An array of announcements in the annual Budget has solicited diverse reactions from students, working professionals, industry experts, entrepreneurs and salaried employees among others. While some hail the Budget as historic, others are left disappointed.

Talking to The Pioneer, a 35-year-old Puneet Mishra, an Associate Vice President at a private bank, said that just like every year, this year too the Budget has been nothing short of a disappointment to the middle class people.

Claiming that the salaried class has already been a victim of resource exploitation in India with low compensations and non regulated working hours, he said, “Proportion of direct and indirect taxes paid by an average middle class salaried individual is humongous and keeping inflation and rising inclination towards persuasive buying trends in society, the middle class will continue to be poor.”

Krishna Yadav, who works as political consultant, stated that the Union Government is under pressure from their allies such as TDP and JDU, who are crucial in supporting the BJP-led government at the centre. “Consequently, the central government has allocated substantial funds to Bihar and Andhra Pradesh, seemingly at the expense of addressing the legitimate demands of other states,” he said.

However, others who come from Bihar to get education and job hailed the decision as the most awaited one after a long time. 23-year-old student Aryan Adarsh said, “After independence, for the first time in history, I see that the government is doing something for the development of Bihar. Building the Airport in Purnia is good step.” However he also expressed concerns about bridges falling in Bihar while appreciating the internship opportunities provided by the Modi government for young people.

Talking to industry experts, Senior Programme Lead in Council on Energy, Environment and Water (CEEW) Rishabh Jain said, “Critical minerals are building blocks for energy transition and for other strategic sectors such as electronics, defence, and telecommunications. The announcement of a Critical Mineral Mission for India will encourage private and government companies to develop capabilities in the critical minerals supply chain and build competitiveness in the medium to long term. CEEW’s 2023 report highlighted the opportunities in the global critical minerals supply chain. As many countries globally look to diversify their imports, India is emerging as an attractive destination.”

23-year-old Jagdish Yadav, a media professional, also shared that the reduction in customs duty on gold and silver to 6 per cent from 15 per cent earlier is a bold step towards a more affordable and easy trade which was needed for a long time.

For promoting women-led development, Sitharaman allocated a budget of more than 3 lakh crore for schemes benefitting women and girls.  “Schemes benefitting women and girls have been increased which was a positive point. A budget allocation of Rs. 3 trillion has been made, that will surely help in the upliftment of women in our country,” 31 year old Anshika said.

23-year-old Arpita Chowdhury, a journalist and an author, said that the announcement of schemes in a bid to enhance participation of women in the workforce was long awaited. “I am eyeing for the effective grassroots implementation and quick disbursements,” she stated, adding that the focus on infrastructural growth and the skill development push is a welcome move.

Startups have also found a place in the Budget with a fund worth rupees 1,000 crore allocated to it which promises to bring new opportunities for the industry and innovation ecosystem. CEO of SanchiConnect Sunil Shekhawat said that the Budget brings hope for DeepTech start-ups through increased funding for research and development and innovation.

“This is crucial for those with disruptive ideas and longer fundraising cycles. The budget’s strategy of combining financing, regulation, and skilling into one comprehensive approach is a masterstroke. Central to this approach is the Rs 1,000 crore Venture Capital fund for the space economy, which will significantly boost India’s space tech sector. Additionally, the abolition of the angel tax for all investors is set to attract more funding, thereby easing financial burdens on investors,” he said.