UNION BUDGET EXCLUSIVE NATIONAL
MUMBAI, MAHARASHTRA, INDIA
By IFAB MEDIA - NEWS BUREAU - July 25, 2024 | 142 4 minutes read
The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, brings promising developments for various sectors, particularly MSMEs, women empowerment, and startups. The budget outlines several key initiatives and allocations aimed at fostering entrepreneurship, supporting women's participation in the workforce, and promoting traditional Ayurvedic products globally.
Pic: Shreedha Singh, CEO & Co-Founder of T.A.C - The Ayurveda Co
Support for MSMEs:
Shreedha Singh, CEO & Co-Founder of T.A.C - The Ayurveda Co., highlights the transformative impact of credit schemes for MSMEs. "Starting from scratch, I understand firsthand the critical role early support plays in turning dreams into reality. Credit schemes for MSMEs are transformative for startups, providing essential resources for innovation, idea development, and growth," she said. These schemes are designed to foster entrepreneurship, ensuring that new companies have the necessary resources to thrive.
Women Empowerment: The budget allocates over ₹3 lakh crore for schemes benefiting women and girls, with plans to establish more hostels for working women. Shreedha Singh emphasized the importance of these initiatives, noting that at TAC, 70% of the workforce is women. "Empowering women can break barriers and lead to remarkable success. The budget’s allocation for women and girls, along with plans for more hostels for working women, is excellent. These initiatives will build necessary infrastructure at the grassroots level, paving the way for increased participation from women and the emergence of more female business leaders," she stated.
Promotion of Ayurvedic Products: The increased funding for the AYUSH Ministry is another significant highlight of the budget. This commitment to promoting high-quality Ayurvedic products on a global scale is seen as a boost for domestic growth and positions India as a leader in holistic wellness worldwide. Shreedha Singh finds these developments particularly encouraging, as they support economic growth and empower more women to step into leadership roles.
Pic: Gunjan Agarwal, Co-founder of XYST
Support for Startups:
Gunjan Agarwal, Co-founder of XYST, praised the abolition of the Angel Tax, noting its long-term impact on startup founders. "Abolishing Angel Tax will have a long-term impact on startup founders. This will not only motivate angel investors but also help to encourage entrepreneurial spirit in the Indian business domain," she said.
Additionally, the budget’s focus on job generation and financial assistance for startups is expected to help acquire more talented professionals, leading to cumulative growth. "This Union Budget is full of opportunities for Indian startups pushing to become the next Unicorn, and governmental assistance is bolstering it to ensure success and growth," Agarwal added.
In summary, the Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has introduced several initiatives and allocations aimed at supporting MSMEs, empowering women, and promoting startups. These measures are expected to drive significant growth and development across various sectors, fostering a more inclusive and dynamic economy.