Industries Voice Their Budget Desires: A Look at Sectoral Expectations for Union Budget 2024-25

The upcoming Union Budget for 2024-25, set for July 23rd, is drawing keen attention from all corners of India’s economy. Industries spanning infrastructure, IT, telecom, agriculture, healthcare, human resources, and education are on high alert, anticipating how the government’s fiscal strategy will shape their futures. This piece examines the central hopes and forecasts of industry leaders across various sectors for Budget 2024-25, drawing insights from pre-budget discussions, industry reports, and expert evaluations

Arundhati Bhattacharya Chairperson & CEO, Salesforce India
“The technology industry has gone through a transformation in the last year. As a leader in the technology industry, I’m expecting the budget to recognise the role of the IT sector in creating well paying jobs while increasing efficiency and productivity. The depth of IT talent in India is well recognized but we need to deepen the play with proper skipping initiatives and increasing ease of doing business while exploring ways in which IT can be used for further job creation such as improving citizen services, addressing the needs of our large population, and helping in improving standards of living.

AI is omnipresent today, and collectively we are about to unleash Artificial Intelligence delivering a huge amount of positive impact for all industries and we need to align with the potential impact on lives. Building the right skills within the working-age population will be crucial to sustain the growth momentum and equitable wealth distribution. While there are several resources available for upskilling, standardising these through certifications and publicising them extensively, especially in tier 3, tier 4, and rural areas is critical.

Secondly, encouraging technology adoption in local industries, which is currently lacking, can help drive global competitiveness and greatly improve productivity. Over the years, the Government itself has demonstrated the immense power of technology adoption through the success of platforms such as CoWIN, UIDAI, UPI, Digiyatra etc. The government must showcase its successes to encourage the proliferation of cutting-edge technology in local industry. Of course, there is immense scope for the Government to scale up technology adoption to deliver superior citizen services, speed up infrastructure development, and plug subsidy leakages.

In the coming years, driving sustained growth and generating employment are key priorities for the country, and technology can be the biggest enabler to achieve these goals. India has proven itself as a global hub for technology talent and emerged as a preferred destination for global capacity centres (GCCs). Taking steps to smoothen the path and also ensure ease of doing business will drive innovation from India. Simplifying onerous compliance requirements can go a long way in accelerating the growth of India. GCCs for instance generate employment and set off a multiplier effect, driving consumption and secondary employment in their ecosystem.”

Mr. Veerasundar V., Chief Financial Officer, Simplilearn
“Our expectations from the budget 2024-2025 is to prioritize enhancing digital infrastructure and integrating AI into education. Developing digital learning centres in underserved areas will significantly bridge the access gap.

Additionally, we anticipate continued government support for initiatives that empower both teachers and students focusing on skill development through advanced technology and innovative approaches. India should also explore successful models from other nations, such as Singapore’s Skillfuture program, which offers fiscal incentives to encourage individuals to attain mastery of skills and forge rewarding careers, thus preparing India for the future.

It would be great if the Government could reconsider the 18% GST on educational products would ease the burden on middle-class families. Moreover, subsidies and tax breaks for tablets and laptops would make them more affordable, creating a more inclusive and technologically advanced education system nationwide.”

Dr. Mayur Sundararajan – CEO of Superfan (India’s first super energy efficient BLDC fan company) on the need for allocating funds towards energy efficient technologies.
“As we witness growing energy consumption due to changing climatic conditions, there is significant potential for innovations in renewable and nuclear energy to reduce grid stress and carbon emissions. Providing incentives and tax benefits to companies involved in promoting sustainable practices and taking an eco-conscious approach to running their businesses will expedite India’s mission to become Net Zero by 2070. For example, offering subsidies for research and development in solar and wind energy technologies can spur advancements in these sectors, while tax holidays for companies investing in green infrastructure can encourage widespread adoption of sustainable practices. Additionally, allocating substantial funds for the speedy development and deployment of solar and wind power systems will help small businesses and warehouses go green, thereby lowering their carbon footprint and operational costs.

From a consumer perspective, households collectively contribute significantly to carbon emissions. Previously, lighting was a major contributor to household energy consumption, but the widespread adoption of LED technology has largely alleviated this issue. However, the rising energy costs associated with human thermal comfort, driven by an expanding middle class, increased affordability, and extreme weather conditions due to climate change, present a new challenge. To address this, the budget should focus on providing tax rebates and lowering taxes on super energy-efficient appliances and consumer durables. Encouraging families to switch to these energy-efficient alternatives for their thermal cooling needs will be crucial in overcoming this challenge and achieving Net Zero. Such measures will not only reduce the overall carbon footprint but also bring down energy costs for consumers in the long run.”

Shashwath TR, Co-founder & CEO of Mindgrove Technologies on the need for allocating funds towards semiconductor space.
“The PLI scheme has proved to be a great intervention – semiconductors manufacturing units are coming up across India. The next step would be to strengthen focus on design. Increasing the amount on the DLI scheme would be helpful in this regard. Our end-goal should be to create a localized supply chain and also to put India on the global semiconductor map.

Additionally, fund allocations to establish capacity-building programs and other career-based workshops across centers, institutes will give the much needed push to semicon workforce demand gap”

Mr. Vaibhav Gupta, Co-Founder and CPO, KlugKlug
“As we look ahead to the upcoming budget, KlugKlug remains optimistic about the continued growth and support for the creator economy in India. In previous budgets, the government has recognized the significant impact of digital platforms and content creation, but more focused initiatives are needed to address the unique challenges faced by influencers and marketers alike. The previous budget introduced measures to improve digital infrastructure and internet penetration, which are critical for the creator economy. Continued investment in digital infrastructure is crucial for the expansion of the creator economy. The previous budgets have focused on enhancing internet penetration and connectivity, which is essential for creators to reach wider audiences. Further improvements in internet speed, accessibility, and affordability will enable more individuals to participate in the digital economy.”

Mr. Pankaj K Arora, Co-Founder, Whilter.ai
At Whilter AI, we are hopeful that the Union Budget 2024 will continue to foster a conducive environment for technological innovation. The previous budgets have shown a commitment to infrastructure development, with a focus on creating a $5 trillion economy. We emphasize the need for targeted support for startups and ethical guidelines for generative AI. Startups are the backbone of innovation, driving economic growth and creating jobs. The government should simplify regulatory processes, provide tax incentives, and ensure better access to funding for early-stage ventures. Additionally, the rapid advancement of generative AI necessitates clear and enforceable ethical guidelines to ensure responsible development and deployment. We urge the government to invest in AI research and development, skill development programs, and create public-private partnerships to foster innovation while safeguarding ethical standards.

Gautam Madhavan, Founder and CEO, Mad Influence
With the Union Budget 2024 on the horizon, Mad Influence is looking forward to policies that will bolster the digital economy. Previous budgets have focused on digital literacy and expanding internet access, with the BharatNet project aiming to connect 2.5 lakh gram panchayats by optical fiber. Expanding internet infrastructure and promoting digital literacy, especially in rural areas, will enable more individuals to participate in the digital economy. These measures will drive growth in the influencer marketing industry and contribute to broader economic development.

Dr. Sanjeev Singh, Medical Director, Amrita Hospital, Faridabad
As the nation eagerly anticipates the upcoming budget, the health sector remains a focal point of discussion. The health sector is not just a critical component of public welfare but also a significant contributor to the nation’s GDP. Currently, the healthcare sector contributes approximately 1.7% to the GDP.

With strategic investments and reforms, this contribution can be significantly increased. The budget should aim to elevate the healthcare sector’s GDP contribution to around 5% over the next few years.

Investment in Healthcare Infrastructure
An increased budget allocation is crucial for building and upgrading hospitals, clinics, and diagnostic centers. This investment will not only improve access to healthcare services but also enhance the overall quality of care provided to patients.

Digital Health Mission
Efforts are underway to implement a digital health record system, ensuring seamless access to patient data and improved and ensure continuity of care.

Focus on Preventive Healthcare
Allocating funds towards preventive measures, including vaccination drives, public health campaigns, and regular health check-ups, can mitigate the long-term burden on our healthcare system. Campaigns on hygiene, nutrition, and regular health screenings should be initiated.

Strengthening Medical Research and Innovation
The budget should allocate funds for research in cutting-edge areas such as genomics, personalized medicine, and artificial intelligence in healthcare.

Enhancing Healthcare Workforce
It is essential that the budget includes provisions for training and development programs for doctors, nurses, technicians, and support staff.

Public-Private Partnerships
PPPs by offering tax incentives and simplified regulatory frameworks, bringing collaborations expertise and funding, thereby enhancing the overall efficiency and effectiveness of healthcare delivery.

By focusing on infrastructure, preventive care, research, workforce development, and fostering public-private partnerships, we can build a resilient and robust healthcare system and transform healthcare.

Mr Nirmalya Chatterjee, Country VP, Nemetschek Group – Indian Subcontinent
“As we move into the new fiscal year, with continuation of same government which has a development agenda as mandate, we anticipate significant developments in the architecture, engineering, and construction (AEC) sectors. Our budget expectations are shaped by the continued urbanization and infrastructural advancements across India. The government’s push for smart cities and sustainable development has created a favorable environment for growth in the AEC industry. We foresee increased allocation towards technology-driven solutions that enhance efficiency and precision in project execution. This includes investments in Digital Construction Technology, digital twin technologies, and integrated project delivery systems. Nemetschek is poised to support these initiatives by providing advanced software solutions tailored to the unique needs of the Indian market. We expect the budget for construction projects to reflect a higher percentage of spending on digital transformation, aiming to reduce costs and time overruns while improving quality and safety. Moreover, the emphasis on green buildings and sustainable construction practices will likely see a rise in funds directed towards environmentally friendly materials and energy-efficient designs. This shift is in line with global trends and regulatory frameworks pushing for a more sustainable future. We are optimistic about the budget outlook and ready to contribute to the AEC sector’s growth through innovation and collaboration.”

Mr Sunil Sisodiya, Founder, Geetanjali Homestate
“The expectations from the upcoming Union Budget under the new government center around the possibility of increased deductions for home loans, particularly aiming to provide a substantial boost to affordable housing initiatives. The sector looks forward to supportive policies that not only facilitate homebuyers but also stimulate growth in the real estate market. The budget presents a crucial opportunity to implement measures that can catalyze the sector’s revival and contribute significantly to India’s economic resurgence. It is imperative to revive and extend significant benefits, such as tax breaks, to encourage developers to construct more affordable housing and to make it possible for customers to acquire such homes. The government needs to take a hard look at adjusting the qualifying cost of properties within cities’ affordable housing segment.”

Mr Vishal Raheja, Founder & MD of InvestoXpert
“As the Union Budget approaches, the real estate industry holds high expectations for initiatives aimed at enhancing urban infrastructure and improving connectivity. Such initiatives can spur demand for residential and commercial properties, building on the unprecedented growth seen in 2023 despite challenges like surging prices and the highest interest rates in six years. The success of the housing market, with record-breaking residential property sales in volume and value, is anticipated to continue into 2024. However, the pace may slow, driven by high economic growth and a hopeful decrease in home loan interest rates.

Annually, the real estate sector presents an ambitious wish list to the Finance Ministry, including industry status for housing and single-window clearance for projects. Key requests this year remain unchanged, highlighting their ongoing urgency. Notably, increasing the Section 24 tax rebate from Rs 2 lakh to at least Rs 5 lakh could invigorate the budget homes market. Reviving and extending expired benefits for developers and consumers is imperative to encourage affordable housing construction and acquisition. The government must also consider adjusting qualifying costs within cities’ affordable housing segments to meet current market realities.”

Mr. Sunil Shekhawat, CEO of SanchiConnect
Until now, the focus has primarily been on academic and government institutions to promote and nurture startups. The private sector’s contribution has largely been confined to CSR spending, often directed through these same institutions. It is now imperative to consider special measures to facilitate operations for institutions that support startups beyond the scope of government grants. The Startup India initiative has been a tremendous success, positioning us as the world’s third-largest startup ecosystem. Recent trends highlight the qualitative advancements in solutions developed by our startups. Following the success of SaaS, DeepTech is set to further distinguish India in the global startup arena. We need more initiatives that provide our startups with opportunities to showcase their solutions on international platforms, standing shoulder to shoulder with their foreign counterparts. In recent years, we’ve made significant strides in simplifying startup operations, particularly regarding compliance frameworks. However, we still have room for improvement. The complexity of day-to-day compliance for startups is unique and cannot be compared to that of SMEs or established companies, necessitating substantial transformation to meet their specific needs.

Mr. Raj Singhal, Co-founder & CEO of Footprints Childcare
As India prepares for the Union Budget 2024, the childcare and education sector anticipates substantial reforms to enhance infrastructure and accessibility. We look forward to continued government emphasis on early childhood education, recognizing its critical role in shaping the future of our nation. Additionally, the focus on technology integration, vocational training, and teacher upskilling will align with the National Education Policy 2020, preparing our youth for the demands of Industry 4.0.

Childcare, being a vital cog for women’s participation in the workforce, requires multiple benefits from a tax perspective, such as lowering GST on childcare to 5% and allowing childcare expenses to be tax deductible. We hope for policies that support affordable childcare, improved educational facilities, and initiatives that close the skill gap, ensuring a robust foundation for India’s economic growth. These measures will not only foster greater employment opportunities but also contribute to the holistic development of our young population, essential for achieving a USD 5 trillion economy.

Mr. Nishant Sinsinwar, Homie Studio & Projects Makers
The real estate sector is looking forward to proactive measures in the 2024 budget that can foster growth and sustainability. We hope to see a reduction in GST rates for construction materials, which would help lower the overall cost of building and, consequently, property prices. Furthermore, introducing a single-window clearance system for project approvals can drastically reduce project delays and boost investor confidence. Additionally, we advocate for policies that promote affordable housing, such as increasing the allocation of government-owned lands for affordable housing projects and reviving tax incentives for developers focusing on this segment. By implementing these measures, the government can help bridge the housing gap and support the sector’s recovery post-pandemic.

Ms. Srishti Dhir, Founder at Hub and Oak 
“The Indian economy is growing at a rapid pace, with GDP growth increasing to 7.2% and the real estate industry has contributed significantly in this growth trajectory. As the Union Budget 2024-25 is set to be presented in the upcoming week, the realty sector is looking forward to reforms that will not only benefit developers but also facilitate wider access to homeownership for everyone.

Also, there is an obvious need for taxation relief for both homeowners and investors. The government should raise the annual deduction limit on home loan interest payments from Rs 2 lakh (currently) to Rs 5 lakh. This will boost the housing demand in major cities while reducing the GST on under-construction properties.

We hope that this year’s Union Budget brings something beneficial and positive to the table for all the real estate firms across the country. Further, we also believe the government will take appropriate steps to spur consumer demand and give the realty sector a big shot in the arm to ensure robust growth.”

Mr. G.S. Rathore, Founder, Jungle Camps India
“Granting industry status to tourism has long been awaited and is poised to provide a substantial boost to the sector. We anticipate special incentives such as reduced GST rates for eco-tourism hospitality projects with fewer than 25 rooms in remote areas, which will encourage sustainable development. Financial support aimed at conservation projects focused on endangered species and habitat restoration is crucial for environmental stewardship. To harness the potential of wildlife tourism, we look forward to government-backed initiatives through targeted marketing campaigns and participation in international travel fairs. Funding for training programs to empower local guides and staff with advanced skills in wildlife conservation and eco-tourism practices, ensuring sustainable growth and global competitiveness is equally important.”

Sachin Alug, CEO, NLB Services
The interim budget of 2024 highlighted some major initiatives like Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Matsya Sampada Yojana. Additionally, funds were allocated for research, innovation, and infrastructure development to stimulate job creation. Similarly, the Union Budget 2024, is going to be a further extension of the interim budget to focus on various aspects including employment generation which will be one of the most crucial aspects anticipated by industry leaders.

The current job market has been experiencing a fluctuation due to global economic changes and technological advancements. With the aim to become USD 7 trillion by 2030, employers and employees have strong hope from the union budget for 2024. We are also hopeful that the budget will focus on investments in human capital, infrastructure, sustainable employment generation, education, and increasing the participation of the women workforce to drive economic growth.

Apart from employment generation, upskilling will be another focus area of the upcoming Union Budget 2024 for the HR sector. We are anticipating an increase in budget allocation for skill development and entrepreneurship by 20-25%. Additionally, the budget is also expected to bridge the gap between industry requirements and the existing talent pool as the existing gap is 15-20% in the tech sector which is hampering both the employers and the employees. Moreover, the sector will look forward to support for structured skilling programs, vocational training, STEM education, and digital upskilling to align the workforce with emerging market demands.

In the education sphere, there would be more incentives and higher allocations in the upcoming Union Budget 2024. This is because of the continuation of National Education Policy 2020 (NEP) and skill training initiatives, the education sector is likely to be a key focus for Finance Minister Nirmala Sitharaman in the upcoming Budget. Additionally, the increased funding for new schools and teacher-training programs are essential to universalize education from preschool to secondary level with a 100% Gross Enrollment Ratio by 2030. Overall, the HR and education sector is expecting the budget to uplift the job market in order to execute its goal of achieving USD 7 trillion by 2030.

Mr Muneer Ahmad, Vice President, Sales and Marketing, ViewSonic India.
“Looking ahead to this year’s budget, ViewSonic is optimistic about the opportunities it presents for the EdTech sector. We are committed to leveraging these opportunities to create an even better education environment in India. Thus, we always focus on fulfilling our goal of providing services, products and superior interactive displays that are country-wide relevant to educators and students.

In our opinion, further investment in education technology will not only help educators but also raise equality in access to high-quality education in the country. We have strategically increased our focus and investments in developing state-of-the-art interactive displays and digital learning. Our ongoing investments in R&D in India underscore our dedication to innovation and leadership in this space. As we navigate the complexities of modern education, we urge the central government to prioritize enhancing access to quality education through sustainable investment in EdTech infrastructure.

We look forward to the budget’s potential to catalyze significant growth and reinforce India’s global standing in EdTech.”

Rohit Manglik, Founder&CEO, EduGorilla
“Technology holds great promise to revolutionise the education sector. It plays a significant role in ensuring equity in access to education, making it more affordable, and enabling on-the-go learning. Hence, the Union Budget 2024-25 must earmark allocations towards strengthening digital infrastructure, such as the National Optical Fibre Network and ensuring reliable Internet connectivity. It should also prioritise adopting new-age technologies beyond Artificial Intelligence, such as Augmented Reality and Virtual Reality, which have opened new avenues for immersive and interactive learning experiences. Subsidies and tax breaks on edtech products can also help bridge the digital divide and inequity in access to education. Moreover, incubation and accelerator programmes for emerging startups will go a long way in fostering innovation, catalysing employment generation and boosting economic growth.”

Ms Preeti Ubale, Chief Operating Officer and Co-Founder, SMBXL Pvt Ltd
“Simplification and standardisation of GST will help businesses spend less time and witness better volumes and contributions. From 12% a decade ago, to a current 47% and a projected 60% by 2025, digital adoption and engagement by businesses has undergone a sea change. Technology enhances the efficiencies that propel businesses on the growth path. Upskilling of the workforce and access to knowledge base and expertise can be practically implemented on the ground is of significance, which lacks in terms of awareness or accessibility.”

“Encouraging and incentivising the segment on those lines will ensure success. The ecosystem comes together and impacts in a way that the cohesion prepares MSE to be resilient and rise. This will be a win-win for all and the resultant boost in GDP will pace towards the $ 4 trillion target. With Viksit Bharat’s four-focus (Yuva, Garib, Mahila, Kisan), an enhanced focus on the Micro and Small Businesses will ensure a “Viksit Aur Vishisht Bharat”.

Dr. Sanjay Gupta, Vice Chancellor, World University of Design.
“India’s creative economy, despite employing 8% of the workforce, contributes a mere 2.5% to GDP, highlighting vast untapped potential. While sectors like media and entertainment thrive, the broader creative landscape faces challenges including weak intellectual property protection, limited finance, and a critical skills gap. A British Council study estimated 1.5 million Indians in cultural and creative industries in 2016, hinting at a significantly larger workforce with better data. Piracy and the absence of specialized education hinder growth. To fully harness this potential, India needs a robust policy framework focusing on education, infrastructure, and intellectual property. This can propel the creative economy’s contribution to GDP from ₹8.39 trillion to over ₹20 trillion by 2030. India, with its rich culture and talent, can mirror the success of creative powerhouses like the UK and South Korea. Unlocking this potential means significant export opportunities, cultural soft power, and becoming a global creative hub. The question is not about investing in the creative economy but about the cost of inaction. India must seize this opportunity before the gap with other countries widens further.’’

Amrit Kiran Singh, Founder President, Skill Online Games Institute (SOGI):
“Increased GST on Online Games has created a huge tax arbitrage that is inadvertently giving the 500 million players a huge Indian market to foreign ( primarily Chinese) companies at the expense of Indian companies. Would expect FM to address the anomaly in the budget. First by announcing an in-depth study of the pros and cons of this industry and then determining the appropriate level of taxation. And secondly, in the interim, restoring taxes to pre-October levels to stop the hemorrhage of Indian companies. Addiction and other negatives can adequately be addressed through application of smart tech ( timeouts etc).”

Varun Babbar, Managing Director – India and SAARC, Qlik
As we anticipate the new government under Prime Minister Modi, we expect strong backing for the ‘Viksit Bharat’ initiative—a vision introduced for accelerating the nation’s development and promoting economic inclusivity. This transformation requires placing technology at its core. Prioritizing the adoption of digital technologies across critical sectors, especially governance, will encourage inclusivity and efficiency in delivering social and welfare schemes.

Increased investment in policies that simplify doing business and empower startups and emerging technologies, such as artificial intelligence (AI), is essential. As AI continues transforming sectors like healthcare, finance, manufacturing, and education, implementing proactive measures to ensure its responsible development is crucial.

That said, future AI guidelines should emphasize safety, ethical standards, and societal welfare while fostering innovation. Designing AI with a human-centered approach—emphasizing fairness, transparency, and accountability can address ethical concerns and mitigate risks associated with AI misuse, like deepfake technology and job displacement.

These steps are central to driving sustainable growth through data-driven insights and innovation.”

Somdutta Singh, First-Generation Serial Entrepreneur, Founder & CEO, Investor & Ex-Member Niti Aayog on the E-commerce entrepreneur perspective.
The upcoming budget needs a clear roadmap for streamlining logistics, potentially by investing in more warehousing facilities across the country. Additionally, facilitating access to credit through dedicated loan schemes for e-commerce businesses, as seen in other economies, can unlock a wave of new entrepreneurs and empower existing ones. Let’s see a three-pronged approach for instance: streamlining regulations to ease entry, offering targeted tax benefits like lower GST thresholds, and investing in critical infrastructure like nationwide warehousing. Additionally, fostering digital payments and e-commerce literacy will bridge the gap and enhance customer experience. By empowering MSMEs to reach a wider audience and reduce costs, this budget can position them as game-changers in India’s booming e-commerce ecosystem.

Sandeep Chaudhary, CEO, PeopleStrong
“As India eagerly anticipates the Union Budget 2025, we hope the Government will prioritize investments in skill development, employment generation, the startup ecosystem, and sustainable development sectors. With India’s economy projected to reach the $5 trillion mark, it is crucial to channel substantial investment into transforming Tier 2 & 3 towns into economic hubs, formalizing labor participation, and increasing female workforce participation.

Developing a world-class education system is essential to preventing brain drain to foreign universities and retaining talent within the country. We anticipate a budget that prioritizes economic advancement, employment generation, and technological investments, paving the way for a progressive and inclusive India.”

Vijay Navaluri, Co-founder & Chief Customer Officer, Supervity.
In anticipation of the upcoming 2024 Union Budget, the AI sector is hopeful for policies that will further stimulate growth and innovation. At Supervity, we believe that the government’s continued support for AI and related technologies will be crucial in driving the industry forward. The budget is expected to prioritize investments in AI, particularly in enhancing AI-based education and skill development through partnerships between educational institutions and industry. This will ensure a steady pipeline of skilled professionals who can contribute to various sectors, including healthcare, agriculture, and urban planning.

Moreover, there is anticipation for the implementation of Public-Private Partnership (PPP) models and the establishment of regulatory bodies to ensure ethical AI usage. Financial incentives and tax deductions for AI startups, as well as increased funding for R&D, are also expected to be on the agenda, further boosting innovation and the growth of the AI ecosystem in India.

Dr. Miniya Chatterji, Founding Director, Anant School for Climate Action, and CEO, Sustain Labs Paris
“In the Union Budget 2024, it would be important to prioritize initiatives that drive sustainable growth. Investments should focus on renewable energy projects, green infrastructure, and sustainable agriculture. Another good move could be a reduction in the GST levied on renewable energy components. Additionally, provisions should be made to promote skilling and innovation in the field of sustainability”.

Mr. Nishant Sinsinwar, Founder of Homiie Studio & Projects Makers
“The real estate sector is looking forward to proactive measures in the 2024 budget that can foster growth and sustainability. We hope to see a reduction in GST rates for construction materials, which would help lower the overall cost of building and, consequently, property prices. Furthermore, introducing a single-window clearance system for project approvals can drastically reduce project delays and boost investor confidence. Additionally, we advocate for policies that promote affordable housing, such as increasing the allocation of government-owned lands for affordable housing projects and reviving tax incentives for developers focusing on this segment. By implementing these measures, the government can help bridge the housing gap and support the sector’s recovery post-pandemic.”

Sanket Sarkar, Founder of Zeron
“As we approach the Union Budget 2024-2025, there is a palpable sense of anticipation within the cybersecurity sector. The government has consistently demonstrated its commitment to this critical industry through strategic investments and supportive policies. Reflecting on the past years, it’s clear that our digital defenses have been significantly strengthened.

I am optimistic that this year’s budget will further amplify this focus, with substantial allocations to enhance our cybersecurity infrastructure.
As the founder of Zeron, I believe this continued prioritization of cyber resilience and innovation is crucial for defending against evolving threats and driving economic growth. This budget will not be merely a financial planning; it’ll be a bold declaration of India’s intent to become a global cybersecurity leader.”

Dr. Mahesh M, CEO, Creaticity
“The furniture industry requires substantial enhancement in both manufacturing and retail sectors, with a particular focus on supporting small to mid-sized enterprises. Accelerating furniture park development shall enable Indian enterprises to build volume and efficiency. Additionally, recognizing furniture as an essential category and adjusting tax policies can bring transformative changes, making the industry more organized. This will increase the contribution of the exchequer and help the growth of the sector, which is as essential as food, shelter, and clothes. There is also an urgent need for skilled manpower to ensure sustainable growth within the industry.”

Rudrabhishek Enterprises Limited (REPL), from CMD, Mr. Pradeep Misra, regarding the Real Estate and Infrastructure Sectors.
Real Estate Quote:
The Indian real estate sector is expecting the Union Budget 2024–25 to improve liquidity, such as enhanced funding for the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, which has been crucial in reviving stalled projects. Raising the home loan interest deduction limit from INR 2 lakh to INR 5 lakh would significantly benefit middle-income homebuyers. Either allow input credit in GST for all type of construction activities or, reducing GST on under-construction properties from 5% to 1%, aligning it with ready-to-move-in properties, could stimulate demand.

We also expect the government to revive the Credit-Linked Subsidy Scheme (CLSS) under PMAY, which expired in 2022. This scheme previously benefited EWS/LIG homebuyers and supported the conversion of ‘kaccha’ homes into ‘pucca’ ones under PMAY (Rural). Reintroducing a 100% tax holiday for affordable housing developers under Section 80-IBA and updating the definition of affordable housing to reflect current market dynamics are crucial.

To promote SM REITs, long term capital gain on SM REITs should be exempted for the investment made in the year.

Additionally, streamlined approval processes and digitization in land records can significantly reduce project delays, benefitting both developers and end-users. On the commercial front, incentives for green building practices and sustainable infrastructure development will drive urban regeneration and attract investments.

Infrastructure Quote:
As India is striving to achieve the status of Developed country by 2047, the focus of infrastructure sector will continue in the upcoming Union Budget. We have already seen its indication in the interim budget and successive announcements earlier this year.

In line with the Center’s increasing emphasis on self-reliance, the development of ‘Defense Industry Corridors’ could be one among the primary focus in the union budget. This ambitious project is likely to have direct impact on job creation, promoting regional level industries, saving foreign currency reserve and enhancing our domestic technical capabilities. Similar to UP Defense Industrial Corridor (UPDIC) we can see the identification of several other regional hubs and development of different corridors, as per the local advantages and national requirements.

In this budget, we are expecting that the Smart City 2.0 will be rolled out in full steam, covering even wider spectrum of the urban landscape. There have been success stories as well as critical learnings from the first phase of Smart City mission. The projects under first phase are mostly completed or they are near completion. Implementation of Integrated Command & Control Centers (ICCC) were major achievements, which can now be leverages for data integration at city level and its applications in sustainable urban development. We expect that Smart City 2.0 will focus on self-sustainability of these projects and institutions, while the follow-up scheme will extend to new cities and smaller towns.

PMAY has been among the most successful flagship programs of GOI in previous tenure. Its spread was wide and impact highly visible in standard of living, social security and livelihood support. It is expected that the PMAY 2.0 will extend to more urban families by expanding the coverage criteria and, nature of financial and technical support from government. The formats and operation mechanisms are already in place both for Smart City and PMAY which will enable its faster roll out.

The budget is also expected to bring special incentive provisions for the promotion of SM-REITs which is likely to have a significant impact in coming five years within the real estate sector. This new provision has opened a new market segment of retail participation and Mutual Fund investments in real estate projects, which will require tax incentives to scale up at higher pace. As the SM-REITs is still in a nascent stage, it will require massive support from central government in terms of favorable policies and budgetary allocations. This new segment will help real estate industries with greater liquidity and enable the delivery of world class building infrastructure.

MSMEs play a very critical role in overall Indian economy and GDP growth. It is important that the Budget brings special provisions to ensure the timely payment to MSMEs within the stipulated 45 days, as per the MSME Act. The sector can also get huge support of cash flow streamlining, if it is made mandatory to all the State Government’s agencies/Departments/PSUs who are implementing Central/State Government Funded Schemes on ground, to get enrolled on all or any one of the TReDS (Trade Receivables Discounting System) Platform.

As this is continuation of NDA government successively for the third term, we also look forward to the announcement of altogether new flagship infrastructure programs that are targeted for strengthening infrastructure in small towns and rural areas. The upcoming budget has the potential to set India on a transformative path towards becoming a global infrastructure leader.

Saurabh Gahoi, Senior Vice president at Ramee Group of hotels
“As we look towards the Union Budget 2024, the hospitality industry is set for transformative changes. Reclassifying hotels as infrastructure and offering tax incentives for sustainable practices will significantly boost investment appeal. Reduced GST for the tourism sector and streamlined single-window clearances will make travel more affordable and business operations smoother. By supporting spiritual and business tourism, especially in tier 2 and tier 3 cities, we can unlock immense potential for economic growth and job creation. The right government policies can drive the hospitality sector to new heights, making India a global leader in tourism.”

Ravi Bhushan, Founder & CEO, BrightCHAMPS
India has among the highest number of schools in the world — close to 1.5 million. And yet, we have a fairly low allocation — under 3% — of the total budget to education. My hope is that we start following the lead of OECD countries and take the NEP recommendation of increasing education’s allocation to 6%. I believe that in this era of acute unemployment and unprecedented proliferation of technology making many jobs obsolete, investing in new-age, skill-based education across all stratas of society is paramount to make kids future-ready. World Bank’s research says that with every additional year of schooling, there is a corresponding 9% average increase in hourly earnings. I believe this metric is crucial for developing, human-capital intensive countries like India. Education lies at the heart of this global shift towards a more learned workforce, which is why I hope that all future budgets invest deeply in: 1) Updating the curricula to include 21st century subjects like financial literacy, communications, entrepreneurship, AI, etc, 2) Improving means of delivery to make learning more tech-friendly and individualised so its impact is greater, and 3) Fostering strong public-private partnerships so that the know-how of startups and experts can be utilised to accelerate change for the masses and not just a select few.

Dr. Sangita Reddy, Joint Managing Director, Apollo Hospitals Group.
“We are hopeful that the government will continue to prioritize the healthcare sector. The interim budget 2024-25 in February rightly emphasized preventive care, women’s health, infrastructure expansion, and child development, marking significant strides towards a healthier future. We anticipate that the upcoming budget will maintain and strengthen this approach.

The promotion of cervical cancer prevention by vaccination for girls aged 9-14 was one of the major announcements, and it represents a significant step toward improving women’s health. We hope the government will keep on supporting these programs. Furthermore, Initiatives under programs like U-Win and Mission Indradhanush should be encouraged.

Strengthening infrastructure is crucial to effectively enhance health services in rural and remote regions, ensuring equitable access to health care. Increased support is expected from the government to achieve this goal” Dr. Sangita Reddy, Joint Managing Director, Apollo Hospitals Group.”

Sarbvir Singh, Joint Group CEO, PB Fintech
~The insurance industry looks forward to significant reforms in the Union Budget 2024, which are expected to spur sector growth and strengthen the economy. The sector hopes for an amendment to the insurance act which will enable the entry of new players, including foreign insurers and Insurtech companies to aid product innovation and wider insurance adoption in the country.

~The insurance sector eagerly anticipates that the government will launch health schemes to protect the country’s rapidly growing aging population. By 2047, this demographic is projected to surpass the 0-14 age group, constituting 30 percent of India’s population, with 60 percent lacking income to cover healthcare expenses. Addressing this issue through inclusive health schemes will be crucial for ensuring their well-being and financial security. Another key expectation is that pension products like annuity plans should be given the same tax benefits as NPS as the current taxation does not encourage investment in retirement planning.

~It’s also necessary to expand the long-standing deduction limit for both protection products – health and term insurance – under Section 80D and 80C, respectively. The industry also advocates reduction of GST rates on health and term products from 18% to 5% which will pass down the economic benefit to the end consumer and help increase insurance penetration. Furthermore, the industry also recommends tax exemptions on Health Savings Accounts (HSAs).

~The industry is also expecting some GST relief on health insurance for MSMEs. The existing GST regulations create a substantial burden because MSMEs cannot claim input credit for the GST paid on employee health insurance premiums. All these expectations and recommendations are perfectly aligned with the industry’s vision of Insurance for all by 2047; and will greatly aid in the sector’s growth and ensure the well-being of all policyholders.

Rishi Das, Co-founder, IndiQube
There is a need to recognize the coworking sector as a separate industry. This acknowledgment would pave the way for tailored policies that address the unique needs of the sector. A formal industry status would also facilitate better regulatory frameworks and support systems. Tax incentives for establishing coworking spaces in tier II and tier III towns could significantly drive economic growth in these regions. By offering financial relief, the government can encourage coworking providers to expand into less saturated markets, thereby boosting local economies, creating jobs, and fostering entrepreneurial ecosystems in smaller cities. Extending these tax incentives to the broader private sector is also crucial. Moreover, offering incentives for green buildings and on the use of renewable energy would promote sustainable development. Incentivizing green practices would not only reduce the carbon footprint but also set new standards for sustainable business operations in real estate.

Ensuring the availability of institutional finance at competitive rates is another vital aspect. Affordable financing options would enable coworking operators to scale efficiently and invest in infrastructure, technology, and community-building initiatives. By addressing these points, we can create a robust framework that supports the growth and sustainability of the coworking sector in India, ultimately contributing to a dynamic and inclusive economy.

Rakesh Kumar, Founder of Square Insurance
“Has outlined several budget expectations aimed at improving insurance coverage and affordability. “Increasing the tax exemption limit on health insurance premiums to ₹75,000 would make healthcare more accessible.” He also suggests, “Introducing subsidies or tax credits for comprehensive electric vehicle (EV) insurance will promote EV adoption.” Kumar advocates for home insurance by stating, “Offering tax deductions for home insurance premiums under Section 80C will encourage homeowners to protect their assets.” To enhance cybersecurity, he notes, “Tax incentives for cyber insurance, particularly for SMEs, are essential.” He emphasizes the need to broaden healthcare access, saying, “Expanding the Ayushman Bharat scheme to include the middle class would significantly increase healthcare coverage.” For comprehensive coverage, Kumar adds, “Extending deductions to other personal insurances will promote comprehensive coverage.” He also highlights the microfinance sector, stating, “Introducing parametric covers and mandatory coverage for shops and establishments will enhance resilience for vulnerable groups.” On regulatory reforms, Kumar insists, “Healthcare regulatory reforms, including creating an autonomous regulatory body, establishing a health claims exchange, and streamlining cashless authorizations, are needed to improve oversight and service quality.” For retirement savings, he suggests, “Simplifying or eliminating taxes on pension and annuity products and extending NPS tax exemptions will encourage retirement savings.” Lastly, he proposes, “Comprehensive tax reforms for life insurance, such as allowing complete deductions for premiums, lowering GST on term life insurance, and implementing zero-rating for specific policies, will make life insurance more affordable.”

Abhishek Gupta Co Founder WeVOIS Lab
The over $12-billion waste management sector in India is poised for significant improvements with the right budgetary allocations and government actions. Currently, the sector faces several challenges, including underfunded infrastructure, limited private participation, technological gaps, weak enforcement of waste management laws, an unskilled workforce, and low public awareness.

Addressing these issues through targeted government actions could lead to substantial positive impacts.

Firstly, the sector suffers from underfunded infrastructure, with a lack of adequate waste processing and recycling facilities. To address this, the government needs to allocate more budget towards building modern waste treatment plants and recycling units. This increased funding would lead to more efficient waste processing, reduced pollution, and enhanced resource recovery.

India has become the world’s 3rd best economy, and our waste management infrastructure needs to reflect this status. Fortunately, we began efforts ten years ago, but there is still much to be done. In the second decade of the Swachh Bharat Mission, we must start taking data-driven decisions. Understanding the behavior of residents and using data to inform our actions will be crucial.

Secondly, there is limited private participation in waste management projects due to low private investment. The government can incentivize the private sector by offering tax breaks, subsidies, and streamlined regulations to attract private companies. These incentives are expected to spur innovation and growth, leading to increased investment, technological advancements, and job creation. We need to encourage more new-age companies and technologies to enter and sustain in this sector.

Thirdly, there are significant technological gaps in the sector, with limited use of advanced waste treatment technologies. Investing in research and development (R&D) for innovative solutions, particularly in resource recovery and the circular economy, is crucial. Such investments would result in the development and adoption of eco-friendly waste management technologies, promoting sustainable solutions.

Additionally, weak enforcement of waste management laws is a major issue. Strengthening the regulatory framework with stricter laws and a focus on extended producer responsibility (EPR) is necessary. This would lead to increased compliance by producers and consumers and reduce illegal dumping.

A major challenge is that most of our waste is municipal solid waste, but our municipal corporations are still not ready. Implementing comprehensive training programs in modern waste management practices is essential. This skill development would enhance efficiency and effectiveness and capacity-building programs at the city level are needed to achieve the required progress.

We must also consider the workload of the concerned government departments, deploying additional teams to tackle these challenges. With the right policies and adequate funds, significant improvements can be made. The government’s commitment to these initiatives, coupled with data-driven decisions and public cooperation, can lead to a cleaner, more sustainable India.

Mr. Rohit Bajaj, Co founder Balwaan Krishi
Agriculture is the backbone of India, and a multi-pronged approach is essential to boost agritech ventures. Strategies such as a 10-year tax holiday for startups, subsidies up to 50% on capital expenditure, and low-interest loans with extended repayment periods can significantly enhance the sector. Establishing a dedicated R&D fund with an initial corpus of ₹1,000-2,000 crore will support agritech research, grants, and seed funding. Companies like Balwaan Krishi, which have positively impacted over 500,000 farmers by increasing crop yields by 20%, reducing labor costs by 30%, and minimizing post-harvest losses by 15%, exemplify the potential of agritech. Additionally, a Production Linked Incentive (PLI) scheme for agritech and increased allocation for the Agriculture Infrastructure Fund (AIF) can be transformative. Investing in rural broadband connectivity and digital marketplaces will streamline the supply chain and ensure fair prices for farmers. Simplifying the regulatory framework with a single-window clearance system, unified standards, and a dedicated regulatory body will encourage innovation. Creating a unified national platform for agritech products and promoting Indian solutions globally, coupled with skill development programs for farmers, will maximize the adoption and benefits of agritech tools. By adopting these strategies, the government can foster a clear and predictable regulatory environment that encourages innovation while ensuring safety, sustainability, and economic growth in the agritech sector..

Shailesh Dhuri, CEO, Decimal Point Analytics
The upcoming budget session is poised to unleash the potential of our economy by cutting red tape, increasing trade opportunities, and reforming state-owned enterprises. This budget will streamline the tax code, boost investment in infrastructure, and strengthen education and healthcare. It will further empower the most vulnerable by providing universal health coverage, targeted cash transfers, and microfinance opportunities, alongside critical rural infrastructure improvements. To fuel long-term growth, the budget will also prioritize innovation by increasing R&D spending and fostering technology partnerships. Additionally, by modernizing agriculture and implementing labor reforms, the budget will lay ground for dynamic and skilled workforce for the future.

Mr. Parmod Sagar, Managing Director & CEO – RHI Magnesita India Ltd. President – India, West Asia & Africa.
“The allocation of Rs. 11.11 lakh crore towards the infrastructure sector in the Interim Budget 2024 is a testament to the sector as a growth driver for achieving a $7 trillion economy by 2030. The refractory industry in India will play a crucial role in this infrastructure growth, and any budgetary allocation in the Union Budget 2024 for the refractory industry will go a long way in acknowledging the crucial role that this industry will continue to play in the country’s economic growth. Policy initiatives like the PLI scheme, formulated to leverage the potential of ‘Make-in-India,’ are the need of the hour for the refractory industry. Such initiatives will support the enhancement of localization in sourcing and manufacturing, augment domestic capacity, and galvanize the creation of the infrastructure sector in line with the philosophy of ‘Atma Nirbhar Bharat.”

Mr. Anshul Singhal, Managing Director, Welspun One & Chairperson of ASSOCHAM National Council on Logistics & Warehousing
“The logistics industry serves as the central lever for the efficient growth of all sectors. As the backbone of the supply chain industry, warehousing facilitates systematic storage and inventory management, enabling companies to anticipate demand and seize business opportunities both domestically and internationally. Therefore, government support is essential for the sector’s substantial growth. As we approach the 2024-2025 Budget, it is imperative to emphasize the significance of Foreign Direct Investment (FDI) in this industry. Increased FDI will bring the necessary capital, advanced technology, and expertise needed for modernization and expansion. The government can create a more favourable environment for FDI by streamlining regulatory processes, providing tax incentives, and promoting this sector as an attractive asset class for high-net-worth individuals (HNWIs) and institutional investors globally.

India’s future economic growth will depend on efficient logistics and warehousing infrastructure. The government can support this by simplifying land acquisition, offering incentives for sustainable practices, and lowering provisioning requirements for banks financing these projects. Additionally, developers can benefit from accessing funds at better rates through partnerships with insurance companies, pension funds, and international lenders, which will help reduce construction and maintenance costs. Encouraging green initiatives, creating worker-friendly environments, and establishing hubs with EV charging points will further bolster the industry’s growth. By addressing these critical areas, the budget will be the catalyst for transforming India’s warehousing sector into a global leader.”

S Anand, the esteemed Chief Executive Officer and Founder of PaySprint, a leading fintech venture.
“As we approach Budget 2024, the fintech industry in India eagerly awaits policy directions that will shape our future trajectory. This budget arrives at a critical juncture, offering a strategic opportunity to reinforce India’s position as a global leader in digital innovation and financial technology.

From a fintech perspective, one of the primary expectations revolves around fiscal incentives and regulatory frameworks that foster innovation and accelerate digital transformation. As technology continues to redefine financial services, there is a pressing need for policies that support entrepreneurship, attract investments, and promote the adoption of advanced technologies such as blockchain, AI, and digital identity verification. Clear and forward-looking regulations will be crucial in enabling fintech firms to operate with certainty and scale their innovations effectively.

Financial inclusion remains a cornerstone of our collective vision for India’s economic future. The budget presents an opportunity to enhance access to digital financial services, particularly in underserved and rural areas. Initiatives that bolster digital infrastructure and incentivize fintech solutions tailored to diverse customer segments will be instrumental in advancing financial inclusion goals. This includes measures to expand the reach of digital payments, improve digital literacy, and ensure that every citizen has access to affordable and secure banking services.

In addition to fostering innovation and expanding financial access, sustainability and responsible business practices are increasingly becoming priorities for the fintech industry. Budgetary provisions that encourage green fintech initiatives, promote ESG (Environmental, Social, and Governance) principles, and incentivize sustainable growth practices will align with global trends and enhance India’s reputation as a responsible player in the digital economy.

Cybersecurity and data privacy are paramount concerns in an increasingly interconnected digital landscape. Strengthening cybersecurity frameworks and ensuring robust data protection measures will be critical to maintaining consumer trust and safeguarding the integrity of financial transactions. The budget provides an opportunity to introduce comprehensive cybersecurity policies that mitigate risks and enhance resilience against cyber threats.

As a participant in India’s vibrant fintech ecosystem, I am optimistic that Budget 2024 will reflect a holistic approach to fostering innovation, promoting financial inclusion, and strengthening regulatory frameworks. By aligning policy priorities with industry needs, the government can unleash the full potential of fintech to drive inclusive economic growth, create jobs, and elevate India’s stature as a global fintech hub.

In conclusion, I believe that Budget 2024 has the potential to set a transformative agenda for the fintech sector, paving the way for a future where technology-driven financial services empower every Indian citizen and contribute to the nation’s economic prosperity.””

Mr. N.P Ramesh, COO and Co-Founder of Orb Energy
“As we approach the Union Budget, the solar industry eagerly anticipates pivotal measures to accelerate India’s renewable energy goals. Key priorities include enhancing residential solar adoption with proposed personal income tax benefits up to 3 lakhs. This can be considered instead of current subsidy of Rs.78,000. For commercial and industrial (C&I) sectors, increasing depreciation benefits to 60-80% from the current 40% will incentivize substantial investments in solar installations, bolstering sustainability efforts across businesses.

The removal of anti-dumping duties on raw materials for solar modules is crucial to enhancing manufacturing competitiveness and reducing dependency on imports. Additionally, a proposed 7-year tax holiday for investments in PV module or solar cell production will stimulate domestic manufacturing capabilities, fostering job creation and economic growth.

These strategic measures not only strengthen India’s position in renewable energy but also pave the way for a sustainable and resilient energy future. They underscore our commitment to innovation and sustainability, ensuring a greener and more prosperous tomorrow for all.”

Parimal Heda, Chief Investment Officer, Go Digit General Insurance
The insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has committed to enable “Insurance, for All” by 2047 and ensure every Indian citizen has an appropriate and adequate life, health and property insurance cover. The upcoming Budget could play a vital role in supporting this reform agenda.

Given the rising healthcare expenses, it is essential that health insurance becomes more affordable to everyone. Providing tax benefits such as categorizing health insurance under the Goods and Services Tax (GST) framework with a reduced tax rate of 5% could reduce the overall premium outgo and encourage people to opt for comprehensive coverage. Additionally, offering a tax deduction to first time health insurance purchasers, especially the younger generation through a 200% tax exemption on the premium amount under chapter VIA could motivate more individuals to secure insurance coverage. This tax advantage could be phased out gradually over four years to align with the tax benefits offered under Section 80D ensuring a smooth transition.

Almost half of the automobiles, on the roads in India do not have third-party motor insurance, which poses a risk to everyone driving and to the people on the roads. One way to promote the adoption of TP cover is by providing a one-time tax exemption to individuals who renew their expired TP policies within a specified timeframe. Natural disasters are becoming more frequent and severe, and India is among the most disaster-prone countries in the world. To safeguard homeowners from such adverse calamities and to boost the penetration of home insurance, the government through the aid of RERA can make home insurance for newly purchased properties mandatory. The cost of home insurance premiums can also be made eligible for a tax deduction of up to Rs 25,000.

Rohan Malhotra, CEO, Roadzen
“Our hope for the upcoming budget is centered on significantly deepening motor insurance penetration in India, with a special emphasis on tier 2 and tier 3 cities and beyond. At Roadzen, we see a tremendous opportunity to integrate advanced technologies like telematics to offer road safety-linked insurance discounts. This approach not only encourages safer driving practices but also makes insurance more accessible and relevant to a wider audience. The introduction of the Managing General Agent model through regulation can further enhance this by ensuring better claims experiences and expertise in handling niche and long-term risks. These steps are essential for building a more inclusive and technologically adept insurance ecosystem in India.”

Mr. Kapal Pansari – Managing Director, Rashi Peripherals Limited
“We expect the decision makers in the Government to provide roadmap on the import of restricted ICT products which are currently allowed to import with advance approval. Since IT is the backbone of country’s economic progress and growth, we expect the Government to consider reduction of duties on the import of components to boost local manufacturing. Also, we expect lower GST on locally manufactured ICT products as against imported products.”

Sowdamini Bhat, CEO, LoanXpress.
“The upcoming budget should revise turnover criteria for MSMEs under Udyam classification to enable more enterprises to access priority sector lending. Proposed changes: Micro Enterprises from ₹5 crore to ₹10 crore, Small Enterprises from ₹5-75 crore to ₹10-100 crore, Medium Enterprises from ₹75-250 crore to ₹100-500 crore. Promote Special PLI & Capex schemes, comprehensive insurance for MSMEs, and mandate large corporates to procure 25-30% from SMEs. Additionally, incentivize NBFCs supporting SMEs, introduce sector-focused SME bonds, promote greenfield financing, and develop insurance products for SME loans to enhance financial stability and growth, opines Ms. Sowdamini Bhat of LoanXpress“

Abhishek Agarwal, President of Judge India & Global Delivery, The Judge Group
We as a technology company urge the government to prioritize investments in the digital infrastructure. This will create a more connected landscape, allowing for the widespread adoption of exciting new technologies. But strong infrastructure is just the first step. We need to incentivize research and development in critical areas like Semiconductors, AI, Gen-AI, cybersecurity, and the IoT. This will fuel innovation and keep us at the forefront. Also, to enable this, we must advocate skill-based education along with promoting tax reforms that incentivize entrepreneurship within the tech sector. By taking these major steps, we can create a robust and innovative technological landscape for the future.

Paras Maheshwari, Director, Gravolite
The sports mat manufacturing industry anticipates a pre-budget focus on infrastructure development, as enhanced sports facilities drive demand for quality mats. Expectations include incentives for technological upgrades, promoting sustainable practices, and reducing import duties on raw materials. A push for skill development programs and R&D grants could boost innovation. Additionally, industry stakeholders hope for tax reliefs to mitigate operational costs and encourage investments. The sector looks forward to a budget that aligns with the government’s commitment to promoting sports and healthy lifestyles, fostering growth, and reinforcing the ‘Make in India’ initiative for the sports mat manufacturing segment.”

S Ravi, Founder, Ravi Rajan & Co.
The forthcoming Union Budget is of great significance, considering the fact that it is the first budget of the NDA3 government. This budget will be a trend-setting budget and will certainly exhibit what the government wants to do in the forthcoming years. This Union budget will focus on infrastructure, CapEx, agriculture, manufacturing, and all those connected with productivity. The PLI schemes may be extended further so that manufacturing is a preferred option for the industry. I also envisage that the tourism sector, which is the second largest employer, may be given an industry status so as to encourage tourism. On the personal taxation front, I look at increasing the exemption levels significantly. Revision of the new pension scheme. So as based on the various feedbacks that the government has got about the pension scheme, looking at giving exemptions in terms of medical allowances, and education. The government may also look at providing a strong foothold.

Sanjay Sinha, Founder at Citrus Advisors.
“This Budget is expected to outline the 5-year vision of the Government and a roadmap to achieve it. I expect that there will be a lot of emphasis on infrastructure and job creation. It is likely that aided by the bountiful dividend from RBI and the spectacular tax collection of almost Rs 35 lakh crores in FY24 the FM may announce a fiscal deficit target of less than 5% for FY25. We have seen bond yields beginning to react after the inclusion of India in the JP Morgan Bond Index. A sub 5% deficit will enthuse the markets even more.

Further, All eyes will be on the allocation to defence, roads, railways and ports. The recent sectoral rally indicates that a lot of expectations have already built up around this space. A let down could bring the markets down in general and these sectors in particular. The market is also praying that the capital gains and STT will not be tinkered with. On the positive side, there is a very strong possibility that the income tax slabs will be raised and maybe some more relief will be granted via raising the amount of standard deduction and relief on home loan interests.”

Pallav Bihani, Founder of Boldfit
“As we look forward to the upcoming budget, I hope to see a greater allocation for sports and fitness. It is a matter of national pride when our country wins medals at global events. To support this, we need more infrastructure, training, and regulatory resources dedicated to developing athletes and sports. Investing in these areas will foster a more active and health-conscious nation, benefiting us all in the long run.

Moreover, promoting sports and fitness can significantly contribute to the overall well-being of our society. With better facilities and support systems in place, we can inspire the younger generation to lead healthier lifestyles and pursue sports as a viable career option. This investment will not only improve our international sporting achievements but also build a robust and dynamic sporting culture within the country.”

Mr. Parmod Sagar, MD & CEO, RHI Magnesita India Ltd. President India, West Asia and Africa
“The allocation of Rs. 11.11 lakh crore towards the infrastructure sector in the Interim Budget 2024 is a testament to the sector as a growth driver for achieving a $7 trillion economy by 2030. The refractory industry in India will play a crucial role in this infrastructure growth, and any budgetary allocation in the Union Budget 2024 for the refractory industry will go a long way in acknowledging the crucial role that this industry will continue to play in the country’s economic growth. Policy initiatives like the PLI scheme, formulated to leverage the potential of ‘Make-in-India,’ are the need of the hour for the refractory industry. Such initiatives will support the enhancement of localization in sourcing and manufacturing, augment domestic capacity, and galvanize the creation of the infrastructure sector in line with the philosophy of ‘Atma Nirbhar Bharat.”

Aparna Acharekar, Co-Founder, coto
“Women have broken barriers, defied stereotypes, and driven progress toward a more just and equitable society. Their influence spans numerous industries, transforming the business landscape and achieving remarkable results across various sectors. This year, the interim budget highlighted women empowerment as a major theme, aiming to enhance their socio-economic status and provide better opportunities to succeed as leaders and entrepreneurs. In line with the government’s vision, we anticipate robust policies in the upcoming union budget to increase women’s participation in the workforce and promote digital entrepreneurship. We believe that the upcoming budget will incentivise and empower women-led businesses by providing better access to funding and capital while giving them a conducive environment to grow.”

Abhishek Sinha, Co-founder, HealSpan
“As we approach the Union Budget for 2024, we urge the Finance Minister to prioritize comprehensive healthcare funding and robust support for pharmaceutical innovation. Given the recent global health challenges, it is crucial to strengthen our healthcare infrastructure to withstand future crises and improve accessibility for all citizens. We envision several significant changes in the overall healthcare industry, starting with reducing the GST on healthcare expenditure for individuals and corporations to 5%, ensuring continuous investment in hospitals, particularly in Tier 2 cities and below. Treating these investments as infrastructure projects can lower interest rates and prioritize lending from financial institutions.

Digitalization of health data is essential, and making ABHA and NHCX mandatory for all health treatments will allow both private and government institutions to utilize big data modeling with AI/ML. While upskilling healthcare workers is not an immediate priority, we expect the Union Government to pave the way for this through the Skill India program.

In light of the recent pandemic, our health infrastructure needs to be more robust. This can be achieved by providing subsidies to brownfield hospitals and health infrastructure projects, significantly boosting the health economy”.

Brijesh Chokhra, co-founder at WeCredit, a start-up specializing in quick and hassle free loans
“As a digital finance service company, we anticipate that the 2024 budget will prioritize the extension of policies that stimulate the Fintech sector and support the growth of the banking industry. A reduction in individual income tax rates would enhance disposable incomes, driving increased consumer spending. We expect the government to champion credit growth and further digitalize financial services. Initiatives fostering collaboration between the government and fintech companies could significantly enhance financial inclusion. Additionally, tax incentives would empower fintech companies to introduce innovative loan products tailored to the diverse needs of the Indian market.”

 

Mr. Ashish Narain Agarwal, Founder & CEO, PropertyPistol
I eagerly await the Union Budget 2024-25, hoping for supportive measures from the Finance Minister. Recognising the real estate sector as an industry could bring significant financial benefits and streamline project approvals through a single-window clearance system. This would not only simplify procedures but also reduce delays, making our work more efficient.

Key demands from the industry include granting industry status and establishing a single-window clearance system. Additionally, we are advocating for stamp duty concessions and the simplification of REIT taxation. Reducing GST rates for under-construction properties is also crucial. Reviving schemes like the SWAMIH fund and CLSS would greatly support affordable housing projects and benefit first-time homebuyers.

Expanding the definition of ‘affordable housing’ to cover more beneficiaries, providing tax incentives for rental income, and modifying the qualifying standards for affordable housing are also high on our agenda. Increasing the deduction limit for interest on home loans is another critical request that would immensely benefit our clients.

 

Mr. Amit Goenka, MD and CEO at Nisus Finance.
I expect that the there will be a continuation of real estate friendly policies like SWAMIH 2, and PMAY and further concessions to sectors like warehousing and data centers and other infra oriented investment incentive schemes. Overall, we expect this budget to be supportive of homebuyers, developers and encourage a climate of transparency so global capital can be attracted to India.

 

Mr. Ravi Ramesh Pilani, MD at Pilani Realty.
With the Union Budget 2024-25 on the horizon, the real estate sector has high expectations from the Finance Minister. The industry is lobbying for recognition as an industry, which could bring financial benefits and streamline project approvals through a single-window clearance system. This would not only simplify processes but also reduce delays significantly.

Granting industry status and implementing a single-window clearance system are pivotal demands. Additionally, stamp duty concessions and the simplification of taxation on Real Estate Investment Trusts (REITs) are crucial. The sector also seeks to raise the deduction limit for home loan interest payments and reduce GST rates for under-construction properties. Reviving schemes like the SWAMIH fund and Credit Linked Subsidy Scheme (CLSS) will aid affordable housing projects and benefit first-time homebuyers.

The industry advocates expanding the definition of ‘affordable housing’ to include more beneficiaries, offering tax incentives for rental income, and modifying qualifying standards for affordable housing. Increasing the deduction for interest on home loans is another key request.

 

D2C Leader Priyanka Salot, Co-Founder, The Sleep Company
“India is a booming economy and is doing far better than most developed nations in terms of GDP growth. In the upcoming Union Budget, we expect the Government to focus heavily on economic growth, providing a significant boost to entrepreneurship and innovation which will lead to the growth of overall startup ecosystem. Today, the consumer is evolving, and they have started investing in products that they feel are good for them. As the country’s economy is poised for robust growth, people have more spending power leading to discretionary spending in households. With this change in consumer trend, we are confident that the mattress industry will continue to grow. As the fastest-growing brand in this industry, we expect that The Sleep Company will continue to reach more and more customers and improve the way people sleep and sit in India.”

 

Mr. Manikanth Challa, Founder & CEO, Workruit
As the Union Budget 2024 approaches, the recruitment and startup ecosystem eagerly anticipates further advancements in technology and innovation. In recent years, the integration of AI and machine learning has revolutionized the hiring process, making it more efficient, inclusive, and accessible. Our expectations from this budget are centered on continued support for digital infrastructure and technology-driven solutions that can streamline recruitment and foster entrepreneurial growth.

Reflecting on last year’s budget, which laid a solid foundation for digital transformation by allocating funds for AI research and promoting startup ecosystems, we hope this year’s budget will build upon those initiatives. Specifically, we are looking for increased investment in AI research and development, enhancing talent acquisition, and matching candidates with the right opportunities more accurately.

However, it is evident that many colleges and educational institutions are still lacking in technology, infrastructure, and resources. For instance, several institutions struggle with outdated computer labs, limited access to high-speed internet, and insufficient training programs for both students and faculty. These gaps hinder the ability of institutions to adequately prepare students for a tech-driven job market. Last year’s budget did not allocate sufficient funds to address these critical areas, leaving a significant portion of our educational infrastructure under-equipped for the future.

We believe that the upcoming budget should prioritize substantial investments in educational technology and infrastructure. This includes upgrading computer labs, ensuring widespread access to high-speed internet, and providing robust training programs for digital skills. By doing so, we can better prepare our future workforce to meet the demands of a rapidly evolving job market.

 

Mr. Prassann Daphal , CEO at Recyclekaro
“The upcoming Budget 2024 in India is expected to emphasize sustainability while addressing various sectoral demands and maintaining economic far-sightedness. Here are some key expectations for the recycling industry, particularly the battery recycling sector, which has significant expectations focused on promoting sustainability and enhancing economic viability.

Key Expectations:
– Reduction in GST: The Goods and Services Tax (GST) on waste lithium-ion batteries is expected to be lowered from 18% to 5%, in line with the GST rate on lead-acid batteries, which is a significant anticipation. With this adjustment, the inverted duty structure will be corrected and recycling processes will become more economically viable.

– Extension of FAME II Scheme: Stakeholders in the industry are pushing for the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program to be extended and possibly expanded. This extension is essential to sustaining the momentum behind EV adoption and encouraging battery recycling.

The government’s goal of having 30% electric vehicles on the road by 2030 will only be met with the expansion of the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) program, which the electric vehicle (EV) industry is pressing for.

– Production-Linked Incentive (PLI) Scheme: A specialised PLI plan for recycling lithium-ion batteries is being pushed. With the support of this program, the recycling industry would be encouraged to grow and make a substantial contribution to India’s sustainability objectives. The government may support the expansion of the industry by expanding the PLI plan to include the whole value chain, from manufacture to recycling.

– Incentives for Green Energy Projects: It is anticipated that the budget would include further incentives for renewable energy initiatives, such as battery recycling, which is essential to the clean energy transition and the circular economy. It is envisaged that there would be incentives for creative waste management systems and simplified recycling rules.

– Investment in R&D: Another crucial expectation is higher funding for research and development of battery recycling infrastructure and technologies. Improving domestic battery recycling capabilities and lab space can help the local industry expand while lowering reliance on imports.

If these steps are taken, they will help the recycling sector as well as more general environmental and economic goals including lowering India’s dependency on imports and moving the country closer to net-zero emissions by 2070.”

 

Swapnil Bhaskar, Chief of Strategy, Niyo
To alleviate financial strain on students and retail travelers and boost global business, Niyo is expecting a reduction in TCS from 20% to 1% (at par with the crypto industry) on international transactions above the threshold in the upcoming budget. The threshold also needs to increase to at least INR 10 lakhs. Bringing credit cards under TCS will ensure a level playing field with other payment instruments, provide consistent regulatory oversight, enhance transparency, prevent misuse, and align credit card usage with other forms of international remittances for balanced financial governance. Issuing digital banking licenses aims to enhance financial inclusion, foster innovation, streamline banking operations, leverage technology for better customer experiences, reduce operational costs, and align with the government’s push towards a digital economy. Additionally, increasing the LRS limit to $500k, considering inflation and the last revision in 2015, will benefit cross-border transactions. Introducing a small MDR on UPI P2M large merchant transactions will cover operational costs, ensure the sustainability of UPI services, support continued innovation, and maintain a robust payment infrastructure while balancing merchant and consumer interests. Furthermore, implementing special policies to promote credit on UPI will increase convenience, including incentives for credit providers, streamlined credit approval processes, and partnerships with fintech firms, fostering a dynamic and accessible credit ecosystem within the UPI framework.

Mr. Sanjiv Kanwar, Managing Director – Yara South Asia
“As we anticipate the Union Budget, our focus is on policies that will invigorate the agricultural sector, foster ease of doing business, and promote a more sustainable and resilient agricultural ecosystem. We expect initiatives that will enhance credit and insurance frameworks for farmers and introduce an agriculture accelerator fund to spur growth. Addressing India’s growing population necessitates a strong emphasis on sustainable soil management practices, including regenerative agriculture, along with water-efficient technologies and streamlined crop nutrition regulations. Additionally, tax parity for fertilizers and micronutrients, coupled with direct benefit transfers, will empower farmers to improve both the quantity and quality of their produce while minimizing environmental impact. This, in turn, will strengthen India’s position in the global market. We are committed to working with the government and industry stakeholders to streamline regulations and promote a robust agricultural economy that empowers farmers, ensures ease of doing business, and prioritizes long-term sustainability.”

 

Satyendra Prasad Narala, Mg. Dir, Regency Ceramics Ltd
We would expect the Budget 2024 to address the MSME sector issues – especially the challenge of delayed payments from customers and ensure they adhere to payment timelines of 45 days. The budget should contain provisions to ensure the financial health of MSMEs – working capital at subsidized interest, abolishing cooling period for banks to extend loans, etc. There is also a need to revamp the production-linked incentives (PLIs) by reducing import duties on raw materials.

Specifically to the ceramic tile sector, as fuel is a significant component of production cost, we urge the government to bring Natural Gas for industrial consumers under the GST tax regime. The increased housing under the PM Awas Yojana and providing facilities for middle class citizens of the country to buy / build homes is expected to boost demand for the ceramic industry in India and enhance production capabilities.

We expect Budget 2024 to rationalise inverted duty structures across sectors and improve India’s manufacturing competitiveness and aid domestic manufacturing.

 

Mr. Aji Nair, Chief Advisor and Consultant at Mirah Hospitality
“The new government recognizing the hospitality sector as a formal industry is essential, considering its significant contributions to national GDP and employment. One key expectation is simplifying taxation with a uniform tax rate and reducing property taxes that will strengthen operational foundations and encourage strategic investments in infrastructure development.”

Mr. Nair, further added, “It becomes equally important to also streamline regulatory processes. By making it easier to navigate compliance requirements, the sector will reduce its external expenses, thereby lowering costs and speeding up expansion efforts. We also hope to see resources allocated towards training programs that enhance the skills of those entering the hospitality workforce. This will not only strengthen our industry but also ensure its long-term sustainability.”

Mr Praveen Grover, Vice President and Managing Director, AHEAD.
‘As we approach the upcoming budget, it is imperative to emphasize the need for tax incentives and subsidies for research and development. These measures will be crucial in
encouraging innovation and enabling companies like ours to introduce new, technologically superior solutions to the market. The tech industry anticipates a transformative phase that could set new benchmarks for innovation and growth. Expectations are high for increased allocations towards digital infrastructure, artificial intelligence, and cybersecurity, aiming to bolster India’s position as a global tech hub.

We also look forward to incentives to spur investments in startups and emerging technologies, furthering the vision of a digitally empowered society. Streamlined regulatory frameworks and policies promoting ease of doing business are anticipated to enable a thriving entrepreneurial ecosystem, driving sustainable growth and business innovation. While the Startup India initiative has provided valuable support, a significantly larger dedicated fund is needed to truly propel India’s AI and other frontier technology sectors.

Similarly, further investment in Skill India Digital can enhance our workforce’s capabilities, as fostering innovation in emerging technology is essential to keep India competitive on the global stage. Streamlining the Advance Pricing Agreement (APA) and Mutual Agreement Procedure (MAP) regulations will also play a major role in this journey.’

 

Dilip Sawhney, Managing Director, Rockwell Automation India
“India is on its path to emerging as a global manufacturing hub, driven by favourable government policies, a fast-growing domestic market, expanding consumer demand, and rapidly transforming supply chain dynamics as India joins the global value chains. To achieve this goal, India must harness new and emerging technologies to build resiliency, improve quality, maximize workforce potential, and drive sustainable growth.

The Union Budget 2024-25 must continue supporting successful policies and introduce new measures through fiscal initiatives related to production-linked incentive (PLI) schemes, export promotions, trade agreements, tax reforms, and infrastructure investments. Furthermore, higher public expenditure should be allocated for industrial research and development (R&D) in cleantech, alternate energy, electric mobility, and future-ready workforce upskilling through high-quality national training programs in artificial intelligence (AI), machine learning (ML), data science, robotics, and cybersecurity.

Under the SAMARTH Udyog Bharat 4.0 initiative, the focus should be on improving the competitiveness of the Indian manufacturing sector, especially the MSMEs, by providing incentives for implementing smart manufacturing technologies across the ecosystem.”

 

Shlok Srivastav, Co-founder and COO, Appreciate
“The idea of ‘Viksit Bharat’ necessitates greater financial inclusion across all economic segments — and such deep financial access and education require robust digitalisation. The interim budget boded well on both these fronts, with greater projected spending (by 1.3%) in the finance sector as well as in the IT and telecom sector (by 0.3%). So cautious optimism is warranted for participants in these sectors.

As for the tax breaks several parties are keen to see: over the last four years, government capex has grown at a CAGR of around 29%, while revenue expenditure has only grown at a CAGR of around 10%. If this much-needed capex growth is to be sustained without further slowing down revenue spending, then raising tax and non-tax revenues is likely to be a priority. So this is going to be a delicate balancing act.”

 

Dr. Rakesh Gupta, Chairman, Sarvodaya Healthcare, Faridabad
“We anticipate a significant increase in healthcare expenditure in the upcoming budget. Prioritizing primary healthcare, investing in robust healthcare infrastructure, and introducing policies that promote medical research and innovation are crucial steps towards building a healthier India. We hope to see substantial allocation for strengthening public health facilities, especially in rural areas, and incentives for the private sector to augment healthcare services. Additionally, tax benefits for medical equipment and pharmaceuticals can boost domestic manufacturing and affordability.”

 

Dr. Miniya Chatterji, Founding Director, Anant School for Climate Action, and CEO, Sustain Labs Paris
“In the Union Budget 2024, it would be important to prioritize initiatives that drive sustainable growth. Investments should focus on renewable energy projects, green infrastructure, and sustainable agriculture. Another good move could be a reduction in the GST levied on renewable energy components. Additionally, provisions should be made to promote skilling and innovation in the field of sustainability”.

 

Ankush Sabharwal, Founder and CEO CoRover.
“As we look towards Budget 2024, I am optimistic about the potential for significant advancements in AI development in India. The government can play a pivotal role by investing more in AI research and development, fostering public-private partnerships, providing tax incentives, and establishing AI-focused educational programs to equip our workforce with essential skills.

This budget should build on our earlier vision of ‘Make AI in India, Make AI work for India’ by taking a significant step forward to also ‘Make AI work for the world’. Focusing on technology and AI to tackle global issues, this vision fosters innovation, cooperation, and a brighter future. Budget 2024 can make India a global AI leader, boosting growth, jobs, and improving lives.”

Abhinav Kumar, Full-time director and chief executive officer of  Brand Concepts limited.
“We look forward to policies that bolster the retail industry and boost domestic consumption. We hope to see measures that make it easier to do business, fostering a more favorable environment for companies to thrive. Such policies will not only support the industry but also play a significant role in driving the nation’s economic resurgence

We are particularly focused on the needs of salaried individuals and taxpayers, whose increased purchasing power can significantly boost consumption. Additionally, schemes aimed at enhancing rural consumption are critical. Our emphasis is on expanding our presence in Tier 2 and Tier 3 cities, where we see tremendous growth potential.

Moreover, it is imperative for the government to consider incentives such as tax breaks or subsidies for businesses adopting sustainable and eco-friendly practices. The upcoming budget must also accelerate the tourism agenda, positioning Indian hospitality as a key driver of economic growth. This, in turn, supports the travel gear and accessories industry, contributing to GDP growth and employment opportunities. By addressing these areas, we can ensure a thriving retail sector and a more prosperous nation.”

Jagmohan Singh, Founder, Riohills Hospitality
“Sustainable tourism is a vital element of responsible travel, demanding an integrated approach that addresses economic, social, and environmental factors. By embracing sustainable tourism practices, we can reduce adverse impacts, enhance positive outcomes, and ensure tourism benefits the well-being of destinations and their communities. In the upcoming Union Budget 2024-25, Agro and Sustainable tourism are anticipated to receive support through GST concessions for village homestays in Uttarakhand’s hilly regions, initial subsidies to strengthen finances, and initiatives to facilitate direct interactions between buyers and sellers of organic farm produce, thereby supporting local vendors.”

 

Josh Foulger, President, Consumer Electronics, Zetwerk.
“As India approaches its annual budget, the Electronic System Design and Manufacturing (ESDM) sector presents a compelling case for targeted policies to accelerate domestic manufacturing and reduce import dependence. The government’s past decade of support has demonstrably propelled the industry forward. Now, a strategic focus within the upcoming budget can further solidify this progress.

A key proposal centers on the Production Linked Incentive (PLI) scheme. By prioritizing value addition and backward integration, the PLI can incentivize domestic production of core ESDM components. This not only strengthens the domestic value chain but also fosters a more self-reliant India and paves the way for integration into the Global Value Chain, a key step towards achieving the vision of a ‘Viksit Bharat’ (Developed India).

Value addition across categories – mobile phones, accessories, white goods, and IT hardware – is crucial, and manufacturers like Zetwerk are actively building factories nationwide to support this objective.

The ESDM sector also advocates for a level playing field that fosters fair competition for all participants. Policies should ensure equal opportunities, regardless of size or origin, to enable value addition and backward integration across the entire ESDM landscape.

Budgetary measures that incentivize local sourcing over imports are equally important. This approach strengthens the domestic supply chain, empowers local businesses, and contributes to a more sustainable and resilient ESDM ecosystem.

These expectations extend beyond mere industry growth; they align with India’s vision of self-reliance. With the right budgetary support, the ESDM sector is poised to make significant contributions to India’s economic growth and technological advancement. The upcoming budget presents a strategic opportunity to unlock this sector’s full potential, propelling India’s ESDM engine forward.”

 

Dr Prabhu Aggarwal, Director, Badruka School of Management
The upcoming bill of 2024 has the potential to be a game-changer for higher education in India. Its focus on granting autonomy to institutions like ours will empower us to design and deliver cutting-edge MBA programs that integrate the latest advancements in technology and artificial intelligence. This will ensure our graduates are not only industry leaders but also possess the skills to navigate the rapidly evolving landscape. We’re particularly enthusiastic about the bill’s potential to increase research opportunities and collaborations. This, along with the focus on tech and AI, will allow our future students to become not just industry leaders, but active contributors to India’s transformation into a global knowledge powerhouse, reaching new heights in innovation and progress.

 

Devyani Jaipuria Pro-Vice Chairperson of Delhi Public School, Sector-45, Gurugram, Delhi Public School, Jaipur, Dharav High School, Jaipur, and DPS International, Gurugram.
Given the current economic climate and the pressing need for educational reform, we eagerly anticipate the upcoming budget to prioritize substantial increases in funding for education. We urge the government to aim for a significant allocation boost, especially for higher education institutions. Enhancing infrastructure, bolstering research capabilities, and ensuring overall educational quality are pivotal for our nation’s growth trajectory. We hope to see a commitment towards achieving the optimal allocation of 6% of GDP to education, paving the way for transformative reforms and the establishment of new educational institutions, particularly in the K-12 segment.”

Ajay Singh – School Principal – The Scindia School
“Education goes beyond imparting knowledge; it’s about equipping students with the skills needed to excel in an ever-changing world. As we approach the Budget 2024 announcement, we have high hopes for increased funding in the education sector, particularly in areas that foster skill development and innovative learning methods.

We believe that substantial investment in digital infrastructure, vocational training, and teacher development programs will significantly enhance the quality of education. Such initiatives are critical for preparing students to meet the demands of the future job market. Moreover, we support policies that encourage partnerships between educational institutions and industries. These collaborations can provide students with hands-on experience and practical skills that are crucial for their professional success. I am optimistic that the upcoming budget will prioritize education and skill development, ensuring that the students are well-prepared to contribute meaningfully to society and the economy.”

Siddharth Chaturvedi -Director at AISECT
As we approach this year’s budget, it is crucial to prioritize investments in skill development and education. The rapidly evolving job market demands a workforce equipped with contemporary skills and practical knowledge. By allocating substantial resources to vocational training, digital literacy programs, and industry-academia partnerships, we can empower the youth and drive inclusive growth. Key areas of focus should include expanding government-sponsored programs in future skills, increasing opportunities for apprenticeships, and allocating funds for the integration of the National Education Policy (NEP) in Higher Education Institutions (HEI) and expanding vocational education in schools. Additionally, linking entrepreneurship programs with loan facilities, promoting research with government grants and reducing GST on online courses will further strengthen the educational framework.

This budget should highlight an ecosystem where education and skill training go hand in hand ensuring that students are not just degree holders but also industry-ready professionals.

 

Arun K Chittilappilly, MD, Wonderla Holidays
“We, at Wonderla, eagerly anticipate the upcoming Union Budget and its potential to revolutionize the Indian amusement park industry. With projected growth at a 20% CAGR over the next five years, reaching ₹6,000 crore, our sector is poised to boost the economy and enhance travel and hospitality.
We hope the budget prioritizes protections from local body taxes and supports subsidies or accelerated depreciation for parks in Tier 2 cities. Aligning with initiatives like Make in India, these measures can spur industry growth, local manufacturing, and job creation. Increasing the interest exemption limit from ₹2 lakh to ₹5 lakh and raising the basic exemption limit to ₹ 10 lakh or so would stimulate disposable income, encouraging more spending on leisure and entertainment within the country.
These changes could transform our industry into a vital part of India’s economic and social fabric, offering high-quality, safe entertainment to a broader audience. We look forward to the budget unlocking these opportunities, making world-class amusement parks and entertainment more accessible across India

 

Dr. Rahul Sharma – Director-India – International Zinc Association
As we anticipate the union Budget 2024, we expect government to prioritise the safety and quality of infrastructure. The government should consider increasing the fund for the maintenance and upgrades of existing infrastructure, along with incentives for innovative construction technologies. This investment is crucial for generating demand in the real estate sector and related industries, such as steel, cement, and other essential inputs. By prioritizing infrastructure, the Budget aims to improve citizens’ quality of life, create jobs, and drive economic prosperity, ultimately strengthening the foundation for a ‘Viksit Bharat.’” Galvanization plays an important role in preventing corrosion, thereby reducing structural failures and maintenance costs. Utilizing galvanized steel also promotes sustainability by extending the lifespan of infrastructure.

 

Mr. Rajan Aiyer, Vice President and Managing Director, Trimble, South Asia Region.
“We expect the government to pursue its commitment of increased infrastructure funding of Rs. 11.11 lakh crores as presented in the interim budget earlier this year. This continued focus in building our national infrastructure is critical for its march towards the 3rd largest economy and a Viksit Bharat.

A clear mandate to build a world-class infrastructure including roads, railways, airports, ports, renewable energy, and waterways will enable Sabka Saath Sabka Vikas. By providing access to the remotest villages including in border areas and NE, the government will be able to grow not only the urban economy but also the rural one. It is heartening to witness the government’s emphasis on quality, speed, and environmental sensitivity. All these can be achieved together by specifying project guidelines in deploying state-of-the-art digital construction technologies across the entire Design, Build, Operate lifecycle as a forethought rather than as an afterthought, with a concomitant focus on Make in India of appropriate solutions.”

 

Mr. Amit Nigam, Executive Director & COO of BANKIT
Fintech companies like BANKIT are working towards financial inclusion in tier-2 and tier-3 cities, where operational costs are much higher. We urge the government to provide a subsidy for the sector.

To help us out, it would be great if the government raised the TDS exemption for BC agents offering cash-out services and lowered/eradicated the GST for the sector. These changes, along with a continued push for financial inclusion that involves fintech companies, would create a fantastic environment for innovation and wider access to financial services. Supporting this sector would give a boost to the Indian economy as a whole.

At BANKIT, we’re confident that Budget 2024 can be a game-changer for fintech and its role in India’s economic future.

Harry Bajaj, Founder and CEO, Mobec on the EV Sector and Sustainability
“As we approach the upcoming Union Budget, India’s electric vehicle (EV) sector stands at a pivotal juncture. The sector has grown remarkably over the last year thanks to 100% FDI, new manufacturing hubs, improved charging infrastructure, and advantageous laws and incentives. The government’s proactive stance, particularly through the production-linked incentive (PLI) scheme, has significantly boosted the manufacturing of EVs, components, and batteries.

According to a study by the Centre for Energy Finance (CEEW-CEF), the Indian EV market is poised to become a $206 billion opportunity by 2030. This highlights the importance of continued government support to ensure sustainable and rapid growth. The FAME II scheme was instrumental in setting the foundation for EV adoption in India. With its conclusion in March 2024, the interim EMPS scheme’s reduced subsidies have posed challenges for the industry. As a result, we are looking forward to the introduction of FAME III, which will provide subsidies comparable to FAME II, to revitalise the industry and develop charging infrastructure nationally.

Furthermore, the future budget should prioritize incentivizing firms to use EVs for last-mile delivery operations. Developing robust manufacturing capacity to fulfil expanding demand is equally important. Although progressing, India’s EV ecosystem is still in its early phases and requires a competent workforce for production and after-sales services. Large-scale upskilling and reskilling programs are required to provide the workforce with the skills needed for this changing business. We expect that the budget will include considerable funding for these programs, allowing India to continue to lead in the global transition to clean mobility. The government can help unleash the full potential of the EV industry by supporting innovation and infrastructure development, which drive economic growth and environmental sustainability.

Sustainability must remain at the heart of this growth. By championing EV adoption and bolstering the necessary infrastructure, we not only reduce our carbon footprint but also set the stage for a greener, more sustainable future. The upcoming budget is a critical opportunity to solidify India’s position as a leader in the global transition to clean mobility.”

Govind Rammurthy, CEO and Managing Director, eScan
“For the last two decades, India has been on the path to establishing tech supremacy. The country’s burgeoning digital economy is poised for further expansion and its contribution to the Government’s aim of achieving a $5 trillion GDP by 2025 will be undoubtedly crucial. The software industry looks forward to a period of growth and stability, propelled by fresh policies in the upcoming Union Budget, which could open numerous opportunities for the sector. An assertive and conducive policy environment that encourages R&D across emerging software and hardware technologies, such as Artificial Intelligence (AI/ML) and the Internet of Things (IoT), will drive India towards a tech-driven future. Furthermore, incentivizing digitalization with Made-in-India technologies, ushering in tax sops for indigenous IPR creation, within the Indian domestic private sector and public sector undertakings (PSUs) will significantly enhance the industry’s revenue streams, further strengthening Indian technology companies.”

Prasun Sikdar, MD & CEO, ManipalCigna Health Insurance
“Right to Health is a part and parcel of Right to Life under Indian Constitution. The government has two primary objectives (a) ensure wider access to healthcare services at affordable prices and adequate quality (b) Reduce the out-of- pocket expenditure. Keeping this in mind, the National Health Policy has proposed an increase in public expenditure to 2.5% of GDP by 2025. Despite some progress over the years, India’s healthcare spending is still low compared to the global average, necessitating a substantial boost in healthcare spends. Thus, in the upcoming union budget, we expect the Finance Minister to announce higher allocation of funds for healthcare compared to what was proposed in interim budget to meet the targets of the National Health Policy.

Addressing the second objective, reducing out-of-pocket expenses, is equally critical. Currently, these expenses are still high relative to global standards, indicating a considerable protection gap. Private health insurance is vital in bridging this gap. The insurance regulator, IRDAI has also set a vision of achieving Insurance for All by 2047, marking a century of India’s independence. Thus, our sincere submission to government is to reduce the current 18% GST rate on essential service like Health Insurance. Further, specific segment considerations are also required especially for middle-income and senior citizen segments who are struggling to meet the rising healthcare costs. Lowering the GST burden on the health insurance premiums will be a huge respite for missing middle and senior citizens to get access to quality healthcare they need and help to significantly boost insurance penetration across India by driving affordability.”

Bharath Aitha, Vice President of Marketing at eInfochips (An Arrow Company)
“In the face of global economic uncertainties, the upcoming budget represents a pivotal opportunity for India to fortify its economic resilience by propelling India’s technological leadership.

At eInfochips, we advocate for a budget that fosters robust public-private partnerships and bridges the gap between academia and industry. This will catalyze cutting-edge research and development, positioning India at the forefront of global innovation. Additionally, substantial investments in skilling and reskilling our workforce are crucial as mastering technologies such as AI, machine learning, and cybersecurity becomes essential for maintaining competitive advantage.

Lastly, incentivizing innovation through tax breaks and grants for R&D will propel homegrown technology and attract international investments, nurturing a thriving tech ecosystem.”

Shubham Jhuria, Partner & CFO at Aeravti Ventures
“In its third term, the Government is likely to maintain its emphasis on business growth in India, fostering the rapid development of the startup ecosystem. There has been a notable increase in the Government’s support for private sector involvement in the Aerospace and Defence industries. I anticipate positive policy advancements in these areas, as well as in the Energy and Agriculture sectors.

Moreover, I hope the Government will focus on grassroots development within the startup ecosystem. This can be achieved by creating favorable policy frameworks that simplify the establishment of incubators, venture capital funds, and angel investors. Reducing compliance complexity and enhancing tax regimes with certain relaxations would be beneficial. By addressing these foundational aspects, the Government can signal to founders and investors, both domestically and globally, its commitment to making India a global tech leader.”

Akshal Agarwal, Co-Founder at NatureNurture
India’s historic spending on education over the last 10 years has hovered around 3% of GDP. While the government’s own education policy calls for a 6% of GDP on education expenditure, I believe GDP spent on education does not give the accurate picture of India’s true education budget.

Most of the government’s education budget is spent on building school infrastructure, as opposed to improving the teaching and learning process. A tall building is a visible checklist for any constituency as opposed to systemic improvement in the classroom pedagogy which takes longer than a single government’s term to fructify. Therefore only the education infrastructure gets evaluated to judge educational progress. This approach leaves little incentive for improving the quality of instruction because only what gets measured, gets done.

Investments made on school infrastructure should be part of the infrastructure budget and the education spending should solely focus on improving teacher quality, creating robust audit and assessment methods, implementing technology solutions in the classroom and on partnerships that benefit the learners in the classroom. The metrics to measure education progress in the country have always been the Gross Enrolment Ration and distance of pucca school from each student’s house. While these factors were a critical first step to develop our education ecosystem, as we achieve majority GER ratios, the success metrics need to be redefined qualitatively. Most developed knowledge economies across the world focus actively to improve the quality of learning outcomes that an average school going student achieves and a strict demarcation of fund allocation towards quality of teaching, rather than mere quantity, is key to ensuring that our educational institutions remain relevant in the 21st century.

Vinay Agrrawal, Founder and CEO, Hubler
As we anticipate the upcoming budget, it’s crucial to reflect on the evolving landscape of business in India. Over the years, we have witnessed notable progress in creating a more business-friendly environment. However, there remains a pressing need to further streamline our tax regime and procedures to enhance the ease of doing business. The issue of withholding tax, particularly in dealings with overseas consultants, stands out as a significant impediment that demands attention. Addressing these challenges head-on through thoughtful reforms and simplification efforts will not only bolster the confidence of entrepreneurs and investors but also pave the way for sustainable growth and innovation in our economy. As we look towards the future, let us advocate for tax reforms that foster a seamless business ecosystem and propel India towards greater heights of prosperity and competitiveness.”

Dhawal Jain, Co-Founder & CEO at Mave Health
As a leading mental health company, Mave Health eagerly anticipates the Union Budget 2024-25. We hope for an increased allocation of funds towards healthcare, particularly mental health initiatives, to enable greater access to quality mental health training and services across the country. Currently, India spends approximately 2% of its GDP on healthcare, which is significantly lower compared to developed countries that allocate around 10-17%. This disparity underscores the urgent need for enhanced funding and resources in the Indian healthcare sector, especially in mental health.

Increased funding will help bridge the gap in mental health services, allowing for the expansion of accessible, affordable, and high-quality care for all individuals, regardless of their socioeconomic status. We believe that a well-funded mental health sector can lead to improved diagnosis, treatment, and support for those suffering from mental health conditions. This, in turn, will reduce the stigma associated with mental health issues and encourage more individuals to seek help.

Additionally, we look forward to supportive policies and incentives that encourage research and technological innovations in mental health care. Investment in cutting-edge technologies and research will not only enhance the effectiveness of mental health treatments but also position India as a leader in global mental health initiatives. Strengthening the mental health sector is crucial for the overall well-being and productivity of our nation, and we trust that the upcoming budget will reflect this priority. A robust mental health infrastructure is essential for building a healthier, happier, and more productive society.

Kshitij Jain, Co Founder of All Things People, an HR Tech Startup
“While we really appreciate all the actions taken by the government and the Honourable Minister over the past few years to promote ease of doing business, a young startup like us still spends a disproportionate amount of time, effort, and money in managing our compliance requirements.

One specific area where we will appreciate movement through the budget is Section 56 (2) of the Income Tax Act (particularly subsections (2)(viib) and (2)(x)). While ‘Angel tax’ has been in the news recently, the truth is that startups do need flexibility to attract capital – both domestic and foreign. Investors find it easier to invest in structured products with US and Singapore registered companies, vs the situation in India. We would appreciate moving towards greater flexibility for startups to modify their capital structures without facing onerous regulatory hurdles. Eg Easing restrictions on convertible instruments and hybrid securities. And Providing flexibility for valuation methods to prevent disputes and allow for people to invest at different valuations. Eg in case a lead investor invests at a discount compared to other investors. Startups need to be allowed the flexibility to innovate and attract capital. The startup valuations could jump in a matter of months but the current norms make it extremely litigative. Also, the exemption from valuation available to startups comes with stringent restrictions e.g. not being able to form subsidiaries for 7 years. This restricts their ability to grow the business.

Another area is FDI Regulations: The new FDI guidelines have added layers of complexity, especially for startups that previously benefited from holding companies incorporated outside India. These changes restrict the flexibility needed for effective capital restructuring and hinder the ability to attract and manage foreign investment. Introducing simplified FDI compliance procedures for startups, particularly those in the early stages of growth (eg streamlined reporting requirements and a dedicated fast-track approval process for capital restructuring) could go a long way in simplifying their life. Also, the current FDI compliance procedures are very onerous – particularly for small individual investors, with foreign bankers often not aware of the requirements making compliance difficult. This misalignment adds to the complexity and delays in capital management. Moving forex capital account transactions in line with global standards will help attract more investment into the country.”

Abhishek Gupta, Co Founder of NFTFN
“Reduce TDS on VDA Transfers: Lower the TDS rate on virtual digital assets from 1% to 0.01% and increase the threshold limit to ₹5,00,000 to enhance market liquidity and participation.

Allow Offset and Carryforward of Losses: Permit the offset and carryforward of losses from VDA trading to promote long-term investment and align the crypto market with other financial markets.

Equal Treatment of Crypto Income: Tax income from virtual digital assets similarly to stocks or mutual funds and reduce the tax rate from 30% to a comparable level with other industries to simplify compliance and legitimize crypto as a mainstream asset.
Establish a Dedicated Regulatory Body: Create a regulatory body under SEBI or RBI to oversee crypto transactions, ensuring transparency and investor protection.

Supportive Regulatory Framework for Web3: Develop clear legal standards for digital assets and smart contracts to foster innovation and integrate blockchain technology into various industries.”

Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance
Over the past decade, India has achieved remarkable economic growth, with GDP consistently exceeding 6% and surpassing many global economies. As we approach this budget, we anticipate measures that will sustain and simultaneously accelerate this long-term growth, benefiting individuals and businesses alike, with a strong emphasis on job creation. Addressing inflation is crucial for securing a robust financial future for individuals, as it will enable them to have more money in hand, towards savings and investments for their long-term goals and financial security.

With increased earning power and disposable income, Indian citizens will be able to invest in versatile life insurance products for their peace of mind and financial goals. Given the under penetration of life insurance in the country, there is substantial room for sectoral growth.

As an industry, some of our budget expectations from the finance ministry is to consider lower GST on life insurance products. Additionally, in the pension products category, with the objective of securing post-retirement financial needs of the individuals, we urge the government to align life insurance annuity or pension products with the National Pension Scheme (NPS) and allow the similar additional deduction of Rs. 50,000 or more for life insurance annuity or pension products under Income Tax.

We also request the ministry to introduce Long Term Capital Gain taxability for all high value traditional life insurance plans (more than Rs.5 lakhs aggregate annual premium), in line with high value ULIPs. This will bring in uniformity and tax efficiency for insurance customers at par with other similar financial products in the market.

Navin Dhanuka, Founder & CEO, Altern Capital
Returns from an AIF are taxed like interest income basis tax brackets at the investor’s level, unlike capital gains from shares linked to short-term and long-term. This results in a higher tax burden compared to capital gains from shares. Consequently, even with an equity risk yielding 13-14% in a mutual fund (managed similarly to an AIF), the post-tax return from an equity mutual fund may still be higher than the 16-17% interest income from an AIF due to tax implications. We recommend that income from AIFs should be treated as short-term or long-term capital gains in line with listed shares/equity mutual funds to enhance investors’ net returns. This also allows investors to diversify their portfolios.

Today, the minimum investment of Rs 1 crore for accredited customers in AIFs is too high. We request that it be reduced to Rs 25 lakhs, as before, so that more people can invest in AIFs and create wealth for themselves.

 

Kunal Vora, Founder-Partner, ABND
I hope the budget introduces supportive policies and incentives for SMEs, the backbone of our economy. Strengthening these enterprises is crucial for fostering innovation and job creation. By providing financial assistance and easing regulatory hurdles, the government can create a fertile ground for brands to grow and expand their market presence, ultimately driving economic prosperity and resilience.

A renewed focus on domestic manufacturing and ‘Make in India’ will create substantial opportunities for the branding industry. As local products gain prominence, businesses will require sophisticated brand-building strategies to compete effectively. We anticipate a surge in demand for brand identity development, packaging design, and marketing communications to support the growth of indigenous products and establish a strong market presence.

 

Prof. Sangita Dutta Gupta, Professor of Economics, BML Munjal University
“Salaried taxpayers have not embraced the new tax regime fully. The new tax regime may still be good for income below 15 lakh INR. However, there is no inflation adjustment above Rs. 15 Lakh. Thus, taxpayers in the high-income bracket prefer the old regime over the new one. It would be helpful if a tax rate of 30% were imposed on incomes above 25 lakh INR. It will make the new tax regime attractive and at the same time propel consumption and savings.”

Tim Spurling, General Manager, Garmin India
In recent years, the Indian wearable technology market has seen remarkable growth, with a compound annual growth rate (CAGR) of 20.3%, highlighting a burgeoning interest in smart devices that enhance everyday living. As a pioneer in GPS navigation and wearable technology, Garmin India has been at the forefront, catering to diverse consumer needs and enhancing safety and efficiency in navigation systems.

We hope for targeted incentives and tax reforms that stimulate local manufacturing and R&D investments in emerging technologies like AI-driven navigation and IoT-enabled devices. Such measures will not only bolster our capabilities to meet domestic demand effectively but also reinforce India’s position as a global hub for technology manufacturing and innovation. By fostering an enabling environment, the budget can propel Garmin India’s commitment to delivering cutting-edge solutions that empower individuals and businesses across the nation.

As an Indian distributor of Garmin, we look forward to the upcoming budget and commend the government’s proactive steps in advancing India’s technological landscape. With the growing integration of GPS technology in sectors ranging from automotive to fitness, Garmin India anticipates policy support that accelerates digital adoption and innovation.

Mr. Mayank Thatte , Chief Financial Officer, rupyy ( Cardekho Group )
‘India’s fintech sector is crucial to our economy, with the potential to contribute $400 billion over the next seven years. As we enter the Modi 3.0 era, we anticipate transformative reforms in the upcoming budget to drive innovation and enhance financial inclusion, solidifying India’s position as a global fintech leader.”

” To achieve this, we need targeted incentives for startups, streamlined regulations, and improved digital infrastructure to democratize financial services and attract international investment. Focusing on Bharat, our rural heartland, is essential for progressing toward a $5 trillion economy. We advocate for measures like a 5% GST rate for startups aimed at last-mile empowerment to improve access to critical financial services. With India’s fintech ecosystem to reach $70 billion in annual revenue by FY30. We are optimistic that the Government will implement supportive policies in the upcoming budget. ”

Mr. Mohan Krishnamurthy Madwachar, Country Manager, Sattrix
“As we anticipate the upcoming Union Budget of India, we look forward to increased allocation for cybersecurity initiatives. This funding could enhance infrastructure to handle larger data volumes and complex threats, improving detection and mitigation capabilities. Investments in cybersecurity education are crucial to address the talent shortage. Lowering GST on cybersecurity products and services would make them more accessible, encouraging broader adoption.

Introducing tax breaks for companies utilizing SOC services would incentivize robust cybersecurity investments, potentially expanding our client base. Supporting Public-Private Partnerships (PPPs) would combine government resources with private sector expertise, fostering a stronger national cyber defense strategy. We also hope for financial boosts through R&D grants and subsidies, promoting innovative homegrown security solutions. Prioritizing cybersecurity in the budget will empower providers to effectively safeguard India’s digital infrastructure.”

Mr. Prashant Kumar, MD & CEO, YES BANK
“The Union Budget 2024 is expected to play a crucial role in shaping India’s economic future. This is especially as the tax revenue collections have remained robust and the government is also armed with a bumper dividend from the RBI. The government is expected to remain committed to the reforms process and be focused on eight key areas: sustainable growth, financial sector, infrastructure and investment, women, youth & farmers, last-mile connectivity, inclusive development, and economic expansion – all essential towards achieving ‘Viksit Bharat’ by 2047.

The government has exhibited its commitment towards fiscal discipline, much necessary to signal economic stability and build investor confidence. However, the government is also expected to balance this objective together with the needs for economic growth and providing adequate outlays for key social sector programs, in an effort towards inclusive growth and ensure that the benefits of economic development reach all segments of society. In this context the government is likely to lay stress on ensuring skill developments, focus on enhancing the strength of the manufacturing sector via sharpening the PLI scheme and provide adequate support for small business to grow.

At YES BANK, we are prepared to support the government’s push for enhancing digital infrastructure and promoting financial inclusion. This aligns with our commitment to bringing advanced banking services to underserved regions and supporting initiatives in green mobility, affordable housing, healthcare, and education. These efforts will not only spur economic growth but also ensure holistic development.

We are particularly excited about growth in manufacturing and support for MSMEs, which are vital for job creation and economic dynamism. YES BANK stands ready to contribute to India’s journey towards becoming one of the world’s largest economies.”

Mr. Niranjan Banodkar, Group CFO and Head Sustainable Finance, YES BANK.
“As we look ahead to the Union Budget 2024, an emphasis on green financing and sustainability is crucial for achieving India’s climate goals and for driving sustainable growth. The interim Budget 2024 already demonstrated the government’s commitment and renewed impetus towards sustainable development, with enhanced allocations towards rooftop solarization, the National Green Hydrogen Scheme, and Blue Economy 2.0, along with a new scheme for bio-manufacturing. Sustained budgetary allocations for climate mitigation and adaptation, focus on digital public infrastructure and enhanced support for promoting indigenous manufacturing is crucial to provide the necessary economic stimulus to maintain India’s green growth momentum and achieve its net zero by 2070 target.”

Mr. Rajan Pental, Executive Director, YES BANK.
As we approach the Union Budget 2024, there is strong anticipation for comprehensive measures to empower the MSME sector, crucial to India’s economic growth. We expect the government to focus on expanding the ecosystem for new-to-credit borrowers, particularly through provisions under Informal Micro Enterprises (IME). Digital transformation remains a key priority. Investments in digital infrastructure and incentives for MSMEs to adopt modern technologies will improve operational efficiencies and market reach. Government schemes like PM Vishwakarma, PMJDY, and PMMY are essential in supporting MSMEs, particularly those finding it difficult to access credit.

At YES BANK, we have grown significantly in our financing under CGTMSE and are committed to supporting financial inclusion for MSMEs. We are building an ecosystem where loans can be sanctioned and disbursed digitally to micro-entrepreneurs. Additionally, the surge in Udyam registrations, with nearly 25 million in the past year, highlights the growing support for smaller MSMEs. We believe that with the continued support from the government, MSMEs can drive India’s economic growth and resilience, significantly contributing to a vibrant and sustainable business ecosystem.

Mr. Mahesh Ramamoorthy, Chief Information Officer, YES BANK
“As we look forward to the Union Budget 2024, enhancing our technology infrastructure and fostering innovation remains crucial. The government’s groundwork with initiatives like the JAM Trinity and investments in digital infrastructure is commendable. Building on this, further support for technologies such as AI, blockchain, and IoT will be vital for driving digital transformation and improving efficiency. Establishing a continuum of cybersecurity measures is essential to improving an organisation security posture. Investments in advanced threat intelligence and robust encryption will protect our digital assets and build user trust. Additionally, improving data privacy and governance will ensure compliance with global standards and safeguard user information.

Promoting a culture of continuous learning and innovation is key to attracting and retaining top tech talent. The government can facilitate this by providing policy support, funding for technology initiatives, and creating an enabling environment for innovation. The private sector, including institutions like YES BANK, can then provide access to advanced tools and reskilling programmes to drive sustained growth and innovation. At YES BANK, we are committed to leveraging these advancements to support our customers and drive economic growth. We look forward to the government’s continued support in these critical areas to achieve a technologically advanced and sustainable future for India.”

Mr. Prabhdeep Singh, Founder and CEO of RED.Health
As we eagerly await the Union Budget for 2024-25, we remain optimistic about bolstering emergency medical services across India. The government should allocate budgetary resources towards integrating 5G digital health infrastructure, enabling seamless communication and coordination. Additionally, the government should prioritize investing in paramedic training programs and expanding health insurance coverage for emergency services under the Ayushman Bharat scheme for everyone in the upcoming budget. Furthermore, incentivizing private sector investments through tax breaks will enhance efficiency in the emergency pre-medical care segment.

Mr., Vikas Bhasin, Chairman & Managing Director, Saya Group
”As we look forward to Budget 2024, the real estate sector is eagerly anticipating some game-changing reforms to fuel economic growth. We’re hoping for tax benefits for homebuyers and investors, like increasing the deduction limit on home loan interest payments and reducing GST on under-construction properties, which would likely spark a surge in housing demand. It’s also essential to streamline project approvals to keep the momentum going. We’re excited about the potential for policies that not only promote sustainable growth but also tackle industry challenges head-on, opening up more job opportunities across related sectors. Overall, we hope to see policy measures that foster sustainable growth and address key challenges facing the industry in the upcoming budget.”

Mr Rohit Nagdewani, Founder, Fresh From Farm
“The agriculture sector expects the government’s support in addressing post-harvest losses, as every year, there’s a loss of around 16% of fruits due to inadequate storage conditions. Additionally, the current processing level in India is estimated to be around 10%, which is significantly lower than that of developed nations, which is less than 50%. While the Indian government has recognised this potential and launched initiatives like the Pradhan Mantri Kisan Sampada Yojana to boost infrastructure, provide financial assistance, and promote food parks, the focus must shift towards micro-processing clusters to ensure value transfer to farmers. Investments in these areas will significantly benefit our agricultural community and help mitigate losses.”

Mr Beas Dev Ralhan, CEO, Next Education
Mr Beas Dev Ralhan, CEO, Next Education said that “As the upcoming budget approaches, the education sector is in the spotlight. Last year, the Ministry of Education received a significant 13% increase in allocation close to Rs 1,13,000 crore. This year, we anticipate a targeted increase focused on EdTech initiatives, including funds for digital infrastructure development, content creation, and teacher training programs. Additionally, tax incentives for Ed-Tech startups could be introduced to drive growth and innovation.

We also expect the budget to prioritize initiatives such as enhancing online learning platforms and digital resources, strengthening teacher training and development programs, increasing funding for research and development in education, promoting public-private partnerships in education, and expanding scholarships and financial aid for underprivileged students. By prioritizing these initiatives, we can revolutionize the education sector, making it more accessible, inclusive, and effective in preparing students for success in the rapidly changing world.”

Mr. Gurdeep Singh, Chairman and Founder, Jujhar Group
We expect an upward trajectory for the logistics industry in FY 24-25. The predicted growth is based on dynamic expectations, which are supported by increased expenditures in infrastructure, technology-driven equipment, and a competent workforce. These strategic expenditures are critical for increasing efficiency and meeting the shifting demands of the supply chain.After the National Logistics Policy came into the picture, India is not only striving to streamline operations but also emphasizing technology-driven solutions. Thus, with this year’s budget allocation, the growth in the sector might be foreseen to outpace the GDP expansion, with the logistics market expanding 1.5 times the size of the GDP. Our budget expectations revolve around a comprehensive approach that supports the entire logistics sector’s journey toward a more resilient, flourishing future, with an added focus on aligning with the booming real estate opportunities in 2024.

D2C Leader Priyanka Salot, Co-Founder, The Sleep Company
“India is a booming economy and is doing far better than most developed nations in terms of GDP growth. In the upcoming Union Budget, we expect the Government to focus heavily on economic growth, providing a significant boost to entrepreneurship and innovation which will lead to the growth of overall startup ecosystem. Every industry is undergoing a tech transformation, especially with the boom in AI integration in products and services. It will be crucial to provide further boost to tech policies in order to foster innovation at startups. While the Govt has taken initial steps by introducing IndiaAI Mission, strategic collaborations and policy initiatives will elevate India’s position as a global tech hub. Besides, we look forward for the govt to create a robust infrastructure and provide access to essential resources for the growth of entrepreneurial ecosystem in the country. There also needs to be focus on nurturing the tech talent not just in urban areas but also extending skill development programs in smaller towns. India has the world’s youngest population, and it will be necessary for industry stakeholders and govt to provide them with relevant platforms to showcase their skills and create job opportunities.

Talking about mattress industry, the consumer is evolving, and they have started investing in products that they feel are good for them. As the country’s economy is poised for robust growth, people have more spending power leading to discretionary spending in households. Besides, the growing health concerns and the change in consumer trend, we are confident that the mattress industry will continue to grow.”

Dr. Sangita Reddy, Joint Managing Director, Apollo Hospitals Group.
We are hopeful that the government will continue to prioritize the healthcare sector. The interim budget 2024-25 in February rightly emphasized preventive care, women’s health, infrastructure expansion, and child development, marking significant strides towards a healthier future. We anticipate that the upcoming budget will maintain and strengthen this approach. The promotion of cervical cancer prevention by vaccination for girls aged 9-14 was one of the major announcements, and it represents a significant step toward improving women’s health. We hope the government will keep on supporting these programs. Furthermore, Initiatives under programs like U-Win and Mission Indradhanush should be encouraged. Strengthening infrastructure is crucial to effectively enhance health services in rural and remote regions, ensuring equitable access to health care. Increased support is expected from the government to achieve this goal.

Vivek Tyagi – Managing Director, Field Sales at Analog Devices India.
“The upcoming Union Budget offers an opportunity to position India as a global manufacturing powerhouse. India is the third most sought-after manufacturing destination in the world and has the potential to export goods worth US$ 1 trillion by 2030. To be among technology pioneers and global manufacturing hubs, India should strategically invest in the manufacturing, semiconductor, and electric vehicles space. Developing a domestic semiconductor ecosystem, together with a thriving EV industry, is much needed to reduce import dependency and create high-skilled jobs.

A focus on sustainable manufacturing practices, from chip design to the end of the process, is paramount. The budget must incentivize research in green technologies, circular economy models, and faster adoption of renewable energy in manufacturing processes. Prioritizing investments to foster innovation and promote manufacturing across industries will result in reduced import reliance and therefore strengthen India’s position as the southern manufacturing hub.

By nurturing a trained workforce through schemes like Skill India and enabling a conducive environment for innovation, India can emerge as a global manufacturing hub that balances economic growth with environmental responsibility.”

Mr. Arpit Paliwal Director, HRS Navigation
“As we approach the budget announcement, we hope for increased healthcare spending and strong ‘Make in India’ incentives for companies with local manufacturing. Supporting domestic healthtech companies is essential for driving innovation, boosting the economy by creating jobs and ensuring self-reliance in critical healthcare sectors. This will significantly enhance patient outcomes, strengthen the overall healthcare infrastructure, and provide a boost to Indian companies working on deep tech technologies, positioning India as a global leader in medical advancements.”

Mr. Puneet Kumar, CFO, InsuranceDekho.com
Insurance penetration in India, currently below 4%—significantly lower than the global average of 7%. Tax incentives have historically played a pivotal role in encouraging investments in insurance products, particularly in life and health insurance categories. Given the honorable Prime Minister’s vision to achieve Insurance for all by 2047, it is imperative to sustain and strengthen these incentives.
Therefore, we request respected Finance Minister to consider the following measures:
1. Inclusion of Life and Health Insurance under New Tax Regime: Allow deductions for investments in life and health insurance products even under the new tax regime to continue promoting uptake.
2. Increase in Health Insurance Deduction Limit: Considering inflation over the past decade, raise the deduction limit for health insurance premiums from the current 75,000 INR to 1,25,000 INR.
3. Reduction in GST Rate: Lower the GST rate on health and life insurance products to 5%, aligning it with other essential services and promoting affordability.
4. Parity in Tax Incentives for Pension Plans: Extend tax incentives for pension plans offered by life insurance companies to be at par with the National Pension Scheme, thereby encouraging long-term savings and retirement planning.
It is crucial to note that investments in insurance companies contribute significantly to the nation’s long-term investment pool, aiding in infrastructure development and economic growth.

Ankit Lodha, Founder – LA Empires
In recent years, Indian real estate has become a lucrative investment destination for NRIs. The high demand for real estate among the NRI community has grown significantly in the last 4-5 years due to various factors. These factors include India’s growth outlook, the boom in the Indian real estate market, the perception and confidence in real estate as a stable asset class, fluctuations of the USD against INR, and the sentimental value. Given that the real estate industry in India accounts for ~8% of the country’s GDP, investors are eagerly anticipating reforms that could spur additional investments from both international and local entities.

Simplifying the Goods and Services Tax (GST) to lower expenses and easing Foreign Direct Investment (FDI) regulations to entice overseas capital should be considered as a crucial measure to improve accessibility and promote growth in the real estate market. For real estate assets such as Co-living, Senior Living, and Student Living, the GST benefits like in the hospitality industry, could be a real boost for growth in the sector.

Significant Economic Presence (‘SEP’)
The SEP rule signifies a paradigm shift in how India views the nexus theory for taxing foreign entities. This rule stipulates that a foreign entity can be taxed in India if it has, in India, a significant digital or economic footprint, even without a physical presence.

Filing of tax returns by foreign entities
Foreign entities constituting SEP may not be obligated to pay any tax in India if they are protected by tax treaties. Similarly, foreign entities subject to the Equalisation Levy (EL) are also exempt from levy of income tax. However, they would still be under the obligation to file tax returns in India, thereby adding to their compliance woes. The government should consider providing for an exemption from filing tax returns in such cases to ease their compliance load.

Taxation reforms, GST revision, infrastructure development, affordable housing boost, and industry status remain the popular real estate sector demand. In addition, simplifying regulations, ease of doing business, enhancement in financing, and encouraging home-buying activities are some of the provisions, the real estate sector hopes the upcoming budget will accommodate.

 

Dr. Alka Kapur Principal, Modern Public School , Shalimar Bagh
The various reforms proposed in the Union Budget 2024-25 are certainly a landmark initiative in bringing about a sea change in our education system.Integrating technology, enhancing teacher training, and emphasizing skill-based learning are essential steps to align traditional education with the evolving demands of the future. It empowers both teachers and students by creating an atmosphere where holistic development and innovation can surge ahead. At Modern Public School, we gladly welcome these changes and look forward to our students benefiting from this new dynamic and inclusive educational framework.

 

Mr. Pravesh Dudani, Chancellor and Founder, of Medhavi Skill University
We need an enhanced budget for the higher education sector to better address funding requirements, faculty needs in schooling, skilling, and higher education.

Tax exemptions should be given to businesses to incentivise growth of practical and experiential programmes to implement NEP 2020 for industry-academia collaborations.

There has to be a parity between all benefits and loan facilities available for education and benefits available for skilling, to promote employment.

Overall, industries and academia should have multiple pathways to better integrate with each other, without high financial implications.

Mr Bhuvneshwar Pal Singh, Chief Financial officer Maxvolt Energy
The energy storage sector anticipates revised customs duties on solar batteries and lithium cells to bolster domestic manufacturing capabilities. Additionally, the Goods and Services Tax (GST) on waste lithium-ion batteries is expected to be reduced from 18% to 5%, aligning it with the GST rate on lead-acid batteries, which is a significant expectation. This adjustment will correct the inverted duty structure and make recycling processes more economically viable.

Industry stakeholders seek extension and potential expansion of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program. This extension is critical for sustaining the momentum of EV adoption and promoting battery recycling. Moreover, a specialized Production-Linked Incentive (PLI) scheme for recycling lithium-ion batteries is also being proposed. With the support of this program, the recycling industry would be encouraged to grow, contributing significantly to India’s sustainability objectives. The government may further support the industry’s expansion by extending the PLI scheme to encompass the entire value chain, from manufacturing to recycling.

It is anticipated that the budget will include additional incentives for renewable energy initiatives, such as battery recycling, which is vital for the clean energy transition and the circular economy. Incentives for innovative waste management systems and streamlined recycling regulations are also expected.

 

Mr. Chander Shekhar Sibal, Sr. Vice President & HOD, Healthcare Business, FUJIFILM India
As we approach the upcoming budget, we at FUJIFILM India are optimistic about the government’s commitment to strengthening the healthcare sector. A key area of focus should be providing tax benefits for research and development in healthcare is crucial. It would incentivize innovation and foster the development of cutting-edge diagnostic and therapeutic solutions. Public-private partnerships can further enhance this ecosystem by combining resources and expertise from both sectors, leading to improved healthcare delivery and infrastructure. Investing in AI-powered diagnostic solutions can revolutionize early detection and treatment, significantly improving patient outcomes. Additionally, substantial investments in advanced imaging technologies are essential to keep pace with global standards and ensure that healthcare providers have the best tools at their disposal. We believe these measures will not only boost the healthcare sector but also align with the government’s vision of a healthier, more resilient India.

Tim Spurling, General Manager, Garmin India
In recent years, the Indian wearable technology market has seen remarkable growth, with a compound annual growth rate (CAGR) of 20.3%, highlighting a burgeoning interest in smart devices that enhance everyday living. As a pioneer in GPS navigation and wearable technology, Garmin India has been at the forefront, catering to diverse consumer needs and enhancing safety and efficiency in navigation systems.

We hope for targeted incentives and tax reforms that stimulate local manufacturing and R&D investments in emerging technologies like AI-driven navigation and IoT-enabled devices. Such measures will not only bolster our capabilities to meet domestic demand effectively but also reinforce India’s position as a global hub for technology manufacturing and innovation. By fostering an enabling environment, the budget can propel Garmin India’s commitment to delivering cutting-edge solutions that empower individuals and businesses across the nation.

As an Indian distributor of Garmin, we look forward to the upcoming budget and commend the government’s proactive steps in advancing India’s technological landscape. With the growing integration of GPS technology in sectors ranging from automotive to fitness, Garmin India anticipates policy support that accelerates digital adoption and innovation.

Dhriti Prasanna Mahanta, Vice President & Business Head, TeamLease Degree Apprenticeship.
With the 2024-25 budget just around the corner, the Modi government is poised to further strengthen the foundation for Viksit Bharat by ensuring policy continuity that promotes ease of business, strengthens infrastructure development, and prioritizes job creation and skill development across sectors. This vision hinges on further bolstering infrastructure, with a particular emphasis on last-mile connectivity in critical sectors such as transport and logistics. Building upon the foundation established in previous budgets, the government is anticipated to make substantial investments in digital infrastructure, driving the nation towards a $5 trillion economy. A critical focus must be on supporting small and medium-sized enterprises (MSMEs), by enhancing the access to finance and cutting-edge technologies, equipping them to compete globally and fostering innovation and entrepreneurship. Furthermore, investments in multi-modal connectivity, advanced air terminals, and infrastructure developments are also crucial to support seamless trade and economic growth, aligning with the Prime Minister’s Gati Shakti Plan and the National Logistics Policy.

The true engine of India’s growth, however, lies in its people and by strategically integrating AI into industries like logistics and manufacturing, India can achieve a quantum leap, surpassing traditional development stages. Yet, AI is a double-edged sword. While it automates tasks and boosts efficiency, it also has the potential to exacerbate skill gaps. This is where the government’s conscientious approach becomes crucial. Investing heavily in apprenticeship programs and digital skilling initiatives will bridge this gap and empower the workforce to harness the power of AI. Direct Benefit Transfers (DBT) for apprenticeships can further incentivize skill development, ensuring that trainees receive financial support directly, making these programs more attractive and accessible. The tourism and aviation sectors are poised for significant growth, with the interim budget of February 2024 laying a positive foundation through increased allocations for tourism infrastructure, aimed at boosting domestic tourism and creating new job opportunities. The aviation sector’s doubling of airports and the success of the UDAN scheme have further solidified this foundation. The new budget is expected to build on these achievements, fostering continued progress and positioning India as a premier global destination.Furthermore, investing in digital public infrastructure and fostering a conscientious approach to skilling and apprenticeships will enable India to partake in a future-ready economy, creating a skilled workforce capable of driving sustained economic growth.

Dr Venkat Mattela, CEO & Founder, Ceremorphic
“As we look ahead to the 2024 budget, we anticipate a robust focus on boosting chip manufacturing and positioning India as a global leader in the semiconductor industry. Key expectations include increased budget allocation for R&D in high-technology sectors such as semiconductors, medical devices, and clean technologies. Leveraging manufacturing for economic growth and employment generation is crucial, and partnerships with global leaders in semiconductors and electronics will be pivotal in enhancing domestic manufacturing capabilities.

AI supercomputer training is driving the demand for lower-process node semiconductors. We see exponential growth in this segment and current estimates may be lower than what might be in reality. Low-energy computing becomes critical going forward. In addition to semiconductor circuit technology, we would need innovations in algorithms, AI models and firmware to meet the regulatory demands of the carbon-neutral mandate of the future of supercomputing.

The further expansion of Production-Linked Incentive (PLI) schemes and increased funds to support homegrown industries will be vital steps towards realising these goals. With McKinsey and IESA projecting the semiconductor sector could reach USD 100 billion by 2030, India’s potential is vast. The government can also spur growth and innovation by promoting industry-academia collaboration, enhancing private-sector R&D funding, and adopting trade-friendly policies. With its intellectual expertise, India is well-positioned to make its mark in the future semiconductor market. ”

 

Samir Gupta, Head of Central Region – BA Tires APAC, Managing Director – Continental Tires India
The Indian tyre market is growing rapidly, with an annual increase of 8.71% projected from 2023 to 2030, reaching USD 25.50 billion by FY2031, up from USD 13.11 billion in FY2023. However, challenges like the natural rubber shortage highlights the need for sustainable solutions and stronger domestic manufacturing for sustained growth.

Over the years, the government has focused on local manufacturing, strengthening infrastructure, and clean energy. With the upcoming budget, we expect further support for these areas. For example, we expect increased depreciation rates for plant and machinery, streamlined GST on electric vehicles (EVs) and components, and continuation of the Production-Linked Incentive (PLI) schemes.

With the focus on “Viksit Bharat”, in February, India’s Finance Minister announced an 11% increase in capital infrastructure spending to ₹11.11 lakh crore. In the upcoming budget, the industry hopes for more initiatives to support enhanced infrastructure, renewable energy, transportation, and logistics. This will stimulate economic growth, create jobs, and improve connectivity, while addressing GST rationalization and consumption.

Furthermore, for a sustainable growth of India, the industry expects incentives to promote India’s mission to achieve net-zero carbon emissions by 2070. Such incentives will encourage more manufacturers to adopt sustainable practices.

Collaborative efforts towards sustainability, technology, and local production will ensure the industry’s continued growth, driving economic development, job creation, and improved connectivity.

 

Dr. Ravinder Goyal, Co-founder of Erekrut
The Union Budget 2024 marks a significant stride towards bolstering employment and skill development across India The employment-linked skilling schemes and job creation incentives, especially the direct benefit transfer for first-time employees, are transformative. These measures will support young job seekers and enhance their career prospects.

The substantial investment of ₹1.48 lakh crore in education, employment, and skill development reflects a strong commitment to building a skilled workforce. The PM’s package, including schemes for job creation in manufacturing and support to employers, will significantly boost job opportunities and economic growth. Under the leadership of the Finance Minister and the Prime Minister, India is poised for a more prosperous and skilled future.