Forecasting Fiscal Fortunes: Pre-Budget Perspectives and Insights from Industry Leaders
Sectoral Wishlist’s for Budget 2024-25: What Industries Hope to See
Aditya Virwani – COO, Embassy Group. “A focus on infrastructure development, affordable housing, and ease of doing business during the upcoming Budget will be instrumental to shaping the sector’s trajectory.
Overall, we anticipate a strong emphasis on policy measures that encourage sustainable development, smart cities, and digitisation within the real estate landscape. A reduction in home loan interest rates and repo rates, coupled with special bank and EMI discounts, will be key to supporting continued growth. Recognising millennials as the driving force in the property market, revising the price cap for affordable and mid-segment homes can invigorate their homebuying spirit. A hike in the tax rebate on home loan interest under Section 24 of the Income Tax Act, from Rs. 2 lakh to Rs. 5 lakh, will also catalyse housing demand. Additionally, tax breaks and a review of Goods and Services Tax (GST) rates will make affordable housing more accessible and enhance the financial viability of such projects. Considering Bengaluru as a Metro will offer higher HRA benefits to individuals as well as attract more talent to the city since there will be tax relief amidst the loan burden on house property.
Further, in alignment with the global shift towards sustainability, we look forward to incentives or subsidies for green building certifications and renewable energy installations in commercial real estate projects. We propose bringing REIT units in parity with listed equity. Reducing the holding period for long-term capital gain benefits from 36 months to 12 months would make REITs more attractive to investors. For SEZs, we are seeking simplified compliance through a single window clearance system, concessional tax rates or tax breaks for both developers and SEZ units, and to ease the denotification process. This would streamline processes, making SEZs more attractive for investment.
Our expectations align with the national agenda for economic revival, and we look forward to policies that foster a conducive environment for both domestic and foreign investments.”
Mr. Ashok Rajpal -Managing Director – Ambrane India “The PLI schemes and various manufacturing incentives have already proven instrumental in supporting the consumer electronics industry, reflecting an impressive 53% YoY growth in the first half of calendar year 2023. To elevate the industry to international standards, additional support geared towards the export of ‘Made in India’ products is crucial. As we approach the Union Budget 2024-’25, our hope is for a budget that consistently nurtures a robust environment for domestic manufacturing, fostering innovation and enhancing global competitiveness. The sustained backing of the ‘Make in India’ initiative remains integral to our growth trajectory.
Critical to the success of the electronics manufacturing sector will be strategic investments in infrastructure and technology. Tax advantages and streamlined legal processes are imperative for the manufacturing sector’s vitality. A key focus area must be ensuring self-reliance in cutting-edge technologies to facilitate continuous local manufacturing. We eagerly anticipate the budget’s unveiling, maintaining optimism that government policies will fortify the foundation for growth, innovation, and sustainable practices within the electronics manufacturing landscape.”
Mr. Sachin Sharma, Founder and Director – Gem Enviro Management Limited “In the preceding year’s budget, the government strategically positioned ‘Green Growth’ as a pivotal focus within the comprehensive ‘Saptarishi’ framework, allocating a substantial Rs 35,000 crore for priority capital investment to achieve net zero emissions by 2070. Despite these commendable initiatives, challenges persist in effectively streamlining waste management processes, notably in handling plastic waste. In anticipation of the upcoming budget, industry stakeholders are optimistic about the prospect of a revision in the 18% GST on plastic input material, reverting to the previous rate of 5%.
Furthermore, with climate action occupying a central position in India’s G20 agenda and the notable Green Credit Initiative taking center stage at COP28, the government’s unwavering commitment to sustainable growth and effective waste management is unmistakable. However, there exists a compelling opportunity to amplify support for the recycling of plastic and e-waste management industries, a move that could substantially strengthen and propel these sectors toward heightened sustainability. As the nation looks forward to the forthcoming budget, stakeholders eagerly anticipate targeted measures that will not only reinforce the foundations of the waste management ecosystem but also align with the broader aspirations of a greener and more sustainable India. The nation’s waste crisis necessitates immediate intervention. Governments should consider allocating funds for advanced waste management solutions, such as waste-to-energy plants, enhancing waste management infrastructure, optimizing supply chains, and providing incentives for businesses to adopt sustainable practices”.
Kalpit Jain, Group CEO – Netcore Cloud “Digital technologies have undergone rapid advancements in the past year, gaining heightened significance. India Inc. embraces a robust strategy to connect with consumers nationwide, digitalizing consumer journeys and exploring emerging avenues such as Generative AI. As technology solidifies its role as the linchpin of our future growth, increased investments in AI analytics, AI tools, virtual reality tech, etc., in Martech and SaaS will foster agility, propelling India into a prominent position on the global tech stage.
With its abundant talent pool and innovative SaaS companies, India is well-positioned to emerge as a leader in the next phase of technological advancement. Therefore, the upcoming budget is more likely to prioritize further enhancement of the nation’s IT infrastructure. The substantial allocation witnessed in the previous fiscal is bearing fruits and has facilitated initiatives in the software and semiconductor markets, underscoring the crucial role of technology in India’s growth narrative. The IT sector contributed a share of about 7.5% to India’s GDP in 2023 and has shown immense growth potential over the years. We at Netcore Cloud advocate for a continued focus on prioritizing the pivotal role of technology in India’s ongoing success story, thereby aiding the emergence of the digital economy.”
Harish Trivedi, CEO, CTSI – South Asia “Ahead of the interim budget 2024, while I appreciate the PMJAY, and holistic healthcare approach of the GOI, yet a lot needs to be done for the growing chronic disease burden for a country as large as India as we are on cusp of Chronic disease burden especially disease like cancer which growing @12% and will require a serious approach. I would expect that the Budget allocation needs to be at least 3.5 to 4% of the GDP with a committed focus on Preventive healthcare architecture which emphasis on creation of Healthcare Infrastructure in Rural and underserved areas to improve healthcare accessibility, availability, and affordability. GST and Custom duty relief for the advance medical technology is a must as this has helped India becoming a key Medical Value travel destination for more than 130 countries. Incentivise Private sector for more PPP healthcare models which can help Govt reduce chronic disease burden faster by leveraging the sectoral efficient capabilities. Inclusion of newer therapies in Govt/Private Insurance coverage is must to make real benefits of PMJAY to the needy population. Additionally, the continued focus on investment in AI and other healthcare technology like telemedicine through capex needs to be encouraged continuously. It’s also high time that the Govt creates a mechanism like PLI for Private healthcare sector as well.”
Mr. Devrath Banerjee, Director, TresVista “In anticipation of the 2024 Union Budget, the HR sector looks forward to reforms that would simplify and effectively implement labor laws, making them more adaptable to the modern workplace. Labor laws, up till now, have been described as cumbersome, rigid, and difficult to follow. The government’s proposal to consolidate the 29 existing laws into 4 codes will go a long way in helping simplify and modernize labor regulations. But, this expectation comes with the announcement that the implementation of the labor codes passed by parliament between 2019 and 2020 has been pushed yet again. The controversial codes, which were set to take effect before the general election in 2024, have been held up for various reasons, including opposition from state governments and talks between the unions and union labor ministry. A key expectation from the 2024 budget is that it will revisit these laws, ensuring the workforce’s well-being without compromising take-home pay by focusing on flexible working arrangements and remote work policies. These laws will also play a critical role in defining the country’s ease of doing business strategy. While welcome, the new changes to the labor laws will need a major overhaul to be effectively implemented, with swift and decisive action taken to push stakeholders to unleash the potential of these reforms. Additionally, expectations run high for relief benefiting salaried employees through amendments in sections 80C and 80D, foreseeing an increased investment limit and medical insurance deductible limit under the two sections. Overall, the HR industry looks forward to initiatives promoting a harmonious work environment and economic stability.”
Akshay Verma, Co-founder, FITPASS “As we anticipate this year’s budget, FITPASS envisions a proactive approach to address India’s health challenges. Despite having the world’s youngest population, one in three individuals is medically unfit. Our expectations for the fitness sector revolve around anticipating policies aligned with the vision for a healthier India.
FITPASS urges the government to include fitness center services in eligible categories for composition scheme under GST (Section 10) in the 2024 budget. This benefit is available to Restaurants but not to fitness services. This aligns with Prime Minister Narendra Modi’s vision for a healthier India and aims to enhance accessibility and affordability, contributing to the population’s well-being. FITPASS also seeks government support to permit tax breaks under Section 80D to include individual fitness expenses.
Furthermore, FITPASS emphasizes the need to include fitness center services in the eligibility list of the composition scheme, similar to what has been done for restaurant services. The current GST structure adds to the overall cost of fitness center services, acting as a hindrance to the growth of the industry. Therefore, the proposed inclusion in the composition scheme is crucial for alleviating this burden and fostering the expansion of the fitness sector in line with the government’s vision for a healthier and more productive India.
To facilitate the global growth of our sector, we advocate for regulations that standardize quality and safety in fitness services. We hope the government will implement regulations that not only uphold high standards within India but also set a precedent for international markets, promoting Indian fit-tech services globally.”
Neeraj Kohli, CEO of Asianet News Network “We applaud the Government’s vision on shaping a digital first, consumer centric media ecosystem in the country through high speed connectivity, data security and a level playing field for players. While incumbents invest heavily in this transformation, a recalibration of policies governing traditional media segments is also necessary. Specifically in the case of FM radio, the ground has shifted dramatically since Covid where the prevailing license fee regime puts its long term viability under considerable stress. Prompt implementation of TRAI’s Sep 2023 recommendations will go a long way in addressing these concerns and securing the viability of the segment for years to come.”
Sajid Malik, Chairman & Managing Director of Genesys International “The geospatial industry eagerly seeks a dedicated allocation in support of the National Geospatial Policy’s ambitions. A crucial expectation is the establishment of a Digital Public Infrastructure (DPI) and Digital Public Goods (DPG) framework for Earth observation-based geospatial analytics, particularly emphasizing the creation of a digital twin by 2035. There should be a consolidation of thematic geospatial data platforms into a unified gateway for seamless access, replicating successful models in countries like the United States and Australia. Furthermore, the budget should address the need for precise mapping of skills and allocate funds for capacity building beyond government and top-tier academic institutions. Inclusion of diverse expertise in expert committees, especially from the space and defense sectors, is vital for a comprehensive approach. The budget should lay down a strategic groundwork for the next two years to realize the 2030 industry vision which emphasizes achieving high-resolution topographical mapping, precise elevation models, and enhanced capacity.”
Dr. Arjun Kalyanpur, Founder, CEO and Chief Radiologist at Telerad Group “The Union Budget 2024 has the potential to be a turning point for India’s healthcare and healthtech landscape. By prioritizing public health infrastructure, supporting innovation, accelerating digital transformation, and strengthening the regulatory framework, the budget can pave the way for a healthier future for all.
Prioritizing public health infrastructure is crucial, with emphasis on enhancing primary healthcare centres and ensuring sufficient staffing in both rural and urban areas. The burgeoning healthtech sector in India offers a unique chance for healthcare transformation. The budget should encourage research in telemedicine, diagnostics, Artificial Intelligence and medical devices, thereby stimulating innovation, job creation, and economic growth.
For healthtech to thrive, addressing the digital divide is vital. The budget should allocate funds for broadband expansion, Telemedicine, digital literacy initiatives, and affordable smartphone and internet access in rural areas. A robust regulatory framework is necessary for healthtech’s success, with allocated resources for developing clear guidelines, ensuring data privacy, ethical practices, and quality standards, fostering trust and transparency in the industry.”
Mr. Ayush Tainwala-CEO Bagzone Lifestyles Pvt LTD “As we eagerly await the upcoming annual budget announcement, our expectations are anchored around the development of forward-thinking policies and regulations. Our anticipation extends to initiatives that prioritize Research and Development (R&D) and technological advancement. We look forward to a budget that goes beyond meeting immediate requirements; it should serve as a blueprint for long-term success, building a robust foundation for sustainable growth and global competitiveness.
With respect to the retail sector, we underscore the need for a strategic roadmap from the government which should be comprehensive and address immediate challenges. This should strategically lay the groundwork for sustained growth. We firmly believe that a well-crafted budget aligned with these priorities will undoubtedly propel our sector forward, ensuring resilience and triumph in the ever-evolving landscape of innovation and global competitiveness.”
Karan Aggarwal, CFA, Co-Founder & CIO , Elever “With inclusion of Indian government bonds in global benchmark, cost of debt for Indian corporates would come down significantly by mid-2025. A budget proposal for introduction of hyper long-term capital gain tax (HLTCG) – nil taxation on equity gains for holding period over 5 years while raising STCG and LTCG to marginal tax rate – could help in neutralizing possibility of a credit bubble. With sustained focus on infra and green energy, budget allocation to infra expected to increase by 30%-50%. As ‘Atmanirbharta’ remains a core theme, tax incentives and sops can be expected for lithium-ion battery, lithium NELP, tourism, semiconductors. transport network, ports and defence manufacturing sectors. With NDA expecting smooth sailing in the election year, no major relief is expected in income tax.”
Anshul Sharan, Co-Founder & CEO, Elever “By embracing four key expectations – a uniform KYC framework, tax breaks for FinTech’s targeting underserved populations (special GST rate of 5% or GST subsidy on fintech platform and tax breaks on expenditures made on financial literacy and empowerment), promotion of VC investments, and expansion of digital infrastructure – Budget 2024 can lay the groundwork for a vibrant and inclusive Fintech ecosystem. This, in turn, will not only empower millions of underserved Indians & microenterprises but also fuel innovation, propel economic growth, and solidify India’s position as a global Fintech leader. Moreover, there is an expectation that the budget would introduce sops and incentives for crowdfunding platforms which would lead to the mainstreaming of this alternative source of funding for fintech startups in the midst of a funding winter. “
Nikita Agarwal, Chief Business Officer, Suta “With the e-commerce industry expected to touch USD 350 billion by 2030 – it is expected to play a significant role in driving India’s 2 trillion economy target by 2032. A fair e-commerce policy that encourages investments in the sector & aids in the growth of small & mid-size companies is crucial. Defining that a policy follows a balanced approach to consumer protection rules for brands, sellers & marketplaces should be the way forward. The synergy between digital innovation and regulation becomes paramount in shaping the future of India’s economic landscape. MSMEs are increasingly adopting an omnichannel strategy, seamlessly integrating online and offline channels to fuel growth, hence a policy that keeps this blurring of lines between various channels at its centre point will benefit the industry.”
Sree Harsha Vadlamudi, Co-Founder – Ironhill India & Global Entrepreneur “As we transition from an underdeveloped nation to a developing nation to fast hurtling towards being a developed nation a lot has changed for us. The early 90s economic policies paved the path for a lot of entrepreneurs and structured the economy to what it is today. As a nation, India we never had to take a step back in economic progress in the last 35 years. Add to this today the Indian startup ecosystem is the third largest in the world. At present, as per reports we have over 1 lakh startups and 110 unicorns in the country out of which 50% of startups are from Tier II-III cities. This segment continues to play a pivotal role in India’s journey towards becoming a developed nation by 2047.
As we set an audacious goal of 1 million startups in the coming decade, there has to be more support to foster the entrepreneurial ecosystem so that they not only continue to add to the economy but also create employment and impact across all segments as they balance ease of doing business with the cost of doing business.
This year is going to be an election budget and I was hoping for some interesting decisions from the government in the lines of reduction of import duties, tax incentives and ease of regulatory hurdles in various start-up sectors. An ease in taxes to support this segment that is actively leading the Athmanirbhar Bharat movement finding a balance between globalisation and self reliance will boost India’s global presence. “
Mr. Ankit Agrawal, CEO and Co-Founder InsuranceDekho “In the upcoming budget, we anticipate that the finance minister will exempt insurance policies from GST, which will bring down insurance premiums. This step will increase insurance affordability and help fulfill Prime Minister Modi’s dream of insurance for all Indians by 2047. Additionally, we expect the government to increase the tax exemption limit under 80C, which will encourage savings, promote insurance coverage, and stimulate economic growth. Various studies have shown that increased insurance penetration multiplies the economy by reducing overall financial distress and making long-term growth capital available to important nation-building industries.”
Venkatraman Narayanan, Managing Director and CFO, Happiest Minds Technologies “I look forward to a continuation of the trends shown in the earlier budgets declared by the current dispensation which are support for industry, increased spends on Infrastructure, social initiatives, capital formation and simplification. Technology has always received a pride of place when it comes to specific call outs, attention and I request that the same be continued. We as a country are growing well on all economic parameters and the need of the hour is for a budget which supports and supplements this trajectory. Lastly, if pushed for something specific, my ask would be around significant procedural simplification around the TDS provisions, Capital gains and increased relief for the salaried and large Indian middle class.”
Abhishek Kapoor, Group CEO and Director Puravankara Limited. “The real estate sector’s resurgence has largely been driven by strong housing demand. The forthcoming Union Budget for 2024 should propose policies to support mid-income housing segments to maintain and build on this positive trend. Including direct tax benefits for home buyers in these categories would empower people while encouraging a home ownership culture. We urge the government to support the real estate industry by reinstating the input tax credit (ITC) under the Goods and Services Tax (GST) regime. This initiative will help support the efforts to stabilise home prices while contributing to the sector’s economic growth.
The real estate sector contributes significantly to capital formation in the economy. The cost of finance, therefore, deserves to be at par with the infrastructure sector. Granting industry status will help with this goal, reduce the cost of capital, and enable the industry to grow.”
Sandeep Chaudhary, CEO of PeopleStrong “As India anticipates the interim budget, we are optimistic about the government’s commitment to constructing a robust digital infrastructure and supporting the Indian middle-class & salaried employees. Technologies such as cloud-based solutions, Generative AI, and scalable IT infrastructure have a crucial role in shaping the trajectory of India’s HR industry. It is imperative for the legislation to build policies and allocate more funds to match the pace of emerging new-age technologies as cyber threats remain a concern on a global level.
India is heading towards a big Techade as we push for a $10 trillion economy by filling global talent voids. Employability has risen to 50.3%, making India a leading source of high-skilled talent (from 45.9% in 2021 to 50.3% in 2023 – as per India Skills Report 2023).
We are looking forward to initiatives that will focus on:
Building a robust supply chain for Digital Tech Talent by fortifying educational infrastructure through initiatives like Skill India and Karmyogi Bharat.
Promotion of skill-based education and effective talent management.
Leveraging the full potential of technology by incentivizing organizations to digitize HR operations; nurture talent from Tier II and III cities and embrace the gig workforce.
In addition, tax relief, increased 80C limits, and reduced taxes on ESOPs are advocated for workforce attraction and retention. The salaried workforce is looking forward to tax relief by HRA and health insurance exemptions.”
Anuj Arora, Co-founder & COO, SahiBandhu Gold Loans “Speaking on the ‘expectations or recommendations for the Interim Budget 2024’ Anuj Arora, Co-founder & COO, SahiBandhu Gold Loans said, “We anticipate the Interim Budget 2024 to align with the government’s mission of uplifting the underprivileged and urge the government to introduce beneficiary schemes, especially as the General Sabha election approaches, focusing on the socio-economic empowerment of the marginalized. Acknowledging the FinTech and tech-based gold loan industry’s pivotal role in reshaping financial services, we hope for policies supporting our growth, particularly in Tier 2, 3, and 4 cities, aiming to integrate rural communities into the formal banking system. Incentivizing FinTech dedicated to empowering SMEs through financial and technical interventions would mark a significant stride. Addressing loan disbursement including loans against gold/jewellery, we recommend regulations fostering collaboration between traditional banks and digital lenders for accessible loans. With the budget on the horizon, SahiBandhu Gold Loans, the largest gold loan aggregator platform eagerly anticipates a budget that propels innovation and inclusion in the rapidly evolving FinTech and gold-tech landscape.”
Mr. Roshan Shah, Co-founder & CEO, VoloFin “The fintech industry is the backbone of India’s economic growth and resilience. We expect the Interim Budget 2024 to recognize the potential and challenges of FinTech and provide an ecosystem to support and enable it to operate. VoloFin supports the continuous growth of exporters, from SMEs to large corporations, across industries and geographies, and delivers instant liquidity with no collateral through our state-of-the-art technology platform. We hope that the government will facilitate the adoption of trade financing, simplify tax and compliance standards, and promote financial digitization and innovation.”
Mr. Sarvjeet Virk, Co-founder & MD, Finvasia “As we approach Budget 2024, we anticipate a continued focus on advancing India’s digital public infrastructure, a key pillar for realizing the $5 trillion economy dream. I look forward to enhanced government initiatives fostering financial inclusion benefiting Bharat, not just India. On the tech front, I hope to see further progress in establishing AI Centres of Excellence. I also expect more policies to enable public-private partnership to boost end-use-cases of generative and predictive AI and increase its adoption in India. The fintech industry, as usual, will be the flag bearer of innovation. Government support, both in terms of policies and funding, will be instrumental in propelling the fintech sector to new heights of success”
Pranav Dangi, Founder & CEO, The Hosteller “The travel, tourism and hospitality industry is one of the biggest contributors to India’s GDP. Knowing this, the GOI had in the past budgets put a greater emphasis on the industry’s growth via a multifaceted approach towards building air, road & train infrastructure, focused on last mile connectivity, upskilling of Human Resources working in the sector, providing financing opportunities to small and medium sized enterprises, etc. It will be expected of the government to further push for significant improvement in these areas and keep the momentum going towards overall growth of the industry. tive to the industry’s continued, healthy, and sustainable growth. India’s vision of 2047 for a new India cannot be complete without additional and immediate measures for the hospitality industry such as inclusive growth for all (specially women), infrastructural and technological advancements, reducing GST rates to bring it down to comparable rates of 5-6% prevalent in South East Asian countries, providing a single window clearance approval system for granting licenses for rapid development of hotel industry and foster the industry in adding more inventory in the market to bridge the supply demand gap.”
Greg Moran, CEO and Co-Founder Zoomcar “Last year’s budget paved a path to higher adoption of EVs in India resulting in a sharp shift of customer mental models to make more greener & smarter choices. With the rise of marketplaces and digitisation in India, it is becoming a convenience first nation that is also setting high benchmarks globally. This year as a public listed company, we at Zoomcar anticipate the Union Budget 2024 to pave the way for innovative policies that accelerate sustainable mobility solutions and drive economic resilience which will help customers with cost effective solutions and mobility apps to support the evolution of transportation in the automobile industry.”
Shailendra Singh Rao, Founder & MD, Creduce “This budget would be a vote on account, hence there wouldn’t be too much of an expectation from the present government. But considering the fact that the election results seem to be predetermined towards a certain party we hope that the present budget takes the good work forward.
We hope the Climate Change budget is taken forward with more emphasis on nature based Solutions. More job creation opportunities are shared in this process. And most importantly technological advancements are encouraged in this sector which would not only help Bharat but also the world.”
Official statement from ONDC “This year’s budget will be crucial for the ONDC ecosystem of small startups, MSMEs, and large businesses across the country. As India pursues ambitious targets of inclusive digitisation and high growth, we expect further steps to ease doing business, especially for small enterprises looking to digitise.
We commend the Government’s progress in bringing regulatory certainty with respect to GST and TDS compliance for ONDC Network Participants. Such moves are critical for small businesses and startups that are on the Open Network. We look forward to such continued efforts and initiatives to bring greater regulatory certainty in other domains too.
Additionally, the ongoing modernisation and digitisation of logistics infrastructure through initiatives like PM GatiShakti and the National Logistics Policy is praiseworthy. Robust logistics will enable especially MSMEs and startups to fully leverage opportunities created by India’s Digital Public Infrastructure like ONDC Network.
In the budget, we hope for more simplified operations and compliance in sectors like financial services, facilitating consumers and businesses to derive the maximum possible benefits from an open network like ONDC Network. We are confident that the Government will continue to improve regulatory compliance requirements for emerging business models that depend on DPIs. Finally, we laud the varied incentives to digitise small businesses and consumers equally. We look forward to further schemes to accelerate digitisation across the nation including smaller cities, towns and villages.”
Varun Babbar, Managing Director – India &SAARC, Qlik “Ahead of the 2024 interim budget, the tech sector anticipates policies that can fuel growth. This upcoming budget isn’t just about financial adjustments; it’s about nurturing an ecosystem where innovation can thrive and significantly contribute to the evolving business landscape. Prioritizing targeted support for research and development is crucial, especially educational programs promoting the responsible use of AI. We hope to see continued funding for such initiatives as they are pivotal in nurturing innovation and building trust in technological solutions. We value initiatives like the Data Protection Data Privacy (DPDP) Bill, which enhances data privacy and establishes robust laws to combat misinformation and the use of deep fakes. The industry also looks forward to a comprehensive policy approach that promotes a liberalized patent box regime and cultivates a culture of innovative thinking, paving the way for significant contributions to the evolving business landscape.”
Karthikeyan G, Senior Director, Platform Engineering, Ascendion “India’s focus in its union budget has been a combination of farmer welfare, individual taxations, and infrastructural development. In recent times, the budget recognizes the pivotal role of technology in accelerating progress towards these objectives. In the agricultural sector, there is a notable push towards increased digital adoption to modernize farming practices and minimize manual labor. The integration of open network technology is poised to enhance supply chain efficiency, fostering seamless commerce across various sectors. Emphasis on the use of blockchain-driven digital currency (e-Rupee) will instill heightened transparency in financial transactions and ensure more secure payments. Technology-driven advancements extend to healthcare, with a push on leveraging artificial intelligence for innovative solutions.
I hope that the budget explores the transformative potential of augmented and virtual reality in the education sector, which will deliver next generation learning experiences. 5G technology is a means to improve communication channels in rural areas, addressing connectivity challenges. Hopefully, digitalization takes the center stage in the budget’s approach to enhancing Micro, Small, and Medium Enterprises (MSMEs), with a focus on Industry 4.0 initiatives.
The demand for skilled professionals, particularly in the AI space will drive economic growth. To meet this demand, there should be a strategic focus on sourcing talent from tier 2 and tier 3 locations, alongside the development of Global Captive Center (GCC) hubs. We should align technological advancements with economic priorities, fostering inclusive growth and innovation. A technology-centric approach will help with the broader economic agenda, that propels India towards inclusive growth and digital transformation.”
Tarun Dua, Founder, E2E Networks Ltd “AI is a leapfrog technology that is going to have a transformative impact on the Indian economy which is very similar to the effects of Digital Public Infrastructure, mass Financial Inclusion and 4G/5G led broadband revolution. We aim for our country to become an AI Superpower. In the forthcoming budget, we hope for increased investments in AI while nurturing an equitable and level playing field for all Indian businesses and freeing up of data owned by Indian citizens via a rule-based policy framework instead of being locked in with large digital monopolies.”
Anshu Agarwal, Global Head of Finance at Branch International “In anticipation of the upcoming budget, fintech sector is hopeful for regulations that foster innovation, particularly the ever changing spectrum of technologies like generative AI. Our key expectation is inclusive regulation that supports responsible last-mile outreach, ensuring the sector can fully leverage evolving technologies.
Furthermore, there is a strong emphasis on initiatives aimed at upskilling the workforce that is skilled to meet the ever changing technology landscape. We’re looking forward to initiatives that skill for fintech’s future from AI, big data to cybersecurity. The sector also looks forward to budgetary incentives promoting financial inclusion in rural India. This includes tailored solutions for challenges like financial literacy and last-mile access, aligning with broader objectives of reaching underserved populations.
In summary, the fintech industry is looking for a budget that understands how technology can transform finance. Looking forward to collaborate for regulation that supports fair growth and making sure financial services reach everyone, especially in rural areas.”
Amandeep Panwar, Co-founder & Director, BharatRohan – Agri-tech Drone Startup “As we approach the interim Union Budget 2024, the air is thick with anticipation, particularly in the agriculture and drone technology sectors. The government’s recognition of the transformative capabilities of unmanned aerial vehicles (UAVs), along with advancements in machine learning and artificial intelligence, showcases a commitment to fostering a progressive ecosystem. As a co-founder of a drone-based agri-tech company, I view this as a golden opportunity for innovation and growth. The budget’s emphasis on modernizing agriculture with UAVs is not just about embracing new technologies; it’s about revolutionizing farming practices. These drones are set to become the farmers’ most trusted allies, offering invaluable data on crop health, treatment, and irrigation, thereby enhancing crop yields while optimizing resource usage.
Moreover, the possibility of simplified tax compliance for startups in this budget presents a beacon of hope. It’s a step towards easing the regulatory and fiscal constraints that often stymie growth and innovation. This, coupled with anticipated reforms in the National Pension Scheme and capital gains taxation, signals a robust support system for employees and investors, reinforcing the foundation of our endeavor to pioneer sustainable agricultural solutions in India. Together, these strategic initiatives and supportive measures are poised to empower companies like ours, driving the agriculture sector towards unprecedented productivity and resilience.”
Hiranmay Mallick, CEO & Co-founder at Tummoc “As we approach the upcoming budget, there’s a hopeful anticipation for a strategic emphasis on innovation and sustainability within the auto/mobility sector. The expectation is a robust push for open data policies, fostering the groundwork for comprehensive smart city development. Prioritizing sustainable transport initiatives and seamlessly integrating technology into public transport systems can significantly enhance the efficiency and accessibility of urban mobility. Investments directed towards promoting public transport not only elevate the quality of transportation services but also contribute substantially to building a greener, more connected future. We envision budgetary measures that champion innovation, sustainability, and the seamless fusion of technology with transportation, ultimately benefiting citizens across the country. These forward-looking initiatives align with the broader goal of shaping a progressive and environmentally conscious landscape for India’s transportation sector.”
Roshan S Bisht, Co-Founder & CEO, Asort.com “As we look forward to the upcoming budget, it is essential to focus on policies that can realise its potential for transformation. We need to prioritize innovation, ensure access to digital infrastructure, and promote financial inclusion. This approach will empower Co-Commerce entrepreneurs from different backgrounds, driving economic growth and societal progress.
Alternatively, a key focus should be on balancing regulations and encouraging collaboration to unleash the full potential of the growing Co-Commerce space. The budget should address regulatory uncertainties, simplify tax structures, and promote partnerships between platforms, logistics providers, and government agencies. This balanced approach will create a prosperous Co-Commerce ecosystem that benefits everyone involved.
Moreover, the budget should go beyond just financial aspects and prioritize skill development and infrastructure. Investing in training programs and digital infrastructure is crucial for Co-Commerce success, relying on a skilled workforce and seamless connectivity. By addressing these basic needs, the government can provide aspiring entrepreneurs with the tools they need to realise the economic potential of Co-Commerce across the nation.”
Rajendra Chitale, Chief Finance Officer, Crayon Software Experts India “The Indian technology and services sector has in the past few years undergone a massive transformation. These efforts have been aided by the startup sector with the strong backing of the Union Government. This year’s Union Budget will hold a stronger influence in terms of invigorating the market.
Every year the focus is given to refining on ease of doing business, the Make In India initiative and introducing tax reforms. In addition to giving a clear focus, more impetus is needed on ease of doing business and the announcements should not be just part of the budget speech. It is vital to implement the policies announced during the budget. Clarity on tax policies will help reduce volumes of tax notices and litigations enabling entrepreneurs to focus on business. Further, this year, the Digital Protection and Data Privacy (DPDP) Act is one of the most awaited policies the industry is waiting for. This Act will have a big impact on not just data sharing policies and the business reforms that come with it, but also on cybersecurity, data storage and sharing, data utilisation and its impact on revenue. The government needs to be practical in its implementation and give adequate time for organisations to gear up to the requirements.”
Subramaniam Thiruppathi, Director of Sales for India and Sub-Continent, Zebra Technologies “In India’s upcoming interim budget, the government is likely to continue to have an increased focus on the transport and logistics (T&L) sector with greater emphasis being placed on the development of more infrastructure, the digitalization of enterprises, and skill augmentation for workers. This coincides with the 33% increase in capital expenditure (INR 10 trillion) for infrastructural enhancements in the country as announced in last year’s Union budget.
A key priority for the T&L sector is to lower overall logistical costs to enhance its competitiveness. This can be achieved through digitalization, which promotes greater productivity and efficiency. Because in today’s working environment, the speed and accuracy of every movement matters. New technologies, from the foundational mobile computer to advanced tech like artificial intelligence or the cloud, must be integrated into current business processes and workflows to optimize their full potential to achieve enhanced production, accuracy, and efficiency.
Technological investment is also a form of augmenting the workforce by equipping them with the right tools to perform their duties. By doing so, it will help augment, optimize, and even mobilize workers, in the T&L sector and beyond.”
Saurabh Saith, CEO, Orion India “As we approach the upcoming Interim budget 2024, we see the positive strides made by the government in managing the costs of essential raw materials such as oil, chocolate, sugar, and wheat. The control on commodity prices is a commendable step that fosters stability in the FMCG food market. In particular, I would like to bring back government’s focus on PLI in food processing sector, this will help give encouragement to food companies like us to invest more Capex and plan more greenfield projects. This initiative is pivotal for fostering growth and innovation within the FMCG industry.
Rationalizing IT slabs to give more disposable income in hand and hence more consumption by the large middle class may help not just Food Companies, FMCG but almost all consumption led industries will benefit. We look forward to a budget that not only addresses current challenges but also propels the FMCG sector towards sustained growth and facilitates new investment ”
Raghavendra Vaidya, MD & CEO, DTICI “The automotive industry is brimming with optimism, anticipating robust support for electric vehicle (EV) infrastructure, including essential elements like charging stations and battery swapping facilities. Such support is crucial for expediting EV adoption and championing environmental sustainability. Incentives and financial backing for green technologies and eco-friendly solutions, such as hydrogen fuel cells and sustainable materials, are anticipated to play a pivotal role in shaping the industry’s future. We hope that these crucial factors will be taken into account in the upcoming budget announcement, as they will not only propel the growth of our industry but also greatly enhance India’s automotive landscape by making it more sustainable and more competitive.”
Sachin Agrawal, CEO & Co-founder, Bizongo “Transitioning the MSMEs to the formal ecosystem is the need of the hour
“The Micro, Small, and Medium Enterprises (MSME) sector is the backbone of India’s economy, contributing significantly to the GDP. Despite government initiatives to formalize the sector, a substantial number remains outside the formal ecosystem. Extending the benefits of Udyam to all MSMEs through fiscal measures and enhancing financial inclusion will be a major expectation from this year’s budget. Bridging the working capital deficit and encouraging digital adoption will empower MSMEs, thereby fostering economic growth.”
Mr. Hitesh Garg, Vice President, and India Managing Director, NXP Semiconductors “As we approach Union Budget 2024, the semiconductor industry in India is all set for a significant boost. Programs like PLI and DLI, especially in supporting Global MNCs, are set to spark innovation on a global scale. The rapid formation of the Indian Semiconductor Research Consortium (ISRC) further indicates a commitment to progressive research.
Our pre-budget forecast emphasizes on joint funding and collaboration with technology leaders, which can be seen as a smart move to establish India as the world’s semiconductor hub. The key proposals include the exemption from customs duty for electronic transmissions and a uniform tax policy that fosters favorable business conditions by promoting smooth cross-border data flow.
The focus on fostering start-ups and creating jobs in the semiconductor industry also brings out India’s stride towards becoming a center for advanced technological prowess, ensuring a resilient semiconductor ecosystem.”
Mr. Sundeep Holani, Co-Founder and CEO, Channelplay “Most tech manufacturing in India has started with final assembly of products. The Phased Manufacturing Program (PMP) introduced in the 22-23 budget was an extremely insightful initiative for building a true Make in India ecosystem through gradual backward integration. However, it turns out that ecosystems need a longer time to build, especially when complex technology and high capex are required. India has made great strides in scaling the final assembly. Still, the government should continue monitoring the on-ground development of component suppliers, and adjust the PMP plan timelines to ensure that this momentum continues.”
Mr. Gaurav Sahay, Practice Head (Technology & General Corporate), Fox Mandal & Associates “Cybersecurity Infrastructure: In 2023, India was hit by 2,138 cyber-attacks per week per organisation. The Ministry of Electronics and Information Technology (MeitY) allocated a sum of Rs 625 crore to improve the country’s cybersecurity infrastructure in the Union Budget 2023. Analysts are wondering if the government will make a similar allocation this year as well.
Make AI in India: Interim Budget 2024 to focus on shaping the industry with more advanced technologies like artificial intelligence (AI). The Indian government’s involvement and framing of relevant policies is crucial. Therefore, it has become increasingly fundamental in Make AI in India and therefore the government should invest heavily, establish enabling mechanisms for its rapid growth.
Satellite Technology: Expectations for continued government investment in technology, with a rising trend in the space tech industry urges GST exemption expansion to satellites, launch vehicles, and ground equipment in the upcoming Interim Budget. Indian Space Association (ISpA) has represented 39 start-ups and major companies, and seeks tax exemptions for space sector firms. They have advocated for reducing tax rate to 5 percent on external commercial borrowings and lowering withholding tax on the satellite sector from 10 percent to 2 percent.”
Satishwar B, MD & CEO, Aegon Life Insurance
Life Insurance 2024 – Exploring New Frontiers
“2023 was not just another year in the archives of the life insurance industry; it was a year of groundbreaking achievements. The industry, leveraging the power of Artificial Intelligence (AI) and other advanced technologies, transformed insurance from a complex necessity to a simple, accessible solution tailored to the diverse needs of the Indian populace.
Partly triggered by COVID, the Indian population too has become more aware of the need and urgency of buying a life insurance policy. Life insurance companies have thus been growing steadily and contributing to the Indian economy. Tech innovations fuelled this growth and will sustain it in the years to come.
Budget Wishlist
Our journey towards ‘Insurance for All by 2047’ is marked by strategic steps and certain recommendations for the upcoming Budget could pave the way for growth and accessibility in the Life Insurance Sector:
No Taxation for Annuity Plans to Benefit Both Retirees and the Industry:
Many Indians don’t save enough for retirement, and the gap between needed and available retirement funds is expected to reach $85 trillion by 2050. To help close this gap, consider these steps:
Investing in pension and annuity products is crucial for income after retirement. Making taxes simpler or removing them for these products will encourage more people to invest in these important financial protections.
Pension policies, like the NPS, provide a steady income in retirement. It’s important to lessen the tax load for people receiving pensions from the National Pension System (NPS), as the retirement fund gap is expected to increase a lot. The current ₹50,000 tax exemption for NPS under Section 80CCD(1B) should also apply to pension and annuity plans to encourage more people to use them.
Improving Tax Benefits to Increase Insurance Coverage:
India faces a severe issue with inadequate insurance. When a family’s primary earner passes away, the money left for the survivors to live and settle debts is usually less than nine percent of what’s actually needed[1].
Separating Savings for Life and Health: Changing tax sections 80C and 80D to provide separate tax breaks for the life-threatening risk part of life and health insurance payments, as well as for fixed-term insurance plans, could help close the gap in death risk coverage and enhance social security.
Complete Deduction for Life Insurance Premiums: Permitting individuals to deduct the entire amount paid for life insurance premiums from their taxable income, as stated in Section 56, without any decrease due to claims made under other sections such as 80C, will encourage more people to buy insurance. This means they get the full tax benefit for their insurance premiums, making insurance more financially appealing.
GST Reforms for Wider Reach: Lowering the Goods and Services Tax (GST) on term life insurance and applying a ‘Zero rating’ –which means setting the tax rate to 0%— for certain essential policies like the Pradhanmantri Jeevan Jyoti Bima Yojana, smaller insurance policies covering up to ₹2 lakh, and annuity products for National Pension Scheme subscribers. By effectively removing the tax without sacrificing tax benefits for businesses, this policy aims to enhance financial security for more citizens.
A Collaborative Future Ahead
As we progress, the collective efforts of the life insurance industry, including Aegon Life, are crucial in shaping a more secure financial future for individuals across the nation. With data enablement as the driving force behind this insurtech revolution, we can expect many more innovations soon. Databases such as Aadhaar, Income Tax Portal, and Account Aggregator Network is already helping insurers with digital underwriting. The Ayushman Bharat Health Account (ABHA) can also be a significant enabler for life insurance companies.
With ongoing support from regulatory bodies and anticipated policy reforms, insurers are committed to extending our reach and impact, making insurance a fundamental part of every Indian household’s financial plan. Together, we’re not just insuring lives; we’re securing futures and building a new world.”
Pankaj Gupta, MD & CEO, Pramerica Life Insurance “In 2023, the insurance landscape showcased resilience, adaptability, and innovation, particularly in the thriving Indian life insurance sector, which is experiencing a robust annual growth rate of 17% in Total Business Premiums. This growth is fueled by increased awareness, innovative product offerings, and customer-centric initiatives that attract policyholders.
The Indian insurance industry has shown resilience by embracing digitalization in operations and distribution, coupled with a robust adherence to risk management principles. Currently, the Indian Life Insurance industry stands as the 10th largest globally, highlighting its growing significance on the international stage. The industry is poised to achieve a USD CAGR of around 12% until 2027, reaching approximately USD 170 billion.
The life insurance industry has been requesting for a distinct tax deduction limit, specifically for life insurance, with a special emphasis on the term insurance category, apart from the existing 80C provisions. This would serve as an incentive for individuals to invest in life insurance policies and promote a sense of long-term security. There could be an opportunity to also re-look at the taxation framework surrounding Pension and Annuity Products. An extension of the current Rs 50,000 tax exemption, applicable to the National Pension Scheme under Section 80CCD(1B), to encompass pension and annuity plans offered by insurance companies, could make retirement planning more attractive and accessible, encouraging individuals to opt for insurance-based pension and annuity products. These changes would also create a more level playing field, fostering healthy competition within the industry.
Furthermore, IRDAI’s vision of “Insurance for All by 2047” signifies a deep commitment to revolutionize the insurance landscape. The focus is on enhancing the availability, accessibility, and affordability of insurance services for both citizens and businesses, marking a transformative era for the sector. A noteworthy stride in promoting innovation is the regulatory sandbox, providing companies with the opportunity to launch products in safe environment before a full-fledged launch. Working hand-in-hand with the regulator, the sandbox is paving way for a more agile and dynamic approach. Further, the impending launch of BIMA SUGAM in 2024 represents a pivotal step in modernizing the insurance industry.
From our perspective, we anticipate a year of ongoing change in insurance sector, characterized by technological advancements, enhanced focus on customer experiences and an increasing emphasis on environmental and social responsibility.
Looking at the economy more holistically, the enduring commitment to the ‘Make In India’ initiative of the government will help increase capital expenditure and also help improve long-term productivity. Capex as a part of total spending has risen from 12% in FY20 to 22% in FY24. With private capex recovery still in the incipient stage, the government is likely to persist in its focus on capex. We are expecting a year-on-year growth of 20-25% in FY25. The government is also giving due cognizance to fiscal consolidation, aiming for a fiscal deficit target of 4.5% in FY26. Following strong electoral wins in the recent state assembly elections, the focus is likely to be on continuing the path of fiscal consolidation and reducing the deficit to 5.2% of GDP in FY25. Given the robust 10.5% nominal GDP growth and a disciplined fiscal deficit standing at 5.2%, our internal projections indicate a Gross Government Securities (G-Sec) supply of approx Rs 15.5 lakh Cr in FY25, similar to the supply observed in FY24. Furthermore, the expected influx of around USD 25 billion (~Rs 2 lakh Cr) from passive global funds, stemming from India’s inclusion in the Global Bond Index of JP Morgan, is likely to influence interest rates to decrease in the upcoming fiscal year.
Even though the upcoming budget is a Vote on Account and not a full-fledged budget, we foresee a continuation of the infra capex and self-dependency themes.”
Mr Kumar Abhishek, CEO & Founder of ToneTag ‘A thriving Fintech ecosystem is crucial for driving digital adoption and innovation in India. We would like to see policy implementations around regulations, streamlining licensing processes, and offering tax incentives for Fintech startups in the upcoming budget. This will foster a dynamic environment where cutting-edge solutions like AI and Voice can flourish, propelling India’s digital transformation
Ahsan Karim Khan, Director, Splice Ply “The Indian plywood industry seeks budgetary relief in 2024, emphasizing timber imports and sustainable forestry. Vital statistics include technological upgrades, financial aid, and R&D centres. Export growth relies on duty reductions and strategic market development. Domestically, infrastructure spending, lower GST rates, and support for affordable housing are crucial. Prioritizing skill development, environmental sustainability, and a conducive business environment are imperative for sustained industry growth.”
Anil Agarwal, CEO and Co-Founder of InCruiter “The upcoming Budget is not just about economic reform but is about having an ecosystem where start-ups can thrive, innovate, and contribute significantly to a thriving business environment. In particular, the 2024-25 budget should include a unique opportunity to empower tech startups and small businesses by allocating dedicated funds for innovation and providing tax incentives for research and development. Furthermore, the regulatory processes could be simplified to establish clear guidelines to encourage innovation. Moreover, a simplified compliance framework could lower complexity and foster talent development. Also, a simplified compliance network could reduce administrative burdens to foster agility.
To empower employees a focus on labor laws is a must, the main priority should be to maintain employee well-being which could involve provision for flexible hours, remote work, and a ‘right to disconnect.’ For this, a dedicated fund could be allocated for professional development, education, and skill training. Lastly, digital infrastructure could be fortified with the help of technologies like cloud-based solutions, cybersecurity measures, and scalable IT infrastructure. As we draft the budget, the focus should be on the seeds of innovation and support we plant for startups, ensuring a thriving business environment for years to come.”
Eklavya Gupta, Founder of Recur Club “As we ponder the achievements of previous Indian budgets, notable strides like the ECLGS for MSMEs and the Startup India Seed Fund stand out, playing a crucial role in revitalizing business lending. As we anticipate Budget 2024, our optimism is anchored in the expectation that it will not only streamline financial accessibility for emerging startups but also empower them to scale with assurance and transparency.
We expect that the focus will be on digital infrastructure, allocation of funds to build a robust digital payment ecosystem for wider penetration, development of rural infrastructure, and strengthening cybersecurity measures. Another aspect is to create a regulatory sandbox for fostering innovation to streamline KYC/AML regulations, setting clear guidelines for innovation of technology like blockchain and AI in finance.
To boost financial inclusion and encourage investments in the fintech sector, the budget should include targeted incentives for the unbanked and underbanked populous promoting microfinance initiatives. To attract domestic and foreign investments in the fintech sector tax breaks could provide a nudge in the right direction. Lastly, a crucial factor that influences both lenders and borrowers is data protection, so building a robust data protection framework that balances innovation with user privacy will foster responsible data usage within the industry.”
Rajesh Sinha, Founder and Chairman, Fulcrum Digital “In light of India’s rapid strides in the field of Generative Artificial Intelligence throughout 2023, the upcoming interim Union Budget could hold the key to unlocking the full potential of this transformative technology for enterprises across the nation.
The government’s focus on initiatives such as ‘Make AI for India’ and ‘Make AI Work for India’ align with the rapidly advancing AI landscape and the vision for India to lead this global AI transformation. Addressing challenges such as the shortage of AI talent, creating public-private partnerships, and fostering innovation in advancing fields like insurtech, food tech, education, and cybersecurity is a pivotal step in this direction.
We are hopeful that the interim budget makes provisions for investments in data infrastructure, skill development, and data accessibility. This will ensure that India not only catches up with global AI leaders but emerges as a front-runner in responsible AI adoption. The government’s vision and its successful implementation in the form of this Union Budget is set to fuel the trajectory of yet another year of rapid digital advancement for the country.”
Sunil Sharma, Vice President, Sales, Sophos India & SAARC “Over the past year, India has witnessed a rise in cyber-attacks of various magnitudes, placing many businesses and individuals at risk. In the wake of these attacks and the Finance Ministry’s directives throughout 2023 to enhance cybersecurity measures in different industries, hopefully the upcoming interim Union Budget 2024 will included a continued focus on reinforcing the nation’s cyber defences. With a heightened emphasis on prevention of data breaches, ransomware attacks and AI-powered cyber threats, increased budgetary allocations towards cybersecurity awareness and training initiatives are imperative. The Finance Minister’s call for proactive cybersecurity measures augur well for a renewed focus on bridging the current cybersecurity skill gap in the industry, fostering an efficient cyber-task force within organizations. This strategic investment will not only fortify our defence against cyber threats but also contribute to job creation and economic resilience in the face of evolving digital challenges, powering the future of a secure Digital India.”
Kunal Nagarkatti, Chief Executive Officer, Clover Infotech “In the upcoming budget, I would like to see the government prioritizing measures that foster the development and widespread adoption of AI. A strategic investment in AI initiatives will not only drive economic growth but also position our country as a global leader in the digital era. I look forward to policies that support research and development, incentivize AI talent, and create a conducive environment for businesses to harness the full potential of AI. By leveraging AI, we can build a smarter, more competitive, and technologically advanced nation.”
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC “The AI push by Honorable Finance Minister Nirmala Sitharaman in last year’s Budget was a visionary step which has helped place the country on the global AI map. We are hopeful that the upcoming Interim Union Budget 2024 will continue this momentum. The strides being made through initiatives like ‘AI for India’ set the stage for the nation to lead the ongoing technology transformation. What is also equally important is to safeguard the data required for this push towards an AI-driven nation. We look forward to diligent data governance and intelligent data infrastructure driven by AI. The budget presents an opportunity to streamline data access and address concerns on ethics.
An increased investment in R&D will help create the foundation for innovation in key technologies such as AI/ML, IoT, Blockchain, and Cloud Computing. It will be good to see tech startups getting the necessary
tax benefits and policy support that will encourage entrepreneurship. These initiatives will unleash India’s potential to develop new technologies and help achieve the government’s goal of a Viksit Bharat by 2047, sooner.”
Mr. Krishna Kumar, Founder and CEO, Simplilearn “Honourable Finance Minister is set to table the Union Budget for the financial year 2023-2024. Budget 2024 holds immense potential for EdTech firms, offering policies for innovation and job creation. In recent years, the evolution of India’s education sector has mirrored the nation’s progression towards a digital future. A substantial transformation is evident, shifting from traditional learning to a more dynamic, skill-oriented approach. With technology at the forefront of this, we anticipate continued government emphasis on initiatives that enhance access to modern teaching methodologies, cutting-edge technology, and innovative pedagogy. These efforts aim to empower both educators and students, fostering skill development and knowledge enrichment. In addition, we would like to appeal to the government to reduce the GST slab on educational services, empowering people from economically challenged backgrounds. The ed-tech sector further sees a lot of potential in tier 2 and tier 3 cities. To help companies tap India’s talent pool, the Union Budget should focus on providing equal access to online education in these cities to meet the national goal of creating a more responsive education system.”
Mr. Harsh Shah, CEO, IndiGrid., “As infrastructural development remains a cornerstone of economic progress, the upcoming Union Budget holds pivotal significance in steering India towards its $5 trillion economy milestone. InvITs hold a transformative potential in mobilizing private capital for infrastructure. Through InvITs, democratic ownership of crucial assets has been facilitated, thanks to commendable efforts by the Ministry of Finance and SEBI. Yet, to fully unleash the potential of this investment avenue, some imperative policy enhancements include, classifying InvITs as equity instruments, expanding their participation in mainstream indices and reducing the holding period for InvITs to 12 months for LTCG computation.
Other desired steps that can be considered are increasing investment limits for insurance companies, permitting EPFO to invest in InvITs and allow InvITs to bid for governments monetisation pipeline under NMP. To conclude, there are positive expectations from the Budget for policy amendments and increased allocations that boost reform implementation.”
Paras Maheshwari, Director, Gravolite “The sports mat manufacturing industry anticipates a pre-budget focus on infrastructure development, as enhanced sports facilities drive demand for quality mats. Expectations include incentives for technological upgrades, promoting sustainable practices, and reducing import duties on raw materials. A push for skill development programs and R&D grants could boost innovation. Additionally, industry stakeholders hope for tax reliefs to mitigate operational costs and encourage investments. The sector looks forward to a budget that aligns with the government’s commitment to promoting sports and healthy lifestyles, fostering growth, and reinforcing the ‘Make in India’ initiative for the sports mat manufacturing segment.”
Nalin Negi, Chief Financial Officer & Interim CEO, BharatPe “As India sets sight on becoming a US$ 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. Arun Shukla, President and Director, JK Lakshmi Cement “Amidst robust infrastructure development, we anticipate strong cement demand, spurred by increased budgetary support for roads, railways, rural projects, and further boosted by initiatives like PMAY. I would like to draw govt’s attention to help address rising input costs through GST rationalization and easing import duties on key materials like coal and petcoke. Additionally, budgetary support for sustainable practices and manufacturing innovation is vital. These steps, alongside improved logistics and export policies, will stabilize costs and enhance our contribution to India’s sustainable infrastructure growth, marking a significant stride in the development of the cement and infrastructure sector.”
Rahul Garg , Founder & CEO, Moglix “India is all set to touch USD 4 trillion in real GDP in 2024. The union budget 2024 is likely to sustain the infrastructure spending spree. The full budget in July is likely to see a fiscal expansion. I expect a greater approved budget for NHAI to reduce borrowing and therefore road development project costs. Also, I expect a higher outlay on local manufacturing of railway coaches for Amrit Bharat and Vande Bharat trains, development of railway stations, airports, and ports. Combined with an interest rate cut by the RBI the budget will be one among a long series of budgets for transforming India’s manufacturing and infrastructure sectors and push for India’s green transition. The startup revolution in India has taken off in a big way and a select few matured startups have grown sufficiently to go public. The honorable FM may like to consider the simplification of the regulatory framework for IPOs, for startups to leverage the power India’s equity markets. We are likely to touch a 7% real GDP growth rate comfortably. “
Partha S Dash, Managing Director, Moglix “The union budget 2024 should continue to spell consistency in terms of direction and velocity of infrastructure development. The plans to build 91 airports and 100 smart cities are likely to get extended fiscal support. It would be great to see greater adoption of the bridge health monitoring system and predictive artificial intelligence to identify physical assets that need repair and maintenance and thus direct resources and fiscal outlay accordingly. I strongly feel that solar rooftop installations need to go mainstream in the household sector to truly give wings to India’s green transition and should figure on the honorable FM’s checklist. Lastly, I think there’s a need to simplify the regulatory framework so that EPC companies with an A++ credit rating can raise capital through issue of corporate bonds. It will inject greater liquidity into the EPC supply chain ecosystem for infrastructure and green energy projects without piling up risks of fiscal profligacy for the government. “
Sandeep Goel, Managing Director, Moglix “Connectivity- physical and digital, has been the focus area of the previous union budgets of the government and is expected to continue in the union budget 2024. I think the next level digital penetration needs to happen across infrastructure project sites, power plants and sub stations and should attract greater outlay on SaaS investments with a vision to reimagine infrastructure-as-a-service and manufacturing-as-a-service. There is a pressing need to inject process discipline through digital project management to taper down cost and time overruns and efficiency leakages. Further, it would be great to see greater fiscal outlay on prescriptive artificial intelligence adoption in areas of essential goods like food, dairy products, rural health care, vaccination programs, and industrial safety to zero down gaps in the amenities that people need for ease of living. The vision of the budget should be to map India’s essential goods, core sector resources, and manpower on the SaaS cloud to create a one nation, one digital supply chain ecosystem for better quality of life. “
Chetan ‘Kronten’ Chandgude, Founder, GodLike Esports “In terms of viewership and revenue, the esports industry is growing at an impressive percentage and is forecasted to grow more in the coming years. The segment with an estimated CAGR of 32% saw state governments like Bihar who have recently taken initiatives to introduce esports to students while others have organised Esports tournaments. Esports’ growing recognition culminates in its inclusion at major global events like the Asian Games. We expect that the government will leverage this momentum by allocating budget and outlining strategic plans for esports development. These plans should encompass infrastructure improvements, training initiatives, and awareness programs, paving the way for a strong and vibrant esports ecosystem in India.”
Asit Kumarr Modi, Creator, Producer and Managing Director of Neela Film Production and Neela Mediatech “As the Budget for 2024 is around the corner all are deeply immersed in the dynamic landscape of the gaming industry. Our commitment at Neela Mediatech is to propel the growth of the gaming and AVGC sector in India is unwavering. We are expecting a budget that strategically allocates resources to empower innovation that invests in skill development programs and supports the creation of a robust gaming ecosystem. Prioritizing these aspects will help strengthen the foundation of the industry and position India as a global hub for gaming and animation.”
Santanu Basu, Founder & CEO, Lets Game Now “Gaming isn’t just about leisure anymore; it’s also a powerful learning tool. Gaming can transcend from a leisure activity and become part of curriculum. Gamification will lead to engaging experiences being integrated into classrooms, foster collaborations, critical thinking, and problem-solving.
Support from the government to encourage educational institutions will help this transition. We hope the budget will also introduce some policies to encourage gamification in education aligned with the ‘Make in India’ initiative.”
Deepak Syal Director and Co-founder GreyB “India has been striving to become a tech superpower, and the Union Budget of 2024-25 is the perfect opportunity for the country to take a major leap forward.As the world is changing, the increase in automation and technology will affect every sector, whether it is ITES, FMCG, Banking, Automobile, Telecom, or Retail. If we have to be ready for the future, as a country, we have to start working on this shift now. This implies bringing innovation to the center of future growth. It was good to start this through NRF, but it may take a while to bring the change centrally via one organization.
Therefore, the government should aim to push this initiative further in a decentralized way. For example, tax incentives are a good way to encourage firms of all sizes to innovate and create intellectual property. Establish dedicated innovation promotion agencies: These agencies can provide one-stop assistance to innovators, entrepreneurs, guiding them through regulatory requirements and facilitating investment and growth opportunities. Provide incentives for startups and small and medium-sized enterprises (SMEs) to promote entrepreneurship, innovation, and job creation. Additionally Maintain transparency and accountability in fiscal policies and governance to build trust with investors.
India has so much brainpower that if the government can allocate 1% of the budget to this Innovation pillar, we have high chances of achieving this goal of becoming knowledge capital. This will also enable our domestic players to compete at a global level and generate 10x export revenue for the country.
Mr. Rajendra S Pawar, Chairman & Co-Founder, NIIT Group “I look forward to the forthcoming budget with the expectation that it will align with the National Education Policy (NEP) 2020. A substantial increase in budgetary allocation for education, from 2.9% to 6% of the GDP, is crucial for the policy to deliver its full potential and attain national objectives on the path to global leadership.”
Dr. MAHESH, CEO, CREATICITY, “There needs to be a significant impetus given to furniture as a category, and this could be on both the manufacturing and retail fronts. In terms of manufacturing, more encouragement is welcome and much awaited, particularly for small to mid-scale enterprises. The establishment of furniture parks should be given an accelerated thrust, enabling Indian players to achieve scale and efficiency. Furniture could be viewed as an essential item category, with tax structures changed accordingly. Such a move would bring about a transformative shift, strongly and sizably organizing the furniture category. This will pave the way for greater contributions to the exchequer and fuel the organized growth of this category, which ranks just next to food, shelter, and clothing in terms of necessity”
Yashna Garg, CMO, Zeon Lifesciences Ltd “This budget isn’t just about numbers, it’s about building an India where everyone thrives and no one gets penalized for being who they are. We need investments that unleash potential, not pinch pockets. That means ditching the tax on pads – periods are a fact of life, not a luxury tax. It also means scrapping the pink tax on everything from razors to haircuts – women shouldn’t pay extra for simply living their lives. And most importantly, it means revamping our schools to teach real-world skills like problem-solving, coding, and managing money. But here’s the game-changer: let’s also teach boys how to treat girls with respect and equality. Imagine classrooms where kids learn not just facts, but also empathy, where respecting and empowering women becomes an ingrained value, not just a textbook lesson. This budget can be the spark for a generation of men who see women as partners, not obstacles. When we invest in both female power and male responsibility, we unlock India’s true potential. This year, let’s build a future where women soar, not just survive, and where innovation blossoms with a youth prepared to create a brighter tomorrow.”
Richa Bhanot, Director, Wellessentials “As the founder of a wellness tea startup currently in its soft launch phase, I am eagerly awaiting India’s 2024 budget with great anticipation. This budget is critical, not just as a financial blueprint, but as a source of hope and guidance for entrepreneurs, particularly women in diverse sectors.
In the rapidly evolving wellness industry, where my business is bootstrapped, there’s a substantial need for governmental support and encouragement post pandemic. Enhanced funding, tax relief, and incentives in sectors like wellness and health can empower female-led businesses, driving growth and innovation in these crucial areas. I anticipate initiatives that will reduce the gender gap in entrepreneurship, such as easier access to capital for women-led businesses and tax incentives for startups focusing on health and wellness.
Furthermore, considering the significant impact of the pandemic on mental and physical health, increased budget allocation towards healthcare, emphasising preventive care through natural and holistic approaches, would be a progressive step. This would not only boost businesses like mine but also contribute to the overall well-being of our society.
Additionally, I hope for enhanced digital infrastructure and education reforms. As more women venture into entrepreneurship, they need digital tools and skills to thrive in the modern economy. Investment in these areas can catalyse a wave of female-led digital entrepreneurship, opening new avenues for growth and innovation.
In essence, the 2024 budget could be a game-changer, particularly for sectors like wellness, where women entrepreneurs are increasingly making their mark. It’s an opportunity to craft a more inclusive economy and a healthier nation.”
Devashish Shamra, CEO and founding member of Taggd “As we approach the Union Budget 2024, it becomes imperative to prioritize initiatives that enhance employability and foster skill development. As per the job landscape is concerned our expectation from the union budget lies in the three segments :
1) Outcome-based Upskilling Investment: Almost all industry segments : Whether it is IT, automobiles, Healthcare or manufacturing – are going through a phase of transformation. People are grappling with the obsolescence of their skill sets, while not all employers possess the means to upskill their workforce comprehensively. Can the Government support this through focused initiatives around this area?
2) Investment in Digital Infrastructure :With the IT industry going through a slump, the Tech Talent of India has fewer opportunities at hand. While the demand for digital talent exists in other industries all of them together can provide opportunities to less than half of the available talent. Initiatives around upskilling tech talent around contextual applications and Government-led investment in Digital infrastructure will create more opportunities.
3) Social Security of Gig workers : The gig economy in India is poised for substantial growth, with a NITI Aayog report projecting a potential increase to 2.35 crore gig workers by 2030. Anticipating a rise in gig or contractual hiring to 9% of the total workforce in 2023, key sectors such as automotive, engineering & and manufacturing, GIC, and IT will play pivotal roles in this expansion.
Social Security coverage – which includes health insurance, is one of the basic steps we need to take for the overall well-being of this segment. Few states have placed some mechanisms into action (Rajasthan Gig Workers Act), but an initiative driven by the Centre would be a great booster for India being the Gig Talent capital of the world.”
Mr. Shekhar Sanyal, Country Head and Director, IET India “I would expect the union budget to focus on providing infrastructure, support and investment for skilling around future applicable technologies like quantum, industrial metaverse, and artificial intelligence. We at the IET, believe that future tech will create millions of jobs for India provided we skill our workforce accordingly. Additionally, funding has to be available to the complete education system from primary to higher education to help overhaul the curriculum and assessment to be more in step with current realities. Vocational and hands-on skilling needs a fillip through governmental support. Investment has to be increased on R&D in India as well as creating a robust IP policy and training around applying and protecting intellectual property. There has to be strong incentivisation of the delivery of accredited, outcome-oriented, engineering education. Additionally focus, structure and incentives must be provided to help create the Industry-Academia bridge to foster innovation.”
S Anand, the Chief Executive Officer and Founder of PaySprint, a fintech venture “As the Founder & CEO of PaySprint Private Limited, with a deep-rooted commitment to driving innovation and fostering financial inclusion, my expectations for the India Budget 2024 revolve around key measures that can propel the fintech sector forward. With over two decades of experience as a Senior Techno-Functional professional, I bring a unique perspective, anticipating policies that can support the industry’s growth and impact.
Now, as we brace ourselves for the upcoming elections, the Union Finance Minister is consciously driven to present the Union budget 2024-25, with it being a prerequisite to anticipated financial planning and fueling economic growth.
SMEs play a crucial role in the Indian Economy and are considered the driving force behind socio-economic development in India. Currently, there are more than 90 million SMEs in India, which have generated over 110 million job opportunities and contribute more than 30% to India’s GDP, as stated by Niti Ayog.
However, Despite making progress and advancing toward financial inclusion, SMEs’ potential is yet to be chased optimally. For instance, in many cases, SMEs are not bankable, due to lengthy/ complex paperwork, lower capitalization, longer duration to get credit & no-online modes for tracking of loan applications. Making these challenges one’s superpower, Business Banking solutions by SMEs should be made more accessible and convenient, by integrating services under one unified platform, making it a one-stop shop offering financial services or non-financial services, encompassing insurance, payment of taxes, utility bills, and e-ticketing.
With it being a catalyst, SMEs have found themselves non-bankable due to no credit rating as well as disturbed cash flows. The issues mainly breed around low technology innovation, inadequate product as well as less security or no collateral. To its rescue, there should be solutions such as customer innovation or reduced complexities.
By addressing these challenges and providing comprehensive business banking solutions, SMEs can unlock their full potential and contribute even more significantly to the Indian economy.
I anticipate that Contextual finance should be at the forefront, providing personalised experiences to customers’ businesses on a larger scale. Additionally, this approach would allow these platforms to use data to improve financial access and reduce costs. It is by introducing banking solutions in a way that would streamline SME operations with utmost efficiency. It is the introduction of such steps, which can propel this sector forward and help SMEs move away from the tag of underserved.
Picture this, remote account openings for businesses, effortlessly user-friendly digital banking experiences, seamless integrations that connect all aspects of our financial lives, and bespoke financial solutions tailored to meet requirements of each business.
As per the budget of 2024, we look forward to a push to opening of Current Account for SME and thereby, leading to tech solution/platform of Account Aggregator of Current Account’s along with all transactions in a single platform, thereby contributing to a better user experience, effective fund management and the ability to attract capital/funds.
Continuing the discussion related to business banking, we anticipate a breakthrough in technology, with the government introducing provisions to support SMEs in supporting the adoption of real-time banking with quick payments.
In light of this, it is envisaged that staying ahead in technology and being backed by supportive policies is not only a requirement but the need of the hour.
Additionally, the banking landscape must undergo development, with proposed investments for SMEs regarding payments, digital reforms, and small-finance banks, as underpinned by many. Also, Awareness was found lacking about government programs, implemented through banks for the development of the SME sector. Therefore, we expect intervention in this regard from the Government.
As we approach the unveiling of the budget on the 1st of February, the fintech community looks forward to policy initiatives that align with these expectations. A budget that recognizes fintech’s pivotal role in shaping financial services’ future and provides the necessary support will undoubtedly contribute to India’s more inclusive, technologically advanced, and thriving fintech ecosystem.”
Mr. Avneet Singh Marwah, CEO of Super Plastronics Pvt. Ltd. “The next financial budgets are crucial to maintaining India’s standing as the 5th largest economy in the world. India contributes $3.4 trillion to the $104 trillion global economy and has the highest young population. To fully realize this potential, the government ought to support consumption. In line with the strong GST trend, we anticipate cutting the GST on LED TVs larger than 32 inches from 28% to 18% in Budget 2024. For the market to flourish, PLA schemes must be expanded to include smart TVs, refrigerators, and washing machines. Income tax slabs might be reevaluated to improve disposable income, which will promote spending and raise consumption in general.”
Pallavi Singh Marwah, Sr. VP of SPPL below “I applaud the anticipated rise in budget allocation for women, signaling progress over the past decade. The implementation of schemes like direct cash transfers and the potential introduction of skill development programs tailored for women are promising steps. It reflects a commitment to fostering economic empowerment and inclusivity. We look forward to the positive impact these measures can have on the lives of women across the nation, driving both personal growth and contributing to the overall economic landscape.
To combat the downfall of the markets and soaring inflation, it is urged that the government take growth-oriented measures to increase sales like simplified GST norms, investment in upskilling, and reforms in tax slabs for consumers as well as retaining the 15% corporate tax for new manufacturing units would help in boosting the retail industry. Since this is an interim budget, monumental changes may not be expected here but those outlining a complete budget.”
Mr. Amit Mishra, Co-Founder of 91Squarefeet
Real Estate
“The real estate industry stands as a cornerstone in India’s economic growth, emerging as one of the largest employment-generating sectors.
The government should consider augmenting allocations for infrastructure projects to propel real estate growth in urban areas. Additionally, implementing a unified GST solution for real estate developers, enabling them to claim input tax credits for all construction materials, would not only lead to a reduction in property prices but also enhance transparency throughout the supply chain.
Moreover, there is a pressing need to incentivize financial institutions to create a more conducive financing environment for both real estate developers and contractors. These measures would serve as catalysts for expediting real estate projects and fostering infrastructure development.”
Startup Market
“To catalyze the spirit of entrepreneurship in India, the upcoming Union Budget 2024 should pave the way for a progressive and inclusive Capital Gain regime for Startups, like the ones enjoyed by listed companies. This move will stimulate increased investment in the startup ecosystem and unlock unprecedented growth opportunities. Addressing ESOP taxation for Startups is vital to attracting and retaining top-tier talent, and fostering innovation and excellence.
A holistic review of the regulatory framework is essential to create a more conducive and less stringent environment, empowering startups to thrive and contribute significantly to the nation’s economic landscape”
Mr. Rahul Garg, Founder and CEO, Credlix “With the knock-on impact on global trade in the aftermath of repeated global shocks since Covid including the recent conflict in the Red Sea region, focus has shifted to re-contouring of trade strategies. For India’s exports to remain competitive the need for lowering logistic and transactional costs has intensified, in addition to diversifying of export destinations. In the upcoming interim budget, we expect the government to address the issue of inverted duty structure to cover broader set of industries where India has an advantage. In addition to support to traditional sectors of gems & jewellery, textiles, leather, & engineering goods, sunrise sectors like semiconductors, electronics, defence & green tech are expected to be incentivised.”
Nitya Sharma, Founder and CEO, Checkout Network, Simpl ‘The Indian startup sector, if nurtured well, has the potential to significantly accelerate commerce in the country, elevate people’s lives and fastrack the journey of India’s internet economy to $1 trillion by 2030. While the early initiatives have helped establish India as the third largest startup ecosystem, the next decade of growth would be set by the decisive calls taken now in strengthening the ecosystem. This year’s Vote on Account followed by the full year’s Union Budget should view startups as the sunrise sector, provide easy financing for sellers akin to MSMEs and open up more avenues in the era of Unbundling of E-commerce which has started with ONDC. We would expect a greater collaboration between the government and industry in further simplifying the Ease of Doing Business in India and resolving bottlenecks swiftly.
Siddharth Banerjee, CEO, UNIVO Education “India has the potential to emerge as a global superpower in education. Aided by the framework of the NEP 2020 and the recent positive developments for the online higher education industry, we are well positioned to accelerate our GER from current 27% levels. Given the importance of quality online education, the government will surely consider relevant Tax exemptions and lower GST rates to bridge the skill gap, along with encouraging reduced and subsidized interest rates on educational loans for aspiring students across the nation. Online Higher Education in India goes across socio-economic strata and across Metro/ Tier 2-3-4 cities and we look forward to continued support from the government to continue aiding the nation-building efforts by providing quality higher education and helping improve lives and careers.”
Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya “The onus of Viksit Bharat@2047 rests on the shoulders of our youth in India. Therefore, education stands as a cornerstone for global prominence. We appeal to the government to join us in surmounting the challenges that plague our education system. Bridging the digital divide is imperative, and we propose fortifying the digital backbone of educational institutions across the nation. Our plea includes substantial support to make education accessible and inclusive for all, transcending geographic and socio-economic barriers.
In this context, we seek tax exemptions and lowered GST rates, aligning with our mission to narrow the educational gap. Additionally, reduced and subsidized interest rates on educational loans are crucial for fostering optimal growth and development within the education sector, paving the way for affordable education for every aspiring learner.
With optimism, we look forward to the 2024 interim budget, envisioning its potential to transform the EdTech sector into a resilient, reliable, inclusive, and innovative force. Our collective goal is to ensure that every child has the opportunity to learn, grow, and contribute, embodying the spirit of ‘Baccha Seekha ki Nahi.’
Mr. Akshay Munjal, Founder & CEO, Hero Vired “Anticipating the Interim Budget 2024, our expectations center around fostering the growth of startups and establishing a robust policy framework for an enduring ecosystem. To promote research and development in the education sector, we call for a review of the 18% GST on education services, aiming to alleviate financial burdens. In this budget, emphasis must be placed on skill development, accompanied by a crucial need for the recognition of online degrees, which enhances the credibility and overall operations of EdTech firms. Additionally, we anticipate comprehensive support through priority-sector lending, facilitating all-encompassing expansion for both conventional and modern education. To forge a digitally proficient and futuristic educational system, the acceleration of technological adoption to boost the skilling industry is paramount. Smooth access to funds becomes equally critical in this pursuit. The budget’s potential to invigorate the EdTech sector lies in expediting innovation, improving accessibility, and fostering inclusivity through policies that create a harmonious environment for sustained progress.”
Dr. Dhruv Galgotia, CEO, Galgotias University “Dr. Dhruv Galgotia, at the helm of Galgotias University, eagerly anticipates a budget that not only prioritizes education but harmonizes seamlessly with the ambitious ‘Viksit Bharat@2047’ vision. The recently unveiled 2023-24 budget, allocating a record Rs 1.12 lakh crore to education, raises expectations with an impressive 8.26 percent surge, marking a substantial increase of Rs 8,621 crore from the previous year.
Aligned with the holistic goals of Viksit Bharat@2047, encompassing economic growth, social progress, environmental sustainability, and good governance, Dr. Galgotia underscores the crucial need for a budget that integrates AI and technology into education. This integration stands as a pivotal step towards aligning the educational system with the future demands envisioned by the Prime Minister’s initiative.
Looking forward to 2024, Galgotias University sets its sights on pioneering pedagogical approaches tailored to the 21st-century landscape. Actively investing in advanced teaching methodologies, fostering interdisciplinary collaborations, and cultivating an environment that champions exploration and creativity, the institution’s forward-looking approach goes beyond conventional education, aiming to empower students with the skills, mindset, and resilience necessary for success in our ever-evolving global landscape.”
Devroop Dhar, Co-Founder & Managing Director, Primus Partners “From the perspective of the IT and Tech industry, the forthcoming Union budget is the right platform to consider expediting Government expenditures directed towards the creation and improvement of digital public goods, with a particular emphasis on domains like healthcare, education, agriculture and MSMEs. Introducing a comprehensive digital initiative for family-based benefits could prove instrumental in ensuring the widespread implementation and saturation of schemes, leaving no eligible beneficiaries overlooked.
With significant discussions and deliberations on AI during the recently concluded G20 summit, there is a likelihood that the Government may focus on advancing and localizing AI, particularly generative AI. Incentives for startups and innovators in emerging technologies such as AI and blockchain may also be on the cards. Quantum computing is another sector where we anticipate further Government attention and financial support.
Now that the Digital Personal Data Protection Act is in effect, the Government might shift its focus towards fortifying data protection and cybersecurity measures across public institutions, critical sectors, and sensitive installations. Another anticipated outcome from the budget includes clear and comprehensive guidelines and policies regarding crypto regulations and the future trajectory in this domain.”
Mr. Gaurav Aggarwal, CEO and Founder, CarLelo, A Capri Loans Venture “The landscape of online new car sales has experienced a substantial surge over the past 4-5 years, driven by an increasing preference for consumers buying cars digitally. We are expecting some key developments from the budget like a reduction in the GST rate that will support home-grown players in investing in newer technologies for enhanced mobility offerings on a global scale. Then, re-evaluation of the import structure for electric vehicles is also sought to address disparities in GST rates, providing a much-needed boost to the start-up community through government loans and investments. As an online new car market player, we are closely monitoring these developments, recognizing their potential impact on the electric vehicle market. Our commitment is to adapt our platform to the evolving landscape, ensuring that our customers have access to the latest and most sustainable automobile options. We look forward to the Union Budget introducing measures that not only support the growth of the electric vehicle industry but also contribute to a more sustainable and eco-friendly future.”
Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd. “The visionary stance of the Union Budget 2023-24 towards sustainable mobility played a pivotal role in the successful realization of the target of 1 million electric two-wheelers, providing crucial support to the industry. Looking ahead to the Union Budget 2024-25, there is anticipation for a further boost in support for Electric Vehicle (EV) infrastructure in the country. Optimism surrounds the potential reduction in both input and output Goods and Service Tax (GST) for EVs and spare parts—a move that would significantly enhance accessibility and broaden the reach to the masses. Additionally, hopes are high for increased financing opportunities, propelling research and development to a larger scale. This, in turn, would open doors for substantial investments in the ecosystem, accelerating India’s overall adoption of electric vehicles. A crucial aspect lies in the call for added incentives specifically directed at Indian Original Equipment Manufacturers (OEMs), aiming to stimulate advancements in localizing EV technology, fortifying the indigenous industry, and contributing to a more self-reliant and progressive economic landscape for the industry.”
SK Chaudhary, Founder Director, Safex Chemicals “I anticipate Budget 2024 to be a catalyst for transformative change in agriculture. With India’s imminent elections, the government’s focus on our sector is crucial. I urge increased allocation for research and infrastructure development. Strategic investments in irrigational infrastructure will significantly contribute to the growth and sustainability of Indian agriculture. The persistent challenge of El Niño has exposed the vulnerabilities of agriculture by impacting not only yields but also livelihoods. Hence, it is important to allocate funds to research institutions for developing climate tolerant crops. These strategic investments in irrigation & research will mitigate the impact of climatic uncertainties, fostering resilience in the agrochemical industry. I believe, together, we can cultivate a brighter, more resilient future for our farmers and the nation”.
By Unicommerce “India’s vibrant retail sector, supported by the expanding e-commerce ecosystem, continues to evolve to meet the needs of its users.Over the years, the government has integrated technology tools to simplify taxation, streamline logistics and promote the use of e-commerce to boost exports. We anticipate continued support of the government in facilitating the use of technology to make India’s retail sector future ready and aligned with growth opportunities. At Unicommerce, we look forward to supporting this.”
Mr. Rohit Arora, CEO and Co-founder, Biz2Credit and Biz2X “We anticipate a budget that prioritizes financial inclusion and ease of doing business, fostering a conducive environment for growth. Measures such as simplified regulatory procedures and reduced compliance burdens can empower startups and MSMEs, promoting a more agile and competitive landscape. Access to affordable credit remains a cornerstone for these entities; thus, the budget should consider incentivized lending rates, credit guarantee schemes, and increased funding channels to enhance financial resilience. Targeted tax incentives for research and development activities can further stimulate innovation within these sectors. In alignment with the digital era, investments in digital infrastructure, cybersecurity, and skill development are essential for the sustainable growth of startups and MSMEs. A comprehensive budget addressing these expectations will not only fortify their financial foundations but also propel these sectors to play a more significant role in driving economic recovery and job creation.”
Raj Ramachandran, Partner, JSA Solicitors and Advocates
Incentive for new manufacturing domestic companies under section 115BAB of the Income Tax Act:
The benefit of concessional income tax rate of 15% applicable to new manufacturing domestic companies is expected to be extended beyond March 31, 2024. When originally introduced, the condition was that the new manufacturing domestic company should have set up and commenced manufacturing on or before March 31, 2023, which was extended by a year in the 2023 budget. Given the focus on domestic manufacturing, and to provide the necessary incentive and attract more investments, an extension of the date is expected.
More sectors to the benefits of production linked incentive scheme:
Currently about 14 sectors are covered under the production linked incentive scheme. The various stakeholders are expecting more sectors being covered under the PLI scheme, and these include handicrafts, jewellery, etc. These are typically sectors which are localised and have the potential to generate employment opportunities, boost exports, and will further augment the “atmanirbhar” goal.
Easing of rules for domiciling companies in India
To encourage companies to domicile in India, the investor and promoter companies expect that the Government will ease the rules of domiciling/ re-domiciling. These could include tax benefits, clarity on taxation on transfer/ swap/ sale of shares, and easier procedural norms under foreign exchange regulations. This would in the short-term help with generation of employment opportunities, foreign capital for operations, and also create the environment for such companies to consider accessing capital markets in India.
Rooftop solar: Additional push for rooftop solar power (under the Suryodaya Yojana) is also expected. The stated intent of the scheme is to reduce the electricity bill of the poor, and to make India self-reliant in the field of energy. As per reports, the government’s expectation was to achieve installation of 40 GW in rooftop solar, although up until recently, the installed capacity has been only about 12 GW, out of which over 75% are non-residential. Adoption of the technology will not only result in lower electricity bills, but result in sustainability and reduce the carbon footprint.
Ms. Poulomee Ghosh, Senior Partner– TRANSEARCH India- Non-Profit & Education Practice “As we approach the 2024 interim budget, we eagerly anticipate the government’s renewed commitment towards investing in the future of the country’s children and youth through a focus on quality education, which is inclusive and accessible for all, along with providing relevant knowledge and skills for meeting the diverse challenges of the future. It is important to understand, that the education system of a country serves as a cornerstone in its progress and development, demanding a commitment of incremental allocations year on year. While the post-COVID era witnessed some higher allocation in school and higher education budgets, we expect that this budget will prioritise funding for need-based financial aid, and harness technology aiming to provide equal opportunities for higher education access irrespective of financial circumstances. We hope that the budgetary allocation for education, over the next few years, will inch towards the figure of 6% of GDP, as desired by the National Education Policy, serving as a base to enhance the learning outcomes and upskilling within the country.
We look forward to the budget allocating funds for research and development, promoting expansion into newer areas of specialization and the progress of knowledge. Support for faculty and staff professional development is also crucial. Additionally, we anticipate an augmentation in funding for initiatives that support diversity, equity, and inclusion, aiming to provide equal opportunities for success amongst all.”
Mr. Milan Sharma, Founder & MD, 35North Ventures
New emerging trends in cyber security –
In my view cyber security in defence is an area to watch far in coming years. The defence is in dire need of cyber solutions for all. Of its armed forces, these solutions are required at an alarming pace. This has created an opportunity for start ups in cyber defence areas. The new warfare is not dependent on firepower, rather is dependent on cyber powerhouse. Nation needs to strengthen its technological infrastructure. AI and ML were the buzzwords of the year 2020-2021. Similarly, cyber security for national defence will be the next buzzword for the year 2024-25.
India has emerged amid a global crisis and is now among the top tech-developing nations.
Aerospace is among the most trending sectors in the global economy. However, the R&D expenditure is massive given the fact that each equipment and component has to be tested to perfection before the actual spacecraft or shuttle goes for testing. If India wants to be among the global leaders in aerospace technology and engineering then the government needs to infuse support for R&D infrastructure not just expenditure.
Given the lower margin in the aerospace industry, startups require tax holidays or tax exemptions along with relaxation on custom duties as these startups are required to import components for building launchers, shuttles and other space vehicles. Given that this budget is the interim budget the government should focus on vital issues such as R&D infrastructure along with testing facilities, tax rate and tax exemptions.
With the big budget announcement only two days away, businesses are expecting favorable changes that will ease and drive growth in the future.
considering that FinTechs are pioneering with tech innovations for developing payment infrastructure in rural areas. These businesses want the Government to implement policies that would support and enable them to grow.
Additionally, space tech businesses want GST exemptions for equipment such as launch vehicles, rocketry, and satellite imaging. They also want FDI policy easing along the lines of the defense industry’s brackets.
Shashank Singh, Co-Founder at Poshn “Agriculture remains a critical cog in the economic growth and our food sustainability. We are expecting the budget to announce a slew of policies supporting the startup ecosystem around agritech. We also expect programs which could bridge the gap between the entrepreneurs and the farmers at the grass root level by creating more incubator programs and providing fund support for the same.”
Sudhanshu Rai, Co-Founder at Fyllo “Agriculture is the backbone of the country with 15% contribution to the GDP and 120 Mn grower farmers. The horticulture sector contributes to 33% of the agriculture GDP with 16% of the sowing area. We rank second in fruits and vegetable production in the world but our share in the global market is just 1%. This is the sector if worked well, can increase the farmers income to INR 2.5 Lacs/acre and increase the country GDP/exports. The challenges that we face are mainly in the quality standard of global market These challenges could be solved using digital technologies like farm IoT and bringing new verities. The farm IoT coupled with mobile app doesn’t only help farmers grow export quality produce but help them reduce the usage of fertilizers by 25% and irrigation by 40% (over and above the drip irrigation). We spend ~2Lac crores on fertilizers subsidy and much more on power subsidy and irrigation systems like canals etc. If we restructure it and support with farm IoT we could be saving double than the incentives given to farmers to adapt farm IoTs.”
Dr. Somdutta singh, Serial Entrepreneur, Founder and CEO Assiduus Global Inc
E- Commerce
Embracing technology is crucial for the success of the retail industry. A well-structured budget that aims to enhance business and foster innovation, allocating funds for research and development, along with the integration of cutting-edge technologies such as artificial intelligence and data analysis, will enable businesses to stay attuned to consumer demands. Additionally, collaborative efforts involving government bodies, business leaders, and educational institutions can establish a shared working network that supports the inception of new businesses.
Moreover, policymakers should prioritize attention to small retailers in tier 2 and tier 3 cities. These cities have stores with the potential to thrive and compete with more established businesses. The budget should earmark funds for enhancing skills and adopting technology. By investing in education and skills development, the government can uplift local businesses, enabling them not only to withstand market challenges but also to excel in the demanding retail landscape.
I am anticipating that this budget might endorse the implementation of the ‘Open Network for Digital Commerce’ (ONDC) initiative. This initiative can empower MSMEs to access various e-commerce platforms without encountering entry barriers, benefiting from standardized data and processes. The adoption of e-commerce by MSMEs will facilitate their entry into both domestic and international markets, contributing to economic growth. Allocating budgetary resources to enable MSMEs to integrate e-commerce platforms into their business strategies will foster sustainable development. Additionally, ONDC will play a pivotal role in shaping the MSME ecosystem, aiding suppliers in reaching a broader customer base and leveraging diverse logistics for accelerated growth.
FMCG Sector
According to certain projections, the FMCG sector is poised for a growth rate of 10% in Tier II and III cities, and notably, a 12% growth in markets with an urban-centric focus. While these figures are encouraging, I believe it is crucial for our government to pay special attention to this sector. The FMCG industry operates as a dynamic network of various segments, each mutually contributing to the growth of others and influencing the overall functionality of the sector. Among these segments, the Supply Chain holds paramount importance, with the sector’s efficiency and growth hinging significantly upon it. We need a concerted effort to streamline the movement of goods and commodities through various modes such as rail, road, and air. Here, I see an opportunity for special emphasis on transportation through EVs, particularly given the government’s promotion of public transport via electric buses on major routes across India. Implementing a similar approach for cargo transport could revolutionize the sector, addressing significant overheads and reducing transportation costs. The saved resources could be redirected into product development through research initiatives, attracting more players and financial investments, thereby consolidating the industry’s position.
I am also anticipating a strategic focus on the digital infrastructure, skill enhancement, job creation, and the development of MSMEs will undoubtedly rejuvenate and enhance consumer spending. Increased allocations to schemes like the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and proactive measures in the agriculture sector will support rural household incomes, contributing to overall economic enhancement. My expectations center on fostering innovation and digitalization. I envision this budget as a promising channel to introduce incentives that could significantly propel technological advancements within the retail landscape. Envisaging an environment conducive to growth, I anticipate measures such as streamlined regulations, heightened support for R&D and robust infrastructure development.
Nehal Mota, Co-founder, Finnovate “With growing heft of mutual funds in India (AAUM over Rs51 trillion and monthly SIP flows of over Rs16,700 crore); mutual fund demands from this Budget become critical. It is expected, the new tax regime (NTR) will help individuals still avail benefits of investing in ELSS funds. Currently, equity FOFs (fund of funds) are taxed as non-equity funds, and it needs to be re-defined as equity funds for efficient tax treatment. Mutual funds must be at par with ULIP, since capital gains are tax-free in the latter for annual premium less than Rs2.50 lakhs. The shift to the new tax regime (NTR) has made LIC numbers quite hard. There are 2 key demands for insurance companies.
This interim budget, companies seek insurance benefits under the NTR and, in addition, an exclusive Rs. 1 lakh insurance exemption under the previous tax regime’s Section 80C. There are also demands for expanding the Rs1.50 lakh limit and also to position pension funds at par with the NPS scheme in terms of taxation. The special Section 80CCD benefit of up to Rs50,000 per annum for NPS, loses significance with the NTR in place. The demand is to allow Section 80CCD under the NTR and also enhance the limit to Rs1 lakh to induce people towards social security. In addition, PFRDA has also asked for NPS claim exemption up to 10% of basic to be raised to 12% of basic; at par with provident funds. However, this will be an interim budget only.
Vikash Kumar Jain,Co-Founder & Director at Share Samadhan Limited
Unclaimed Investments: Anticipating Positive Strides in Budget 2024
“With Budget 2024 approaching, Share Samadhan has identified key areas for unclaimed investment recovery that could benefit from further development. Last year’s Budget proposal for a centralized IEPF claims platform was welcomed for its potential to streamline the process.
However, progress on the announcement has been slower than anticipated. This underscores the importance of concrete action in Budget 2024 to fully realize the platform’s promise of enhanced transparency and efficiency.
We reiterate our support for prioritizing the platform’s implementation, aligning with its mission to simplify unclaimed funds recovery. The ongoing efforts to raise awareness and encourage repatriation are also commendable and deserve continued support.
Additionally, we highlight the potential benefits of adopting AMFI’s centralized system for unclaimed mutual funds, further enhancing transparency and accessibility in the recovery process.
As advocates for effective unclaimed investment recovery, Share Samadhan looks to Budget 2024 as an opportunity to equip investors with the timely and efficient tools they deserve.”
Vivek Banka, co-founder, GoalTeller ” As we close in on the final year of NDA 2 and the upcoming budget ( Vote on account) since the elections are due later this year, there is a lot of excitement on the prospects of a popular budget keeping in mind popular sentiments.
However considering the fact that NDA’s return to power seems imminent, political compulsions might not be as high and the current dispensation would treat this as a regular budget.
The last few years have been pretty positive for equity markets on the back of great macro fundamentals of our economy having good growth with manageable inflation.
We believe that the FM should not upset the apple cart by unnecessary tampering of any direct taxes on the higher side. With the governments tax kitty rising with better tax compliance and also higher indirect taxes, there is cause for the government to relax income tax slabs and/or increase some of the deductions etc. I also hope the government will ease NPS guidelines of mandatory annuity and most importantly not tamper with the capital gains structure”
Mukul Kumar, Founder, Gloworld Energy Private Limited “India’s Budget 2024 has been anticipated, particularly in the fields of sustainability and corporate social responsibility. The government is expected to propose policies that will expedite development in these sectors, given India’s aspirational climate goals and growing emphasis on ethical business practices.
Increased funding for renewable energy by 2030, India hopes to have 500 GW of capacity for renewable energy. Tax rebates and other incentives are probably going to be included in the budget for companies who implement sustainable practices. Support for adapting to climate change. India is among the nation’s most susceptible to its effects.
A large GST cut on solar equipment would revolutionize the industry and increase everyone’s access to and affordability of sustainable energy. To draw investments and create a vibrant solar environment, we need long-term, clear policy signals, such as prolonged production-linked incentives and strong grid integration plans.”
Abhay Bhutada- Managing Director- Poonawalla Fincorp “I think the 2024 interim budget will help deepen NBFCs contribution to India’s sustainable economic growth, aligned with the goal of becoming 5 trillion USD economy. This budget should lay emphasis on offering liquidity assistance to galvanize the lending ecosystem. I hope for more progressive policies to strengthen Fintech and digital lending ecosystem and enhancing digital skills, as well as supporting and ensuring a robust regulatory framework for NBFCs.”
Sandeep Chachra, Executive Director, ActionAid Association “The 2024 Interim Budget should prioritize initiatives for marginalized communities in urban and rural economies, focusing on sustainable livelihoods, infrastructure development, and social welfare measures. Investments in urban infrastructure, skill development, and digital literacy will empower communities, while ensuring access to basic facilities and healthcare for Nomadic Tribes and Denotified Tribes. Aligning budgetary allocations with justice, equality, and non-discrimination principles is crucial.”
Vinesh Menon, CEO, AMPERSAND Group “The rapid momentum picked up in the Digital India initiative must now translate to democratizing education delivery to the children of economically challenged sections. School Education deserves 6% of the GDP to introduce Subsidy for digital equipment for wider outreach, earmark a separate budget for innovation in education to upgrade government schools and power better execution of important initiatives like DIKSHA. School education needs to shift out of the ICU & these would be welcome game changers to trigger the same.”
Mr. Mahesh Krishnamoorthy, Managing Director, Core Integra “Being the election year, the salaried class would have high expectations from the Budget. Few asks could include raising the basic exemption slab to at least 5 lacs and simplifying the tax rates to 10%, 20% and maximum 30% along with eliminating the surcharge and cess. Income Tax Returns could be simplified for Employees who have not other source of income other than salary, the submission by Employer along with TDS as applicable must be considered as auto filing of returns.”
Mr. Varun Gada, Director of LP Logiscience- A Liladhar Pasoo Company “As a pivotal player in the Indian logistics and supply chain sector, I have witnessed its transformative role as a backbone of the economy during the Covid era, contributing significantly to India’s global economic standing. The warehousing and contract logistics segment, integral to the trade supply chain, faces challenges that, if addressed in the upcoming Union Budget, can fuel its long-term growth and holistic development.
Projections indicate a promising future, with the Indian warehousing market expected to grow at a CAGR of 15.64% by 2027, reaching a valuation of INR 1,206.03 Bn in 2021. H1 2023 witnessed a remarkable 35% YoY increase in total space take-up, driven by the Third-Party Logistics (3PL) players, contributing 43% to leasing activity. However,
despite positive government initiatives, challenges persist, necessitating attention in the upcoming interim Union Budget. Addressing issues such as reducing steel prices, incentivizing standardization, aid or subsidy for skill development and training, access to capital for investment for Grade A warehousing and digital adoption, and subsidies for adopting solar and sustainable practices of warehousing remain key focus areas. Alleviating the impact of high competition, costs, and competitive taxes to remain globally relevant, is crucial for the sector’s smart and digitally equipped development.
In summary, with positive trends in leasing activity, and supply additions, the warehousing sector in India looks ahead to the Union Budget 2024 with anticipation, seeking policy support to propel it into a new era of efficiency and competitiveness amid global uncertainties.”
Mr. Rajesh Mehta, Executive Director of Liladhar Pasoo Group.
- We anticipate railways to be focused on reducing the dependency on roads.
- Efficiency to be gained through increased speed of 50kms /hours from 25kms / hour
- Innovation in express transportation is needed to support e-commerce volume.
- Coastal and waterways development will continue.
- Logistics Park to replace ICD and CFS over a period to make an ecosystem for MSME manufacturers and general trade.
- Dedicated road corridors to promote industrial belt linkages and faster movement of goods from produce to markets.
- We are still away from calling India logistically seamlessly integrated. The same is to be fastened across different govt departments and stakeholders.
- Skill development to be part of the curriculum since the pace at which manufacturing is set to grow and support functions like logistics and supply chain as per best practice will only add more demand on skill sharpening, training, and attracting talents to this industry.
- IMEC will be the game changer once the geopolitical situation improves, it will reduce India’s dependency on the Suez Canal though will need to address many complex challenges.
- Soft infra providers to be awarded infrastructure status or similar benefits to maintain the expectation of the trade and global supply chain while reducing the cost of ops.
Mr. Arjun V Founder and CEO of Arivupro Academy “As we strive to make India a 5 trillion-dollar economy, Arivupro is committed to playing a pivotal role in shaping the future of financial professionals. In anticipation of the Union Budget 2024-2025, our expectations align with those of aspiring finance students, encouraging them to pursue careers in wealth management and financial expertise.
For Arivupro and other startups in the sector, we anticipate tax incentives and holidays that span various dimensions. This includes support for internships, skill-based training, and investments in technology-driven solutions. Additionally, collaborations with international partners are crucial for fostering growth and innovation in the financial education sector. These measures will accelerate our efforts and contribute significantly to India’s journey in producing world-class finance professionals. We look forward to a budget that propels economic growth and empowers the next generation of financial leaders.”
Mr. Vimal Kumar CEO & Co-Founder of Ionage Technologies. “In CY23, the Electric Vehicle (EV) domain has experienced a profound metamorphosis. Notably, two-wheelers (2W) and three-wheelers (3W) have surged ahead, witnessing 33% and 63% growth, respectively, despite reductions in incentives. This surge signals a critical juncture where these vehicles are transitioning from niche to mainstream, reshaping the automotive landscape. Even though the four-wheeler(4W ) market saw a growth of 109% this calendar year, the impending transformation looms on the horizon. While substantial investments are fueling this segment, widespread market adoption is yet to fully materialize, with a potential inflection point forecasted around 2025.
However, challenges persist, particularly in sectors like buses, trucks, and intercity freight, which necessitate government support for accelerated adoption. Charging infrastructure has witnessed considerable growth, evolving from convenience to necessity. Yet, incentivization remains crucial until the market reaches its inflection point, nudging consumers towards EV adoption. Furthermore, mandating clear policies on public charger specifications is vital to meet the anticipated demand for charging infrastructure.
Looking forward, the trajectory appears promising: 2W and 3W vehicles continue to dominate, while investments in the four-wheeler segment will soon manifest as tangible products. Charging infrastructure is set to multiply, even reaching upscale establishments. Geopolitical tensions and environmental concerns will urge governments to endorse a faster transition to EVs, triggering a surge in awareness and consideration of EVs as a primary transportation option. This transformative shift will redefine vehicular mobility, reshaping our transportation landscape for years to come.”
Mr. Basab Banerjee, Co-Founder and President at Magic Billion “One of the biggest items on the present government agenda is to provide opportunities for skilling and employability to the burgeoning youth of India. There is a growing requirement and attraction of Indian talent worldwide and the government has signed many memorandum of understanding for talent mobility from India to various countries Germany and Sweden to name a few. One of the ways in which large number of Indian youth can be skilled and sent to these overseas countries is by providing a mandate for banks and financial institutions to provide collateral, free, low-interest, loans to candidates who are desirous of going overseas so that this can cover the cost of the skilling process, which is so critical to make them successful for an overseas assignment. If there is a requirement of a guarantee, then the local state or central government could make provisions so that some kind of guarantee could be made available to these candidates because they may be from economically weaker sections but they are very aspirational and make a large chunk of the youth in India. Today some talent mobility companies like Magic Billion are sending a few candidates overseas who somehow managed to get the finances that are required for the skill. But if the government intervenes and makes it easy for such candidates who don’t have collateral to have access to Skill loans which are aligned, tailored, and locked to overseas employment opportunities. India can really become the Skill capital of the world.”
Mr. Harshit Jain, Co-Founder and CEO, OnePlay“India’s startup industry isn’t just growing, it’s putting the entrepreneurs into a promising space to create something big. Ahead of the interim budget 2024, we are eagerly expecting some major announcements, and government support remains the top expectation. The industry expects incentives for R&D initiatives, tech-driven solutions, cybersecurity support, and measures to fuel startups navigating the evolving business landscape. We also hope the budget shines a spotlight on enhancing and simplifying funding opportunities. In addition to this, the integration of digital and tech infrastructure will stimulate innovation, empowering the entrepreneurs to transform the way existing business is done.”
Vijendra Katiyar, Country Manager for India & SAARC at Trend Micro “In 2023, the cybersecurity landscape in India raises significant concerns due to the rising tide of ransomware attacks and an ever-expanding attack surface of organisations, which have had a substantial impact on key sectors of our economy. The evolving techniques of hackers, particularly in the realm of Generative AI (Gen-AI), have turned the past year into a crucial learning experience. Therefore, for the upcoming union budget, it is imperative to prioritize increased expenditures in AI research, strengthen the focus on cybersecurity, data privacy, and digital infrastructure.
Furthermore, directing heightened investments towards skill development for the youth is pivotal to address existing gaps and foster a future-ready workforce. Additionally, a crucial aspect that demands urgent attention is the integration of cybersecurity into the Indian education system. It is crucial to impart comprehensive knowledge about various cyber threats, securing devices, and understanding hacker techniques. This proactive educational approach is essential to empower individuals with the skills needed to navigate and mitigate evolving threats. The tech industry anticipates a budget that champions cybersecurity, AI innovation, and youth skill development, aiming to fortify not only our digital infrastructure but also pave the way for a resilient and secure future for India.” – Vijendra Katiyar, Country Manager for India & SAARC, Trend Micro.”
