namo Bharat, expanding to more cities, convey a clear emphasis on connecting rural to urban Bharat. Furthermore, new initiatives to improve port connectivity, infrastructure, and facilities will open up opportunities for job creation while boosting tourism. It is a well-rounded budget that demonstrates the government's continued emphasis on important sectors.

GYANESH CHAUDHARY, CHAIRMAN & MANAGING DIRECTOR, VIKRAM SOLAR
With its clear vision, sound structure, and commitment to fiscal prudence, this interim budget continues on a path towards Atmanirbhar and Viksit Bharat (Self-reliant and prosperous India). The significant 11.11% increase in capital expenditure will act as a catalyst for economic rise and job creation ensuring inclusive growth for the nation (‘Desh Ka Kalyan’).

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 15,000-20,000 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 is a step in the right direction to achieve our net zero targets. 

PRADEEP LALA, MD & CEO, EMBASSY SERVICES PVT LTD
In a bold stride towards sustainability, our focus lies in bio-energy, amplifying ethanol production and championing green-energy access through hybrid policies. A significant breakthrough is imminent with a major announcement on distributed solar, bolstered by a welcomed relaxation in BCD for solar panel module manufacturing. A strategic push towards enhancing energy storage systems is underscored, backed by subsidies or GST relaxation to spur growth. The transformative investment in smart grids aligns with our commitment to a future-ready energy landscape. Noteworthy is our keen attention to the promising realm of green hydrogen, particularly in transportation and later in steel industries, marking a pivotal step towards cleaner industrial processes. The emphasis on ISTS for renewable energy solidifies our dedication to a comprehensive and sustainable energy ecosystem, setting the stage for a greener and more resilient future.

RADHIKA CHOUDARY, CO-FOUNDER, FREYR ENERGY
The Budget 2024 has unveiled the Vision for Viksit Bharat, emphasizing a harmonious relationship with nature. The government is actively promoting inclusive sustainable development through initiatives such as rooftop solar, as outlined in the Finance Minister's speech. Anticipating new guidelines and incentives under the 'Pradhan Mantri Suryodaya Yojana,' the industry is optimistic about India's rooftop solar energy transition.

The commitment to rooftop solarization and providing free electricity to one crore households is expected to infuse competitiveness and innovation into the solar sector. With the potential to contribute significantly to achieving the government's target of making India net zero by 2070, this boost is poised to generate employment opportunities for the youth engaged in manufacturing, installation, and maintenance within the solar industry. The interim budget has successfully unlocked the true economic potential of India's rooftop sector.

JAYAKUMAR KRISHNASWAMY, MANAGING DIRECTOR, NUVOCO VISTAS CORP
Nuvoco welcomes the initiatives in the latest Interim Budget, which acknowledges the Government's commitment to growing the economy in challenging geopolitical conditions. As part of the PM Gati Shakti program, to foster strong multimodal connectivity, three proposed major economic railway corridors focusing on energy, minerals, and cement will improve logistics efficiency and reduce costs. This will benefit both the industry and the economy.

The initiative to construct two crore houses under the PM Awas Yojana and the progress of the Pradhan Mantri Awas Yojana (Grameen), with an additional two crore homes planned to be built over the next five years, is particularly noteworthy. The government's efforts to improve port connectivity, decongest high-traffic rail corridors, and transform metro rail are positive developments for the ready-mix concrete industry. These measures should further improve the standard of living for millions of people and offer numerous opportunities for economic and community development.

SANKAR SUBRAMANYAM, CO-FOUNDER, INCOBAN
The Interim Budget guarantees the continuation of ongoing projects, short-term planning, and contracts. It also signifies limited fiscal room for new expenditures, leading to uncertainty in the market. The positive aspects include favourable developments for the industry with plans for the expansion of metro rail and Namo Bharat projects. The focus on Lakshadweep is expected to create new opportunities. Nevertheless, the rapid implementation of these programs while ensuring environmental sustainability poses a significant challenge. The government's sustained backing for affordable housing reflects its dedication to realizing the goal of providing shelter for everyone.

ANIL JAIN, MD, REFEX GROUP
We are very happy with Interim Budget 2024-2025 as there is a lot of focus given to green and sustainable energy to promote Blue Economy 2.0. The government’s initiative to offer one crore households with solar rooftops is a step in the right direction. Their move of empowering and encouraging youth and women will act as a catalyst to the country’s GDP. To boost research and innovation in emerging sectors, various schemes will add value and enable accelerated growth for the overall economy and growth. This interim budget will open many avenues for all sectors while also ensuring every citizen’s development.

MEENU SINGHAL, REGIONAL MANAGING DIRECTOR, SOCOMEC INNOVATIVE POWER SOLUTIONS
We welcome the focus on the Poor, Women, Youth and Farmers. Uplifting these segments will act as a catalyst to India's aspirations to become a 5 trillion-dollar economy. All the announcements made today will lead the country to become 'Viksit' Bharat. Alternate sources of energy will continue to drive transformation in consumer tech especially the power saving sector.  The commitment to research and innovation, by a one lakh crore rupees corpus with a fifty-year interest-free loan, signifies a phenomenal growth opportunity for our tech-savvy youth, aligning seamlessly with our mission for sustainable technology solutions.

GAURAV PANDEY, CO-CHAIRMAN, FICCI COMMITTEE ON URBAN DEVELOPMENT & REAL ESTATE AND MANAGING DIRECTOR & CEO, GODREJ PROPERTIES
The measures for stronger urban and sustainable development will have a positive bearing on the domestic real estate landscape in the long run. The increase in allocation for urban and affordable housing, showcases the government's commitment towards housing for all. We are optimistic that these initiatives will drive economic growth and contribute to significant enhancement of urban infrastructure and overall sustainability. Overall, the budget is in continuation of the government’s push towards improving India’s infrastructure and we look forward to continuing to play our role in nation building.

AAKASH PATEL, DIRECTOR, ATUL PROJECTS INDIA
The Interim Budget for 2024-25, as outlined by Finance Minister Nirmala Sitharaman, offers a mix of continuity and new initiatives, reflecting a blend of optimism and practical considerations in the face of India's current economic landscape.

The proposed scheme to assist the middle class in acquiring or building their own homes is a significant step towards addressing the housing crisis. While the lack of direct tax benefits for homebuyers might be a point of contention, the government's focus on infrastructure and the new housing scheme for the middle class are steps in the right direction.

Extending tax benefits to start-ups for an additional year is a strategic decision that could significantly impact the Indian start-up ecosystem. This extension provides much-needed support to budding entrepreneurs and emerging businesses, encouraging innovation and risk-taking. Furthermore, this move could have a positive ripple effect on the commercial real estate sector, potentially leading to its rejuvenation.

ANIL BANCHHOR, MD & CEO, RDC CONCRETE
I applaud the budget's 11.1 percent increase in capex while keeping deficit in check, underscoring the government's unwavering commitment to significant capital expenditure. With spending now at 3.4 percent of GDP, aligning seamlessly with our objectives, we are excited about the emphasis on infrastructure development, boosting demand for cement & concrete.

Additionally, the government's commitment to supporting the expansion of Metro Rail systems in large cities with a focus on transit-oriented development is a noteworthy step. This not only addresses the evolving needs of urbanisation, but also contributes to sustainable and efficient urban transformation. We appreciate the government's forward-looking approach in expanding the e-vehicle ecosystem, supporting manufacturing and charging infrastructure. Particularly in the manufacturing industry, this sets the stage for a sustainable and innovative future, positively impacting job creation and the overall economy. These budgetary measures will undoubtedly contribute to our growth and the nation's progress.

ROHIT MALI, DIRECTOR, FIREFLY FIRE PUMPS
The government's vision and efforts toward the manufacturing sector are highly commendable. The recently presented Interim Budget for 2024-25 by Union Finance Minister Nirmala Sitharaman demonstrates a holistic vision focused on promoting inclusive growth and sustainable development in India. Recognizing the pivotal role played by Micro, Small, and Medium Enterprises (MSMEs) in propelling India's economic growth and global competitiveness, the government emphasizes ensuring timely and adequate financial support, fostering the adoption of innovative technologies, and implementing effective training programs for their success. The substantial allocation of Rs 6,200 crore for the PLI Scheme is a pivotal step in strengthening the MSME sector, providing tangible financial assistance and empowering them to contribute significantly to national resource generation and the realization of shared aspirations.

SAHIL SAHARIA, CEO, SHRISTI INFRASTRUCTURE DEVELOPMENT CORPORATION
One notable aspect of the current budget is the government's dedication towards 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 realizing the dream of homeownership for the middle class. By specifically targeting individuals in rented dwellings or informal settlements, the government is recognizing 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 the 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 tax payers’ expense is unwelcome.

The move to bolster PMAY-Grameen program and to accelerate the housing for all mission is obviously a cause for celebration. I predict the higher capital outlay towards long term infrastructure will also have a positive effect on Real estate industry.

Domestic tourism encouragement and financing can also be seen as positive. As with all previous budgets of FM, there is no hype, rather a quite confidence to prioritise India’s finances towards long term solutions. I am confident that the Indian economy will witness optimism going forward.

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.

NISHANT SINSINWAR, FOUNDER OF HOMIIE STUDIO & PROJECTS MAKERS
We appreciate this Interim Budget that reflects a positive trajectory for the real estate and construction sectors, as well as infrastructure development. The emphasis on improving taxpayer services, withdrawing outstanding direct tax demands, and maintaining stable tax rates for direct and indirect taxes is a step in the right direction. The extension of tax exemptions for start-ups and IFSC units demonstrates a supportive approach to fostering entrepreneurship.

The focus on the GST system, reduction in compliance burden, and the positive impact on trade and industry is acknowledged. We appreciate the government's efforts to streamline tax provisions, making filing returns simpler and faster. The budget estimates for 2024-25, with a continued emphasis on interest-free loans and fiscal discipline, instil confidence in the economic roadmap. The proposed interest-free loan for reforms by states and the significant FDI inflow showcase a forward-looking vision.

APARNA REDDY, EXECUTIVE DIRECTOR, APARNA ENTERPRISES LTD
This budget exemplifies the government's commitment to holistic and inclusive development. With a focus on developing infrastructure across segments and in order to become a Viksit Bharat by 2047, the various measures announced by the Finance Minister will lay a strong foundation. A momentous step towards inclusive housing through ‘housing for all’ has been extended to the middle-class by providing support to buy or build their own houses. This will spur growth of the real estate industry and the demand for construction materials, and is a commendable continuous effort by the government to keep up the momentum in the housing segment. With the government’s push for infrastructure development for tourism, the demand for state-of-the-art resorts, buildings, high-rises, tourist spots, and entertainment zones, will also boost the demand of building materials of global standards. Similarly, construction of more airports, railway infrastructure, and educational institutes will drive unprecedented development, rapid urbanisation, and realise the dream of a developed India at 2047.

PRATIK KATARIA, DIRECTOR SAINATH DEVELOPERS - THE HOUSE OF KATARIA & 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.

SURAJIT BHATTACHARYA, VICE PRESIDENT & EXECUTIVE DIRECTOR (ASIA), LOUIS BERGER
The interim budget for FY 2024-25 lays a strong foundation for economic growth and resilience through major impetus on infrastructure development. At Louis Berger, we are pleased to see the emphasis on this sector which will be a catalyst in ensuring equitable access and participation in economic opportunities across the nation. We welcome the increase in capital expenditure on infrastructure for the fourth consecutive year to 11.11 lakh core. This will accelerate the efficient use of land resources, enable adequate resources for existing and upcoming urban infrastructure, enhanced availability and affordability of urban land, and, most importantly, job creation.