B'luru experts, industry leaders express mixed reactions

Bengaluru, NT Bureau: The 2024 budget includes significant education funding but faces criticism from public and industry leaders like Sudarshan Suchi and Shridhar Venkat for not meeting the needs of economically weaker sections.

In real estate, leaders cite missed opportunities, while others, including Ajay Kamath and Usha Iyer, question support for jobs and education. Concerns also arise about project delays and Bengaluru’s exclusion from metropolitan status.

The Union Budget 2024- 25 balances on four key pillars - Employment, Skilling, MSMEs and the middle class. It is worth noting that the budget has entrusted MSMEs with policies to accelerate financial growth, and address unemployment. However, it is unfortunate that Bengaluru’s upgrade to a metropolitan city, despite repeated demands, is not considered. The Income tax slab rates also do not help the salaried employees’ cause.

—Ramesh Chandra Lahoti, President, FKCCI

Although the gover nment has financially backed the Bengaluru Suburban Rail Project by funding Rs. 350 crore for the current year, proactive cooperation from the South Western Railways (SWR) is needed. We have seen constant delays in projects, and with elected representatives not taking the initiative to speed work puts the fund to no use. The FM has missed the opportunity to incentivise honest taxpayers and bring dishonest ones to the net. With regards to Bengaluru, it is disappointing not to be included in the metropolitan city list.

—Rajkumar Dugar, Citizens4Citizens

The National Means cum Merit Scholarship Scheme's allocation of Rs 377 crore for 2024-25 aligns with our Akshaya Patra Scholarship Program, aiding talented students from economically weaker sections. Additionally, the PM POSHAN scheme's Rs 12,467.39 crore allocation for 2024-25, a 24.67 per cent increase, reinforces our commitment to children's nutrition.

—Shridhar Venkat, CEO of The Akshaya Patra Foundation

Over the past eight years, the Government of India has made impressive strides toward ‘Housing for All’. To enhance this progress, the government should incentivise private sector involvement in affordable housing and expedite land record digitisation. Streamlining approval processes with a singlewindow clearance system and addressing GST and interest rates are crucial. Reintroducing input tax credits for affordable housing will benefit buyers and boost the real estate sector, furthering 'Atmanirbhar Bharat' and stimulating economic growth.

—Murali Malayappan, MD, Shriram Properties Ltd

The reality is stark: education funding is still below 4 per cent of the total budget, far from the 6 per cent recommended by NEP 2020. The most shocking announcement is the provision of student loans for domestic education, pushing students into debt. This approach shirks the government's responsibility to provide accessible education for all. The budget highlights skill development for 20 lakh students but lacks a clear job creation plan, offering low-stipend internships instead. This scheme seems more about providing cheap labour to businesses than addressing unemployment. Additionally, there are no measures to curb the exploitation by private and coaching mafias. The budget's focus on loans, cheap labour, and skills without job creation is a severe blow to students already struggling with educational costs.

—Ajay Kamath, State Secretary, AIDSO Karnataka 

It is encouraging that the government has pushed for street vending zones. However, it is the state’s responsibility to crack down on illegal street vendors. Although the centre has allocated funds for water management, there is a question of whether the state uses such funds to implement the same. However, without proper planning and governance, schemes from the centre will find it difficult to reach the common man.

—Sandeep Anirudhan, Founder of Namma Whitefield

The Union Budget 2024 misses some key real estate sector demands, such as g ranting industry status, providing input tax credits, reducing GST, and implementing single-window clearance. Additionally, the increase in savings on individual income tax under the new regime is minimal. I urge the government to reconsider these crucial issues for real estate.

—Pavitra Shankar, MD, Brigade Enterprises

The Budget 2024 prioritises employment, skilling, MSMEs, agriculture, and the middle class with a Rs 11.11 lakh crore capital expenditure boost. Key measures include incentives for new jobs, internships, affordable housing, and digital infrastructure. Bengaluru benefits from tax reforms and many BCIC recommendations are adopted, fostering growth and social welfare.

—S Devarajan, BCIC Prez

The budget’s Rs 100 crore credit guarantee for MSMEs in manufacturing aims to boost finance access and productivity. Enhanced MUDRA loans, new employmentlinked schemes, and "plug and play" industrial parks support investment and growth. The revision of the Model Skill Loan Scheme and Customs Duty cuts will further strengthen local industries. However, there is disappointment over the lack of lower interest rates and NPA norm extensions for MSMEs.

—M G Rajagopal, President of KASSIA