The budget allocation for R&D will be beneficial for the clinical trial industry

Sanjay Vyas, EVP and MD, Parexel

“The Union Budget also increased allocation for R&D, particularly through the Anusandhan National Research Fund, a welcome step for the clinical research industry. This aligns with the sector’s growing emphasis on innovation. Furthermore, the government’s push for digital infrastructure under the Jan Vishwas Bill will significantly enhance the operational efficiency of clinical trials. Moreover, the budget’s emphasis on skill development and women’s empowerment will contribute to a robust talent pipeline for the life sciences sector.

These measures collectively position India as a more attractive destination for Global Capability Centers (GCCs).”

Dr Pradeep Multani, Former President, PHDCCI and Chairman, Multani Pharmaceuticals

“The reduction in GST and Import Duty on APIs will help in stabilising the Pharma prices in the country, boost domestic manufacturing and make the medicines available for the common people at lower prices. This is in alignment with the Government’s mandate of providing accessible health for all.”

Karthik Kondepudi, Partner, Herbochem    

“I appreciate the Government of India for supporting the MSME sector. It is a commendable step from the Government that now the MSMEs in the manufacturing sector will benefit to grow without any burden of collaterals, with the Credit Guarantee Scheme for MSMEs which will guarantee a cover up to ₹100 crore. The new way of assessing MSME credit using digital footprints for credit appraisal will be far better than conventional methods and increase credit availability for many businesses. Also, credit support during any stress period will ensure that operations of the MSMEs are kept continuous since this is an important factor influencing the survival and growth of businesses. Increasing the Mudra loans limit up to Rs 20 lakhs, strengthening the TReDS platform space and covering more clusters with SIDBI will fulfil the needed funds and working capital needs of the sector. In summary, this budget provides a solid ground for MSME to grow, compete internationally, and act as a major driver of the Indian economy.”

Jay Shah, CEO and MD, Jay Wood Industry 

“The new scheme aimed at job creation, particularly the initiative to link employment to first-time workers, is a visionary step. The substantial incentives for EPFO contributions, covering both employees and employers for the first four years, will significantly reduce the financial strain on businesses, making it easier to hire and retain new talent.

By reimbursing employers up to Rs 3,000 per month for each additional employee’s EPFO contributions for two years, the government is directly boosting employment rates. This initiative, expected to benefit 3 million young people and stimulate employment across all sectors, is crucial for robust job creation, fostering a dynamic workforce, and stimulating economic growth. The scheme, which aims to incentivise the employment of 5 million additional people, has the potential to be a game-changer for the manufacturing industry. It will address unemployment and ensure that our sector thrives with a fresh influx of skilled workers, driving innovation and productivity.

Moreover, the credit guarantee scheme for MSMEs in the manufacturing sector is a significant boost. Facilitating access to term loans for purchasing machinery and equipment without the need for collateral or third-party guarantees will empower businesses to invest in advanced technologies and equipment. This will enhance production capabilities, improve efficiency, and maintain competitiveness, driving overall growth and innovation within the manufacturing sector.”