Brands applaud and analyse Budget 2024

Union Finance Minister Nirmala Sitharaman presented the budget in Parliament. It was an interim budget since the Lok Sabha election 2024 is around the corner. The announcements made have been received positively by brands.

From lauding the government's initiatives to expressing optimism about the overall economic landscape, these brand responses provide a nuanced perspective on the implications of the budget for various sectors.

Here's a glimpse of their reactions:

Falguni Nayar, Founder and CEO, Nykaa, lauds the Finance Minister's budget for its holistic approach, combining support for innovation, youth, women empowerment, and MSME growth.

“The establishment of a corpus of Rupees One Lakh Crore for our tech-savvy youth will usher an era of innovation. I find this immensely encouraging because since inception, Nykaa has harnessed the power of technology to transform India’s beauty and lifestyle markets,” Nayar added.

She believes that with thousands of technology startups in India, responsible for creating numerous jobs in the last decade, this financial boost will also propel research and development.

“This could catalyse significant advancements in the technology sector while unlocking the unique potential of our demographic dividend. In a strategic step towards nurturing the entrepreneurial essence of MSMEs, the budget announcements are poised to create an enabling environment for their growth. By providing necessary financial and training support, this initiative empowers homegrown entrepreneurs to not only thrive in India's dynamic business landscape but also position them for global competitiveness,” she added.

Similarly, T S Kalyanaraman, Managing Director, Kalyan Jewellers, welcomed the interim budget announced by the Finance Minster, applauding the Government's efforts in ensuring inclusive growth and recognising the pivotal role of women in economic transformation

"India's impressive growth and economic prowess in the past decade, particularly the twofold increase in FDI, are extraordinary. We commend PM Modi's commitment to fostering economic growth, exemplified by the 'First Develop India' (FDI) initiative, encouraging foreign partnerships,” he added.

Kalyanaraman also mentioned that the PM Vishwakarma Yojana is empowering India's artisan community across 18 trades, reflecting the government's holistic approach to preserving traditional craftsmanship and contributing to the nation's economic fabric.

According to Aasif Malbari, CFO, Godrej Consumer Products (GCPL), the Union Budget, though interim, highlights a deep commitment to the long-term vision of strong economic growth.

“Continuing the path of fiscal consolidation is a positive sign for overall economic growth, which has the potential to boost consumption patterns in the long run. The focus on enhancing connectivity and infrastructure also bodes well for India Inc including FMCG sector,” he added.

Furthermore, he observed that the emphasis on upskilling and the significant rise in women in the workforce signify a holistic approach to fostering an inclusive and dynamic economy, setting an optimistic tone for the years ahead.

As per Manos Nikolakis, General Manager, BIC Cello, India, the government has been continually working to support the education sector. It’s paving the way towards a more prosperous future underlined by innovation, empowerment, and societal advancement by elevating the education infrastructure, skills development programs and digital initiatives.

“This is evident through budget allocation to the sector as well as key initiatives such as Pradhan Mantri Schools for Rising India (PM-SHRI), and New Education Policy. As a key player and a market leader in the stationery industry, we envision a more equitable future for the upcoming generation if taxation policies on educational materials such as ballpoint and gels pens are reconsidered. This would make education more accessible and affordable for all,” he said.

Aloke Bajpai, Co-founder and Group CEO, ixigo stated that the Indian air travel market is one of the fastest-growing markets in the world. Total passengers handled across airports amounted to around 327 million passengers in FY2023. The increase in fleet by airlines and the development of new airports under the ongoing UDAN scheme has improved regional air connectivity and benefitted travelers from Tier 2 & 3 cities which in turn resulted in significant growth in demand for air travel and first-time flyers.

“We are pleased to see that this will remain an area of key focus for the government going forward.  We are also happy to see the government taking steps to develop new tourist destinations in India that can compete on a global scale. Infrastructure development and improved connectivity for offbeat tourist destinations like Lakshadweep will help build and promote the unexplored and hidden gems of India and will help further boost the tourism sector," he added.

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