New Delhi, 24th July 2024: Finance Minister of India Ms Nirmala Sitharaman tabled her seventh consecutive annual budget on Tuesday, July 23 in Indian Parliament, in which she presented various schemes and programs of Govt. of India for raising productivity of farming sector to industrial sector to skilling of Indian youths.
Chief Analyst of 5 Jewels Research (5JR) Mr Sumant Parimal has hailed Govt of India’s Budget for year 2024-2025 and said that this budget has enlarged scope of application of DPI (Digital Public Infrastructure) in core farming activities, along with digitization of land parcels to first time recognizing importance of capturing digital footprints of MSME (Micro, Small & Medium Enterprises) while accessing its credit potential.
Giving his analyst insights on the Govt. of India’s Budget, Mr. Sumant Parimal said “Govt. of India decision to launch Twelve industrial parks under the National Industrial Corridor Development Program and a scheme to skill around 10 million youths by offering one year on job internship in top 500 companies are two key features of this budget worth highlighting here. Last year I gave an estimate that Indian economy may gain upto 20%, if all job seekers gets utilized through some innovative value creating digital platforms. I believe, skilling one crore Indian youths through this industrial internship program is a right step in that direction for adding value in the Indian economy by preparing skilled and trained workforce for the India industry”.
“This budget has put up DPI (Digital Public Infrastructure) in core role of manifesting Agriculture and MSME sectors, and going to widen share of Digital GDP in the areas which are yet not fully digitized like agriculture, land and revenues, leading to higher productivity, utilization and efficiency in these sectors. Further, I welcome Finance Minister’s decision to include digital footprints of MSMEs while doing MSME’s credit assessments for availing funds/loans from the banks. So far hard core physically assets were typically factored while doing credit assessments of the enterprises, but with increasing numbers of Tech. Startups and MESMEs who have mostly virtual (digital) assets, such provisions shall increase credit access to these enterprises and startups” Mr. Sumant Parimal adds further.
Points to be noted that this year union budget of India proposes implementation of the Digital Public Infrastructure (DPI) in agriculture for coverage of farmers and their lands in three years. During this year, digital crop survey for Kharif using the DPI will be taken up in 400 districts. Further, this year budget proposes development of DPI applications at population scale for productivity gains, business opportunities, and innovation by the private sector. These are planned in the areas of credit, e-commerce, education, health, law and justice, logistics, MSME, services delivery, and urban governance.
5 Jewels Research has also hailed Govt. of India’s decision to develop twelve industrial parks with plug and play facilities in PPP (Public Private Partnership) models as proposed in this year union budget under the National Industrial Corridor Development Program and said that 5JR was in favor of industrial cluster-based development since long for taking Indian GDP beyond $5 Trillions.
“We at Innogress, are working since last years to establish two industrial cum technology parks in Quantum Technology (GKQCTP) and Robotics Technology (GNRTP) in India. Hence, we understand importance of such industrial parks, which Govt. of India has announced in today’s budget, in accelerating industrial growth of the country, thus we welcome it whole heartily. We suggest Govt. of India to make each of these twelve proposed industrial parks, technology and industry vertical specific, making it very focused and niche industrial parks for building dedicated ecosystems of emerging technologies and industries where India need to rapidly build up its capabilities, which are strategic for the country. Like today’s budget has proposed setting up a Critical Mineral Mission, hence why not we decide to dedicate one industrial park for this Critical Mineral Mission” says Mr. Jai Shankar Sharma, Advisor to Innogress, a holding firm of 5 Jewels Research.
“We are open to align our (Innogress) two technology park projects viz. Greater Karnavati Quantum Computing Technology Park (GKQCTP) proposed at Gujarat and Greater Noida Robotics Technology Park (GNRTP) proposed at UP with the National Industrial Corridor Development Program, and wish Govt. considers including these two critical tech. parks (GKQCTP & GNRTP) under its plan to establish twelve industrial parks in PPP model” adds Mr. Jai Shankar Sharma.
Mr. Jai Shankar Sharma, who is also mentor of IIT Kanpur’s Startup Master Class Program conducted for startups, hails Govt. of India’s decision to abolish angel tax for startup investors in the budget presented today and believes that it is a point of attraction for VCs to invest in India startups.