The Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, is a comprehensive blueprint for inclusive growth and economic resilience. The budget’s initiatives focus on empowering youth, boosting agricultural productivity, enhancing women’s workforce participation, and fostering a conducive environment for business growth. Let us delve into the perspectives of three prominent women in the business sector regarding the budget’s impact.
Mamta Binani, President of MSME Development Forum – West Bengal
Mamta Binani, President of MSME Development Forum – West Bengal, lauds the budget’s commitment to inclusive growth. She remarks:
“The recently announced Union Budget for 2024-25 by Finance Minister Nirmala Sitharaman highlights a strong commitment to inclusive growth and economic resilience. We are optimistic about the government’s initiatives aimed at empowering youth, boosting agricultural productivity, and enhancing women’s participation in the workforce. These measures are crucial for promoting inclusive growth and fostering a conducive environment for business growth. The emphasis on increasing Minimum Support Prices for farmers, extending welfare schemes like PM Garib Kalyan Anna Yojana, and launching significant youth employment schemes with a ₹2 lakh crore allocation over five years demonstrates proactive steps to stimulate economic activity.
The focus on agricultural productivity, skill development linked to employment, and promoting women’s workforce participation through targeted initiatives is expected to create favorable conditions for sustained business innovation and growth. Overall, the budget provides a solid foundation for economic stability and progress, aligning well with corporate goals for a dynamic and inclusive economy.”
Binani highlights the budget’s focus on increasing Minimum Support Prices for farmers and extending welfare schemes, which are pivotal for stimulating economic activity. The allocation for youth employment schemes and initiatives to boost women’s workforce participation is expected to foster sustained business innovation and growth.
Shreedha Singh, CEO & Co-founder, TAC
Shreedha Singh, CEO & Co-founder of TAC, emphasizes the transformative impact of credit schemes for MSMEs and the significant allocation for women’s development. She shares:
“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. These schemes are vital for fostering entrepreneurship and ensuring the success of new companies. At TAC, where 70% of our workforce is women, I have witnessed how empowering women can break barriers and lead to remarkable success.
The budget’s allocation of over ₹3 lakh crore for schemes benefiting 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. Furthermore, the increased funding for the AYUSH Ministry demonstrates a strong commitment to promoting high-quality Ayurvedic products on a global scale. This support not only boosts domestic growth but also positions India as a leader in holistic wellness worldwide. I find these developments particularly encouraging. They support economic growth and empower more women to step into leadership roles, driving our collective progress forward.”
Singh acknowledges the critical role of early support for startups and the transformative potential of credit schemes for MSMEs. The substantial allocation for women and girls’ schemes and increased funding for the AYUSH Ministry reflect a commitment to holistic wellness and economic empowerment.
Ms. Ankita Mittal, CEO, Enhanced Innovations
Ms. Ankita Mittal, CEO of Enhanced Innovations, a pioneering startup in last-mile cold chain solutions for healthcare, appreciates the budget’s provisions for infrastructure and technological advancements. She states:
“As a woman entrepreneur leading Enhanced Innovations, a pioneering startup in last-mile cold chain solutions for healthcare, I feel heartened by the 2024 Budget announced by our honourable Finance Minister, Ms. Nirmala Sitharaman. The greater provision for infrastructure and improvements in credit guarantee schemes for MSMEs and specific incentives for technological advancements offer a good ground for growth and a healthy environment for startups like ours. The focus on skill development and employment, along with the fiscal support for critical infrastructure, ensures that we can expand our operations with confidence. The government’s commitment in ensuring that deep tech and healthcare logistics have a conducive environment for growth is something we find in line with our vision to revolutionise the delivery of healthcare services.”
Also Read: Post Union Budget Optimism for MSME Dev: says Mamta Binani
Mittal highlights the budget’s emphasis on infrastructure, skill development, and technological advancements as key enablers for growth. The improved credit guarantee schemes for MSMEs and fiscal support for critical infrastructure are seen as vital for the expansion of operations and fostering innovation in healthcare logistics.
The Union Budget 2024-25 is a forward-looking document that aims to foster inclusive growth, economic resilience, and innovation. The perspectives of Mamta Binani, Shreedha Singh, and Ankita Mittal underscore the budget’s potential to empower various sectors, enhance women’s workforce participation, and support startups and MSMEs. These initiatives lay a solid foundation for a dynamic and inclusive economy, aligning with the corporate goals of sustained business innovation and growth.
