Budget 2024 Highlights: Finance Minister Nirmala Sitharaman created history on Thursday by presenting her sixth consecutive Budget, matching the record set by former Prime Minister Morarji Desai just before the general elections. Sitharaman said. He presented the interim budget for 2024-2025 and said the government is working to make India a developed country by 2047.
India is the world’s fastest growing major economy and will become the world’s third largest economy with a GDP of $5 trillion in the coming years.
In presenting the budget, the government said the focus was on economic policies aimed at boosting growth, promoting inclusive development, increasing productivity and creating opportunities for various sectors.
While industry players expected significant advances in artificial intelligence, the budget focused on other key technology announcements.
Here are some of the key highlights from Budget 2024.
- The electric vehicle (EV) ecosystem is set to expand with a focus on improving manufacturing and charging infrastructure.
- The Modi government has proposed allocating Rs 1.3 billion for the purchase of electric buses in the 2024 interim budget.
- Sitharaman emphasized the importance of technology for Micro, Small and Medium Enterprises (MSMEs) and emphasized that ensuring timely and sufficient funding is the government’s priority.
- A new program will be introduced to enhance deep technology skills under Bharat Infrastructure ‘Aatm Nirbhar’. The move underlines the government’s commitment to fostering independence and innovation.
- Although the budget did not include specific measures in the field of artificial intelligence (AI), it did set out a comprehensive strategy to utilize technology for social and economic development.
- Skill India Mission has trained and upskilled 1.4 million youth, said FM Nirmala Sitharaman.
FR Singhvi, President, Automotive Skill Development Council (ASDC)
“The comprehensive approach outlined in the interim budget towards the automotive sector aligns with the government’s objectives of promoting ‘Atmanirbhar Bharat’ (self-reliant India) and moving decisively towards achieving net-zero carbon emissions by 2070. Moreover, this strategic move is expected to generate employment opportunities for semi-skilled labour in the installation and maintenance of EV charging stations.
ASDC, in its role, has taken on the responsibility of providing skilled professionals to meet the industry’s growing demand. As ASDC – an institution steadfast in its commitment to skill enrichment; we embrace these forthcoming advancements with anticipated enthusiasm. Such strategic executive direction indicates amplified requirement for skilfully trained professionals within evolving EV sector – a demand growth we are equipped and eager to accommodate viably through enriched training programs constantly updated catering ever-evolving industry requisitions effectively.”
Vinkesh Gulati, Vice President, ASDC
The recent budget revelation by our finance minister exhibited the government’s firm resolution towards strengthening and developing the electric vehicle (EV) industry. A comprehensive strategic direction was highlighted, encompassing enhancement of manufacturing base, fortifying charging infrastructural backbone for EVs and avid incorporation within public transportation.
Such a supportive thrust towards bolstering EV ecosystem is beyond doubt set to expedite utilitarian propagation evolving “Green Vehicles”, thereby promising manifold associated benefits like pollution control resource conservation contributing healthily affirms commitment sustainable development objectives.
Optimally harnessed, this can provide robust stimulus driving national economy at pace higher than customary growth rate benefitting large scale employment generation. Concurrently advances in such technology bound sectors will necessitate extensive skill upgradation -an aspect energetically endorsed zealously pursued across nations appreciating ceaseless evolution technological advancements their far-reaching potential impacts holistic inclusive societal betterment.
This advancement showcases India’s progressive, policy-driven approach towards clean mobility options while catering to global commitments of achieving lower emissions; thereby elevating national stature progressively positioning it as an attractive investment destination for advanced green technology frontiers welcomingly unfolding golden opportunities unfolding entrepreneurial ventures showcasing potential future-ready Indian auto-ancillary industries profitably join locomotive bandwagon reshaping tomorrow drawing ingenious minds innovative solutions shaping sustainable trajectory well-rounded eco-friendly socio-economic progression.
At ASDC, we consistently update our programs to meet evolving industry needs. Considering the government’s favourable EV initiatives, we are prepared for capacity building and nurturing skilled professional’s adept in various capacities of vast emerging EV sector. Our active engagement in developing comprehensive skill training modules signposts a holistic strategy aimed at projecting India on a global platform as producers of high-quality manpower vital driving force behind crafting nation’s sustainable mobility landscape. To address the growing demand for skilled individuals in the EV industry, ASDC offers comprehensive training programs covering various aspects such as manufacturing, maintenance, repair, and charging infrastructure. ASDC has taken proactive measures, including initiating programs and forming collaborations with industry manufacturers, training partners, and academic institutions, to enhance the skill set of the workforce. This focus on skill development is crucial in elevating the quality of produced EVs.
The right skill sets empower engineers and designers to create more efficient, durable, and safe EVs. Additionally, skilled technicians and maintenance workers play a vital role in ensuring the optimal functioning of these EVs, contributing to an enhanced overall customer experience.
Mr Dushyant Chachra – CFO, SAEL
“In the recently announced budget, Finance Minister Smt. Nirmala Sitharaman stated in Budget 2024 that financial assistance would be provided to support the procurement of biomass aggregation, crucial for Bio-energy production. This move is highly encouraging for farmers to engage in the bioenergy supply chain, facilitating a sustainable and profitable model for agricultural waste management, creating a win-win situation for the biomass industry and farmers.
The extension of the time period for investments by SWFs in renewable energy, from March 31, 2024, to March 31, 2025, is expected to attract more global investment in the renewable space. This initiative could lead to numerous job opportunities, rapid sector expansion, and the growth of the sector and SAEL Group. Global SWFs, including Norfund (Norway) and DFC (USA), already having significant investments in SAEL renewable assets, will likely further boost the confidence of SWFs.
Through rooftop solarization, 1 crore households will have the opportunity to obtain up to 300 units of free electricity every month. New schemes/policies from the Government in the near future are anticipated in this context. This announcement is highly encouraging and is expected to expand the penetration of solar rooftop markets, resulting in efficient power supply for retail consumers in India.”
Mr. Sanchit Sekhwal Goyal, Director, Su-Kam Power Systems Limited
“We are very pleased to find that renewable energy has been a focus area for government spending in the Interim Budget. The comprehensive plan aimed at achieving the nation’s ambitious Net Zero target by 2070 in the Interim Budget 2024 is encouraging and will steer the country towards a greener future. The honourable Finance Minister’s push for rooftop solar by providing assistance for the installation of rooftop solar systems for 1 crore households under the Pradhan Mantri Suryodaya Yojana will spur demand in the industry, and more and more people will be encouraged to opt for renewable energy.”
Mr. Saral Talwar, COO at BikeWo
“The 2024 budget turned out to be relatively uneven, considering it marked the final budget for this government. As anticipated, there were no significant surprises or substantial changes. However, there were notable positive initiatives, particularly for sunrise industries. The establishment of a 1 Lakh Crore Fund to provide interest-free loans of 50 lakhs could significantly benefit emerging sectors, such as the EV Industry – showcasing a forward-thinking perspective for the evolving landscape.
Moreover, the budget’s emphasis on expanding India’s electric vehicle charging infrastructure is poised to drive the adoption of EVs, instilling confidence in potential adopters. This move supports the EV ecosystem and opens up many entrepreneurship opportunities within the sector, further contributing to its growth. This strategic move extends the budget’s impact beyond immediate fiscal implications.”
Mr. Rajesh Gupta. Founder & Director, Recyclekaro
“The union budget’s “Panchamrit” targets, as highlighted by the finance minister, aim to support sustainable economic growth with a focus on using resources efficiently. This is expected to boost India’s raw material capacity, especially in the manufacturing of Li-ion batteries. The commitment to strengthen the e-vehicle ecosystem through support for manufacturing and charging infrastructure shows a proactive approach to environmentally-friendly growth. By embracing economic policies for ongoing growth, the government is setting a path for a circular economy, emphasizing environmental responsibility and smart use of resources. This approach not only tackles challenges in the lithium-ion battery industry but also contributes to building a resilient and sustainable future for our nation.”
Mr. Saurav Kumar, Founder & CEO, Euler Motors.
“The Interim Budget 2024 outlines India’s ambition to emerge as Viksit Bharat by 2047. The budget’s strategic focus on strengthening the EV ecosystem, particularly through support for charging infrastructure, underscores the nation’s dedication to sustainable transportation solutions. We applaud the government’s efforts towards making electric vehicles more accessible to the people of India. Along with the initiatives for skill-building and turbocharging research and development, India aims to catalyze innovative solutions, utilizing new technologies and data to fuel growth, particularly in emerging sectors and generate employment, expediting the EV transition. That being said, as EV manufacturers, we eagerly await further elaboration on the FAME subsidies, which have revolutionized EV adoption in India and may remain pivotal in reinforcing the industry, in the coming phase of expansion.”
Sridhar Dharmarajan, the EVP and MD India, Hexagon MI
“India’s 2024 budget announcement underscores a pivotal shift towards a digital and inclusive economy, focusing on technological advancements, investments on R&D, infrastructure building and emphasis of women & skilled workforce in nation building. This strategic direction is not just critical for a self-reliant nation but essential for continuous and sustainable growth in achieving the ambitious $8 trillion economy status in 2030. At Hexagon, we resonate with this vision, recognizing the immense potential in fostering innovation, digital autonomy & increasing sustainable footprints and our commitment to these principles is unwavering, as we align our efforts with India’s vision of 3rd largest economy, contributing to a future where technology, humanity and inclusivity drive progress and prosperity, together.”
Mr. Gautam Mohanka, CEO, Gautam Solar
“The 2024 budget is a highly forward looking budget with a huge emphasis on Renewable Energy in general and Solar Energy in particular. The Hon’ble Finance Minister has taken a huge step forward by budgeting for Rooftop Solar on 1 crore households, under which the HHs will get upto 300 units of free solar electricity. It will have a net positive effect on domestic solar module manufacturing as well, with the ALMM being reinstated from April. This will not only create a huge momentum in Indian Solar Industry but will also re-emphasis the importance of Solar energy in a commoner’s life and propel the country towards achieving Net Zero targets sooner than expected”.
Mr. Rohit Tikku, CEO of Bluebird Solar
“I commend the government’s proactive approach towards sustainable energy showcased through the roof-top solarisation scheme announced by Prime Minister Modi and highlighted by Finance Minister Nirmala Sitharaman. This visionary initiative is a testament to India’s commitment to harnessing clean energy for the masses. By enabling one crore households to receive up to 300 units of free electricity monthly, the government is not only uplifting lives but also steering the nation towards a greener and more sustainable future.
The alignment of this scheme with the Prime Minister’s resolve on the historic day of the consecration of Shri Ram Mandir in Ayodhya adds a profound cultural and symbolic dimension to the endeavor. Bluebird Solar, as a leading solar panel manufacturing company, is proud to contribute to the realization of this ambitious project. We look forward to playing a pivotal role in providing high-quality solar solutions that empower households and contribute to the collective goal of a cleaner and more energy-efficient India. Together, with such initiatives, we are lighting up not just homes, but also paving the way for a brighter and eco-friendly tomorrow. This will help Bharat become energy independent in coming years and every household atmanirbhar green energy producer”.
Dr. Darshan Rana, Chairman and Managing Director, Erisha E Mobility Private Limited
“We are optimistic about measures like the concerted focus of the honourable Finance Minister on promoting electric mobility through the announcement of greater adoption of e-buses, which is truly encouraging for the EV industry and will equally support sustainable transportation solutions. However, there are certain areas where we believe the budget could have been more encouraging. For instance, a more robust policy framework for the adoption of electric vehicles (EVs) and announcements on the related infrastructure development would have been more beneficial for the industry. Additionally, greater incentives for EV manufacturing and research and development (R&D) activities would have further accelerated the growth of the EV industry. ”
Sushil Virmani, Managing Director, Best Power Equipments (BPE)
“As we navigate the landscape of Union Budget 2024, it’s crucial for the government to accentuate and foster an environment for both local and global investments in semiconductor technology, AI, and digital platforms. This strategic focus aligns with our industry’s evolution. Simultaneously, we recognize the imperative to integrate these cutting-edge technologies into our educational curriculum, ensuring a skilled workforce. This synergy is pivotal for propelling our nation towards the coveted 7 trillion economy by 2030.”
