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.
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.
