Budget Reaction | Amit Khatri, Co-Founder, Noise
“The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman is a visionary step towards inclusive growth, with a strong emphasis on manufacturing, upskilling, and women empowerment. Youth and participation of women in the workforce hold the key to India’s success. To this end, the focus on extensive training and skill development initiatives demonstrates a clear commitment to boosting employability and productivity. By linking job creation in manufacturing to first-time workers and offering EPFO incentives, the government is paving the way for a robust manufacturing ecosystem, creating 4 crore jobs over the next five years. It is certainly a commendable initiative to boost local manufacturing. Additionally, offering internship opportunities in the top 500 companies to 1 crore youth is a strategic move that will equip our young population with the skills and experience necessary to thrive in a competitive global economy.
The establishment of e-commerce export hubs in a PPP model is another significant step taken by the government and will significantly empower MSMEs and traditional artisans to compete internationally. It will open opportunities for Indian players to boost their reach globally while enhancing the ease of doing business and accessing new markets. India has long been an attractive consumer market for international brands, supported by our collaborative and business-friendly policies that enable seamless operations. The export hubs are an efficient step in unlocking similar avenues for homegrown companies, allowing a global stage for their innovation and entrepreneurial mindset, and strengthening India’s position in manufacturing.
Lastly, I feel the abolition of the angel tax will undoubtedly boost funding in the startup ecosystem, fueling innovation and growth. This move, along with incentives for job creation in the manufacturing sector and support for MSMEs, will not only stimulate valuable employment opportunities for millions of young people but also ensure economic resilience, laying a strong foundation for a powerful growth trajectory for India. Driven by the vision of Viksit Bharat, we look forward to actively participating in the nation’s journey towards global prominence and innovation leadership.”
