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Sectoral Wishlist’s for Budget 2024-25: What Industries Hope to See

The Union Budget for 2024-25, scheduled to be presented on February 1st, is a highly anticipated event for every sector of the Indian economy. From infrastructure, Information technology, telecom, agriculture, healthcare, and human resources to education, stakeholders are eagerly waiting to see how the government’s financial roadmap will impact their industries. This article will delve into the key highlights and expectations for different sectors’ industry leaders in Budget 2024-25, based on pre-budget consultations, industry reports, and expert analyses.

Navigating the Fiscal Frontier: An In-Depth Analysis of Anticipations and Challenges in the Pre-Budget Landscape for Industries

Anticipating the Budget: Industry’s Roadmap for Growth

Forecasting Fiscal Fortunes: Pre-Budget Perspectives and Insights from Industry Leaders

T V Ramachandran, President of BIF says, “India is undergoing rapid digital transformation on the back of continuous Government reforms. The recently notified Telecommunications Act 2023 is a game changer and will help catalyze the growth of the sector even further.

As Broadband India Forum, we would like to see the Union Budget 2024-25 focus on three important aspects viz.

  • Facilitate affordable Broadband through Satcom through reasonably modest spectrum fees 
  • Budgetary support for the growth of Public Wi-Fi through waiver of duties & levies on equipment and on revenues
  • Budgetary support to incentivize Fiber to the Building +Wi-Fi to enable rapid growth in Fixed Broadband, by way of reduction in statutory fees and levies and exemption of GST on service revenues

With the above measures, we hope that Union Budget will help accelerate the momentum of the reforms in the sector which has been set by other Government policies & measures”

 

Mr. Manoj Nair, Head of Global Delivery Centres, Fujitsu say, Major economies across the world are seeing a challenging macroeconomic situation with slowdowns that have affected various industries. Amid this period, it is the tech industry that is leading the charge in recovery with a positive outlook. The demand for IT skills, especially in the new-age technologies – AI, ML, analytics, data science and other digital capabilities continues to surge presenting an opportune time to GCCs to further scale and usher in the next phase of digital revolution in India. India is a leading hub of Global Capability Centers (GCCs) with 1500+ GCCs housed in India that play a crucial role in growth of the tech industry. According to EY, the domestic GCC market size is expected to hit US$110b by 2030 with the number of GCCs  expected to scale to 2400. Over the past few years, there has been a major shift in how GCCs operate – from delivering cutting-edge services to becoming powerful innovation hubs. These GCCs, with their vast trove of STEM talent and heavy investments in technology and upskilling are uniquely positioned to spearhead digital transformation for customers. Our technical capabilities across AI, ML, data science, cloud, automation, enterprise applications are crucial to powering deep research and product development. “

“Now, as GCCs continue to invest in reskilling talent in the face of evolving tech landscape, building demand-based and niche skills in relevant areas, they are playing a crucial role in employment generation for India. With GCCs being a major engine for economic growth, Budget 2024 can play a key role in facilitating growth and sustainable development. GCCs require support and investment for infrastructure and growth environment. The Budget 2024 can help GCCs further scale and accelerate innovation at a faster rate as India emerges as the world’s technology and services hub.”

 

Mr Bimal Khandelwal, (Chief Financial Officer, STT GDC India) says, “As India charges ahead on its digital transformation journey, the upcoming budget offers a timely window to cultivate a world-class data center ecosystem that steers this advancement. We are hopeful of incentives to spur domestic manufacturing and infrastructure builds specially tailored for data centers’ massive scale and seamless connectivity needs. Attractive capital subsidies for setting up future-ready facilities and easy financing options to offset development costs will unleash growth. We also envision provisions that encourage the adoption of renewable energy to meet data centers’ clean power appetites. Additionally, preferential procurement directives favoring home-grown data centers will provide an upside. With an emphasis on nurturing a cutting-edge domestic data center industry, India can swiftly go up the technology value chain and cement dominance in delivering digital services globally. Having granted an infrastructure tag has remarkably expedited logistics. “

 

Mr. Sumit Sabharwal, Head of HR Shared Services, Fujitsu International Regions says, “As an HR leader, I eagerly anticipate the 2024 budget, urging the Government of India to prioritize robust investments in skill development. A strategic focus on honing our workforce’s capabilities will propel India’s IT industry to new heights, fostering innovation, and global competitiveness. The India artificial intelligence market size reached $ 680 million in 2022 and further it is expected to reach $3,935.5 million by 2028, showcasing a growth rate (CAGR) of 33.28% between 2023-2028. Data Science and Analytics have emerged as a game-changer across industries, with organizations harnessing data-driven insights to make informed decisions. With exponential growth in the digital realm, this field is expected to witness substantial opportunities in the coming years. The demand for STEM jobs in India has increased by 44% in the last 5 years. STEM skills will be a requirement for 80% of the jobs created in the next decade. To meet the increasing demands for STEM professionals in India’s rapidly growing technology, engineering, and manufacturing sectors, it becomes imperative to offer robust STEM education. For organizations, it has become necessary to provide upskilling and reskilling opportunities to existing employees. The Fourth Industrial Revolution is upon us, and STEM education will align closely with its demands. To keep up with this new information-based and technology-dependent world, India must scale up the innovation ladder with initiatives.”

 

Mr Meghan Nandgaonkar, Head of JDU, Fujitsu shares his views saying that, “Technology has played an important role in India’s growth story. Our expectation from Budget 2024 furthers to boost technology solutions for sustainable society, green initiatives, agro-tech, etc., Additional focus on skilling initiatives for people engaged in traditional sectors, using technology and online delivery along with incentives for technology companies in Tier 2 and Tier 3 cities.”

 

Dr. Himani Narula: Developmental and Behavioral Pediatrician Director & Co-founder of Continua kids. In the upcoming budget, it is crucial to recognise that amidst a growing GDP and thriving economy, addressing the persistent challenges faced by individuals with disabilities requires a comprehensive response. With approximately 2.68 crore reported cases in the 2011 census and a figure expected to climb globally, post the 2016 revision of the RPwD Act which  identified 21 disability-causing disorders. Inadequate accessibility not only hampers rights and equality but also incurs a substantial economic toll, with the World Bank noting a 3-7% GDP loss in India. A University of Melbourne study emphasizes a 17% increase in household income requirements for supporting those with disabilities. 

To effectively tackle these issues, the budget should accurately assess the number of individuals with disabilities, identify their specific needs, and devise tailored support plans. Prioritizing education, healthcare, social services, workforce inclusion, accessible infrastructure, research, legal frameworks, and community engagement is imperative. Rigorous assessments ensure optimal fund utilization, and collaboration with stakeholders leads to inclusive financial allocation strategies. Ongoing reviews and adjustments are essential for sustained national progress in championing the rights and well-being of individuals with special needs.
Vihang Sarnaik, Director, Vihang Group “A critical facet of my expectation from the Budget is the re-evaluation of affordable housing criteria. I expect the Honourable Finance Minister will find some merit in establishing a separate affordable housing index for each Tier-1 and Tier-2 cities with impetus to the housing affordability of the Metro Cities Periphery.

It is crucial to incorporate essential factors such as inflation, land cost, construction cost, approval cost, and labour cost for defining affordability in housing.

For instance, in the case of Mumbai, where housing costs are notably high, we hope that the Budget will increase the price ceiling of affordable housing from ₹45 lakhs to ₹90 lakhs so that the whole affordable scheme benefits reach its intended audience.

As per the current affordable housing scheme, the limit is set at ₹45 lakhs and you will not find a single home in Mumbai in that price bracket. So, the scope of availing the full benefit of credit link subsidy under PMAY is non-existent in Mumbai.

According to me, the Government should redefine affordable housing and extend the Credit Linked Subsidy Scheme (CLSS) and Pradhan Mantri Awas Yojana (PMAY) to a larger audience as per the existing real estate prices prevalent in the city and not make it centralised. I think such a move will empower the unorganised sections and salaried professionals to fulfil their dream of owning a home in a city like Mumbai.”

 

Sachin Marani, Director – Square Feet Group, Secretary – CREDAI MCHI – Thane “As we stand on the cusp of a new budget coupled with a promising urban housing scheme, the potential for transformation looms large, particularly for families inhabiting rented homes, slums, chawls, and unauthorized colonies within cities. These financial initiatives carry the promise of a substantial impact, especially in bustling metropolises like Mumbai, where nearly 30% of the population resides in unorganized housing.

In the throes of an election year, the hopeful expectation is that the budget will hone in on fostering home ownership among marginalized and organized segments of society. A critical focal point emerges—the formidable challenge faced by those in unorganized housing, particularly the hurdle of securing loans due to the lack of clear documents such as Form 16. An astonishing 90% of individuals in these housing arrangements presently find themselves excluded from home loan eligibility due to paperwork constraints.

As the year 2024 unfolds as an election year, the anticipatory gaze turns towards the budget potentially addressing this pressing issue. The hope is for the formulation of measures involving guarantees and assurances to banks, accompanied by favorable adjustments in interest rates and loan terms.

 

Nikunj Sanghvi, Managing Director – Veena Group, Treasurer- CREDAI-MCHI “In the context of the upcoming budget and the proposed housing loan scheme, addressing gender disparities in property ownership emerges as a pivotal aspect deserving attention. With a stark 3% ownership rate among women compared to men in India, it is imperative for the Government to consider targeted measures in this budget.

An optimistic expectation is the introduction of tax benefit schemes exclusively designed for working women. Envisioning a tax saving scheme offering up to ₹3 lakh on the principal amount for their initial home purchase. Such an initiative not only serves as an incentive for property ownership but also contributes significantly to fostering gender equality and empowering women financially.

The government should also offer additional 1 or 2 percent interest waiver for women under the new credit-linked housing loan scheme.

The tax benefit combined with interest waiver is poised to be a compelling catalyst, further attracting women to invest in real estate. Moreover, a potential exception to the section 24(b) cap of ₹2 lakh on interest paid by first-time female homebuyers would not only encourage their entry into the real estate market but also pave the way for greater financial independence among women in our society.”

 

Madan Jain, Chairman of the Bhairaav Group and President of CREDAI-MCHI Navi Mumbai “In anticipation of a pivotal general election, the interim budget holds the potential to make significant strides in fostering economic inclusivity, with a focus on tax exemptions for home purchases. A key expectation is the introduction of a tax exemption up to Rs 5 Lakhs, encompassing Rs. 2 Lakhs on the Principal Loan Amount and Rs. 3 Lakhs on Home Loan Interest.

This proposed fiscal measure, coupled with the government’s commitment to a credit-linked home loan subsidy, underscores a dedicated effort to alleviate financial burdens for the salaried middle class. The envisaged synergy between tax reforms and a targeted approach to affordable housing not only promises to invigorate the real estate sector but also aims to enhance financial inclusivity by broadening access to home ownership opportunities.

The transformative potential of such initiatives aligns seamlessly with the overarching goal of creating a more equitable society. This will mark as a progressive stride in economic policies, signaling the government’s dedication to relieving financial pressures and nurturing an inclusive economic environment.”

 

Nishant Pitti, CEO & Co-founder, EaseMyTrip “In expectation of the Union Budget 2024, we earnestly expect crucial reforms to strengthen and revitalize the tourism sector. We expect the Government to allow GST input on holiday businesses, a strategic reduction in income tax to catalyze growth in the country’s tourism industry, and the streamlining of the TCS structure to a more favorable 5 percent slab. Additionally, we expect a comprehensive overhaul of tax exemption policies related to Leave Travel Allowance (LTA), urging the Government to consider an annual allowance and the inclusive coverage of the entire tour package cost under LTA, surpassing the limitation to only flight expenses. Predicting the realization of the full potential of domestic tourism, we look forward to a budgetary emphasis on infrastructure development, technology integration, and health-safety measures across airports, aviation, roads, railways, and waterways. Recognizing the vast, underleveraged potential of India’s waterways, which includes sea and river cruising opportunities, we strongly urge the Government to undertake necessary measures for the development of this sector.” 

 

Dr. Ravinder Goyal, Co-Founder, Erekrut HR Automation Solutions Pvt Ltd. “As we approach the 2024 budget, the HR sector in India harbours specific expectations, particularly regarding policy reforms that currently pose challenges. A primary area of focus is the streamlining of labour laws, which were characterised as cumbersome, rigid, and difficult to follow. The sector thus anticipates reforms that would simplify these laws, making them more adaptable to the modern workplace, especially in terms of flexible working arrangements and remote work policies.

The segment could also benefit from the refinement of the Provident Fund (PF) and Employee State Insurance (ESI) schemes. The current structures of these schemes pose administrative challenges and often result in delayed contributions and settlements. An overhaul aimed at simplifying these processes could greatly enhance operational efficiency in HR management.

Moreover, the HR sector needs more supportive measures to nurture talent, specifically through enhanced tax incentives for employee training and development programs. This would encourage companies to invest more in upskilling their workforce, aligning with the evolving skill demands of the digital economy. Along with this, the expansion of tax benefits under schemes like Section 80-IAC, which currently has restrictive criteria, is desired to enhance accessibility to a broader range of startups.

In essence, the HR sector’s pre-budget expectations for 2024 revolve around policies that reduce compliance complexity, foster talent development, and support startups through more inclusive and flexible fiscal incentives. These changes are crucial for creating a more dynamic and responsive HR landscape in India’s rapidly evolving economic environment.”

 

Jaydeep Singh, General Manager for South Asia at Kaspersky “The previous Union Budgets have shown India’s dedication to boosting its cybersecurity infrastructure. We expect the same commitment in 2024 as the local threat landscape continues to evolve.

It is foreseen that India’s enterprise technology sector will contribute $350-400 billion in the next few years, advancing the country toward its $1 trillion digital economy goal. This will be driven by the continuous mass adoption of digital financial tools and will be further enabled by the multi-year artificial intelligence (AI) programme recently unveiled by the government.

Cybercriminals, on the other hand, will also ride along these trends. For instance, our advanced detection systems discovered an average of 411,000 malicious files daily last year, with an increase of nearly 3 percent in 2023 compared to the previous year. This year, we also anticipate enhanced financial threats as attackers use advanced artificial intelligence and heightened automation.

As we navigate the evolving cyberthreat landscape, it becomes crucial for the Union Budget 2024 to focus on cybersecurity, which could help deploy proactive cybersecurity strategies, foster sector collaboration, and implement innovative defences against cyberattacks. Kaspersky remains dedicated to collaborating in building India’s cybersecurity capability this year and beyond.”

Gajshield Infotech Quote – Sonit Jain, CEO – GajShield Infotech “The government is steadfast in its commitment to economic deregulation and the initiation of systemic reforms. Recognising the imperative role of Information Technology, it is dedicated to fostering inclusive growth across all sectors. Aligned with our Prime Minister’s visionary outlook for India, there is a potential era of heightened digitisation on the horizon, propelled by Artificial Intelligence and regular technological disruptions. As a technology-driven entity in the dynamic tapestry of India, we perceive innovation as the pulsating force behind progress. In the anticipation of the upcoming budget, we envisage a future where strategic investments in technology become the cornerstone of our nation’s growth. Embracing the ‘Make in India’ initiative, we aspire to witness a robust ecosystem that not only fosters innovation but also encourages indigenous production and technological self-sufficiency. We anticipate policies that empower businesses and individuals to harness the full potential of technology, propelling India into a new era of economic resilience and technological excellence. This collaborative effort between government initiatives and tech-driven enterprises will undoubtedly steer us towards a future where ‘Made in India’ resonates with global technological prowess.”

 

Mr Bimal Khandelwal, (Chief Financial Officer, STT GDC India) Quote 1: “As India charges ahead on its digital transformation journey, the upcoming budget offers a timely window to cultivate a world-class data center ecosystem that steers this advancement. We are hopeful of incentives to spur domestic manufacturing and infrastructure builds specially tailored for data centers’ massive scale and seamless connectivity needs. Attractive capital subsidies for setting up future-ready facilities and easy financing options to offset development costs will unleash growth. We also envision provisions that encourage the adoption of renewable energy to meet data centers’ clean power appetites. Additionally, preferential procurement directives favoring home-grown data centers will provide an upside. With an emphasis on nurturing a cutting-edge domestic data center industry, India can swiftly go up the technology value chain and cement dominance in delivering digital services globally. Having granted an infrastructure tag has remarkably expedited logistics. “

Quote 2: ” We envisage the upcoming budget to introduce constructive policies that catalyze funding and investments to progress India’s digital infrastructure growth. Capital subsidies for building state-of-the-art Tier-3 facilities and convenient financing schemes through long-tenor infrastructure loans could significantly quicken rollout timelines. Additionally, innovative investment platforms like InvITs for operational assets could attract institutional funding. Tax sops for clean energy adoption meeting data centers’ substantial power needs also seem likely. Preferential public sector mandates favoring domestic data centers will further upside. Incentives for manufacturing components like servers and networking gears locally will mitigate import burdens. Turning such proposals into reality will financially equip data centers to accelerate India’s digital economy vision via wide-coverage, sustainable and future-ready infrastructure.’’

 

Mr. Manek Daruvala, Founder & Director, T.I.M.E “Reflecting on last year’s budget, there was optimism but also a shared concern for the under-addressed education sector. This year, we earnestly appeal for a focused approach to uplift India’s education system. A primary concern is aligning budgetary allocation with the National Education Policy (NEP) of 2020, advocating for 6% of the GDP. Despite being a government-endorsed guideline, the past three budgets have fallen short, emphasizing the need for prioritization. Investing in education is not just an expense but a crucial move for future employability and national productivity. Equally crucial is ensuring wise fund utilization, requiring visionary leadership and vigilant monitoring for effective NEP implementation. Appointing competent individuals to key roles is imperative, as they drive sectoral allocations and oversee execution on the ground. Addressing the complexity of education as a concurrent subject demands innovative solutions, such as fostering competition among states to spur progress. These proposed changes are vital for the long-term prosperity of the education system. We remain hopeful that the government, driven by resolute will, will swiftly implement these measures, prioritizing the lasting welfare of the nation.”

 

Mr Sachin Sandhir, Founder and CEO at GENLEAP “Budget 2024 is eagerly anticipated as a crucial step towards global education equality and a new era of academic brilliance. Despite the National Education Policy 2020 proposing a 6% education budget, we are yet to reach this target. A hopeful expectation for the upcoming budget is a higher investment, gradually approaching the NEP’s promised allocation.
In terms of student loans, I anticipate reduced taxes, an increased maximum loan limit, and subsidized interest rates. Recent policies on internationalization are transforming the education landscape. IFSCA’s approval for top foreign universities with a QS 500 ranking to establish centres in GIFT City, Gujarat, is commendable. However, certain improvements are needed, such as allowing students to pay fees in Indian currency to alleviate conversion charge burdens. Additionally, revising the eligibility criteria for a foreign university in GIFT City from a QS top 500 ranking to any top 500 ranking globally would expand the pool of eligible universities. Removing the registration certificate validity period, currently requiring renewal every five years, would ease administrative inconveniences for foreign education institutions.”

 

Jayesh Jain, Group CFO, Balancehero India “The interim budget of 2024 offers an opportunity for the government to catalyse innovation and inclusivity within the digital lending sector. We expect that the government will put a greater emphasis on creating a more stable and efficient digital infrastructure for the industry. We also propose that the government establish a Fintech Fund, more specifically for Lendtech. Companies with their own NBFCs should be given priority, and they should receive more affordable debt.

To invest in the future of our economy, strategic support for fintech and lendtech is essential. The banks generally avoid lending to fintech companies with BBB ratings. Encouraging banks to collaborate with BBB-rated fintechs can help banks diversify their lending portfolios. This will lead to a more balanced and resilient lending space. Micro-personal loans should also be classified as PSL (Priority Sector Lending) in the budget to support financial inclusion. Furthermore, offering tax incentives to fintech and lendtech entities operating in the personal loans segment would prompt these companies to provide affordable credit to SMEs and individuals in Tier 2, 3, and 4 cities, fostering local economic development. This promotes financial inclusion and aligns with the vision of driving innovation and contributing to a more robust Indian economy, striving towards a USD 5 trillion GDP as envisioned by the honourable Prime Minister.”

 

Shammi Agarwal, Director, of Pansari Group “Our expectation from the upcoming 2024 budget is to see a transformative fiscal landscape that propels growth and innovation. The prospect of an elevated income tax slab emerges as a beacon of optimism that promises a conducive environment for businesses. This anticipated shift will act as a catalyst and infuse renewed vigor into the FMCG sector, encouraging resilience, and fueling expansion. Apart from this, we also want the government to allocate more grants to support the FMCG industry. The increased budget allocation can be seen as a reflection of the government’s proactive approach to boosting Indian industries. Such financial injections are not merely monetary infusions but proof of the government’s proactive commitment to nurturing indigenous industries. A heightened budgetary commitment becomes the lifeblood of innovation which will boost the startup ecosystem and provide the much-needed impetus for research and development (R&D) endeavors within the FMCG industry.

The industry’s expectations merge around a vision of strong support mechanisms beyond mere financial incentives. The 2024 budget aspirations for the FMCG sector hinge on amplified income tax slabs, increased grants, and a resolute focus on encouraging innovation. The emphasis on incentivizing R&D through weighted deductions underscores a commitment to propelling the FMCG industry to new heights of competitiveness. In short, the forthcoming Budget holds the promise of a paradigm shift for the FMCG industry. These collective measures are certain to chart a trajectory of sustained growth, propelling the FMCG sector into a dynamic era of heightened competitiveness on the Indian stage.”

 

Mr. Dheeraj Bansal, Co-founder of Recode Studios “In the ever-changing landscape of the beauty industry, our startup stands at the center of innovation and consumer demand. The remarkable increase in demand in the beauty sector has not only promoted our constant expansion but also highlighted the industry’s revolutionary power. As a startup strongly established in the retail sector, our upcoming budget expectations are filled with optimism and visionary planning. Founded on the potential for revolutionary reforms, we are expecting budget policies that recognize the dynamic nature of D2C startups in beauty retail, as well as incentives and support processes that promote experimentation and long-term growth. The anticipated relaxation of company policies and regulations, along with the potential announcement of reduced interest rates for the retail industry in the budget, signifies a promising landscape for easier financing. This budget provides a chance for policymakers to foster positive change within the industry, ensuring that startups like ours continue to add vibrancy, originality, and economic value to the developing landscape of beauty and retail. By 2030, the e-commerce market is expected to reach $350 billion, growing at a CAGR of 23%.”

 

Himanshu Adlakha, Co-founder of Winston India “As the founder of a dynamic D2C startup in the e-commerce space, the upcoming budget is important to our entrepreneurial journey. The e-commerce environment, which is marked by innovation and digital change, eagerly anticipates budgetary measures that promote growth and sustainability. We are looking forward to a budget that not only recognizes the importance of entrepreneurs in the e-commerce market but also provides strategic incentives for our continued growth. The possibility of monetary support for the Open Network for Digital Commerce (ONDC) program is a desirable prospect. This ground-breaking initiative has the potential to empower micro, small, and medium-sized businesses (MSMEs) by providing seamless access to different e-retail platforms. Standardizing data and processes through ONDC would increase productivity and build a vibrant ecosystem for e-retail entrepreneurs. In the modern era of technological advancement, a budget that supports online businesses while also reducing regulatory processes and providing financial incentives will drive our ambitions and contribute to the broadening of the e-commerce industry. As a startup, we are excited about the budget’s potential to be a catalyst for innovation and economic empowerment launching the e-retail sector to new heights of success.”

 

Dr. Archana Gupta, Founder of Purna Gummies “We wish for the upcoming 2024 budget to recognize the importance of startups, positioning them at the center of innovation.

We believe that growth-stage startups rarely benefit from taxation benefits since they are usually loss-making. One of our suggestions would be delayed indirect tax or GST payments for startups identified as innovative. This would improve cash flows for most startups and the additional 12-18% cash flows can make all the difference between survival and sudden death.

We believe that the Government’s initiatives for seed funding of startups can be executed better. Since most of the seed funds are lying with the government as un-disbursed, ease of sanction and relaxed considerations should be implemented. The government should also consider issuing convertible debt, rather than secured or government-guaranteed debt.

We also urge the government to consider implementing bankruptcy protection for startups in India, similar to the Chapter 11 filing in the US. This would enhance most startups’ capacity to take on debt. Most founders and active investors would be more comfortable with this rather than personal guarantees which implicate their entire personal net worth. An implementation of this nature would truly make founders have ’limited liability’, as is the spirit of the Private Limited enterprise in India.

In addition to the above, we request the government to consider relaxing the labor law and compliance guidelines for startups, as compliance costs and implementation are very difficult to execute at the early stages of a company.

Additionally, we anticipate plans to improve the ease of doing business in the nutraceutical industry by simplifying regulatory processes, minimizing paperwork challenges, and improving operational efficiency to attract new investors. The 2024 budget is projected to transcend its financial basis, growing into a strategic roadmap for the entire nutraceutical industry.”

 

Ms. Riddhi Sharma, Founder and CEO of BabyOrgano “In today’s modern era, we are not just contributors to business, we are the inspiration behind creativity, resilience, and development. Looking ahead, the movements of change bring optimistic measures for us. We look forward to the budget introducing improved taxation strategies, particularly for investments and Employee Stock Ownership Plans (ESOPs), highlighting our effort for gender-inclusive economic growth. Welfare schemes, particularly those aimed at economically disadvantaged women, demonstrate a dedication to empowering the underprivileged. Over the last decade, numerous industry experts believe that there has been a 30% increase in budget allocations, reflecting the critical role of women entrepreneurs in economic development. The implementation of schemes such as direct cash transfers and skill development programs creates a visionary picture in which every woman’s potential can be raised. Encouraging women entrepreneurs through self-help groups, combined with easy access to financing, paves the way for reaching the Sustainable Development Goals. SMEs’ potential has been strengthened by proposed GST simplification, simpler capital gains taxation, and startup incentives that raise the expectations of entrepreneurs like us. Additionally, the extension of the preferred 15% tax rate for startups beyond March 31, 2024, is a step towards sustaining the Make in India campaign. As we seek policies that promote innovation, growth, and sustainability, we, as women entrepreneurs, stand at a point of aspiration and opportunity. Together with each other, we move India toward a future in which every thought, activity, and woman contributes to the symphony of progress.”

 

Mr. Naman Dhamija, MD and Founder of Dharishah Ayurveda “With the constant evolution in the modern healthcare sector, Ayurveda has become a fundamental pillar as 80–90% of Indians depend on it for their primary healthcare needs. We expect the government to give more financial support to facilitate the integration of more Ayurveda Acharyas into the healthcare system and invest in creating more Ayurvedic colleges like All Indian Institutes of Ayurveda, Rashtriya Ayurveda Vidyapeeth, the Institute of Teaching & Research in Ayurveda, and many more. Supporting these institutions with greater financial support is essential for advancing education, research, and the overall development of Ayurveda. Apart from this, we have seen the emergence of new-age Ayurvedic brands in the changing landscape. Therefore we expect the government to implement policies that offer sustainable tax incentives to support their expansion. Additionally, allocating funds towards research and development is important, as it enables the publication of comprehensive case studies and whitepapers, enriching the Ayurvedic knowledge base and advancing science. Ayurvedic experts consider the 2024 budget as an opportunity for a healthy and sustainable ecosystem, contributing not only to individual health but also to the nation’s growth, while preserving the ancient spirit of therapeutic tradition.”

 

Anubhav Bansal, Co-founder, HealthMug.com “At HealthMug, we eagerly anticipate the upcoming budget with a hopeful outlook for the Ayush division. Allocating more budget in 2024-25 would catalyze our international expansion plans for services, products, and franchisees. With increased budgetary support, we envision championing projects like ‘Treat in India’ and ‘Heal in India,’ which will showcase the efficacy of Ayush treatments. Despite lingering skepticism, we believe that with enhanced R&D and budget allocation, Ayush can amass evidence demonstrating its effectiveness in critical illnesses and gradually earn trust domestically. To bolster acceptance we also expect the Ministry of AYUSH to release case studies and whitepapers substantiating the efficacy of Ayush treatments. We aim not only to make Ayush a trusted alternative in India but also to spread its acceptance internationally. The budget allocation for research and development in 2024-25 becomes pivotal in our quest to develop authentication, making AYUSH a beacon of health, not just within our borders but across the globe.”

 

Rahul Singh Co-founder of EcoSoul Home “As we approach Union Budget 2024, there’s collective anticipation for a forward-thinking approach that seamlessly integrates sustainability into our economic landscape. For starters, consumers are becoming more inclined towards sustainable choices. In fact, almost 78% of consumers prefer home goods that are eco-friendly, natural or have sustainable attributes. However, less than 10% of companies in the current landscape offer the power of sustainable choices. And, running a brand that is one of the largest providers of eco-friendly home essentials in India, I believe that tax incentives can be a great adoption to trigger business development and adoption of sustainable strategies across the economy. Government aid and incentives can play a pivotal role in shaping market dynamics for the sustainable product category, creating a level field that’s simply more reasonable for emerging sustainable brands. Moreover, this approach would be multifaceted. Besides just allowing businesses to go for strategies that are planet-safe, investors would be more interested in backing these brands, allowing them to grow and cater to the ever-growing market demand. Also this would also translate into positive impacts like reduced pollution, a healthier environment, betterment of public health, and reductions in healthcare costs. In addition to offering tax incentives, the government should also provide substantial allocations for biodiversity conservation and ecosystem restoration projects, taking inspiration from successful models in OECD countries. Simultaneously, the allocation of funds to multiple awareness programs can also allow people to dispel the notion that sustainability often comes with a compromise.”

 

Madhuri Ganadinni, co-founder, The Tea Planet “The anticipation for startups entering the upcoming fiscal year revolves around a budget that aligns with the values of growth and innovation and is particularly high for businesses engaged in food manufacturing. The dynamic landscape of the Indian market has seen a significant shift towards supporting domestic manufacturing and production. According to data from Startup India, India has emerged as the world’s third-largest startup ecosystem, with over 1,16,679 DPIIT-recognized companies across the country. We at The Tea Planet, expect a budget that recognizes the important role that startups have played in reshaping India’s economy, and local manufacturers, especially in the food sector. Approximately 80–90% of consumers now prefer to purchase from local manufacturers rather than importers, which is an amazing shift in consumer behavior. A notable program that has improved the status of domestic manufacturing is the Production-Linked Incentive Scheme (PLIS). This program aims to increase the competitiveness of local businesses and manufacturing capabilities. For food manufacturing companies like us, such incentives can be beneficial in fostering growth, encouraging investment in technology, and improving overall efficiency. Incentives such as tax reductions, simplified regulations, and financial support can play an important role in encouraging entrepreneurs in the food manufacturing sector to innovate and generate revenue. A budget that actively promotes these aspects will benefit individual startups and contribute to creating a strong and sustainable ecosystem for the entire industry.”

 

Mr. Kapil Bardeja, Co-Founder & CEO, Vehant Technologies “In the upcoming Union Budget 2024, it is needed to allocate funds for research and development (R&D) in security and aviation technology, imitating the support offered to the defense sector through initiatives like ‘Make-1’ and ‘Make-2’. This provision is critical to reducing dependence on foreign products and ensuring that security/aviation technology are envisioned and developed in India. Securing funds has significance for the development of new, custom-built technologies for the Indian environment. This move will be critical in developing a strong local R&D ecosystem in the security and aviation industries. The current R&D grant programs, which provide major financing for defense, must be expanded to include aviation and other important industries. The development of highly technological goods necessitates significant R&D expenses, and repeating such funding schemes will significantly benefit indigenous development.

Furthermore, a government lab dedicated to evaluating security equipment in accordance with Bureau of Civil Aviation (BCAS) regulations, inspired by the United States Transportation Security Administration (TSA), is required. Budgetary support for this endeavor will be advantageous in creating and testing equipment to meet Indian standards, Mr. Kapil further added.”

 

Abhishek Raj, Founder & CEO, Jenika Ventures “As innovation quickens within the vibrant startup culture, we at Jenika Ventures are eagerly looking forward to the transformative wave that this year’s budget may bring. According to the data available on the Startup India portal, India is right now the 3rd largest ecosystem for startups worldwide with more than 1,16,679 DPIIT-recognized ventures across the country. In the forthcoming budget, we look forward to government initiatives that create a conducive environment for investors. Tailored policies, crafted to attract and retain investors, will be instrumental in propelling the growth of startups, especially in the real estate industry. We advocate for policies that not only streamline processes but also offer tangible benefits to investors, thereby creating a mutually beneficial ecosystem. The heartbeat of every startup is its talent, and we earnestly hope for progressive measures addressing tax policies concerning employee stock options. We envision a budget that not only recognizes the economic significance of startups but also strategically creates an atmosphere of innovation.”

 

Ms. Dishi Somani, founder of DishiS Designer Jewelry ‘In the dynamic economic landscape of 2024, DishiS Designer Jewelry eagerly anticipates measures in the upcoming budget to address challenges and leverage opportunities in the jewelry industry. A key expectation is a potential reduction in import duties on gold, a move that could significantly impact our sector.

Beyond jewelry, the government is likely to implement policies fostering an environment conducive to domestic manufacturing and economic growth. The 2024 budget is expected to tackle global economic shifts through fiscal policies, regulatory reforms, and targeted investments, including streamlining processes and providing financial support to industries facing challenges. Resources may be allocated for research, innovation, and skill development, positioning India as a hub for cutting-edge manufacturing. The Interim Budget 2024 aims to fortify Make in India across diverse sectors, aligning with the evolving global economic landscape. The government’s focus on competitiveness and resilience is crucial for attracting investments, promoting self-reliance, and ensuring sustained growth amidst global economic shifts.”

 

Mr. Ravi Gupta, Creative Director of Gargee Designer’s “As a clothing designer brand operating in the dynamic landscape of global economic shifts, we understand the importance of staying attuned to the governmental initiatives that impact the manufacturing sector. Amendments to laws, liberalization of guidelines, and regulatory reforms have been important in reducing unnecessary compliance burdens. This has not only streamlined operations but also contributed to a significant reduction in costs for businesses like ours.

Furthermore, the government has focused on simplification, rationalization, digitization, and the process of reducing government restrictions and regulations, all of which collectively contribute to enhancing the ease of doing business in India. For a designer brand like ours, these measures translate into a more agile and responsive operational framework, allowing us to navigate the market with greater flexibility and efficiency. The government’s continued focus on these reform measures, coupled with targeted budget allocations, reinforces our confidence in the resilience and competitiveness of the initiative. These measures not only address challenges but also open up new opportunities for growth and innovation in key sectors.”

 

Mr. Saurabh Uboweja, Founder and Managing Partner, of BOD consulting “Expresses his expectations for the 2024 budget by stating, “The government in all likelihood isn’t yet feeling the pressure of anti-incumbency in the upcoming general elections. This would affect the interim budget the Union Finance Minister will present on 1st Feb. The forthcoming budget holds the potential to chart a progressive course directing us toward the mid-term goal of creating a $5 trillion GDP by 2027-28. Fiscal discipline will be a key focus and the Finance Minister will likely resist the short-term temptations of tax cuts or extra expenditure. In my opinion, a progressive budget must address fundamental issues essential to the nation’s needs like job creation, global competitiveness, income equality for lower-income groups, the MSME sector, and the financial strength of major companies in core industries. These pillars serve as the foundation for an inclusive and sustainable economic landscape. Looking ahead, I also expect focused initiatives that will support and incentivize organizations in sectors such as infrastructure, startups, manufacturing, energy transition, AI & data, agriculture, and tourism. These industries are positioned to accelerate our country towards the $5 trillion GDP mark, ensuring both short-term growth and long-term competitiveness”.

 

Mr. Ranjan Kumar- Head of Accounts & Finance, RupeeRedee  “We are looking forward to the upcoming Union Budget, especially because fintechs like digital lending platforms expect some important changes. One big focus is on making Loan-to-Value (LTV) ratios more flexible. Instead of sticking to fixed rules, lenders want to adjust them based on how the value of assets goes up and down. This change is meant to help lending platforms create more personalized financial solutions for the underserved. In order to stimulate growth in the fintech sector, it is essential to facilitate easier and more cost-effective credit access for fintech players. Simultaneously, the government’s provision of tax breaks to fintech companies would create an enabling environment for innovation, empowering these entities to explore new avenues. These strategic measures are crucial for fostering a dynamic and thriving ecosystem within the fintech industry. Another thing we are hoping is to be part of a system where the data can be shared with consent. Even though we’re not directly regulated by organizations like IRDAI, RBI, or SEBI, we want to join a system called the Account Aggregator framework. This would give us access to a wider range of financial data, but only if customers agree to it. Being part of this framework is crucial because it would help us use data more effectively. We believe it will make it easier to assess credit, manage risks better, and provide better overall service to the customers.”

 

Mr. Yogesh Gupta, Chief Business Officer, Bimaplan “In the upcoming budget, we eagerly anticipate policies from the government that attract both domestic and foreign capital, fostering growth in our country’s startup ecosystem. Offering tax credits for early-stage startups is crucial for incentivizing innovation and we are hoping that the government will address the ongoing concern on angel tax, paving the way for smoother operations. We also hold high expectations for substantial changes in medical insurance premiums, aiming for a more affordable and accessible healthcare landscape. Additionally, we hope for an extension of section 80D deduction, providing continued support for medical insurance premiums. Recognizing the importance of flexibility, especially for our seniors, we look forward to policies that cater to their unique needs, ensuring inclusivity in our financial framework.”

 

Mr. Shashank Donthi, CEO of Hynetic Electronics “My outlook for India’s 2024 budget centers on a shift from carbon dependence to embracing energy-efficient policies, particularly within the context of the energy sector. It is crucial for the government to channel investments into rural infrastructure and provide incentives that enhance the financial viability of sustainable energy solutions. The expansion of the Production-Linked Incentive (PLI) scheme to encompass a broader spectrum of sectors becomes paramount, fostering manufacturing demand within the renewable energy domain. Emphasizing net-zero targets and striving to triple global renewable energy capacity by 2030 remains imperative. ‘Make In India’ success relies on robust infrastructure and streamlined processes for SMEs through digital means, fostering local manufacturing. Large-scale projects, including multimodal transportation, enhance India’s manufacturing competitiveness, bolster exports, and tackle fiscal deficits. Lastly, as we chart the course for India’s 2024 budget, recognizing the strategic importance of the semiconductor industry is pivotal. The budget should emphasize fostering a robust semiconductor ecosystem, promoting R&D initiatives, and incentivizing investments to fortify India’s position in this critical sector. Strengthening semiconductor capabilities aligns with global technological trends, ensuring India’s competitiveness and self-sufficiency in emerging technologies, contributing significantly to economic resilience and innovation.”

 

Saurabh Gahoi, Vice President, India, Ramee Group of Hotels “The Union Budget of FY 2023-24 announced by FM Sitharaman proved instrumental in revitalising the hospitality industry and providing a lifeline during challenging times. Infrastructure investments bolstered accessibility to tourist destinations, enhancing the industry’s overall appeal and streamlined regulatory processes, facilitated ease of doing business and fostering entrepreneurship. The budget of FY 2023-24 acted as a catalyst for resilience and growth in the dynamic landscape of the hospitality sector. We anticipate a transformative Union Budget 2024-25, expecting targeted measures to fuel recovery and growth. Along with tax reforms, continued support for infrastructure development, and streamlined regulations to ease the burden on businesses, the industry looks forward to robust financial support, acknowledging the challenges posed by recent global events and focusing on Inbound travel. A reformative budget, targeting training and skill development, ensuring a resilient and competitive landscape. As the nation redefines its economic roadmap, the hospitality industry eagerly awaits policies that foster innovation, sustainability, and a flourishing tourism ecosystem.”

 

Pranav Rungta,Co-founder and Director of Nksha Restaurant and Vice President of NRAI Mumbai “The Restaurant Industry is a vital contributor to the national economy, generating over 7.20 million direct jobs and boasting an annual turnover of around INR 4.23 lakh crores. Despite being one of the sectors hit hardest by the pandemic, the industry has displayed resilience and is on a steady path to recovery. In light of this, I would like to emphasise the need for policy and budgetary support in the upcoming budget to propel the sector and accelerated growth. The key areas of focus include the restoration of the GST Input Tax Credit, reinstating the Service Export from India Scheme, establishing a dedicated Food Services Ministry, according to industry status, reducing GST on eco-friendly materials, addressing GST on commercial rentals, rationalising licences and NOCs, ensuring equitable e-commerce policies, extending operating hours, implementing targeted subsidy schemes for SMEs, and introducing an employee welfare plan. These measures will not only boost the overall size of the industry but also generate significant employment opportunities, contributing to the country’s economic growth.”

 

Mr Amar Nagaram, Co-Founder, Virgio “FM Sitharaman extended the period of incorporation for income tax benefits to eligible start-ups till March 31, 2024, in the Union budget of 2023-24. She also announced the benefit of carrying forward losses from 7 years to 10 years. These initiatives have helped start-ups thrive in a competitive market. Union Budget 2023 heralds a green dawn for India, resonating with a pledge for sustainability. This fiscal roadmap reflects a commitment to fostering a harmonious coexistence between economic growth and ecological well-being. Echoing this, brands like Virgio are embracing circularity and envisioning a future where India leads the charge in building a greener, more resilient world, reaffirming the nation’s role as a responsible global brand. This year, we expect a budget that has transformative initiatives, signalling a decisive step towards a resilient and eco-conscious future. With strategic allocations and forward-thinking policies, it charts a course for sustainable development, acknowledging the imperative to balance progress with environmental protection and empowering brands to be more sustainable in the industry they operate.”

 

Kim Dixit, Founder of The Red PenAs we eagerly anticipate Union Budget 2024, the Founder of The Red Pen, a leading education consulting firm, applauds the government’s steadfast commitment to prioritising higher education—the most important pillar to a country’s development and future. The substantial allocation of Rs 1,12,899 crore to the Ministry of Education in the fiscal year 2023-24, reflecting an 8.26 percent increase from the previous budget, is laudable. A well-crafted budget, and strategic allocation of resources, will empower higher education to innovate and meet the evolving needs of our students. Expectations are high for initiatives fostering accessibility, technology integration, and global collaboration, marking a significant step towards aligning Indian higher education with global standards. Recognizing higher education as the cornerstone of a country’s development and future, the focus on these initiatives underscores its pivotal role in shaping India’s trajectory.

With a record number of 148 Indian Universities featuring amongst the top Asian Universities, India has become the nation with the highest number of universities ranking in the QS Asia Universities Ranking 2024, followed by China with 133 Universities. This remarkable achievement signifies India’s potential to rise to global education standards. The upcoming budget, with its substantial increase and focus on initiatives like AI integration, will contribute to a more accessible, innovative, and globally competitive higher education system.”

 

Namita Mehta, President of The Red Pen “As we approach Union Budget 2024, President of The Red Pen, Namita, acknowledges the government’s dedication to higher education. The upcoming budget presents a unique opportunity to reinforce our commitment to quality higher education and innovation. As the higher education sector undergoes a dynamic shift towards a skill-oriented approach, especially in tier 2 and tier 3 regions, challenges persist, emphasising the need for new institutions and infrastructure upgrades. The substantial increase in the fiscal year 2023-24 budget and expectations for continued support and funding position this budget to play a pivotal role in fostering a higher education sector that embraces digital transformation and sustains internationalisation initiatives, positioning India’s higher education as a hub of global excellence. Expectations are high for continued support and funding for these efforts, integrating courses like AI to give Indian students a competitive edge on the global stage, contributing to a more accessible, innovative, and globally competitive higher education system.

Namita says, “We look forward to the upcoming budget aligning with the National Education Policy’s goals, with increased allocations to realise its ambitious targets. Strengthening India’s higher education sector and positioning it as a hub of global excellence requires strategic investments, and we anticipate measures that will fortify the implementation of NEP initiatives, fostering innovation and competitiveness on the global stage. The NEP’s ambitious goal to increase the Gross Enrolment Ratio in higher education, including vocational education, from 26.3% (2018) to 50% by 2035, necessitates investments and capacity addition, making the upcoming budget crucial in providing the necessary support to realise these objectives and fortify India’s higher education sector.”

 

Aditya Kilachand Ceo and Founder of Avas Wellness “The sales of luxury realty properties surged to 112% last year as compared to 2022. The FM while presenting the Union Budget 2023 announced to cap capital gains at ₹10 crores, and it was mentioned that it will come into effect from April 2023. Therefore, the HNIs (High Network Individuals) in Mumbai hurried to purchase and close deals for luxury apartments before the end of the financial year. The budget simplified income tax regulations for second home buyers and extended the period for carrying forward capital losses from the sale of house property to 3 years, compared to the existing limit of 2 years. These initiatives are anticipated to stimulate demand for second homes and offer a significant impetus to the real estate industry. The proposed changes aim to create a more favourable environment for property investment, fostering growth in the sector and aligning with broader economic objectives. Against the backdrop of India’s burgeoning luxury segment, Alibaugh emerges as the quintessential premium destination poised for extraordinary expansion in the coming five years. For the Union Budget of FY 2024-25 encouraging homebuyers can be achieved through government initiatives, such as lowering interest rates on home loans. By doing so, the real estate sector stands to benefit from increased investment and heightened demand for properties. Reduced interest rates not only make real estate more attractive but also alleviate financial strain on buyers by lowering monthly mortgage payments. This strategic move not only supports the aspirations of potential homeowners but also contributes to the overall growth and stability of the real estate market”

 

Mr. Imran Kagalwala, Co Founder at UNIX India “We urge the government to consider elevating duties and taxes on imported cell phone accessories. With the existing 20% duty already in place, the addition of anti-dumping duties on all mobile phone accessories would be a game-changer. This move can enhance production and manufacturing within India. If we see more duties on these accessories it becomes a win-win for ‘Make in India.’ 
 
This not only helps us thrive but also gives a big boost to the market. As we look ahead to the 2024-2025 budget, we’re hopeful for policies that create an environment favoring local production, making India a powerhouse in mobile accessories manufacturing.”

Sumit Sethi – Chief Operations Officer, eInfochips says “As we look ahead to the Union Budget, there is a sense of optimism within the technology and engineering sectors for policies that foster a culture of innovation and research. We are hopeful for the introduction of new schemes that facilitate public-private partnerships in R&D, thereby leveraging the strengths of both sectors. Additionally, implementing educational grants or incentives for academic institutions and industries that collaborate on technology research could significantly enhance the scope and quality of innovation.

For the rapidly evolving Electric Vehicle (EV) sector, we expect the budget to continue its support with enhanced subsidies, and investment in charging infrastructure, which is crucial for the mass adoption of EVs. Additionally, a focus on skilling and education in emerging technologies like AI and machine learning is essential. This can bridge the existing skill gap and ensure that India’s workforce is equipped for the future.

In essence, we hope the budget will address the need for a robust technological infrastructure, conducive policies for startups and tech giants, and a framework that supports sustainable and inclusive growth in these critical sectors.”

 

Pankaj Pathak, Fund Manager (Fixed Income), Quantum AMC The interim union budget for 2024-25 will be presented on February 1, 2024. As has been the custom, the government may not announce any major policy changes in the interim budget ahead of Union elections. So, the key focus area from the market’s perspective, would be the government’s fiscal deficit target and market borrowing numbers.

Given the Indian economy is showing steady growth trend, the government will likely continue with the fiscal consolidation plan to bring down the fiscal deficit to 4.5% of GDP by FY 2025-26. Based on this glide path, for the FY 2024-25, fiscal deficit target should be around 5.3% of GDP.

Government’s borrowings from the bond market in FY25 might be lower than last year by around Rs. 500-700 billion. We expect the gross market borrowing of around Rs. 14.8 trillion and net market borrowing around 11.2 trillion in FY25.

Lower market borrowing from the government coupled with rising demand from long term investors like PF, pension and insurance companies makes the demand supply balance favorable for government bonds. Demand for bonds will also be boosted by India’s inclusion in the global bond indices. We expect demand for bonds to outpace its supply in 2024. Thus, bond yields will likely go down and bond prices move higher. Since longer term bonds are more sensitive to yield changes, we expect long term bonds to perform better in 2024.”    

Dr. Sat Kumar Tomar, Founder & CEO, Satyukt Analytics “As Budget 2024 approaches, Satyukt Analytics envisions a pivotal role for advanced technologies in reshaping India’s agricultural landscape. The government’s commendable decision to provide ISRO’s satellite data to the public holds vast potential for the agriculture sector. To fully harness this opportunity, we recommend prioritizing the automatic availability of satellite data for real-time integration into the agriculture delivery pipeline. Additionally, advocating for farm-scale credit assessments and crop insurance, promoting IoT and satellite-based technologies for efficient water usage, and encouraging precision agriculture advisories are vital steps. Policies incentivizing agri-tech startups to collaborate with institutions like KVKs and their involvement in awareness programs can further drive innovation. These initiatives align with Satyukt Analytics’ commitment to fostering sustainable growth in agriculture and financial sectors through cutting-edge decision analytics.”

 

Pradeep yadlapati , Senior Vice President, India Country Head & APAC SBU Head for Innova. Solutions “As India emerges as a digital innovation hub, the technology industry poised for a transformative journey, eagerly anticipates key developments in the upcoming Interim Union Budget. We must assume a leadership position in building & deploying AI on the world map. Thus implore the government to consider incentives for establishing innovation centres around AI, Cyber Security, Phygital, extend tax breaks for upskilling and reskilling programs offering to boost workforce development in these critical digital skills. What is required is a well thought out policy framework.

Government must encourage more capital flow into the startup ecosystem to create impetus for differentiation and value creation. Only a supportive fiscal environment will empower startups to invest boldly in cutting-edge technologies, leading to job creation and global competitiveness.

AI integration in education in alignment with the NEP 2020 should also be prioritized. NEP’s goal of 6 per cent GDP allocation to education marks a significant stride toward an educational revolution. Targeted funding should be directed towards supporting educational models driven by AI, bolstering digital infrastructure, and enhancing AI literacy.

All these measures would ensure the industry’s collective commitment to maintaining a leading position in innovation and inclusive growth across diverse geographical landscapes.”

 

Balachander Sekhar, Co-founder of RenewBuy  “While urban areas show promising signs in retirement preparedness, smaller towns and cities exhibit a substantial gap in retirement savings. Annuity products stand as a critical avenue for post-retirement income. Thus, it becomes imperative for the government to consider reducing or even eliminating taxes on these products. Such a move could incentivize more individuals to actively secure their financial futures, effectively addressing the pressing challenges associated with retirement planning.
The vision of “Insurance for All by 2047” demands strategic planning, especially in the upcoming budget. The government can pave the way for a more inclusive and secure future through insurance during Budget 2024-25, where insurance is made for affordable, incentivizing, and accessible to masses.”
Mr. Rakesh Goyal, Managing Director, Probus Insurance broker  The insurance industry advocates for a reduction in the Goods and Services Tax (GST) on insurance products, a move that would significantly benefit consumers across the nation. The current 18 per cent GST rate is deemed excessively high, and anticipation exists for a revision. Moreover, there’s a call for greater flexibility for deductions from health insurance for personal use, family needs, and senior care. Additionally, there is a business plea for distinct deductions within Section 80C of the Income Tax Act, particularly for insurance, a measure that holds promising potential for long-term business growth. These proposed adjustments collectively aim to create a more favourable environment for both insurers and policyholders.
Balachander Sekhar, Co-founder of RenewBuy “While urban areas show promising signs in retirement preparedness, smaller towns and cities exhibit a substantial gap in retirement savings. Annuity products stand as a critical avenue for post-retirement income. Thus, it becomes imperative for the government to consider reducing or even eliminating taxes on these products. Such a move could incentivize more individuals to actively secure their financial futures, effectively addressing the pressing challenges associated with retirement planning.
The vision of “Insurance for All by 2047” demands strategic planning, especially in the upcoming budget. The government can pave the way for a more inclusive and secure future through insurance during Budget 2024-25, where insurance is made for affordable, incentivizing, and accessible to masses.”

Amit Jaju, Senior Managing Director, Ankura Consulting Group (India) “For the 2024 budget, it’s imperative that the Indian government prioritizes substantial investments in cyber defense, artificial intelligence (AI), and defense technology research and development. With the escalating number of cyber attacks targeting both business and government infrastructures, allocating funds for these areas is not just a necessity but a strategic imperative. Additionally, enhancing cyber insurance limits is crucial to provide a robust safety net against the financial impacts of cyber threats. Equally important is the creation of a dynamic talent ecosystem, equipped with advanced skills to effectively combat cybercrime. This budget should reflect a clear vision towards fortifying our digital infrastructure and nurturing a skilled workforce, thereby bolstering India’s resilience against the evolving landscape of cyber threats.”

 

Mr.Anup Sasidharan, 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 an 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.”

 

Mr Gyanesh Chaudhary – Chairman & Managing Director, Vikram Solar Limited “Striding ahead towards a sustainable future, India is right on track to reach its commitment of 50% renewable energy in its total installed capacity by 2030.

Standing as a prominent player in the global solar revolution, Indian solar energy claims an impressive 54.76% share of the country’s total renewable installed capacity, reaching a substantial 73.31 GW (as on Dec 2023). This shift reflects a substantial move towards fostering a more sustainable and eco-friendly energy landscape in India. The upcoming Budget 2024 will serve as pivotal bridge to realize this ambitious mission.

To fuel this mission, we expect substantial investments in R&D, subsidies, and workforce development to drive down costs and boost competitiveness. Lower interest rates, dedicated green bonds, and innovative financing models ease financial burdens on manufacturers and developers. Simplified land acquisition, expedited clearances, and attractive tariffs create a thriving investor climate. Mandatory rooftop solar installations, consumer subsidies, and export incentives for domestic equipment unlock domestic demand and align with India’s Aatmanirbhar Bharat goals. Modernizing grid infrastructure and supporting DISCOMs ensure efficient solar integration to improve the distribution network and provide financial or technical assistance to the existing grid. Prioritizing these measures will unlock India’s solar potential, achieve clean energy goals, strengthen energy security, and propel India to the sunlit the stage as a global solar leader.

 

Mr. Agendra Kumar, Managing Director, Esri India, “Geospatial sector has high expectations for the forthcoming Union Budget 2024, for investments in progressive and transformative measures. The recently released India Infrastructure Report 2023 on Urban Planning and Development, points to the Government of India’s commitment for higher investments in the infrastructure sector. We expect the upcoming budget to establish a comprehensive agenda for India’s infrastructure development, with a particular focus on prioritizing railways, roads, aviation, ports, industrial and urban development, especially in tier-2 and tier-3 cities.

Recognizing the potential for increased efficiency, speed, and quality in infrastructure development through emerging geospatial technologies like 3D digital twins, there is an expectation for enhanced budgetary support for the geospatial sector. This anticipated increase in funds could also empower state governments and city municipal corporations to leverage GIS technologies and data, to not only achieve improved governance but also drive various development initiatives. Additional funding is expected to bolster the efforts of geospatial companies, enabling them to contribute more effectively towards enhancing the nation’s infrastructure and economy.”

 

Ajath Anjanappa, CEO & Co-founder, Fabits “As the buzz around the Interim Union Budget 2024 heightens, the fintech space is brimming in anticipation of measures like ease of business, tax incentives, continued government support for technological advancements, and compliance simplification. In the quest for making financial planning and wealth management simple and accessible for the users, we at Fabits think the government’s stance on digitisation and compliance relaxations could be of utmost significance.

This interim budget could be a crucial insight into the upcoming government’s economic policies. Besides the key themes being discussed by experts, here’s how I think fintech, and personal finance and investments in general, may be shaped by this interim budget –

Democratisation of taxes: The introduction of new slabs and wealth taxes will ensure a more progressive and inclusive tax structure. A revision in the income tax slabs can simplify the taxation structure for individuals and an increase in the basic exemption limit will reduce overall tax burden on lower-income individuals, making more room for investments.

Incentives for Clean Energy Investors: Investors can expect to be rewarded through tax exemptions for investments in renewable energy and sustainable practices.

Increased government spends on Defence budget: Due to rise of geopolitical tensions around the globe, the focus will strongly remain on defence with possible increased spends – the total allocation is expected to reach ₹6,35,085 crore (7% increase). Government initiatives are already bringing in these spends back into the economy through strategic partnerships (ex – HAL & GE partnership for knowledge sharing and defence manufacturing). The Nifty India Defence Index gave 91% returns in 2023, making this sector a hot property for investors

Increased government investments in Infrastructure: Government is also expected to prioritise rural and urban connectivity, railways, ports, aviation, and highways to make the bulk of population also contribute to the economy significantly with ease. Infrastructure-linked funds offered an average return of around 33.23% in the last three years. The Ministry of Road Transport and Highways has requested a budgetary allocation of Rs 3.25 lakh crore for FY 2024-25, marking a 25% YoY increase. Predict a 7% increase in CAGR between 2024-26.”

 

Nalin Negi, Chief Financial Officer & Interim CEO, BharatPe “As India sets sight on becoming a US$ 5 trillion economy by 2025, the upcoming Interim Budget offers a timely opportunity to formulate policies that further unlock the potential of fintechs in enabling financial inclusion and powering their growth. I am hopeful that the government will announce measures to increase capital availability for fintechs operating in underserved domains like rural credit, digital payments, and digital lending. Regulations around digital banking, data governance and emerging technologies have fueled the building of sustainable fintech businesses over the last year or so, and I am hoping that the budget will introduce additional measures that can aid credit growth, financial inclusion and digital enablement of financial services.

It would also be good to see tax benefits and favourable initiatives for research, product innovation and skill development being introduced, so as to encourage indigenization that can help India emerge as the global innovation hub. Additionally, in order to nurture the blooming startup ecosystem, the Government should further broaden the eligibility criteria and look at providing tax reliefs to employees in start-ups around Employee Stock Ownership (ESOPs). I am optimistic that this budget will set the stage for enhanced collaboration between fintech innovators and policy makers to nurture an ecosystem that can equitably power India’s digital economic aspirations.”

 

Mr Vaibhav Sisinty, Founder & CEO, GrowthSchool “The Government of India has been highly proactive in improving the country’s higher education and upskilling scenario with the new education policy, Skill India initiative, and NSDC. However, there is one key area that needs to be focused on during the upcoming Union Budget. We know that inflation is high, and high-interest rates on education loans are a major challenge for people. The need of the hour is to encourage people to acquire new skills and learners to upskill and be ready for the technology-driven future. In this regard, cutting down the interest rates on education loans, and making them available not only to those who join universities or top business and technology institutions but also to those who wish to upskill by enrolling in the diversity of programs and certification courses will be crucial. The Government must also push NBFCs to take steps in this direction. I believe that alongside the focus on educational and upskilling infrastructure, it is the financial support for upskilling that will bring around the desired transformation.”

 

Ms. Shivani Priyam Patel, Director, Assotech Group “As a woman entrepreneur leading Assotech Group, I eagerly anticipate the forthcoming 2024 budget in India with a sense of optimism and anticipation. The real estate sector plays a pivotal role in the nation’s economic growth, and I believe that the budget will present valuable opportunities to further catalyze our industry’s progress.

Empowering women in entrepreneurship is a cause close to my heart, and I look forward to measures that foster inclusivity and gender diversity within the real estate landscape. Policies that encourage women-led enterprises, facilitate access to funding, and provide a supportive framework for professional growth will undoubtedly contribute to a more vibrant and dynamic sector.

In particular, I am hopeful for initiatives that promote sustainable practices and eco-friendly construction methodologies. The alignment of financial incentives with green building practices will not only benefit the environment but also encourage developers to embrace innovative, sustainable solutions. The budget can serve as a catalyst for our industry’s transition towards a more eco-conscious future.

Additionally, I anticipate measures that streamline regulatory processes and provide clarity on taxation policies. A simplified regulatory framework will not only ease the operational burden on businesses but also attract more investors, fostering a conducive environment for growth and development.

The real estate sector is uniquely positioned to contribute to job creation, and I hope to see budgetary provisions that encourage skill development and employment generation, especially for women in the construction and allied industries. Inclusivity and diversity are key drivers of progress, and I believe that a focus on these aspects will contribute to the holistic growth of our sector.

As we navigate the dynamic landscape of real estate, I am confident that the 2024 budget will pave the way for transformative changes. It is my sincere hope that the budget will reflect the government’s commitment to fostering a conducive environment for women entrepreneurs, driving sustainable practices, and ensuring the continued growth of the real estate sector in India.

Together, let us build a future where innovation, sustainability, and inclusivity define the essence of Indian real estate.”

 

Mr. Pratik Vaidya MD & CVO, Karma GlobalAs budget discussions intensify, Human Resource leaders voice their hopes for policies driving digital transformation in their sector along with their HR tech partners. Desiring government backing, Further, HR tech companies are urging for tax incentives supporting investments in advanced HR technologies like AI-driven talent management and employee engagement tools. They also call for initiatives fostering skill development aligned with emerging technologies to tackle evolving talent needs. Recent fiscal measures, such as raising turnover limits for MSMEs and adjusting presumptive taxation limits, have influenced the business landscape. The Finance Minister’s commitment to reducing the fiscal deficit below 4.5% of GDP by 2025-26 sets a roadmap for economic growth, small business support, and innovation promotion.
However, the delayed implementation of labour codes since 2019 hinders the adaptation of regulations to the current workforce needs.

An Interim budget holds significance as the country is buoyed by growth in recent stock markets to World Bank pegging India’s growth at 6.3%; India’s organised workforce of sixteen million has to be aligned with such growth. Urgent action is required to bridge the gap between outdated regulations and modern challenges, with automation as a crucial fulcrum for efficient adherence to labour laws. Industry experts stress the necessity for a simplified regulatory framework, advocating for budget allocations to smart labour law compliance and incentivising research and development in HR and People Compliance tech. According to HR tech firms, the budget signifies an opportunity for the government to showcase its dedication to a digitally empowered, compliant, and skill-focused future for the sector.”

 

Ms. Avneet Bhatia, CEO and Founder, NatureFit “The expectations for the upcoming Union Budget for the Ayush Industry encompass various crucial aspects that can significantly shape the sector’s trajectory. Firstly, there is a strong call for a substantial increase in funding for research initiatives within the Ayush sector, drawing parallels with globally recognized institutions like the WHO Centre for Research. Emphasizing the need for evidence-based practices stresses the importance of advanced research to validate and enhance the efficacy of Ayush treatments.

In sync with the global shift to digital healthcare, there’s a push for comprehensive digitalization of Ayush infrastructure, ensuring centralized access and incentivizing doctors to embrace digital tools. Technology integration is deemed crucial for efficient healthcare delivery. Standardizing Ayush medicines is essential for ensuring their quality and safety. It involves measures like pricing caps or transparent quality identification systems, aiming to provide consumers with clear information and build trust in Ayush remedies.

Infrastructure development is a crucial focus, advocating for standardization and improvement in Ayush hospitals and health centres, including the addition of high-quality infrastructure to meet the growing demand. Recognizing the importance of decentralized healthcare, there’s a call for more last-mile Ayush centres, bringing primary healthcare services closer to the public for holistic wellness.

Lastly, budget expectations highlight the significance of customer awareness through regular broadcasting. This aims to enhance public understanding of Ayush practices, disseminate information about the benefits of Ayush treatments, and promote a healthier lifestyle.

Collectively, these expectations sketch a comprehensive vision for the Ayush industry’s desired direction”.

 

Mr. Shachindra Nath, Founder & Managing Director, U GRO Capital “A need for policy support, like enhancing credit guarantee schemes, providing liquidity support, and revisiting the RBI’s lending architecture, is required. The government must move beyond rhetoric and actively implement measures to strengthen MSMEs. The credit gap, especially in the universe of enterprises with turnovers ranging from 15 lakhs to 15 crores, stands at a staggering 85,00,000 crores. For sustainable growth, a continuous injection of liquidity is imperative. While regulatory narratives have emphasized co-lending and banks refrain from lending directly to NBFCs, it’s crucial to acknowledge that smaller and medium-sized NBFCs play a significant role in credit dissemination, particularly to the underserved.

Emphasizing the formalization of MSMEs post-demonetization, GST, and digitization, the challenge now lies in ensuring access to credit for these entities. The government’s role in providing sovereign guarantees for deserving NBFCs, unlocking private equity support, and fostering a robust credit ecosystem is pivotal. As we delve into the budget discussions, let’s move beyond aspirations and translate them into tangible policies that fortify the backbone of our economy – the MSMEs.”

 

Dr Azad Moopen, Founder and Chairman, Aster DM Healthcare “In the last Union Budget, the overall impetus for the healthcare delivery sector was missing. We are hoping that this will get addressed in the upcoming Union Budget with an increase in budget allocation to minimum 5% of the GDP which is essential to fulfil the need gaps.

Expanding Healthcare Access
There is a need to have more hospitals and healthcare facilities in rural and suburban areas to meet the rising demand given that Ayushman Bharat is aiming to make affordable healthcare accessible for 500 million people. Hope the government will put more focus on public-private partnerships (PPP) to address this, and also permit 100% Foreign Direct Investment (FDI) in both Health Insurance and Retail Pharmacy sectors.

Medical Education and Research Reform
While the last budget announced the establishment of nursing colleges alongside medical colleges, there is an urgent need for comprehensive reform of medical education to ensure that the medical professionals of tomorrow are aligned with contemporary healthcare needs. This brings forth the need to develop medical colleges, nursing colleges and paramedical colleges in all the 500 district hospitals in the country.

The healthcare sector is evolving rapidly, and this has been fast-tracked by the pandemic and there is a significant need for the professionals of tomorrow to learn and develop as per this evolution. The revamp will also require significant investments to integrate access to technology, more practical approaches, research and innovation driven methods and qualified professionals to help shape the best minds. A substantial allocation, including the setting up of Central Medical Research and Innovation Institute in each state would be a good start. Setting up a Central Digital Health and AI University will also help deploy technological innovation in healthcare to address challenges such as accessibility and equity along with healthcare costs. Additionally, there should be a specialized university catering to NRI students intending to return to India for academic pursuits.

NRI Concessions
We were also hoping for concessions for NRIs residing abroad like reduction on TDS for those who have a source of income in India and are required to pay taxes in the country they reside in. Other considerations include affordable airline fares to SAARC and GCC countries to support the growing trade and business collaborations between the regions, along with the implementation of a health scheme for those returning to India for retirement, among other beneficial measures.”

 

Mr. Aneel Gambhir, Chief Financial Officer, DTDC Express “The logistic industry is a crucial driver of economic efficiency, and we look for some transformative measures from the budget to bring innovation and inclusivity in the sector. We urge the government to address the logistics sector’s unique needs by enhancing the strategic allocations toward infrastructure development, tax reforms, and other governance policies. Besides this, the importance of digitally advanced processes through cutting-edge technologies including artificial intelligence, machine learning, IoT, and big data are also required.

Additionally, the inclusion of diesel under the GST ambit is a critical move that we hope the government will consider in this budget. With India aiming to reduce its logistics costs and become more competitive in the international market, this will help the logistics players to regulate costs by cutting on the tax outflow.

Last but not least, facilitating a strong policy framework is essential to reduce expenditure, improve transportation, and warehouse facilities to continue the growth achieved by the industry. Further strengthening the National Logistics Policy (NLP) can bring a massive change and streamline operation for the industry in the future.”

 

Gaurav Srivastava, Co-Founder & COO, HaystackAnalytics “India’s diagnostics sector has set ambitious goals. In a highly competitive diagnostic industry, the push for growth is evident through strategic geographical expansions, acquisitions, and embracing technological advancements like digitization and AI. In the fiscal year 2021, the Indian diagnostic sector held a valuation of 710 billion Indian rupees. Fueled by a growing investment in healthcare, it is anticipated to witness a compound annual growth rate of 14%, poised to achieve a valuation of 1.36 trillion Indian rupees by the year 2026.

India has played a pivotal role in shaping global health outcomes by providing affordable quality assured services. The upcoming Union Budget for 2024-2025 should act as a catalyst, directing investments towards crucial areas like innovation, research and development, technology, healthcare infrastructure enhancement, and strengthening patient safety measures. With the growing burden of non-communicable diseases (NCDs) and infectious diseases, we underscore the importance of comprehensive screening and diagnostics programs, along with expanded skilling courses for healthcare professionals to attract and enhance talent in the advanced diagnostic field.

In the face of remarkable progress in healthcare, the diagnostic industry faces challenges due to the dependency on imports for 80% of medical devices in India. Now is the opportune moment to address the supply chain issues through a strategic emphasis on local innovations and encourage manufacturing in India by embracing the ‘Make in India’ initiative. It is indeed “Time to make the diagnostic sector self-reliant” which encourages self-confidence and perseverance in the fundamentals of recovery.

In this evolving healthcare scenario, genomic diagnostics assumes a crucial role. By giving due importance to genomics in our approach, we can enhance our comprehension of diseases, paving the way for more targeted and personalized healthcare solutions. This, combined with the proposed initiatives, will play a crucial role in constructing a robust healthcare framework to effectively address the diverse healthcare challenges that lie ahead.”

 

Mr. Amit Kapoor, Co-founder and CEO, Eupheus learning “The transformative NEP 2020 and an elaborate NCF 2023 have mandated holistic and experiential learning for school students. It also involves intervention at the infrastructure level, digitalization being the key. This will involve even higher level of engagement of schools with the EdTech companies. As we await the upcoming budget, a thoughtful GST policy, coupled with incentives will empower EdTech companies like ours to innovate and create tools and techniques for schools to implement these key mandates.”

 

Mr. Gaurav Goel, Co-founder and CEO, Toprankers “As we sail into this year, our focus remains on bridging the social gap, providing quality education and enhancing the learning outcomes of students. With the upcoming union budget 2024, we eagerly anticipate allocations that boost the educational infrastructure, including cutting-edge technologies, enhanced accessibility across diverse regions and a conducive regulatory environment for education technology players. These initiatives will play a key role in accomplishing the objectives of NEP 2020 and moving our nation towards a competitive global standing. I am confident that this budget will serve as a driving force, steering India towards a future where education becomes the cornerstone of progress and prosperity for all.”

 

Sumit Mani, Member, EO Gurgaon and Managing Director at Westway Electronics Ltd. “In light of fostering affordability and supporting the common man’s access to essential electronic goods, we propose pivotal changes to the upcoming budget’s tax structure for televisions. Presently, LED TVs above 32″ are subjected to a hefty 28% GST. To alleviate this burden on consumers, we strongly advocate reducing the GST on all LED TVs above 32″ to 18%. Additionally, open cells, crucial components for television manufacturing, currently face a 5% duty under IGCR imports. Recognizing the absence of domestic production, we recommend a significant reduction to 0% to encourage a more conducive environment for TV manufacturing within the country. These strategic adjustments not only align with the government’s commitment to ‘Make in India’ but also prioritize the affordability of common man products, ensuring that essential electronics are more accessible to a broader spectrum of the population.”

 

Barun Aggarwal, Member, EO Gurgaon, CEO and Founder, BreatheEasy Consultants Pvt Ltd “Sustainability, decarbonisation and carbon neutrality are all important issues and have been spoken about in a big way by our Honorable Prime Minister. We need to energise this entire sector by giving easier access to loans for start-ups in this sector. We need to see reduction in GST taxes for technologies that directly support the above issues. And most importantly, we would like to see a push in the budget via allocation of funds towards development of technologies supporting the above.

More than our industry, the whole country and planet stand to benefit from the above. The promises made during COP28 and during the G20 summit need to be fulfilled and no better time to start than the present.”

 

Niren Gupta, Member, EO Gurgaon, and MD, Energy Oilfield Tools Pvt. Ltd. “2024 Budget is an interim budget, so we don’t expect too many big announcements. But it is also an election year, so there are chances of populist measures. Some of my hopes are as follows :

1. Being an election year, we expect relief measures for rural and low income bracket citizens, as well as the farming sector. – This should be minimized as much as possible, as they result in diverting funds that could be used for infra development.
2. Corporate Income Tax and LTCG/STCG on equities – These should be lowered or kept the same. Increasing either of these will be very hurtful for the economy, and the stock markets.
3. Import Duties – For domestic manufacturers, its important to increase import duties, so they can compete with Chinese and other imported products.
4. Export Benefits – These benefits should be increased to aide exporters and help them compete in the global markets.
5. Other schemes like PLI – Should be promoted and their scope should be broadened to include more products and industries.
6. While the government focused on promoting local manufacturing under the ‘Make in India’ initiative, investing in R&D is also crucial to facilitating development of advanced manufacturing processes and technologies and reducing dependency on other countries”

 

Armaan Siddiqui, Member EO Gurgaon, Joint managing director – Evergreen International Limited “As the Union Budget 2024-25 approaches, I urge the Finance Minister to strategically address key areas pivotal for economic growth and international competitiveness, particularly within the furniture manufacturing and export sector which currently stands at less than $2 billion but has the potential to cross $10 billion in the years to come due to the China +1 strategy. Firstly, it is imperative to sustain and fortify schemes like RoDTEP to support seamless export operations. Secondly, the introduction of a logistics subsidy is crucial to enhance our global competitiveness, especially when juxtaposed against countries like China and Vietnam.”

“Additionally, a comprehensive reassessment of labor laws in India is essential, fostering a balanced framework that benefits both companies and workers. Furthermore, incentivizing manufacturing companies with significant CapEx through a reduced corporate tax rate of 15% can catalyze increased investments and industry growth. Lastly, the inclusion of handicraft/furniture industry in the Production Linked Incentive (PLI) scheme can provide the necessary boost for innovation and competitiveness; . A holistic budgetary focus on these key aspects will fortify our industry’s global standing and contribute to the envisioned economic prosperity for the upcoming fiscal year.”

 

Ashish Tandon, Founder & CEO – Indusface “2023 was already challenging with bot-net driven DDoS attacks, credential stuffing attacks and an increasing number of zero-day attacks. The release of ChatGPT in late 2022 and the rapid adoption in 2023 has brought in more novice hackers into the mix. The POCs for complicated vulnerability attacks are more readily accessible now. We are already seeing a rise in attacks.

According to our state of application security report, over 5.14 billion attacks were witnessed on the Indian Websites and APIs in the year 2023. With 80% applications facing bot attacks and 40% applications facing DDoS attacks respectively. Banking and insurance companies faced almost 500K attacks per application.

India has been encountering a huge increase in attacks year on year leading to regulators tightening the noose of compliance for businesses and government, however the budgets for cybersecurity are not keeping up pace with the requirements given the businesses are themselves subject to macro-economic challenges. Finance ministry should consider providing short term financial benefits to businesses investing in meeting these compliance obligations upholding governments commitment towards cybersecurity of citizens”

 

Mr. Hrishikesh RajPathak-Co-Founder & CTO,nRoad “Looking at the upcoming union budget 2024 as someone coming from the IT industry, I cannot help but think of a huge opportunity India has in front of her. The recent advancements in technologies like AI and robotics etc. have opened big opportunities for innovation and new areas for employment. To augment these opportunities further, we are looking forward to increased funding allocation for R&D of new AI-driven technologies and incentives for private sector firms undertaking efforts to research and build such tech that can solve existing and future challenges. While designing incentives for this industry, I would like to see some attention given to global collaboration initiatives by private sector firms which will help Indian companies build global products. For instance, investments in data analytics, climate-tech, health-tech, and the building of a digital infrastructure across the country are urgently needed.

Second, we also need to introduce a clear regulatory framework with guidelines on issues like data privacy, ethical AI and sustainable practices which will be critical for enhanced trust by users and encourage the responsible use of data, crucial for the success of AI. Also, we also need to see more enthusiastic adoption of such technologies into governance and key public sector services like transportation, smart cities and also in critical areas like defence. Lastly, incentives for skills development in this area are critical to keep the Indian workforce ready for existing and future needs which can also help boost employment to a great extent. “

 

Neel Juriasingani, Co-Founder and CEO Datacultr “As we eagerly await the 2024 Budget, the startup community is hopeful for a fiscal strategy that not only acknowledges our vital role in the nation’s economy but also actively fosters and advances India’s growth ambitions. A sustained emphasis on early-stage funding, coupled with more advantageous tax policies like extended tax holidays or reduced corporate tax rates, is essential to spur startup growth and attract investments in the country. We are earnestly hoping that this budget will introduce streamlined regulatory procedures, more lenient GST rates, and a steadfast dedication to international trade, particularly in tech exports. Such initiatives would significantly contribute to creating a conducive environment for startup success. Additionally, we anticipate the 2024 General Budget to introduce more comprehensive measures for the protection of intellectual property.”

 

Amit Mishra, CEO & Founder, iMocha “India is facing two big challenges right now. First, they need to find jobs for the huge number of young people who are looking for work every year. Second, they need to make sure that people who already have jobs, especially in technology, stay skilled and prepared for the future. To solve these problems, they should focus on hiring people for their skills, not just their degrees or past job titles. Also, the whole country should work together to improve the skills of its workers. The government should spend money on training people in things like artificial intelligence (AI), machine learning (ML), and cybersecurity.

Since there’s a big need for skilled people in these areas, government funding for training will help young people get better jobs. The government and private companies should work together to train lots of people in skills for the future, like coding, AI, robotics, and other tech skills. In the last budget, the government focused on education that includes working while learning. This year, they are expected to focus even more on this.

 

M. P. Ahammed, Chairman, Malabar Gold & Diamonds “The organized jewelry retail segment is growing at a steady pace, thanks to regulatory reforms such as the mandatory hallmarking of gold jewelry and GST. However, to unlock the potential of the organized jewelry retail segment, the budget needs to propose a reduction in the import duty on gold. A higher gold import duty is detrimental to the growth of the organized jewelry retail sector, as it indirectly promotes gold smuggling and unauthorized grey market transactions. The budget also needs to propose measures to control unaccounted business practices by implementing effective tax compliance and transparency mechanisms. The interim budget should also propose measures to create a broader pathway for growth for the organized jewelry retail segment.”

 

Mr. Prateek Sachdev who is the managing partner of Mobikasa “In the landscape of economic progress, e-commerce sector has emerged as a vibrant core industry, reshaping organizational dynamics within the realm of digital technology. As we approach the upcoming fiscal year of 2024-2025, the imperative of directing financial resources toward the e-commerce domain cannot be understated. For the e-commerce and digital marketing sphere, this financial injection is not only an economic imperative but a strategic investment in our financial future.

The global transition towards online transactions and digital marketplaces has been propelled by extraordinary technological advancements. To harness and capitalize on this momentum, it is crucial for the government to fortify the e-commerce ecosystem with robust financial, regulatory support. Leading the charge in crafting innovative technological solutions, Mobikasa epitomizes the potential inherent in this sector. Increased funding will act as a catalyst for further technological advancements, creation of new processes, and position our nation at the forefront of the Global digital economy.

Moreover, the e-commerce industry serves as a vital conduit for small and medium enterprises, enabling them to access global markets. Committing to allocate the necessary funds for this sector will foster an environment where businesses of all scales can flourish. In the orchestration of economic growth, the e-commerce sector plays a pivotal role and it is in the country’s interest to ensure that this melody resonates with energy and resilience.”

 

Mr. Piyush Goel who is the CEO of Beyond Key “With Indian companies seeking to gain a competitive advantage in the international market, the reduction of the current corporate tax rate is a key enabler for realizing significant gains. This tax cut does more for us than simply free up the budget for research and development; it additionally makes us stronger competitors in worldwide markets. To propel Indian businesses to the leading edge of technological advancements, prioritising investments in artificial intelligence, innovation, and research and development is crucial. This move will not only help Indian organisations emerge victorious globally, but it also creates the inspiration for future economic growth in the virtual age, in which a commitment to modern technologies is in all likelihood to propel us into a period of consistent growth and global prominence.”

 

Mr. Abhishek Chakraborty, Executive Director, DTDC Express “The attention of the government has been largely on enhancing the logistics and supply chain infrastructure in the country. We expect the expansion on the same vision while making appropriate efforts to make supply chains more robust and versatile. In the upcoming interim budget, we look forward to more strategic reforms and allocations to help establish a comprehensive logistics network spread across air, roads, ports, and especially railways to create a dynamic and responsive supply chain.

While the National Logistics Policy (NLP) is streamlining operations, effective regulatory and budgetary support is required to improve the digitization of processes and unlock greater efficiencies. India’s logistics sector has shown tremendous growth in recent years, with a focus on relevant technological developments. We anticipate the interim budget to focus on shaping the industry with more advanced technologies like artificial intelligence, machine learning, the Internet of Things (IoT), and blockchain among others to streamline operations and unlock greater value.

Above all, we expect the government to continue to focus on development of infrastructure and technology and support the Indian logistics sector. Furthermore, we also expect the Union Budget 2024 to emphasise on eco-friendly measures like using clean energy, reducing waste generation, and opting for fuel-efficient vehicles”

 

Dr. Rishi Bhatnagar, Chairman, IET Future Tech Panel “As we look forward to the 2024 budget, it’s crucial to consider what the industry needs. Mobile manufacturing, for instance, has been doing well under existing schemes (PLI Scheme being one), but many companies haven’t yet been able to access the benefits they need. An extension of the benefits of these programs will be needed to keep the momentum going.
Expanding our focus, on electronic components manufacturing is another area that needs critical support. Additionally, investments in the design side of electronic components is key, and commitment in this area will make our technology backbone stronger. Continued support for R&D is the need of the hour to keep the innovation spirit alive.

From the 2024 Budget, we’re eagerly looking forward to the year’s roadmap that will outline where our technology is headed. This roadmap will be like a compass for industries, guiding them to the right areas. Establishing Centres of Excellence (COEs) is important to establish expertise, fuel R&D and drive collaboration. For the upcoming budget to effectively support Amrit Kaal Vision 2047, it needs to include a mix of government support, extended incentives, and a clear technology roadmap. I’m confident about the positive impact it can have on our journey towards making India a global leader on the technology scene.

 

Mr. V.P. Nandakumar, Managing Director & Chief Executive Officer at Manappuram Finance “I expect the Finance Minister to stick to fiscal discipline while supporting growth on a durable basis. To keep the growth momentum on track, the Finance Minister should ensure policy continuity. Therefore, I expect the forthcoming Budget to increase capital expenditure and infrastructure spend and take steps to enhance rural income and employment without straying away from the fiscal glide path.”

 

Mr. Mahendra Reddy. Partner, Reliaable Developers “The industry is on the precipice of transformation, and we are hopeful for continued incentives by the government supporting the realty sector. We believe that strategic policy measures can significantly impact the industry’s trajectory and contribute to the nation’s progress. Allocating funds for the development of infrastructure in identified growth corridors can catalyze real estate development. Well-planned roads, connectivity, and utilities will make these areas more attractive for both developers and residents. Through this, continued support for the Smart Cities mission will contribute to the development of modern, technology-driven urban centers. This, in turn, will attract investments and create opportunities for innovative real estate projects.

Additionally, since the metro cities are moving towards sustainability with the government’s push, encouraging sustainable practices in real estate development is imperative. Financial incentives, such as tax breaks and grants, for projects incorporating green building technologies will align with the nation’s commitment to environmental conservation.”

 

Ms. Radhika Kalia , Managing Director at RLG Systems India Private Limited “With rapid expansion of technology, and an equally fast rate of obsolescence resulting in huge volumes of e-waste, it is imperative that more attention is paid to proper e-waste management. while the E-Waste (Management) Rules, 2022, which came into effect on April 1, 2023, introduced an improved EPR regime for e-waste recycling, I would expect the interim budget for the fiscal year 2024-25 to offer greater incentives for businesses to adopt environmentally-friendly practices and to inspire the informal sector to structure and formalize their operations. Allocation of funds to facilitate advanced e-waste management solutions, such as waste-to-energy plants, could help curb the volume of e-waste ending up in landfills. I hope the budget does focus on improving e-waste management infrastructure, including collection, transportation, and recycling facilities, developing efficient supply chains for e-waste management to help reduce recycling costs and upgrading the quality of recycled materials, and promoting a circular economy to ensure an effective and comprehensive e-waste management system across the country. Ideally, the focus should go beyond e-waste alone to include different types of waste, such as plastic, tyre, battery, and textile. I would like to see a more comprehensive approach to waste management in the interim budget – a promise to promote a sustainable environment. Investments in these areas would enhance our capability to manage the different types of waste more effectively and efficiently, and foster a circular economy model.”

 

Mr. Rachit Chawla, Member, EO Gurgaon and Founder & CEO, Multyfi said, “In the upcoming Union Budget 2024-25, we expect the Finance Minister to prioritize three major factors for the growth of our economy. Firstly, incentivizing digital payments by providing tax breaks in GST for merchants and offering tax benefits to organizations contributing to the vision of Digital India. Secondly, a strong focus on investment in technology, specifically enhancing data security measures for digital payment platforms. Strengthening the digital public infrastructure will foster innovation in fintech, promoting financial inclusion. Lastly, addressing liquidity concerns by considering partial guarantees on bank loans to smaller NBFCs. This will not only instil confidence in larger banks but also stimulate lending. As our industry strives to recover from the pandemic’s impact, a well-planned and continuous support from the government is crucial. We anticipate increased stimulus, especially for sectors hit hard by the crisis, and a strategic push towards a more digital-oriented banking system to propel India into a truly Digital Payments nation.”

 

Mr. Hira Ludhani, Director, Evershine Group “In the upcoming interim budget, I anticipate a renewed focus on affordable housing with incentives such as simplified housing loan processes and interest subvention, making homebuying a desirable experience, especially for first time buyers. Additionally, I hope to see initiatives that promote sustainability within the industry to drive eco-friendly practices and technological advancements. I look forward to witnessing these changes leading to a successful year of growth in real estate.”

 

Mr Veer Singh, CEO of Lord’s Automative Pvt. Ltd. ”As EV sales in the country are showing healthy growth, we expect the government to propose budgetary provision to extend the FAME II (Faster Adoption and Manufacturing Electric Vehicles) scheme with a view to support EV growth. The government policies and regulatory norms have so far been favourable for the automotive industry. In the interim budget, the government is expected to continue with the existing policy and regulatory framework.”

 

Sachidanand Upadhyay, MD & CEO, Lord’s Mark Industries “We expect the government to continue with its focus to develop infrastructure facilities in the form of medical device parks so that the medical device industry becomes self-reliant. Localisation of the supply chain of medical device and kit manufacturing will ensure better healthcare outcomes for the country in terms of availability and affordability. The budget needs to propose allocation of resources to expand digital infrastructure and build R&D facilities to ensure superior healthcare delivery and interventions.”

 

Sachidanand Upadhyay, MD & CEO, Lord’s Mark Industries, “We expect the government to continue with its focus to develop infrastructure facilities in the form of medical device parks so that the medical device industry becomes self-reliant. Localisation of the supply chain of medical device and kit manufacturing will ensure better healthcare outcomes for the country in terms of availability and affordability. The budget needs to propose allocation of resources to expand digital infrastructure and build R&D facilities to ensure superior healthcare delivery and interventions.”

 

Ankit Shah, Group CFO, OMNI Hospitals

Priority 1: Applicability of Section 43B (h) to Hospital Industry:

According to a new clause (h) inserted in section 43B of IT Act under Finance Act 2023 provided that w.e.f Assessment Year 2024-25 starting April 1, 2024, any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 (which requires payments within 45 days in case of written agreement and 15 days in case of no-written agreements) under MSMED Act 2006, shall be allowed as deduction only on actual payment by the assessee.

This new clause will create a significant mismatch in the cash flow situation of Hospital entities which procure goods from applicable MSME vendors and provides healthcare service to patients covered under Insurance and Government schemes, wherein the recovery cycle is usually varying beyond 45-120 days or more. This provision will lead to significant cash flow mismatch for the hospital entities.

Accordingly, our expectation is that the upcoming Budget will exempt the applicability of this provision to Hospitals which are significantly catering to Credit business and to Hospitals which are registered under MSME.

Priority 2: Considering Healthcare as part of Infrastructure and lowering the cost of financing:

Budget should consider including Healthcare projects under the definition of “Infrastructure”, which will help in raising long-term funds at a lower cost of financing and help in building of new capabilities in the healthcare sector. Healthcare care should be considered under priority sector lending (PSL) classification.

Priority 3: Tax relief for strengthening the healthcare infrastructure:

The government should consider providing tax incentives in the form of allowing tax holiday for both existing and new healthcare projects.

Priority 4: Rationalisation of GST for the Healthcare Sector:

Rationalisation of GST law with respect to Healthcare is eminent. Currently, Healthcare services provided by clinical establishments are exempted under GST law which is a deterrent in claiming full input tax credits across the value chain, however by standardizing GST at 5% or a lower rate on all services can help rationalising the cost of providing healthcare service in the country.

Priority 5: Regulatory provisions for Insurance Companies:

There has been growing concern by many Hospitals with respect to settlement of genuine Insurance claims (cash-less facility provided by Hospitals to patients) by few Insurance Companies wherein there is undue delay and deductions. From improving the Social infrastructure perspective considering Healthcare as a Priority sector, few provisions may be included under the Finance Act similar to Section 43B (h) under IT Act for MSMEs, wherein, to support Hospitals in timely receipt of Claims, penal provisions shall be included for Insurance Companies in case of un-due settlements. Also, as a recommendation, the Government shall Budget for setting up an Ombudsman for taking care of grievances by the Healthcare Service provider under IRDA.   

 

Aditi Handa, Co-founder & Head Chef, The Baker’s Dozen “Anticipating the Union Budget 2024, I look forward to a budget that actively supports women entrepreneurship. I hope to see a focused effort to encourage women-led businesses where the government can play a key role by creating an environment with equal opportunities for women entrepreneurs, addressing gaps in funding, mentorship, and networking.

Encouraging policies tailored to the unique challenges faced by women in startups will be crucial. This could include financial incentives, mentorship programs, and initiatives to enhance the skills of women entrepreneurs. This should range across the spectrum ranging from small scale home-based businesses to larger institutions. An earning woman is the pride of the family and can be pivotal to our success as a nation!

In essence, the Union Budget 2024 has the potential to be transformative for women in the business. By fostering an inclusive environment and implementing measures that empower women entrepreneurs, the government can drive economic growth and social progress simultaneously.”

 

Mr. Gaurav Jalan, Founder & CEO, mPokket “In India’s dynamic fintech landscape, 2024 promises a revival of business growth and steadfast support for advanced technologies. As the interim Budget for the fiscal year 2024-25 approaches, scheduled to be presented by Union Finance Minister Nirmala Sitharaman on February 1, 2024, we anticipate that the Interim Budget will align with the industry’s expectation for continued momentum in financial inclusion and innovative lending solutions for MSMEs and the Indian youth.

Whether it was improving business fundamentals, adapting to revised regulatory norms, or braving the funding winter, fintechs have displayed tremendous agility and fortitude in managing these challenges. We are optimistic about the measures that will propel the growth of India’s fintech segment. Our primary hope revolves around a strategic focus on fostering financial inclusion, particularly in Tier 2, 3, and 4 cities, underpinned by the establishment of a robust trust-based lending ecosystem. We also await initiatives that will standardize lending practices and encourage collaboration between banks, notably Public Sector Banks and fintech firms.

The Budget is expected to highlight the importance of expanding digital public infrastructure, such as Account Aggregator and OCEN, to facilitate broader financial inclusion and unlock more data for intelligent lending practices.

Given the pivotal role of fintechs in driving the start-up ecosystem’s growth in the country, we look forward to a supportive fiscal policy approach that enhances the attractiveness of investments in this segment. Moreover, the Budget could create an enabling environment for sustained innovation and the digital delivery of services by the fintech industry, positioning it for the predicted dominance over traditional bank lending by 2030. Finally, we also anticipate a nuanced, supportive approach towards ESOP taxation and fostering talent retention.”

 

Mr. Muneer Ahmad, Vice-President, Sales and Marketing, ViewSonic India “As ViewSonic looks ahead to play a pivotal role in shaping India’s technological landscape, we outline key budget expectations aimed at fostering innovation and growth in the dynamic technology sector.

We recognize the pivotal role of digital infrastructure and stress the need for sustained investment to ensure seamless connectivity—an indispensable factor in propelling the expansion of the technology sector.

In response to the rapidly evolving demands of the industry, we advocate for comprehensive skill development initiatives, underscoring the critical need for a highly skilled workforce to meet the challenges of the tech landscape. With ViewSonic’s R&D centre slated for establishment in India in 2024, we eagerly anticipate initiatives that promote innovation, collaboration, and knowledge exchange, fostering a dynamic environment in line with industry advancements.

In our vision, we anticipate that, as the industry embarks on an exciting journey of innovation and technological advancement in India, there is an eagerness for a budget that not only propels growth but also steers the entire technology ecosystem towards excellence. Through strategic policy measures, we aspire for India to emerge as a global technology hub, with reliance on steadfast government support in this transformative journey.”

 

Mr Krishna Mohan Jha, Founder and CEO at Nine Triangles “As we approach the Union Budget for 2024, the enablers of Digital India are brimming with expectations from the government. This burgeoning industry, a major employer with a footprint extending across creative, technological, media, and data domains, is in need of a well-defined industry identity and explicit government recognition.

Currently, the landscape of digital media enablers remains somewhat unorganized, often sharing identities with sectors such as technology, IT, ITES, and advertising. The advent of a distinct and recognized identity for the Digital Industry is imperative for its holistic development and integration into the broader economic framework

To propel this sector forward, a strategic focus within the Union Budget is essential. Measures such as emergency credit lines, the establishment of focused Special Economic Zones (SEZs), targeted incentives, and comprehensive policy representations are pivotal for the industry’s expansion and stability.

A more tailored approach by the government will not only foster innovation but also support sustainable growth, enabling an increased global share in digital delivery from India.”

 

Ashsih Sedani, Co-Founder and Director – Experiential Deliveries, NeoNiche Integrated Solutions Pvt Ltd. “As we herald the unveiling of the Finance Budget for the year 2024, it is with great enthusiasm I anticipate a forward-looking budget that would recognize the pivotal role of the 5 pillars of growth, which are: Infrastructure, Digitization, Rural, Agribusiness Development and Healthcare. The government’s steadfast backing of digital initiatives presents an unprecedented opportunity for our industry to revolutionize strategies. Elements that will support the economy will get impetus over incremental measures. We can expect a push on start-up, manufacturing and consumption to further the GDP. The push to increase consumption, as well as for digitization, presents an opportunity to seamlessly integrate ground-breaking experiential concepts with the government’s visionary roadmap for a digital future. The synergy between experiential marketers’ prowess in harnessing technology for crafting memorable brand experiences and the government’s forward-thinking economic stance establishes the foundation for a formidable future in the marketing industry. On the human front, I also expect notable focus to be placed on perks for individual taxpayers, Women & Child Welfare as well as perks for Senior Citizens.”

 

Dr. Darshan Rana, Chairman and Managing Director, Erisha E Mobility Private Limited “Contributing significantly to the economy, the Electric Vehicle industry has demonstrated a sizeable potential to strengthen the economic growth and progress of the country. As we look towards the upcoming Interim Budget 2024, we expect the honourable Finance Minister Nirmala Sitharaman will revisit GST rates on the vital spare parts of the EVs besides extending the Faster Adoption and Manufacturing of Electric Vehicles (FAME) subsidy scheme for widespread adoption of EVs which offer environmentally friendly and sustainable transportation solutions. “

 

T V Ramachandran, President of BIF says, “India is undergoing rapid digital transformation on the back of continuous Government reforms. The recently notified Telecommunications Act 2023 is a game changer and will help catalyze the growth of the sector even further.

As Broadband India Forum, we would like to see the Union Budget 2024-25 focus on three important aspects viz.

· Facilitate affordable Broadband through Satcom through reasonably modest spectrum fees

· Budgetary support for the growth of Public Wi-Fi through waiver of duties & levies on equipment and on revenues

· Budgetary support to incentivize Fiber to the Building +Wi-Fi to enable rapid growth in Fixed Broadband, by way of reduction in statutory fees and levies and exemption of GST on service revenues

With the above measures, we hope that Union Budget will help accelerate the momentum of the reforms in the sector which has been set by other Government policies & measures”

 

Mr. Manoj Nair, Head of Global Delivery Centres, Fujitsu say, “Major economies across the world are seeing a challenging macroeconomic situation with slowdowns that have affected various industries. Amid this period, it is the tech industry that is leading the charge in recovery with a positive outlook. The demand for IT skills, especially in the new-age technologies – AI, ML, analytics, data science and other digital capabilities continues to surge presenting an opportune time to GCCs to further scale and usher in the next phase of digital revolution in India. India is a leading hub of Global Capability Centers (GCCs) with 1500+ GCCs housed in India that play a crucial role in growth of the tech industry. According to EY, the domestic GCC market size is expected to hit US$110b by 2030 with the number of GCCs expected to scale to 2400. Over the past few years, there has been a major shift in how GCCs operate – from delivering cutting-edge services to becoming powerful innovation hubs. These GCCs, with their vast trove of STEM talent and heavy investments in technology and upskilling are uniquely positioned to spearhead digital transformation for customers. Our technical capabilities across AI, ML, data science, cloud, automation, enterprise applications are crucial to powering deep research and product development. “

“Now, as GCCs continue to invest in reskilling talent in the face of evolving tech landscape, building demand-based and niche skills in relevant areas, they are playing a crucial role in employment generation for India. With GCCs being a major engine for economic growth, Budget 2024 can play a key role in facilitating growth and sustainable development. GCCs require support and investment for infrastructure and growth environment. The Budget 2024 can help GCCs further scale and accelerate innovation at a faster rate as India emerges as the world’s technology and services hub.”

 

Mr Bimal Khandelwal, (Chief Financial Officer, STT GDC India) says, “As India charges ahead on its digital transformation journey, the upcoming budget offers a timely window to cultivate a world-class data center ecosystem that steers this advancement. We are hopeful of incentives to spur domestic manufacturing and infrastructure builds specially tailored for data centers’ massive scale and seamless connectivity needs. Attractive capital subsidies for setting up future-ready facilities and easy financing options to offset development costs will unleash growth. We also envision provisions that encourage the adoption of renewable energy to meet data centers’ clean power appetites. Additionally, preferential procurement directives favoring home-grown data centers will provide an upside. With an emphasis on nurturing a cutting-edge domestic data center industry, India can swiftly go up the technology value chain and cement dominance in delivering digital services globally. Having granted an infrastructure tag has remarkably expedited logistics. “

 

Mr. Sumit Sabharwal, Head of HR Shared Services, Fujitsu International Regions says, “As an HR leader, I eagerly anticipate the 2024 budget, urging the Government of India to prioritize robust investments in skill development. A strategic focus on honing our workforce’s capabilities will propel India’s IT industry to new heights, fostering innovation, and global competitiveness. The India artificial intelligence market size reached $ 680 million in 2022 and further it is expected to reach $3,935.5 million by 2028, showcasing a growth rate (CAGR) of 33.28% between 2023-2028. Data Science and Analytics have emerged as a game-changer across industries, with organizations harnessing data-driven insights to make informed decisions. With exponential growth in the digital realm, this field is expected to witness substantial opportunities in the coming years. The demand for STEM jobs in India has increased by 44% in the last 5 years. STEM skills will be a requirement for 80% of the jobs created in the next decade. To meet the increasing demands for STEM professionals in India’s rapidly growing technology, engineering, and manufacturing sectors, it becomes imperative to offer robust STEM education. For organizations, it has become necessary to provide upskilling and reskilling opportunities to existing employees. The Fourth Industrial Revolution is upon us, and STEM education will align closely with its demands. To keep up with this new information-based and technology-dependent world, India must scale up the innovation ladder with initiatives.”

 

Mr Meghan Nandgaonkar, Head of JDU, Fujitsu shares his views saying that, “Technology has played an important role in India’s growth story. Our expectation from Budget 2024 furthers to boost technology solutions for sustainable society, green initiatives, agro-tech, etc., Additional focus on skilling initiatives for people engaged in traditional sectors, using technology and online delivery along with incentives for technology companies in Tier 2 and Tier 3 cities.”

 

Mr. Deepak Mittal, CEO and co-founder of TO THE NEW “We believe 2024 will be an incredible year for the Indian IT & ITeS industry. IT-based services are indispensable for every organization seeking to enhance productivity and streamline business operations, with cost-effective growth. From the budget 2024, we eagerly anticipate increased investments in digital infrastructure to foster innovation through R&D incentives and promote workforce skill development to support start-up growth. We advocate for ongoing efforts in digital transformation by the Indian government, fostering agile businesses and exponential economic growth. In the upcoming fiscal policy, we are also looking forward to the further acceptance and development of AI for assisted decision-making. leveraging advanced data analytics to ensure customer-centricity. We hope the budget will unlock the full potential of our industry, driving competitiveness and contributing to a sustainable and innovative future.”

 

Mr. Mayank Thatte, Chief Financial Officer , Rupyy “From the interim budget, we expect more well-defined action plans to strengthen digital infrastructure and promote digital payments for deeper financial inclusion. More robust and long term and clearly defined incentives for the adoption of EVs will also help in the growth of the auto finance sector. Inclusion of EV financing as a priority sector lending shall help and translate to lower cost and increase adoption. At large, fintech players are seeking a GST subsidy to enhance the accessibility of financial services and government benefits. With the fintech market expected to reach INR 11.36 Trn by FY 2028, we are aligned with the growth potential of the fintech sector in India and hope that the government will take steps to support the industry’s growth in the upcoming budget”

 

Vinod Nair, President – Noventiq India Operations “Given the rapid evolution of the digital landscape, we anticipate that the upcoming Union Budget 2024 will prioritize substantial investments in cybersecurity. The ever-growing threat landscape and the increasing sophistication of cyber-attacks make allocating resources to bolstering cyber defense measures crucial. We hope to see a strong commitment from the government to enable collaboration between the public and private sectors as the government is opening many nationwide national infrastructure for private participation. This will help ensure India’s digital infrastructure remain resilient and secure against emerging threats. Cybersecurity is not just an expenditure, but an investment in safeguarding our nation’s digital future, and in today’s world of cyber threats, it’s non-negotiable. At Noventiq, we are proud to be part of this collaborative effort, and we are constantly innovating on our cybersecurity services and solutions through our Security Operations Centre (SoC). I believe that the best way to increase threat protection for client organizations is by investing in new technologies, such as AI and ML, while continuously modernising the processes. Our goal is to keep contributing to the defense against cybersecurity threats further strengthening the IT security sector.”

 

Namratha Swamy, COO, MPL “The online skill gaming has been on an explosive trajectory these last few years. With the right regulatory support, this sector has the potential to not only create a thriving ecosystem for gamers and game developers but also to showcase the prowess of Made in India games on the global stage.

The industry eagerly anticipates long-term clarity and a progressive taxation regime from the upcoming financial budget. This clarity is crucial for driving the next phase of growth, as it will not only provide a conducive environment for businesses but also revive investor confidence in the sector. A progressive taxation regime will further incentivize investment, leading to the creation of more job opportunities for our talented youth.

Additionally, we are hopeful that the budget will pave the way for the establishment of dedicated courses in gaming. These courses will play a pivotal role in nurturing the next generation of game developers and professionals, ensuring a steady supply of skilled talent to fuel the industry’s growth.

I look forward to the upcoming financial budget with optimism, as we believe that the right policies and support from the government will propel the online skill gaming industry to greater heights, benefiting the economy in our march towards making India a $5 trillion economy.”

 

Amit Jain, Founder Paaduks “As Paaduks,  “A pioneering MSME sustainable footwear manufacturer, we eagerly anticipate the upcoming Interim Budget 2024 with hopeful optimism for the growth and sustenance of our industry. The MSME sector has been the backbone of our economy, and we look forward to policies that further support our growth, such as streamlined access to credit and incentives for innovation. Furthermore, Corporate tax reforms play a pivotal role in fostering a conducive business environment and enable businesses to reinvest in research and development, thereby promoting sustainable practices in our manufacturing processes.

Sustainability is at the core of our ethos, and we hope for incentives to encourage eco-friendly practices within the industry, promoting a greener footprint. Export-oriented policies can further bolster our international reach, facilitating global recognition for Indian sustainable products. Moreover, Lifestyle-oriented incentives can enhance consumer awareness and preference for sustainable products, aligning with the global shift towards responsible consumerism.

In conclusion, we look forward to an Interim Budget that not only acknowledges the significance of MSMEs but also fosters a holistic and sustainable ecosystem for the growth of businesses like ours.”

 

Mr. Saurabh Birari – CFO – Switch My Loan “We believe that the upcoming budget presents a pivotal opportunity for India to pave the way for inclusive and sustainable financial growth. As businesses eagerly anticipate the fiscal roadmap, SwitchMyLoan emphasizes the need for a comprehensive approach to address the evolving landscape of the financial sector.

Firstly, we advocate for a thorough examination of initiatives geared towards expanding access to credit and banking services, particularly for marginalized or unbanked populations. Underserved Markets, often hampered by infrastructure gaps, merit special attention in budgetary considerations. The budget must encourage and incentivize financial institutions to extend their services into these areas, thus contributing to the overall development.

In this era of rapid technological advancements, the budget’s stance on digital transformation in lending is of paramount importance. Embracing and promoting technological innovations in the lending space will not only enhance efficiency but also empower businesses to better serve their customers in an increasingly digital world.”

 

Mr. Sanket Sinha, Global Head of Asset Management, Lighthouse Canton “India has emerged as an important destination for venture capital on the world stage & is ranked currently as the third largest start-up ecosystem in terms of the number of unicorns. We are making a significant mark on the global stage, however, there is still ample scope to make it more conducive for participants from a regulatory standpoint.

Especially on the taxation front, simplification and parity are crucial elements for putting unlisted equity at par with listed equities, both in terms of tax rates as well as holding period for defining LTCG & STCG. This has been a long standing expectation from the industry as a whole and we hope that the same is met in the upcoming union budget.
Additionally, the taxation on ESOPs needs a serious relook. In the current tax regime the ESOP holders are liable to pay tax at the time of exercising the ESOPs which is not a liquidity event. The industry expectation is that the incidence of tax should occur at the time of sale of shares rather than at the time of exercising.

Another recent development that needs attention is the RBI circular dated Dec 19th 2023. It suggests sweeping restriction on regulated entities on making investments in AIFs. While the circular is with good intent of curbing the problem of evergreening by a few REs (Regulated entities), in the current form the circular restricts REs from investing in AIFs that have downstream investments either directly or indirectly in a debtor company of RE irrespective of the asset class the AIF is operating in. Therefore it covers all AIFs whether its VC or Private Debt or Venture Debt. We hope there will be further clarification on the same by the finance ministry / RBI.
Also the REs have been instructed to either redeem or provision for 100% of the amount already invested in the AIFs within 30days of the issuance of the circular, which that have downstream investments either directly or indirectly in a debtor company of RE. Since almost all the private market AIFs are closed ended redemption will not be possible and the only option left with REs will be to make provision for any such existing investments. What we need to understand here is that REs have been important & large contributors for AIFs, especially in the private debt space and this change will negatively impact the institutional funds raised by these AIFs going forward in a big way.

 

Mr. Mayank Thatte, Chief Financial Officer , Rupyy ‘From the interim budget, we expect more well-defined action plans to strengthen digital infrastructure and promote digital payments for deeper financial inclusion. More robust and long term and clearly defined incentives for the adoption of EVs will also help in the growth of the auto finance sector. Inclusion of EV financing as a priority sector lending shall help and translate to lower cost and increase adoption. At large, fintech players are seeking a GST subsidy to enhance the accessibility of financial services and government benefits. With the fintech market expected to reach INR 11.36 Trn by FY 2028, we are aligned with the growth potential of the fintech sector in India and hope that the government will take steps to support the industry’s growth in the upcoming budget’

 

Gurjot Singh, Co-founder, Collekto “As the Indian budget approaches, fintech companies are buzzing with anticipation. We envision a transformative Union Budget 2024 that can facilitate a symbiotic growth of the banking, MSME, and fintech sectors. A robust and resilient banking sector is the bedrock for a thriving MSME and fintech ecosystem. In alignment with this vision, we anticipate targeted budgetary measures to enhance the sector’s efficiency and resilience. These include further capital infusion and strategic technological upgradation initiatives. We further expect enhanced cooperation between fintechs and banks, resulting in hybrid models that capitalise on their respective advantages.

Further, India’s unique digital public infrastructure has significantly contributed to the expansion of the fintech sector. Therefore, we express optimism that the forthcoming budget will place greater emphasis on bolstering digital financial infrastructure in an effort to foster the expansion of financial technology as well as enhance financial inclusion. The results of that are already visible. We expect Govt and RBI to continue to boost the fintech ecosystem but at the same time maintain a certain balance so as to avoid any future catastrophe.

I would expect the government to give some tax breaks to fintechs similar to Startup India movement.”

 

Rajarshi Bhattacharyya, Co-Founder, Chairman, and Managing Director, ProcessIT Global “While major announcements may be deferred until after the 2024 General Elections, the upcoming budget presents a key opportunity to lay the groundwork for the country’s future economic growth. As India solidifies its position as the world’s third largest startup ecosystem our global impact is undeniable, yet there is untapped potential to create a even more conducive environment for entrepreneurs. Allocating increased funds specifically for startups in Digital Transformation and Cybersecurity Services is vital. There is an urgent need for additional incentives for Research and Development, robust cybersecurity measures, and technology-driven solutions, particularly in light of the escalating threat landscape.

Strategic investments in the further development of cybersecurity technologies are imperative, empowering both businesses and consumers to actively contribute to the digital economy. The imperative to cultivate a talent pool capable of addressing evolving cyber threats is evident. The government’s role is crucial, and it must provide tax breaks for startups to attract and retain talent through comprehensive employee skilling and training programs.

Tax policies must support businesses by allowing the carry-forward of losses and accommodating employee stock options, ensuring sustained health of the startup ecosystem. Simplifying GST procedures can eliminate complexities, fostering compliance, and facilitating the robust growth of tech startups.

Collectively, these measures fuel innovation, propel further growth and guarantee sustainability in the country’s dynamic startup landscape.

 

Dr. Mayur Sundararajan, CEO of Superfan, India’s first BLDC fan “Investments in the areas of research and development in the electronics and electromagnetics sector to further enhance the energy efficiency, self sustainability and robust supply chain would be greatly appreciated. That would be a nuanced approach encouraging scalability and innovation in the super energy efficient appliance sector. Tweaking the manufacturing related Schemes such that it incentivises the saved amount to be invested in research development would reap sustainable and long term benefits in the sector. From a global perspective, if a sustainable supply chain and favorable customs regulations are implemented India could become a global hub for fan design and manufacturing.

India being the origin of the new BLDC fan technology, it is only fair that the government introduces new monetary policies that can potentially give way to the promotion of knowledge-sharing initiatives to educate the enablers of the market – the technicians – on the basic and advanced technological intricacies that go into servicing a BLDC fan. With tax benefits and lowering the price of BLDC fans, EESL’s initiative to distribute 10 million energy-efficient fans can be carried out smoothly without disrupting the industry and stifling innovation. This impact will enable widespread market penetration, by which India can become a global role model for sustainable innovation instead of just being a part of the supply chain, and a huge market for sales.”

 

Mr. Jay Deepak Shah, CEO & Managing Director, M/s Jay Wood Industry. “As we approach a new fiscal year, M/s Jay Wood Industry eagerly anticipates the forthcoming budget’s potential to catalyse transformative growth within India’s wooden pallet manufacturing sector. Our foremost concern lies in emphasising the critical need for infrastructure development and logistics support, as these pillars form the bedrock for seamless operations and cascading growth across the value chain.

With a strategic emphasis on exports and streamlined trade policies, India can fortify its standing as a prominent global manufacturing hub. Additionally, loosening the threads of imports will strengthen circular and trade economies with other countries, fostering international collaboration and sustainable business practices. At M/s Jay Wood Industry, our commitment to excellence and sustainability underscores our optimism for a future defined by unparalleled growth and success, awaiting the transformative impact of the upcoming budget.

Furthermore, a keen focus on digital transformation is imperative, propelling innovation and positioning domestic manufacturers, such as M/s Jay Wood Industry, at the forefront of global competitiveness. The budget must champion sustainability, aligning our practices with global eco-friendly standards. Skill development initiatives are indispensable, shaping a workforce adept at meeting the dynamic demands of the industry.”

 

Kavita Kerawalla, Vice-Chairperson, VIBGYOR Group of Schools “As we anticipate the fiscal year 2024 pre-budget announcements, our hope is for a transformative budget that aligns strategically with the government’s commitment to education. Recognising the pivotal role of education in shaping our nation’s future, we emphasise key areas for prioritisation that can revolutionise India’s K-12 education sector.

Firstly, a strategic allocation towards technology integration is paramount in the digital age. We urge the government to invest in cutting-edge digital infrastructure, ensuring schools nationwide have access to technologies like smart classrooms, e-learning platforms and interactive tools. This not only enhances the learning experience but equips students with essential digital literacy skills.

Comprehensive teacher training programs are equally critical. Teachers are the backbone of our education system and empowering them with the latest pedagogical techniques, digital tools and subject knowledge is imperative. We propose a significant budget allocation for professional development initiatives, workshops and training programs to upskill teachers, fostering continuous learning within the education community.

In addition, allocating budgetary resources for research and development on teaching techniques and pedagogy is crucial. Investing in R&D will increase the effectiveness and efficiency of educational methods, ensuring that our education system remains dynamic and responsive to evolving needs.

In conclusion, a forward-looking budget that prioritises technology integration, teacher training, R&D and inclusivity will propel India’s K-12 education into an era of innovation. These strategic investments empower educators, enhance student learning experiences and prepare them for the future. We eagerly await a budget recognising the pivotal role of education in nation-building, ensuring a robust foundation for the success of our students.”

 

Mr. Siddharth Chaturvedi, Executive VP, AISECT Group, Chancellor– SGSU “In anticipation of the forthcoming Union Budget, the education sector anticipates increased budgetary allocation and substantial support for enhancing digital infrastructure, transforming education while emphasizing more skill-based courses, and fostering teacher development through various training programs.

As we have witnessed a steady increase in budget allocation for the education sector over the last three years, we expect that this year’s budget will allocate a good proportion of funds for controlling the quality of academic delivery to sustain the changes suggested in the NEP. We are also anticipating a significant push towards Skilling youth in the Future Skills and also an increased allocation for the various Apprenticeship programs.

As India has diverse educational requirements, we are also expecting that the upcoming budget will help enhance some of the critical government-funded schemes for marginalized communities, which in turn will generate employment opportunities.

It also remains crucial for Union Budget 2024 to maintain a strong emphasis on skill development and youth education. Heightened investment in vocational training institutes, technical and IT skills, and analytical capabilities would not only solve the existing challenges in the education sector but also facilitate improved employment prospects.”

 

Vishnu Dusad, Co-Founder & Managing Director at Nucleus Software “We eagerly anticipate a forward-looking budget that prioritizes digitization in the fintech and banking space. We commend the government’s recent regulatory enhancements and hope for supportive measures that nurture responsible financial services innovation going forward. Incentivizing financial services/ fintech’s in underserved areas will be crucial for building a resilient distribution infrastructure, fostering lasting financial inclusion. We remain optimistic about policies that drive sectoral growth, enhance outreach, and amplify India’s digital presence, aligning with our vision for a digitally empowered future.”

 

Mr. RavI Kunwar, Vice President – India & APAC, HMD Global (The Home of Nokia Phones) “As we anticipate the Interim Union Budget 2024, HMD Global holds optimistic expectations for the Indian smartphone market. Foreseeing an extension or enhancement to the Production Linked Incentive (PLI) policy, we aim to fortify local production and encourage an indigenous components supply chain. The budget’s positive impact on operations, particularly in local manufacturing, is anticipated, though precise planning hinges on final announcements. Our wish-list emphasizes more incentives for local production, encouragement for components manufacturing within India, and support for exports. In the face of potential changes, we stand ready to make necessary adjustments, anticipating a budget that builds upon existing policies for stability and growth. HMD Global remains committed to contributing to India’s self-reliance and the global success of its smartphone industry.”