With India aspiring to become a $7 trillion economy in the next six to seven years (by 2030), the interim budget 2024 is an important bridge in that direction. For businesses and industry, the Budget can provide the necessary thrust and direction to reach the milestones.
Rajinish Menon, CEO and Founder, Sukino Healthcare Solutions
The healthcare industry is anticipating a significant allocation in the upcoming Union Budget for healthcare, and why not? We have seen in the last Budgets that the increase has been gradually on the higher side. This year, we expect nothing less than that. Our Indian healthcare industry needs constant investments to upgrade technology and increase the coverage of Indians. The coverage is still not up to the desired levels. Yet the investments must go towards technology adaptations like telemedicine. We have seen a fantastic adaptation of such technology in Sanjeevani over the last year. Similarly, with AbHA kicking in, we need to ensure that these kinds of technological investments are being made so that it becomes easier for people. Here, patient centricity is given the top-most choice, and a lot of Indians get coverage in this fiscal onwards.”Jogin Desai, CEO and Co-founder, EyestemThe biotechnology industry would love to see the Union Budget focus on R&D, innovation, and furthering bio-manufacturing in India. This is a critical step for us to become a true innovation economy. No country in the world has gone from “development” to “developed” without investing 2% of the total GDP in research. Right now, India invests 1% of its GDP, which significantly needs an upgrade, and we look forward to some good announcements in the upcoming Union Budget.”Kami Viswanathan, President MEISA, FedExFedEx advocates for a strategic allocation towards infrastructure development for more efficient multimodal logistics. Additionally, we emphasize a focus on digitization in the logistics sector to accelerate speed and ease of doing business.
Recognizing the impact of the National Logistics Policy and PM Gati Shakti National Master plan, alongside prioritizing road, sea, and rail cargo infrastructure, we see the expansion of airports as exciting avenues for growth. We urge a consistent budgetary emphasis on expanding airport infrastructure for cargo, strengthening regional airports and developing dedicated transhipment hubs to optimize belly and freight capacities. We underscore the importance of digitally advancing customs clearance processes through cutting-edge technologies such as artificial intelligence, machine learning, blockchain, and big data. This approach promises improved risk management, compliance, efficiency, and analytics.
As India targets lowering of logistics costs and a top 25 global rank by 2030, we anticipate budget initiatives that will sustainably boost manufacturing and trade, particularly benefiting and incentivizing SMEs. We also anticipate initiatives towards greater trade facilitation and further fostering a business-friendly environment aligning with the USD 5 trillion economy goal.
Saurabh Kumar, Vice-president India, GEAPP
The interim budget for the fiscal year 2024-25 offers a unique opportunity to showcase India’s dedication to green growth and a seamless transition to clean energy. Recognising the significance of private sector engagement, we must pivot our focus towards collaboration with venture capitalists and encouraging private sector participation through innovative financing mechanisms such as blended finance. Additionally, clear policy directions and structural reforms within the energy sector are needed to create a conducive environment. The budget must introduce strategies to de-risk the sector and instil confidence among investors. Let this budget be a transformative step towards a cleaner future fueled by the dynamism of stakeholders’ diverse roles and expertise.
Samarth Kholkar, CEO and Co-Founder, BLive
The anticipation is that the government will incorporate the Electric Vehicle (EV) sector into Priority Sector Lending (PSL), facilitating more accessible financing options for both personal and commercial electric vehicles. Additionally, there is a hopeful outlook for policy initiatives aimed at advancing EV adoption. This includes the extension of subsidies to enhance the affordability of electric vehicles and the implementation of incentives for conversion kits, encouraging the transformation of Internal Combustion Engine (ICE) vehicles into Electric Vehicles (EVs).
Narain Karthikeyan, Founder & Managing Director, DriveX
As we anticipate the Interim Budget 2024-25, we recognize the pivotal role it plays in shaping the economic landscape, particularly for the two-wheeler auto industry. The potential benefits that could arise from individual taxation reforms hold promise for our industry. With the government’s focus on stimulating consumer spending, the possibility of tax incentives or reductions could significantly boost the demand for pre-owned two-wheelers.
Furthermore, we look forward to potential initiatives in the budget that encourage sustainable practices within the automotive industry. Our commitment to quality refurbished vehicles aligns seamlessly with the vision of a resilient and progressive two-wheeler auto industry. With an eye on the budget, we remain optimistic about collaborative measures that will propel our industry forward. Together with our dedicated team, strategic partners, and a customer-centric approach, we stand ready to embrace the evolving landscape and capitalize on the opportunities that the upcoming budget may unfold.”
Anup Sashidhraran, Managing Director – MBA-ESG India
As we eagerly await the unveiling of the Budget 2024, we hope for budgetary initiatives that amplify the synergy between education and industry, acknowledging the pivotal role of new-age skills in shaping our workforce for emerging industries. We wish to see an increase in the budget percentage for the education sector as per the recommendations of NEP. A supportive budget can catalyze our efforts in implementing industry-aligned curriculum and advanced technology enablement, further empowering students for new-collar jobs. With a robust commitment to holistic knowledge imparting and a focus on employability, we anticipate measures that strengthen the bridge between academia and industry, enabling the education industry to continue shaping a skilled, adaptive, and job-ready workforce for the dynamic demands of the future. We hope the government allocates enough funds to strengthen the Internationalization of Higher Education, as outlined in the NEP 2020.
