Sourabh Bansal, the Co-founder & Managing Director of Magicrete, a player in the construction sector, underscores the urgency for sustainability and energy efficiency. The construction industry, with its significant impact on global carbon emissions, is calling for transformative measures. Bansal advocates for the introduction of financial incentives and subsidies, such as reduced GST rates, tax credits, or grants, to encourage the production and utilisation of green building materials. The plea aligns with the government’s commitment to reducing emissions intensity and highlights the need for substantial investments in research and development for sustainable technologies in construction.
Addressing the issue of affordability, Bansal proposes the reduction of GST on certain materials, like cement, currently placed in the 28% category. This strategic move is envisioned not only to reduce construction costs but also to stimulate growth within the industry. Moreover, he suggests that a reduction in interest rates would support housing demand, fostering economic activity and job creation.
Sanjeev Bhandari, Founder & CEO of AirBrick Infra, is looking forward to policies that drive digital transformation and artificial intelligence adoption. Anticipating increased budgetary allocations for skilling programs, Bhandari expects a focus on developing a robust talent pool. Additionally, he emphasises the need for incentives for businesses investing in AI research and development, coupled with measures to ensure ethical AI practices. Bhandari stresses the importance of a balanced approach to regulation, one that fosters innovation while addressing potential risks. The industry hopes the budget will reflect a commitment to positioning India as a global leader in the responsible and beneficial application of transformative technologies.From the real estate perspective, Vikas Kumar Mittal, Managing Director of Nova Formworks, expresses anticipation for potential fiscal policies that could shape the trajectory of the real estate sector. With the government’s focus on economic recovery, industry stakeholders are hopeful for strategic measures that will catalyse growth. Expectations revolve around the allocation of funds towards infrastructure development, incentivising affordable housing, and streamlining regulatory processes to boost investor confidence. The sector is also looking forward to progressive policies that promote sustainable urbanisation and address challenges like liquidity constraints and project delays. Stakeholders are hopeful for policy measures that encourage the adoption of green and smart technologies, aligning with the global trend towards sustainable development.Adding to the real estate narrative, Geeta Arya, Founder & Principal Architect of Geeta Vaibhav Architects, highlights the surge in property rates post-pandemic, signalling a post-crisis economic rebound. In anticipation of a pragmatic budget, she looks forward to measures that boost growth, simplify regulatory procedures, and encourage sustainable development. Advocating for initiatives supporting affordable housing, strengthening infrastructure projects, and ensuring the resilience of the real estate market, Arya emphasises the need for a budget aligned with the industry’s needs, providing both short-term relief and a strategic roadmap for long-term prosperity.Shifting the focus to the technology and energy sectors, Vaibhav Kaushik, Co-founder & CEO of Nawgati, anticipates a comprehensive policy framework for sustainable innovation and clean energy initiatives. The industry seeks increased government investments in research and development to accelerate technological advancements, particularly in renewable energy sources and smart grid solutions. A favourable tax regime supporting green technologies and incentivising private-sector partnerships is expected to speed up growth further. The government is urged to prioritise initiatives that not only bolster the sector’s competitiveness but also contribute to the nation’s environmental goals, aligning economic development with ecological sustainability.Education has always been in the limelight in the budget, sharing her thoughts on this, Kavita Sharma, Co-founder and CEO of Ziyyara Edutech, says, “With the government’s commitment to the National Education Policy (NEP) 2020, the budget is expected to introduce measures that encourage innovation, skill enhancement, and quality learning. As the ed-tech sector is poised to reach the $4 billion mark by 2025, the budget is likely to support the evolving needs of the sector, contributing to the nation’s educational growth and competitiveness.”
Speaking on his expectations Soumya Sarkar, Co-Founder, Wealth Redefine (AMFI registered MFD) says, “This year’s budget is anticipated to be a vote-on-account rather than a comprehensive one due to the upcoming election. Typically, in an election year, governments pass an interim budget, covering a short period of 3-4 months. The expectation is that the current government will refrain from making substantial changes in this budget, as major adjustments are usually deferred until the new government takes office. While there might be some consideration for providing income tax relief to taxpayers, the impact is likely to be limited, given the constraints until a new government is established.”
Sarkar further adds, “The prevailing sentiment is that there will not be a significant shift in terms of budgetary allocations or a substantial boost in infrastructure spending. This budget is projected to serve primarily as a placeholder until a more comprehensive budget is presented by the incoming government. Consequently, any notable alterations, especially in taxation, are not expected in this interim period. The focus is expected to shift towards a more comprehensive budget once the new government assumes office, facilitating potential increases in funding for infrastructure and other sectors.”
Providing an international perspective, Felix Kim, Co-founder & CEO of Redrob, emphasises the importance of investing in postgraduate education with a specific focus on advanced technologies. According to Kim, highly skilled individuals not only build robust companies but also constitute a fundamental part of the consumer market. This investment in human capital is deemed essential for sustained innovation and market growth.
The Budget stands at the crossroads of diverse industry expectations, with each sector voicing its unique needs and aspirations. As stakeholders across sectors present their wishlists, the government faces the intricate task of crafting a budget that not only addresses immediate challenges but also charts a strategic course for long-term goals.
