Budget 2024: Industry Insights on Strengthening MSMEs, Boosting F&B, and Advancing Agri-Tech

Tarun Joshi, CEO & Founder, Join Ventures & IGP:
“The Union Budget 2024’s allocation of over ₹22,000 crore to the Ministry of Micro, Small, and Medium Enterprises (MSME) reaffirms the government’s focus on strengthening this vital sector, often referred to as the backbone of India’s economy. As new-age D2C brands continue to reshape the consumer economy, there’s an increasing need for measures like local manufacturing incentives and smoother processes for GST input credit refunds. To help Indian businesses compete globally, it’s essential to invest in advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML). We’re hopeful that the upcoming budget will address these priorities, aligning with India’s aspirations to emerge as a global economic leader.”

Rahul Seth, Co-founder, Burger Singh:
“The upcoming Union Budget presents a wonderful opportunity to energize the F&B industry, which is a vital contributor to the country’s economy. With the right policy measures, including simplified GST regulations and incentives for first-time franchisees, the government can empower businesses to innovate and expand into untapped markets like Tier 2 and Tier 3 cities. These steps would not only boost entrepreneurial growth but also create jobs and enhance accessibility to quality QSR options across the country. We are optimistic that this Budget will provide the momentum the F&B sector needs to achieve greater heights and drive economic progress.”

Preet Sandhuu, Founder and MD of AVPL International:
“As India is on its journey toward tech-driven agriculture, the 5% increase in the Ministry of Agriculture’s budget allocation to ₹1,32,470 crore for 2024-2025 was a bold step. And to stay on this pace to revolutionize rural livelihoods and agricultural productivity this year, we expect the government to focus on increasing investments in precision farming technologies, including drones and IoT solutions. We hope this year’s Union Budget will reflect a robust commitment to fostering a technology-driven agricultural ecosystem, offering targeted incentives for agritech startups and skill development programs for rural youth. Such measures would solidify India’s position as a global leader in sustainable and innovative farming practices”