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Abhishek Binaykia, Partner and Sports Industry Leader, Grant Thornton Bharat
India's performance in recent international events across multiple sporting disciplines is a testament to the grassroots-level initiatives that have been introduced by the government, including the Khelo India Games and Khelo India Para Games. The country's athletes and sportspersons have delivered record-breaking performances. With new investments in sports infrastructure, India is primed to bolster its bid for hosting the 2036 Summer Olympic Games as well as nurture athletes who will be instrumental in furthering our Olympic medal count.
Amit Kumar, Partner and Energy & Renewable Industry Leader, Grant Thornton Bharat
A comprehensive package will be rolled out for achieving net zero and decarbonation measures in the economy: VGF for offshore wind (1 GW) and coal gassification (100 MT) will be set up by 2030. CBG will be mandated in a phased manner. EV ecosystem will be enhanced by supporting e-buses through payment security mechanism and charging infrastructure.
Amit Kumar, Partner and Energy & Renewables Industry Leader, Grant Thornton Bharat
The Rooftop Solar Scheme will be launched covering one crore households in the country. 300 kWh/month free electricity will be provided to these households. This focused programme, involving PSUs under the Ministry of Power, Ministry of New and Renewable Energy, and state agencies will encourage vendors and banks to actively participate. Residential consumers will now be able to get the customised rooftop solar systems, which will fulfill a large part of their energy needs; they will receive free electricity and earn extra money by selling extra power.
Bhanu Prakash Kalmath S J, Partner and Healthcare Service Industry Leader, Grant Thornton Bharat
Women empowerment and public health are crucial for 'Viksit Bharat'. The government will prioritize preventive healthcare to reduce the burden on curative care and lower out-of-pocket healthcare expenses, which have decreased from 62% in FY15 to 47% in FY20. The construction of 2 crore new houses under PM Awas Yojana will improve sanitation. Initiatives like cervical cancer vaccination for girls, the inclusion of ASHA workers and Anganwadi workers and helpers in Ayushman Bharat Scheme, expedition of upgrading Anganwadis and improving financial position of women through Lakhpati Didi schemes are all aligned with these goals.
Chirag Jain, Partner and Food Processing Industry Leader, Grant Thornton Bharat
The acceleration of the Pradhan Mantri Matsaya Sampada Yojana aims to boost aquaculture productivity, double exports and create numerous employment opportunities through the establishment of five Integrated Aquaparks. Additionally, a substantial increase in allocation for the PM Formalisation of Micro Food Processing Enterprises scheme from INR 639 crore in FY24 to INR 880 crore in FY25 underscores the dedication to catalysing growth in this industry. The announcement of increasing the target of the 'Lakhpati Didi' scheme from two crore to three crore would further strengthen women’s participation in the agribusiness sector. This is poised to make India’s processed foods export globally competitive and give an impetus to the country in achieving the goal of 'Viksit Bharat' by 2047.
Dharmender Jhamb, Partner, Business Consulting, Grant Thornton Bharat
Grant Thornton appreciates and lauds the budget's focus on empowering youth through 43 crore Mudra loans and recognizing PM SHRI schools' contribution to quality education. We appreciate the recognition of Digital Public Infrastructure as a game-changer and applaud PM-SVANidhi's support for 78 lakh street vendors. These initiatives, aligned with Start-up India and the National Education Policy, lay a strong foundation for inclusive and sustainable growth.
Krishan Arora, Partner, Tax, Grant Thornton Bharat
The success of GST as 'One Nation, One Tax' is attributable to a widened tax base with robust and efficient compliance, testimonial of which is consistently rising tax collections.
Benefits of GST as a national reform beyond reduction in compliance burden and growth in tax collections can be seen in the positive impact on business strategy, supply chain optimisation, and reduction in overall production to delivery time.
Naveen Malpani, Partner and FMCG & Consumer Goods Industry Leader, Grant Thornton Bharat
The development of domestic tourism hubs will uplift the rural economy, enhancing the financial capability of people and boosting rural consumption.
Naveen Malpani, Partner and FMCG & Consumer Goods Industry Leader, Grant Thornton Bharat
India currently brings in approximately 56% of its yearly consumption of edible oil. Any fluctuations in global rates had a major impact on profitability of Food Processing Industry. Expanding on the initiative introduced in 2022, a comprehensive strategy is being planned to attain self-reliance ('atmanirbharta') in oilseeds like mustard, groundnut, sesame, soybean, and sunflower. This holistic approach encompasses research to develop high-yielding varieties, the widespread adoption of modern farming techniques, establishment of market linkages, efficient procurement methods, value addition, and the implementation of crop insurance. These new measures are designed to significantly decrease countries reliance on imported oilseeds and boost profitability for domestic producers.
Padmanand V, Partner and Agriculture Industry Leader, Grant Thornton Bharat
In the wake of government announcements, the agricultural sector stands at the threshold of transformative growth, fueled by farmer-centric policies including those related to MSP, drones and reduction in fertiliser use through promotion of nano urea through the drone Didi scheme and PPPs to promote post harvest infrastructure. This strategic push towards inclusive and sustainable development not only promises higher productivity but also strives for a balanced and equitable agricultural landscape. The announcements pertaining to Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana aim to foster value addition initiatives and enhance farmers' incomes.
Padma Priya J, Partner and Urban Infrastructure Industry Leader, Grant Thornton Bharat
Special attention is directed towards the energy, mineral, and cement corridor to facilitate multi-modal connectivity in railway infrastructure. This strategic focus aims to expedite GDP growth, enhance commuting speed, and substantially reduce energy costs. Railways remain a key focus due to being an affordable mode of travel.
Padma Priya J, Partner and Urban Infrastructure Industry Leader, Grant Thornton Bharat
The expansion of Metro rail and Namo Bharat systems will not only facilitate transit oriented development to align with swift urbanisation but will also serve as a catalyst for enabling urban transformation. This initiative is poised to address the needs of the rapidly growing middle class in large cities.
Rahul Kapur, Partner and Education & Ed Tech Industry Leader, Grant Thornton Bharat
Stemming from the excellent results achieved by the Ministry of Education from the highest ever budget allocation in FY 23-24, there is expectation of capitalising on the ongoing momentum of building education infrastructure and increasing the gross enrollment across the value chain in FY 24-25. A more detailed budget is likely to be presented in June/July 2024 with a focus on the implementation of National Education Policy (NEP) 2020.
Raja Lahiri, Partner and Tech Industry Leader, Grant Thornton Bharat
The corpus of INR 1 lakh crore, fuelled by a 50-year interest-free loan, emerges as a strategic catalyst for nurturing tech-based growth. This substantial financial reservoir, with minimal interest rates, beckons the private sector and sets the stage for a transformative era in emerging tech domains. This initiative reflects a profound grasp of the pivotal roles of both private sector and technology in shaping the economic landscape, which will ensure sustained growth and global competitiveness.
Riaz Thingna, Partner, Tax, Grant Thornton Bharat
The focus of this Interim Budget has been on creating a ‘Viksit Bharat’ in harmony with nature, modern infrastructure and equal opportunities for all. While there are no major announcements on the taxation front, some changes designed to provide clarity and continuity have been introduced to ensure that no disruption takes place in the short run.
Saket Mehra, Partner and Auto & EV Industry Leader, Grant Thornton Bharat
The INR 1 Lakh crore corpus for a 50-year interest-free loan aimed at long-term financing/refinancing, with low to nil interest rates, to boost innovation in sunrise domains, will be instrumental in advancing deep-tech technologies. This initiative is particularly vital for driving innovation in alternative fuel technology within the automotive industry and accelerating the adoption of electric vehicles (EVs) in the medium to long term.
The Budget's focus on green energy is critical for the expansion of electric vehicles (EVs) in India. Supporting EV manufacturing, improving charging infrastructure, encouraging the widespread use of e-buses, creating entrepreneurial opportunities, and advancing technical skills development, the EV industry can strive for comprehensive and sustainable growth, projected at approximately 50% Compound Annual Growth Rate (CAGR) between 2022-2030.
Shabala Shinde, Partner and Real Estate & REITs Industry Leader, Grant Thornton Bharat
The budget targets those in rented homes or slums, aiming to meet the demand for affordable housing. This initiative gains significance as India aims for a USD 7 trillion-dollar economy by 2030 amid rapid urbanisation.
Shabala Shinde, Partner and Real Estate & REITs Industry Leader, Grant Thornton Bharat
Housing receives a significant boost as the government incentivises the purchase and construction of houses, encouraging individuals to own their homes rather than opting for rented living. This approach not only fosters a sense of increased security but also promotes a more stable and empowered homeownership experience.
Tejinder Gupta, Partner and Tourism & Hospitality Industry Leader, Grant Thornton Bharat
Tourism, including spiritual tourism, has adequate opportunities for promoting enterpreneurship. Long-term finances will be made available to the states to finance tourism, which will attract the inflow of both local and foreign tourists.
Tejinder Gupta, Partner and Tourism & Hospitality Industry Leader, Grant Thornton Bharat
Long-term financing opportunities for states targeting the development of iconic tourist destinations will significantly contribute to employment generation possibilities, with a special focus on premium revenue streams. The emphasis on improving connectivity, particularly ports and airports, to island destinations like Lakshadweep, is poised to play a crucial role in uplifting the tourism-based economy in those regions.
Vishesh C Chandiok, Chief Executive Officer, Grant Thornton Bharat
The Interim Budget was along expected lines, with no “spectacular announcements” and a revalidation of the focus on infrastructure, Make in India and people welfare. The emphasis on inclusive development by focusing on four major pillars – poor, women, youth and farmer – was the strong point of this Budget.
Vivek Iyer, Partner and FinTech Industry Leader, Grant Thornton Bharat
The government's focus on the upliftment of the poor, women, youth, and farmers holds immense potential in nurturing human capital and ensuring food security. This concerted effort lays the foundation for long-term sustainable growth, fostering a more inclusive and resilient economy.
Vivek Iyer, Partner and FinTech Industry Leader, Grant Thornton Bharat
This budget gave a detailed account of how the government has taken an approach reflecting continuum in ever budget from the past. One such thematic parameter of continuum was the commitment to fiscal consolidation. The fiscal deficit budgeted for next year is 5.1 percent against a revised fiscal deficit estimates of last year for 5.8 percent reflects a positive step in that direction reflecting the commitment to fiscal consolidation. This is a big credit positive for India from a sovereign ratings standpoint.
Vivek Iyer, Partner and FinTech Industry Leader, Grant Thornton Bharat
By consolidating regulatory powers and simplifying the regulatory environment, International Financial Services Centre Authority (IFSCA) becomes an attractive destination for international investors, showcasing India's proactive stance in adapting to the evolving global financial landscape. This initiative goes beyond providing a gateway; it signifies India's commitment to fostering innovation, investment, and financial services growth.
Vivek Iyer, Partner and FinTech Industry Leader, Grant Thornton Bharat
The Pradhan Mantri MUDRA Yojana has disbursed INR 22.5 lakh crore in loans to 43 crore people, transforming India's economic landscape. Recognised for boosting consumer spending and supporting small businesses, it has become a game-changer for the economy. With collateral-free credit for micro-enterprises, the scheme successfully integrates the unserved and under-served into institutional credit, empowering women entrepreneurs with 30 crore loans.
