In the wake of the recently unveiled Budget 2024, the corridors of Indian industry are abuzz with discussions and analyses. As the government lays down a blueprint for the nation’s economic trajectory, industry leaders from various sectors have stepped forward to share their insights and perspectives. This article brings together the voices of prominent figures in logistics, e-commerce, and technology, offering a panoramic view of the budget’s implications. From infrastructure development and sustainability efforts to digital innovation and global connectivity, these leaders dissect the budget’s potential to reshape India’s industrial landscape and set a new course for growth and competitiveness on the world stage.
Mr. Vineet Agarwal, MD of TCI – Transport Corporation of India
We commend the government for presenting a budget that perfectly aligns with TCI’s multimodal investments including the contract of two 2 ships, 3 AFTO trains, switch to alternate fuels, EV, and expansion in the Middle East to name a few. PM Gati Shakti’s emphasis on rail corridors aligns with the National Rail Plan, will ensure faster freight movement and turnaround time to reduce logistics cost for India from 12% of GDP, thus improving competitiveness and the 11.1% infrastructure budget increase signals robust support for growth. The country has made immense progress over the last decade when it comes to logistics efficiency. As per an IIMC-TCI study in 2014-15, the average speed of a truck in India was just 35 kmph which is now closer to 50 kmph. Better roads and highways, expansion of port capacity, digitization of trade documentation and digital transactions including the use of fastags for tolled roads have all contributed to a significantly robust logistics ecosystem. The National Logistics policy, now in its sophomore year, has clearly illustrated the need to increase multimodal logistics, lean heavily on digitization and build national standards.
The India Middle East Europe Economic Corridor holds transformative potential, while the budget’s focus on EV infrastructure aligns with our commitment to sustainability and job creation. Strategic investments targeting edible oil imports and acknowledging aviation sector growth demonstrate economic foresight. The budget’s environmental measures, including offshore wind energy funding and coal gasification plans, align with TCI’s commitment to sustainability. Mandatory blending of biogas in CNG and PNG further promotes eco-friendly practices. The Union Budget resonates with TCI’s vision for an efficient, sustainable, and globally competitive transportation and logistics sector in India.
Zaiba Sarang, Co-founder of iThink Logistics
In essence, Budget 2024 paints a vibrant canvas for e-commerce and logistics. The government is charting a golden age of growth and competitiveness in these pivotal sectors by addressing critical bottlenecks and fostering innovation. The substantial 11.1% boost in the infrastructure budget, coupled with ambitious initiatives like PM Gati Shakti and the India Middle East Europe Economic Corridor, marks a pivotal moment for the industry. The government’s commitment to efficient, cost-effective freight movement and unparalleled connectivity sets the stage for reduced logistics costs, accelerated deliveries, and heightened competitiveness for Indian businesses, particularly in manufacturing. The strategic approach towards Amrit Kaal to foster sustainable growth, facilitate inclusivity and improve productivity while creating opportunities and training for MSMEs to compete globally is truly commendable. The Budget 2024-25 is a powerful budget envisioning an inclusive approach across sectors for a unified economic growth and development for all.
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Nishith Rastogi, Founder, and CEO of Locus
“We commend the forward-thinking approach of the 2024 Union Budget, which resonates with our aspirations for India’s logistics sector. In particular, The Union Government’s commitment to increasing infrastructure spending by 11.1%, around 3.4% of the GDP, signifies a robust investment in the sector’s future. In addition, the PM Gati Shakti and The India Middle East Europe Economic Corridor stands to greatly improve both national and international trade and commerce with the backing of unparalleled infrastructure. This aligns closely with our vision of a technologically integrated and globally competitive Indian logistics industry.
Equally commendable in the budget is the focus on achieving the ‘net-zero’ targets for 2070, and the adoption of electric vehicles and e-buses, supported by improved manufacturing and charging infrastructure. These initiatives demonstrate a comprehensive strategy for modernizing logistics with an emphasis on environmental sustainability. We are eager to enable these transformative developments, strengthening our commitment to a more efficient and environmentally responsible logistics landscape in India.”
Sandeep Bansal, Chief Business Officer at Falcon Autotech
“Following the Interim Union Budget presented by the honorable FM, we welcome the commitment to de-congest high-traffic corridors not only aligns seamlessly with our goals of efficiency and cost reduction but also sets the stage for fostering a skilled workforce integral to India’s advancement. Recognizing the transformative impact of the government’s visionary approach with PM Gati Shakti, and the heightened focus on multi-modal connectivity, we foresee abundant employment opportunities for the youth with technical skills in manufacturing, installation, and maintenance. The proposed rail corridors in the eastern region, coupled with the strategic India Middle East Europe Economic Corridor and the expansion of EV infrastructure, further solidify a holistic strategy for economic growth and environmental responsibility. We embrace these forward-looking measures, acknowledging their potential to reshape the industry and contribute significantly to our nation’s progress”
Industry leaders view Budget 2024 with optimism, seeing it as a catalyst for transformative change across sectors. The budget’s focus on connectivity, sustainability, and technology underscores a vision for a more advanced India. Emphasizing collaboration and innovation, it serves as a roadmap for a resilient and prosperous future, driven by those at the helm of India’s economic growth.
