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

Dive into the intricate tapestry of fiscal expectations and challenges as industries brace themselves for the upcoming budgetary landscape. ‘Navigating the Fiscal Frontier’ takes you on a compelling journey through the intricate web of pre-budget considerations, offering a comprehensive analysis of the dynamic factors influencing various sectors. Explore the anticipated impacts, strategic insights, and potential opportunities that lie ahead, providing a roadmap for businesses to navigate the ever-evolving economic landscape. Uncover the nuances that will shape the future of industries in the upcoming fiscal year, and gain valuable perspectives on how to thrive in an environment of change and uncertainty.

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

Anticipating the Budget: Industry’s Roadmap for Growth

 Mr. Lalit Ahuja, CEO, ANSR

Export incentives

Boosting export benefits, like the ones under section 10AA of the IT Act (which is now scrapped), can help GCCs in India grow and thrive. This will keep India a top place for global business.

The reduced tax rate of 15% currently enjoyed by newly established domestic manufacturing companies should be extended to newly formed GCCs. This aims to encourage the inception and smooth operations of these centers, fostering their growth and contributing to economic development.

Infrastructure

With the Tier 1 cities getting saturated, it will be encouraging if the budget can introduce steps to enhance the infrastructure and connectivity measures. Boosting infrastructure development in Tier 2 and Tier 3 cities like Jaipur, Ahmedabad, Kochi, and Indore, among others, is vital for furthering the growth of GCCs. While Bengaluru, NCR, Hyderabad, Pune, Chennai, and Mumbai remain prime GCC destinations, expanding infrastructure and connectivity measures in these emerging cities would open new avenues for GCC development. Incentivizing the establishment of GCC parks and hubs in these regions can diversify opportunities and foster balanced growth across the country, ensuring a more inclusive and distributed GCC landscape.

GIFT City

The IFSC units setup in the GIFT City, India offers various tax benefits like exemptions on corporate tax, tax holiday for ten years, reduced Minimum Alternative Tax (“MAT”) etc. increasing the profitability and hence growth of the business houses. Extending these tax advantages to other industries is crucial to unleash GIFT City’s complete potential as a center for GCCs and to support economic expansion.

Startup ecosystem

We anticipate the budget to prioritize incentives for the startup ecosystem, fostering innovation. We need a more favorable capital gain tax system that encourages easy access to capital. The government should also consider tax exemptions in FDI and maintain a sharp focus on start-up infrastructure development. As innovation has emerged as the primary focus area in GCC strategy, start-up collaboration gives GCCs access to newer technologies that can help further the innovation agenda of the enterprise. With GCC revenue expected to scale up to $100 billion by 2030, it is important for the government to take prudent steps to help start-ups, thus creating more fertile soil for GCCs.

Roland Landers, CEO, All India Gaming Federation

Standing at the dawn of a digital revolution, union budget is an opportunity to fuel the trajectory of India’s online gaming eco-system. Looking forward to the same; Mr. Roland Landers, CEO, All India Gaming Federation stated, “there have been significant regulatory strides in the online gaming sector, and we anticipate progressive allocations to be made towards the sector in the upcoming union budget, including towards the implementation of IT Rules for online games and the establishment of self-regulatory bodies. Additionally, we look forward to budgetary allocations aligned with the AVGC policies, in line with the recommendations of the AVGC Task Force’s report from the Ministry of Information and Broadcasting.

Given the highly positive outlook for this industry, there is much for the gaming sector to anticipate. We envision this budget to be a symphony of support, by aligning regulatory clarity with fiscal incentives and strengthening legal infrastructure to encourage growth. With the right notes, the online gaming industry can be a cornerstone of Digital India and serving as a catalyst for the governments’ vision of Amrit Kaal – a five trillion-dollar economy.

Ankur Singh, Founder & CEO, Witzeal Technologies

Union Budget 2024 stands at a crucial juncture for deciding the future of online gaming industry in India. Sharing his expectations from the Union Budget, Ankur Singh, Founder & CEO, Witzeal Technologies stated, “We eagerly await the upcoming budget, particularly with regards to finding a resolution of ongoing concerns related to taxation to create a predictable and attractive business environment.

Apart from that having an investment in programs and initiatives to nurture skilled professionals and build a robust gaming workforce will go a long way in boosting the growth prospects of the entire industry and especially startups like us. Also we urge the government to look into advancements aligned with the AVGC policies, as recommended by the Task Force, to boost the entire AVGC ecosystem.

Lastly, we encourage the government to consider incentivizing responsible gaming practices within the industry. Promoting responsible gaming technology and consumer education initiatives through tax benefits would strengthen the sector’s commitment to player safety and ethical conduct.”

 Mr. Sumedh Singh Mandla, CEO, VBev

Holding an optimistic outlook for the forthcoming budget and expecting it to recognize the potential of the liquor industry, Mr. Sumedh Singh Mandla, CEO of VBev, expressed: “As we eagerly await the unveiling of the 2024 Union Budget, our optimism is not merely aspirational but grounded in the anticipation of a transformative fiscal plan that propels growth, nurtures innovation, and champions sustainability. We envision a forward-looking policy that fortifies entrepreneurship, enhances infrastructure, and creates an environment conducive to the flourishing beverage sector.

Our emphasis is on a tax policy that not only fuels industry growth but harmonizes seamlessly with responsible practices. Looking beyond borders, the budget holds the potential to strategically address international trade dynamics. Advocating for impactful Free Trade Agreements (FTAs) with other nations to unlock new opportunities for the beverage sector, elevating global competitiveness, and opening new markets for Indian beverages. A well-balanced tax structure, supportive policies, and strategic international collaborations will not only elevate our industry but also make substantial contributions to India’s economic development.

I firmly believe that a forward-looking fiscal policy can act as a catalyst for transformative change, providing the necessary momentum for businesses to flourish and pave the way for a more prosperous and luminous future.”

Mr. Rajesh Gupta, Founder & Director at Recyclekaro

“The upcoming budget holds a pivotal role in steering India towards a sustainable future by fostering the growth of battery recycling. The circular economy’s cornerstone, battery recycling, addresses mineral scarcity and reinforces our supply chains, paving the way for self-sufficiency in battery materials. While regulations like the Electronics Waste Management Rule and Batteries Management Rule have strengthened the recycling industry, persistent challenges call for solutions. To further empower this sector, streamlined recycling policies and incentives for pioneering waste management solutions are imperative.

The rapidly growing adoption of electric vehicles is a catalyst for the EV battery recycling industry. Initiatives such as FAME, PLI, and other incentives should be amplified to fuel this momentum. A tailored PLI scheme dedicated to lithium-ion battery recycling will be a game-changer, amplifying the sector’s growth while advancing India’s sustainability goals. As we approach the budget, investing in these strategic measures will not only invigorate the recycling industry but also cement India’s position as a global leader in sustainable practices.”

Abhijit Patil, Ajna Lens

We are optimistic about the Government’s support through impactful initiatives to bolster the indigenous technology sector in the upcoming Union Budget 2024. In lieu of the Prime Minister’s vision for Atmanirbhar Bharat and the $5 trillion economy dream, we believe it is imperative to provide a level playing field for the domestic players in the sector to substantially curb dependency on imports. This will also create an opportunity for Indian players to be at par with their global counterparts in terms of innovations and resource skilling.

We hope to see strategic allocations that will foster a conducive environment for research and development, incentivize homegrown technological solutions, and support businesses in rapid upscaling. The growth of the Indian technology sector will also have a substantial positive impact on employment generation – both blue and white collar, while solidifying the importance of upskilling and reskilling the workforce. A forward-looking budget will not only empower the sector but will also contribute significantly to the nation’s economic resilience.

Additional perspective (for extra engagement with the journalists):

India as a country has witnessed considerable development of technology within the country and integration of AI and VR across all genres of businesses. Thus, it is imperative for the Government to take into cognizance the importance of spreading awareness and educating the workforce on the integration and usage of the said tools, while also allocating funds to support the same. This will not only pave the way for India’s growth journey towards becoming one of the leaders in the tech space but also support the country’s economic and employment growth.

Vijender Reddy Muthyala, Co-founder and CEO of DrinkPrime

As the Union Budget 2024-25 is just around the corner, we find ourselves at a crucial juncture to champion the cause of water security like never before. Water scarcity is going to be a big challenge for India’s future, against the backdrop of burgeoning cities and exploding population. We urge increased investments in revamping water infrastructure, aging pipelines, raising public awareness about water management and developing wastewater treatment solutions. This can be done by allocating more funds to startups and NGOs actively working in the water industry, thereby assuring affordable drinking water access. This way, we can establish equitable water security nationwide and safeguard this vital resource for future generations.

Prashanth Doreswamy,  President and CEO,  Continental India  

The industry is keenly anticipating some favorable announcements in the upcoming budget. In my opinion, there are a few crucial areas that need to be covered to maintain consistency in the industry’s progress. Focus on local manufacturing continues to be an integral part of economic contribution. In the last few years, there were substantial announcements made, starting from Make in India, PLI Scheme, National Logistics Policy, and within the vision of Aatmanirbhar Bharat semiconductor manufacturing and R&D became the key focus areas. The industry will greatly benefit from a balanced approach that promotes domestic innovation and global collaboration to enhance local manufacturing.

The cost of commodities went through fluctuations which also impacted the automotive sector. The industry is keenly awaiting an announcement on import duty relief which will have a positive impact on the raw material costs thus helping to stabilize the cost of commodities. This will in turn help in boosting growth and competitiveness in the automotive industry, especially the export market. Even with the focus on localization, there is a need for fair competition while safeguarding domestic interests. Streamlining import processes and reducing bureaucratic hurdles in India can attract foreign investments and enable the smooth flow of technology. A nuanced policy that boosts local manufacturing but does not unduly burden the segments of the automotive industry that are import-dependent is necessary.

This will further drive a better Ease of Doing Business ranking. India’s rank in the index has been improving rapidly. As a result, many top global players are setting up their manufacturing and R&D centers in the country. Considering the market, direct incentives may not be feasible at present due to the larger economic scenario. The government can introduce a comprehensive policy framework that fosters a conducive business environment and encourages R&D investments while driving sustainable innovation.

Mr. Sachin Patel, CMD, Swaminarayan Group

While 2023 might seem like an exceptional year where realty was at its peak, it was actually making up for the loss incurred during the pandemic. And the coming year is the time to reach newer heights. For the 2024-25 budget, there is an urge for the government to introduce tax incentives for first-time homebuyers and reconsider GST implementation on under-construction properties. Such measures are anticipated to lower property rates, supporting demand. The sector to be given an ‘Industry’ status continues to be a central focus. Achieving this will attract more equity investments and facilitate debt restructuring. Additionally, there is a need for the repo rate to be lowered as it will lead to a reduction in home loan interest rates and the home affordability factor can rise. There is a strong emphasis on augmenting investments in sustainable infrastructure under the PM Gati Shakti National Master Plan, which is revolutionizing urban planning and connectivity. Bringing in game-changing factors such as renewable energy and green frameworks for roads, railways, airports, and ports will be a boost to the sector.

“Overall, government intervention in the forthcoming Budget is a crucial opportunity to propel the sector towards the growth trajectory that could bring in a remarkable demand,” says Mr.Sachin Patel, Chief Managing Director of Swaminarayan Group.

Sarvesh Agrawal, Founder and CEO of Internshala.com

With the interim budget announcement by the Finance Minister Nirmala Sitharaman, a couple weeks away, there is much speculation around the industry regarding what it will offer to their respective sectors. The education technology sector is also highly optimistic about the same.

Owing to the tech advancements, covid-19, and the affordability aspect, online learning has seen a boom of 6.3x in the past 5 years (source). The Edtech industry has been offering affordable and accessible skill development to the Indian students, especially ones hailing from tier-2 and tier-3 cities. It was observed in 2023 that out of all e-learners, 61.6% hailed from tier-2 and tier-3 cities. Edtech is making huge strides in offering the much needed skill based education. In light of these trends, the edtech sector is expecting considerable offerings in the interim budget 2024. Entrepreneurs leading edtech businesses are hoping for a lower tax bracket on educational goods and services. This will give a significant boost to the education sector and make skill based education more accessible for all.

The edtech sector is hopeful for a notable emphasis on addressing not just the unemployment but also the employability of Indian youth. The NEP aims to offer a well rounded high quality education for the students of India. The government’s focus on an integrated education system which encourages conceptual and experiential learning with an emphasis on industry relevant and soft skills including critical thinking, analytical abilities, creativity, resilience, communication, and decision making, is noteworthy. We hope to see some exciting initiatives and increased investments towards a successful implementation of the NEP efforts hence bringing revolutionary changes in the education sector of the nation.

Arun Nayyar, CEO & MD & CEO at NeoGrowth Credit Pvt. Ltd.

“MSMEs are the driving force of India’s economic growth and prosperity. To fully unlock their potential, the upcoming Union Budget should focus on measures that would improve access to liquidity, skill development, and ease of doing business for small businesses. The government could also focus on encouraging the use of digital public infrastructure which will help improve access to credit for MSMEs. Digital payments are another crucial link in formalisation of MSME business operations. Continuing to encourage digital payments will improve the creditworthiness of these MSMEs.”

V. Balasubramanian, CEO, FSS Cash Tech

“Given that this will be an interim Budget, I expect the Honorable Finance Minister Nirmala Sitharaman to showcase the government’s vision leading up to the upcoming Lok Sabha elections. This government has always focused on making India digitally progressive, which is one of the reasons why we have seen digital payments grow exponentially over the last few years.

We’re now at a stage where customers expect digital payments to be fast, secure, and smooth. In this light, financial institutions and companies will have to use new-age technologies to meet customer expectations. Cloud technology will play a big role here. RBI’s proposal to establish a cloud facility for the financial sector was a major move in this direction. I hope the FM furthers this in the Budget, and we would like to see dedicated policies on cloud technology for payment. With the recent milestone achievement by the Reserve Bank of India (RBI) of digital rupee surpassing 1 million daily transactions (as on December 27, 2023), CBDC should be included as a part of financial inclusion in the budget this year. The government should also focus on expanding the reach of digital payments to the smaller cities and towns in India. What is now becoming the norm in urban India needs to be adopted across the country as well to take Digital India to the next level.

George Alexander Muthoot, MD, Muthoot Finance

Indian households possess up to 25,000 tonnes of gold which lies idle and can be leveraged as an immediate and reliable source of financing to meet immediate personal or business needs. Granting ‘priority sector status’ to gold loans and allowing a ‘Gold linked credit line via UPI’ can go a long way to help households/small business owners meet their financing needs and monetise idle gold jewellery.

We believe giving priority sector status to eligible gold loans will benefit the bottom of the pyramid and enhance financial inclusion. Typically small borrowers need loans under Rs 50,000 (about 20 grams of gold collateral) for short durations like a year. Herein gold loan NBFCs can play an important role to fulfill the needs of small borrowers, self-employed, micro business owners, and help address their finance needs or working capital needs. Gold loans against jewellery also is a vital funding source for MSMEs. Gold loans provided by banks to farmers do get priority sector status, but not gold loans provided by NBFCs. Extending priority status to all micro gold loans (under Rs. 50,000) by removing the current distinction between NBFCs and banks can enable gold loan NBFCs access to increased funding.

Gold linked credit line enabled via UPI

While banks offer credit line to companies like an overdraft, Banks don’t have a small credit line product for a common man which can help address monthly short term finance needs and as a result the common man either keeps huge balance in savings account, or resorts to a credit card or a personal loan to meet immediate gaps in monthly finance needs.

We believe that a ‘gold linked credit line via UPI’ will be ideal for common man. For this extending the UPI linkage (payment system) by NBFCs is the first requirement, and once this is allowed, gold loan NBFCs can extend a credit line to common man. Unlike a credit card, this product will work like a secured credit extended by NBFCs and also attract lower interest rate (of 12%-18%) as compared to a higher interest rate (of ~36%) on a credit card.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby

As we anticipate the Union Budget, the focus on Bharat, India’s rural heartland, takes centre stage. The journey towards a $5 trillion economy hinges on the transformation of these rural areas, driven by groundbreaking financial and digital solutions provided by leading fintech players. A robust tech stack riding on the back of a strong distribution network has opened doors for Bharat to access innovative financial and digital services. Our commitment to making banking, credit, assurance (insurance + asset), and e-commerce services accessible to Bharat is exemplified by the unique infrastructure we have built. However, for these services to reach citizens at the last mile, technology, security, trust, and Government support are crucial.

Towards this purpose, in the Budget 2024, we urge consideration of

1. Tax benefits on total expenditure for fintechs involved in the financial empowerment mission. In light of this, we propose specific measures, including a special 5% GST rate for startups working for last-mile empowerment, facilitating crucial financial and digital services to the citizens. A GST subsidy, even a modest one, would significantly ease the reach of financial services and government benefits, encouraging innovation in the financial empowerment space.

2. We also urge for a waiver of GST on all financial services made available from BC outlets, an Income Tax relief for the next seven years, and reduced import duty on essential financial services devices.

With the majority of PayNearby’s BC network operating in tier II and beyond regions, serving as banking hubs in areas with limited financial infrastructure, this would ensure sustainable growth and motivate more last-mile retail banking agents to offer seamless services everyone, everywhere.

Puneet Arora, Managing Partner, Biz Staffing Comrade Pvt Ltd

The staffing industry deserves to be given an industry status – Puneet Arora, Managing Partner, Biz Staffing Comrade Pvt Ltd

We expect measures from the upcoming Budget 2024, mostly about employee welfare and taxation, the employment process, formal job creation opportunities, reducing compliance complexity, roll out of labour codes making them more adaptable to the modern workplace and addressing the skill-gap challenge in the country. The staffing industry plays a critical role in opening up employment opportunities, helping the organisation to build their business, developing a talent pipeline and thus fueling economic growth. Hence this industry deserves to be given an industry status. The HR landscape has also witnessed profound transformations in recent years from being a standalone function to becoming a strategic business partner. There has been a fundamental shift in repositioning HR to drive business transformations and it will strengthen its hold in the near future as well.

As skilling in the new and emerging technologies becomes the need of the hour for various industries, we expect the Union Budget 2024 to allocate more funds into a structured and comprehensive skilling programme. With the employment landscape evolving quickly, bringing in fundamental changes to the skilling system are necessary. The financial outlay must increase to stay up with the rate of technological advancement and the people’s ability to learn new skills. Simultaneously, encouraging deductions for training courses will promote professional development and lifelong learning, enhancing individual career growth and overall workforce competitiveness

In order to provide the same degree of flexibility to the core sectors as is accessible to the services sector, it is imperative that our labour laws be redrafted in line with the changing times. Sustainable employment generation and micro-entrepreneurship are crucial for driving India’s economic growth and development. It is also crucial to take proactive measures to encourage women to re-enter or remain in the workforce as this will contribute to a more balanced professional landscape.

These changes are crucial for creating a more dynamic and responsive HR landscape in India’s rapidly evolving economic environment. Overall, HR will continue to rediscover its identity and lean into more strategic conversations, becoming integral to organisational success. While the government has been providing impetus towards job creation through several initiatives, it is important that the Union Budget 2024 lays a strong roadmap for economic growth and continues the momentum to create new job opportunities across sectors.

Ketul Acharya, President – GAME

“India’s MSME sector is proving to be pivotal to our country’s economic growth. Driven by technology adoption at scale, MSMEs show great potential in transforming India’s economy into one of mass entrepreneurship and job creation. 

“In the upcoming Union Budget 2024, we hope to see nuanced policy frameworks with strategic tax benefits and infrastructure development that will play a vital role in fostering a positive growth environment for MSMEs. Easier access to credit and finance remains imperative for MSMEs and strengthening the policy around this will be very impactful. We look forward to considerations such as soft loans at minimal interest rates, specifically tailored to alleviate the challenges MSMEs face during economic slowdowns. 

A holistic and forward-looking budget that addresses these key areas will continue to fuel the growth trajectory of the country’s MSME sector and contribute significantly to the nation’s economic resilience,”

Pranav Srivan Elankovan, CoFounder of Crypfi.Io

As the budget season approaches, SMEs eagerly anticipate measures that promote growth and resilience. The CeDeFi ecosystem has paved the way for breakthrough financial solutions. Small and medium-sized businesses rely on the government for supportive policies, tax breaks, and reduced regulations as they navigate the changing crypto landscape. Expectations are based on creating a favorable climate for entrepreneurial initiatives, encouraging technological use, and boosting financial inclusion. The SME sector wants a budget that recognizes the transformative power of emerging technology. A forward-thinking budget can help SMEs succeed in today’s changing cryptocurrency economy.

Shreeranganath Kulkarni, Managing Director InfoVision

“As team InfoVision eagerly awaits Budget 2024, we highlight AI’s potential to multiply business efficiencies by up to 10X. We call on the government to bolster AI investments, supporting advancements in quantum computing, social digital innovation, and Explainable AI (XAI). Crucial to this effort is the upskilling of our workforce and the reform of data governance laws to boost data center investments and enable wider AI/ML adoption. AI’s integration into sectors like urban planning, healthcare, and education will be pivotal. A collaborative governance model ensuring ethical data use is key to driving India towards a $5 trillion economy.”

Sudarshan Suchi, Chief Executive Officer, Bal Raksha Bharat

Sudarshan is of the view that instead of making isolated allocation to various aspects of a child’s development (that actually leaves other developmental aspects behind), there’s a need to invest in holistic development of a child so that they not just survive, but thrive. In that essence, please find mentioned his quote for media use –   

Bachpan Surakshit to Desh Viksit

“As India strives towards becoming a developed nation, it is crucial to invest comprehensively in the well-being and development of its children. Hence, a Holistic Child Budget for the fiscal year 2024-25 is proposed, targeting areas that align with the demographic dividend and youth empowerment through skill building. This budget could create a robust foundation for the nation’s progress by focusing on the key pillars of Skill Development for the Youth, Child-Centric Health and Nutrition, Child Protection and Welfare, Strengthen District Child Protection Units with additional funding to provide emergency support, Education for Sustainable Development, Youth Entrepreneurship and Innovation, Digital Literacy for All, Climate-Resilient Education Infrastructure and Empowering Women and Girls.

Regular assessments will ensure accountability and the effectiveness of programs, hence Monitoring and Evaluation framework to track the impact of budgetary allocations on child development indicators is necessary.

A Holistic Child Budget will envision a future where every child in India has the opportunity to thrive, contribute meaningfully to society, and participate in the nation’s journey towards becoming a developed and inclusive nation. By investing today in the demographic dividend through a focus on children and youth, India can unlock its full potential and secure a sustainable and prosperous future.

Budgets are an opportunity for Governments to demonstrate how policies can translate into action and what their priorities are viz-a-viz investments – thus our expectation and aspiration is that commitments to Children – future of the country are always as generous as the defence budgets!”

Mr. Sanjeev Chabbra, Managing Director & CEO at Beetel Teletech Ltd.

“As India prepares for the 2024 budget announcement, the technology industry has high hopes that the government will introduce policies to further boost growth and innovation. With emerging technologies like artificial intelligence, blockchain, and 5G transforming businesses and society, the industry hopes to see increased investment in digital infrastructure, skills development, and research.

Additionally, the industry hopes to see an expansion of the Production Linked Incentive (PLI) scheme into more technology sectors. The PLI scheme has already bolstered manufacturing and exports in electronics, telecom, and solar equipment. Further expansion of it can provide a big impetus to domestic technology manufacturing and reduce dependence on imports.

Other policy interventions in areas like data protection & cybersecurity could also provide an impetus. Incentives to encourage R&D spending, public-private partnerships in deep tech areas, and reforms to promote foreign investment in technology sectors are key expectations. However, balancing these demands with fiscal prudence will be key. The industry hopes the budget strikes the right chord in providing an impetus to technology adoption while exercising financial responsibility.”

Bipin Preet Singh, Co-founder and CEO at MobiKwik

“In 2024, we expect the upcoming Union Budget to further drive financial inclusion by increasing the credit corpus for MSMEs. This involves extending support to microfinance institutions (MFIs) and small finance banks (SFBs), that help them meet their financing needs. To reach enterprises in remote corners of the country, we foresee incentives for fintechs that provide lending solutions beyond Tier 2 & 3 cities.

Also, a greater alignment between fintech companies and public institutions is crucial for the evolution of India’s fintech ecosystem. Financial products built on top of India Stack have borne strong results in the world of digital payments. We expect the budget to provide incentives that encourage fintechs to drive further innovations for other aspects of banking like credit, investments, savings and advisory. We also expect digital lending, especially small ticket size loans, to grow significantly with the proper checks and balances in place to protect borrowers.

In addition to this, the anticipated regulatory developments like the forthcoming fintech SRO and cloud repository, signal a potential commitment toward fostering a responsible and safe fintech ecosystem. We expect the budget to further scale centres of excellence for AI innovation as well as increase investments in supercomputing to drive the growth of home-grown AI solutions.”

Anubha Vashisth, Founder, Dubai Beauty School

As the entire country prepares for the upcoming budget, a focus on growth-oriented measures, economic reforms, and inclusive growth will be critical for the growth of the economy. The government needs to encourage entrepreneurship because it is one of the best ways for job generation and progress economically.

Women entrepreneurs in India play a significant role in advancing the economic growth of the country. Hence the government should give due acknowledgment and assured support to women-led initiatives which will be crucial to level the playing field for women entrepreneurs, thus facilitating the role of women in India’s growth story. The budget needs to focus on both long term and short-term and direct and indirect measures to ensure safety, well-being, education, and employment of women. The allocations to women’s schemes as a share of the total budget should be enhanced.

It would be great to see the budget focus on allocating more funding to women-led businesses and there should be tax benefits, incentives and freebies for women entrepreneurs. We are also expecting some relief and special measures to help the women-led startup to grow financially. Women find it challenging to receive adequate financial support to run and scale their businesses because of pre-existing biases in the credit ecosystem.

Educating women on matters related to tax and helping them ease the process will help. Having additional provisions like access to business loans at a competent rate of interest, easy access to funding and special investment schemes for companies solely founded and managed by women founders will go a long way in creating gender diversity in the ecosystem.

Tax concessions remain the primary expectation for working women across the country. One way is to offer women special additional Section 80C benefits which will also encourage them to save. The other option is to offer women a higher standard deduction facility so that the lower taxes can give them a spending power boost. Government expenditure on up-skilling and reskilling of women also needs to be increased as it would create a huge opportunity for increasing women’s participation in the workforce.

Overall to unleash their potential, the government should further enhance the ecosystem by formulating policies, which act as an enabler to support women in their entrepreneurial journey and to boost their spirit of excellence. We hope that the budget is consumption-friendly, leaving more money in the hands of people to catalyse demand in the economy.

Mr Ratish Pandey, Founder and Business Coach, Ethique Advisory.

For Start-up Sector
The Start-up Sector continues to grapple with a reduction in headcount as founders strategize ways to extend their runway.
The global scenario, marked by multiple conflicts in Europe and the Middle East coupled with subdued demand and rising inflation in Western countries, casts a shadow over economies, including China.

For MSME Sector
Despite solid efforts with year-end discounts, retail demand in specific sectors of the MSME sector remains subdued right from Diwali and continues to persist even now
Anticipating an Interim Budget, the Central Government is expected to introduce some populist measures. However, it is crucial to acknowledge that recent results in State Elections may provide the governing party at the Centre with a sense of reassurance. With inflation under control, the Reserve Bank is not inclined to adjust interest rates.
Funding challenges persist in the start-up sector, and while there might not be significant start-up-specific support, the introduction of sector-specific initiatives (e.g., FAME III) would be welcome.

 Mr. Rajinder Aggarwal, Chairman of JCBL Limited

“We eagerly await the upcoming budget with optimistic expectations of a visionary approach from the Government to rejuvenate India’s travel and tourism sector.

A push from the Government to encourage the creation of infrastructure for a vibrant RV culture in the country in the form of RV trails and parks would be a desired step. We believe that it could be a transformative game-changer.

Our anticipation is grounded in the conviction that government initiatives to fuel the RV culture will stimulate tourism and economic growth, generating a positive ripple effect across various sectors.

The global RV Market, currently valued at around US$50 billion, is expected to see substantive growth by 2030. This trend could be mirrored in India, considering the significant enhancement in road infrastructure.

Viewing the budget as a strategic opportunity, we hope it will be instrumental in laying the groundwork for a flourishing RV culture, positioning India as a global epicentre for travel enthusiasts. By aligning budget allocations with promoting this culture, the Government holds the potential to unlock significant economic development, job creation, and sustainable growth in tourism. Our optimism lies in the belief that a budget recognizing the importance of nurturing this emerging industry will propel India to new heights on the global tourism map, fostering a favourable environment for domestic and international tourists.”

Mr. Gurdeep Singh, Founder & Chairman, Jujhar Group

We embrace the profound impact of the real estate sector on our nation’s prosperity. Beyond being a vital contributor to the economy, it serves as the backbone of community development and employment creation. According to IBEF, real-estate stands as the second-highest employment generator, reflecting its pivotal role. We anticipate our collective efforts to amplify its GDP contribution, reaching unprecedented levels in FY 24-25. The metropolitan real estate industry holds immense potential for growth, necessitating strategic resource allocation, enticing tax incentives, and forward-thinking policies. These measures not only elevate community living standards but also propel the property market, fostering a symbiotic relationship that propels the industry to unparalleled heights. In 2024 and beyond, an alignment of regulatory frameworks, sustainable practices, and technological integration will be the catalysts propelling our industry’s remarkable success.

Cyrus Katgara, Partner, Jeena & Company

“The government’s substantial capital expenditure on infrastructure, particularly in roads, railways, and airports, has already spurred momentum in the logistics sector. This, coupled with the ongoing prioritization of logistics infrastructure development across roads, warehouses, and ports, has garnered enthusiastic support. The industry anticipates the Union Budget to further solidify the Digital India Act, promoting digitalization through artificial intelligence, data analytics, and 5G technology.

Higher investment in digital upskilling and reskilling programs for the workforce to ensure the logistics industry remains competitive and resilient in the global digital age is anticipated.

Additionally, enhanced regulatory frameworks that facilitate seamless cross-border logistics operations would be greatly welcomed, promoting smoother international trade and connectivity.”

Mr Navajith Karkera, Co-Founder & CEO, Rapture Innovation Labs Pvt Ltd.

Being young in the industry, we look forward to a budget offering significant support for the start-up sector. Our key expectations revolve around streamlining of regulatory processes, facilitating more accessible access to capital, and the provision of incentives for research and development and tech driven initiatives.

Financial support targeted explicitly at early-stage start-ups, coupled with innovation-focused tax incentives, has the potential to accelerate our growth trajectory. Another area where we would love to see support is cybersecurity, a must for a digitally robust economy.

We believe strategic measures will empower start-ups like ours while aligning them with the government’s broader vision for steering India towards a self-reliant and economically robust future. Collaborative efforts between the government and the start-up community can unlock unprecedented potential, drive innovation, and propel the nation towards a brighter, more dynamic future.

Vivek Tyagi, Managing Director, Analog Devices Inc India 

“As we approach the Union Budget 2024, we at Analog Devices Inc are hopeful for a forward-looking fiscal roadmap that steers the nation towards technological prowess and sustainable growth. We believe the upcoming budget will play a crucial role in shaping India’s economic development, particularly in emerging sectors like semiconductor, e-mobility, green hydrogen, and renewable energy. Recent commitments observed at the Vibrant Gujarat Global Summit 2024 underscore the industry’s collective dedication to Indian Government’s vision of a ‘Developed India @2047.’

In this dynamic landscape, we encourage policies that bolster indigenous semiconductor manufacturing ecosystem. The announcements by global players to invest in Gujarat highlight the sector’s potential and the need for a conducive policy environment. We believe that the budget should be a catalyst for nurturing innovation, research, and skill development, particularly in frontier technologies like artificial intelligence, 5G/6G networks and renewable energy.

As the world embraces the integration of 5G technologies, AI-enabled solutions and sustainable practices, we look to the budget to provide a strategic framework that not only navigates current challenges but also sets the stage for India’s emergence as a global technology and innovation hub. In essence, the forthcoming budget represents a pivotal opportunity for India to fortify its position on the global stage, and Analog Devices Inc remains committed to contributing to this transformative journey.”

Prashanth Doreswamy,  President and CEO,  Continental India  

The industry is keenly anticipating some favorable announcements in the upcoming budget. In my opinion, there are a few crucial areas that need to be covered to maintain consistency in the industry’s progress. Focus on local manufacturing continues to be an integral part of economic contribution. In the last few years, there were substantial announcements made, starting from Make in India, PLI Scheme, National Logistics Policy, and within the vision of Aatmanirbhar Bharat semiconductor manufacturing and R&D became the key focus areas. The industry will greatly benefit from a balanced approach that promotes domestic innovation and global collaboration to enhance local manufacturing.

The cost of commodities went through fluctuations which also impacted the automotive sector. The industry is keenly awaiting an announcement on import duty relief which will have a positive impact on the raw material costs thus helping to stabilize the cost of commodities. This will in turn help in boosting growth and competitiveness in the automotive industry, especially the export market. Even with the focus on localization, there is a need for fair competition while safeguarding domestic interests. Streamlining import processes and reducing bureaucratic hurdles in India can attract foreign investments and enable the smooth flow of technology. A nuanced policy that boosts local manufacturing but does not unduly burden the segments of the automotive industry that are import-dependent is necessary.

This will further drive a better Ease of Doing Business ranking. India’s rank in the index has been improving rapidly. As a result, many top global players are setting up their manufacturing and R&D centers in the country. Considering the market, direct incentives may not be feasible at present due to the larger economic scenario. The government can introduce a comprehensive policy framework that fosters a conducive business environment and encourages R&D investments while driving sustainable innovation.

Mr Kunal Popat, Founder, R for Rabbit 

“As the demand for baby care products continues to grow, R for Rabbit stands at the forefront, leading the way with their high-quality baby products. As we look ahead to the upcoming budget, we eagerly anticipate favourable measures to support the industry’s growth. The Government should consider reducing duties on crucial raw materials, electronic components, and sub-assembly parts, providing a much-needed boost to local manufacturing.

Revisions to the existing GST rates have the potential to significantly benefit our valued customers, making our products more accessible and affordable. A reconsideration of the tax system would not only have a positive impact on both manufacturers and consumers but also help drive innovation in the baby product industry. We also expect support for technology adoption and digital transformation, including incentives or subsidies for implementing technology solutions to enhance productivity and competitiveness.

We are hopeful that the Government will continue to prioritize and incentivize this industry and MSME sectors, demonstrating its unwavering commitment to the welfare of our future generation.”

Mr. Anil Agarwal Co-Founder and CEO at 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.”

Mr Bimal Khandelwal, (Chief Financial Officer, STT GDC India).

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

Nihar Parikh, Founder, 4point0 Health Ventures

“Given the increased policy support towards the healthcare and pharma industries in 2023, we hope the Budget this year will focus on strengthening India’s position as the ‘Pharma Capital’ of the world. With initiatives such as the PRIP Scheme and the National Medical Devices Policy (2023), the government is looking to encourage more domestic manufacturing in the space – with innovative start-ups at the forefront. While healthcare spending in India still falls below the global average of 6%, with the NITI AAYOG’s recommendation, we anticipate an increase in the allocated health budget to 2.5% of GDP. Considering the Interim nature of this Budget, we look forward to seeing more initiatives that leverage tech to make quality healthcare more accessible and affordable in the coming year – particularly in the realms of mental health and sexual wellness across urban and rural populations”.

Mr. Prem Khandelwal, CFO, IMFA

“As we look forward to the upcoming budget, we are optimistic that the government’s focus on infrastructure development will benefit the mining sector also at large.  Also simplifying regulations and procedures related to the mining and manufacturing sectors will facilitate investment and business growth. We believe that a conducive policy environment will be instrumental in driving the sector’s resilience and contribution to the nation’s economic progress. We look forward to the government’s continued support and partnership in achieving and propelling the sector ahead. We at IMFA are bullish about the new year as we eagerly anticipate the new growth prospects with the inauguration of the greenfield project at Kalinganagar. The establishment of 100,000 tpa ferro chrome facility is a testament to our commitment to enhancing natural resource utilization and supporting the Make in India initiative.”

Prof. Abhijit K. Chattoraj, Professor and Chairperson- the Insurance Business Management Program and Dean – of SW&SS, Birla Institute of Management Technology (BIMTECH)

“Said that the government should entirely waive GST from a senior citizen insurance policy when the senior citizens pay the premium from their own pockets. Even children paying the premium for their parents aged above should get reasonable GST relief. The deduction under Section 80D for health insurance premiums should be raised to ₹40,000 (paid for self, spouse, dependent children, or parents). The limit should be raised to ₹75,000 if one is paying for a family comprising parents who are senior citizens (60 years and above). GST should either be removed or scaled down to lower limits/slabs for the Bharat Laghu Udyam Suraksha office package po

Ramanathan RV, co-founder of Hyperface

“As we look forward to the upcoming budget, we believe that when fintech companies, banks, and the government work together, it can boost digital commerce. The expansion of fintech into rural areas remains a priority for fostering financial inclusion, and we seek ongoing support for digital infrastructure development. The sector anticipates consolidation, embracing AI and blockchain, and diversifying offerings. We also hope the budget will help fintech startups by giving them tax benefits and encouraging new ideas. Our wishlist includes regulatory backing, incentives for financial inclusion, and digital progression to make sure the fintech sector keeps growing in India.”

“As the India Union Budget 2024 approaches, it holds significance not just for financial allocations but for cultivating an ecosystem where startups can thrive. Tax provisions that streamline loss management and employee stock options are crucial for startups’ financial stability and talent retention. We expect an emphasis on incentives for cybersecurity, which is an urgent necessity rather than an option, to build reliability and trust in technological solutions.

Moreover, the budget is expected to increase incentives for R&D initiatives, support tech-driven solutions, and aim to bridge the digital divide. These measures are crucial to navigating the rapidly evolving business landscape and enabling equal opportunities. The industry looks forward to a comprehensive policy approach that alleviates funding challenges and facilitates startups’ success.

Additionally, a fast-track dispute resolution mechanism for startups will provide timely judgment of financial disputes. Every rupee counts for a new startup, so a special arbitration cell with time-bound resolutions will aid their stability. Schemes like Make in India and PLI have positively impacted manufacturing and innovation. We hope the budget strengthens such initiatives and creates a thriving ecosystem for Indian startups to flourish.”

Mr Pinkesh Kotecha, MD & Chairman, Ishan Technologies.

“As we approach Budget 2024-25, we anticipate pivotal changes in the industry, emphasizing the need for India to realize its USD 5 trillion economy vision. We expect to see a significant increase in allocation for cybersecurity, with strategic implementation through Public-Private Partnerships (PPP) models. We confidently anticipate increased attention to enhancing cybersecurity infrastructure and capabilities. Additionally, incentives for Indian companies setting up data centers, particularly with the surge in GCC hubs in India, are crucial to propel the growth of the country under the Make in India initiative. These initiatives will contribute significantly to the growth of the IT industry, aligning with the government’s vision for a digitally empowered and secure nation. We also expect government to invest in skilling and reskilling programs aligned with industry needs is equally crucial to equip the workforce with the skills necessary to thrive in the evolving IT landscape.

Amidst the exhilarating rollout of 5G and the ongoing mission to connect rural communities through BharatNet, the industry yearns for critical government support to build a robust and inclusive infrastructure. Firstly, the focus must be on bridging the digital divide by expanding high-speed connectivity beyond metros and mini-metros. Involvement of regional ISP in Bharatnet phase 2, Enabling Regional ISPs with VGF for FTTH rollout enables faster last mile rollout.  The revamped BharatNet, supported by Viability Gap Funding, recognizes the integral role of private companies in fostering connectivity and economic growth. This empowers not just tier-1 cities, but propels growth in tier-2 and tier-3 towns, enabling businesses to flourish and communities to access vital information and services. Additionally, for Indian MSMEs like Ishan to flourish in the Telecom sector, we expect government to have a streamlined licensing procedures and single-window clearances. By reducing unnecessary hurdles, the government can unleash the entrepreneurial spirit of MSMEs like Ishan and make us global telecom champions.”

Mr. Manoj Nair, head of Global Delivery Centres, Fujitsu

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

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

Mr. Sumit Sabharwal, Head of HR Shared Services, Fujitsu International Regions

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

Mr Meghan Nandgaonkar, Head of JDU, Fujitsu

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

Devyani Jaipuria, Chairperson Dharav High School, Pro- Vice Chairperson- DPS International Gurugram, DPS 45 & DPS Jaipur. 

“Our primary focus should be on ensuring access to education for all. By making it economically accessible, we are addressing the need of the hour for affordable education and fostering nationwide growth. It is crucial to prioritize affordability in education by implementing tax reductions and reducing costs. This becomes even more critical given that nearly half of India’s population is under 25. Lowering the financial barriers to education not only benefits students economically but also contributes to the development of a highly skilled workforce.

We need to allocate funds towards establishing AR/VR labs and Robotics facilities in schools, enhancing the learning experience through technology. The budget should actively support digital education initiatives by offering tax incentives and forming partnerships with tech companies to improve online learning platforms. To foster a future-ready workforce, there is a need to integrate subjects like analytics into the school curriculum, ensuring that students are equipped with essential skills early on, aligning with the evolving demands of the digital age. Remote learning has emerged as a powerful tool, democratizing education by breaking down geographical barriers and providing access to quality learning experiences for students, irrespective of their location.

Therefore, the 2024 education budget should reflect our dedication to innovation, collaboration, and preparing the next generation for the challenges of the future as well as taking a step towards building a more egalitarian society.”

Hari Subramaniam, Founder & Director, LifeSigns

As we anticipate the forthcoming 2024 Budget, we strongly encourage the Government to enhance investments in healthcare infrastructure, fostering an environment where creativity can flourish affordably. Acknowledging the hurdles faced by emerging healthcare ventures when dealing with traditional investors, we propose targeted support within incubation centers to nurture the growth of innovative firms. This not only contributes to the industry’s enrichment but also bolsters the ‘Make in India’ initiative. Government intervention plays a pivotal role in ensuring the enduring prosperity of the healthcare sector, paving the way for the flourishing of new enterprises. We look forward to a budget that not only sparks innovation but also advocates for inclusivity, establishing the foundation for a healthier and self-reliant nation.

Manav Subodh- Managing Director, 1M1B ( One Million for One Billion)

“As we anticipate India’s 2024 budget, it’s crucial to recognize the transformative potential of digital and immersive technologies.

Artificial Intelligence: In a landscape increasingly shaped by AI, it’s imperative to harness its power as an equalizing force; one that can democratize skills and knowledge across different social strata – making quality skilling accessible to all. To realize this vision, I hope that the 2024 budget prioritizes the establishment of AI hubs and centers of excellence, even in Tier 2-3 cities. These platforms will foster innovation and make AI skilling accessible to the youth of our country

Immersive Technologies: Furthermore, the emergence of Augmented and Virtual Reality infrastructure in schools can revolutionize traditional learning environments. By integrating virtual science labs in every school, we can offer immersive and interactive educational experiences that can prepare our students for a future where STEM proficiency is paramount. These can also be used to create job simulations and shopfloor experiences, and make our young workforce future ready.

In conclusion, the 2024 budget should emphasize robust investments in digital infrastructure to unlock the untapped potential of our nation’s greatest asset – its youth.”

Amit Singh- Founder and CEO of TelioLabs

“We need to give special attention to the growth of start-ups in the telecom sector. And if we expect innovation in the Telecom sector, this can be achieved through targeted grants for start-ups. Such financial support empowers emerging ventures to do ground-breaking research, giving birth to cutting-edge technologies. These initiatives not only drive technological advancements but also strengthen the country’s telecommunications infrastructure. By encouraging startups to explore novel solutions, governments can catalyze progress, enhance connectivity, and ensure the nation stays at the forefront of telecommunications innovation. Ultimately, these grants serve as catalysts, encouraging start- ups towards transformative contributions in telecommunications.”

Rama Mahendru- Country General Manager- India, Intrepid Travel

“Let this Union Budget 2024–25 re-emphasize the transformative power of tourism and the pivotal role infrastructure plays in shaping our global appeal. The potential of inbound international travel is huge in India and will get a further boost from the support of a budget that prioritizes the necessities, such as hygienic public spaces and increased security awareness, to guarantee that foreign guests have a great time. In addition to being beneficial economically, rewarding the businesses that are bringing in foreign money for the country and including incentives for the inbound tour operators under foreign trade policy demonstrates our dedication to international collaboration.

Also, the budget should focus on accessible entry to every historical site or monument, which is another aspect of the infrastructure that makes visiting by wheelchair-bound or elderly visitors easy.

Let’s make hospitality-driven infrastructure our top priority when allocating resources so that it may further strengthen our reputation as a friendly destination while simultaneously promoting economic growth”

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.

Pranav Dangi, Founder & CEO, The Hosteller

The travel, tourism and hospitality industry is one of the biggest contributor to the India’s GDP. Knowing this, the GOI had in the past budgets put a greater emphasis on the industry’s growth via 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.

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. There is also a need for more policies to enable public-private partnerships to boost end-use-cases of generative and predictive AI and increase its adoption in India. The fintech industry, as usual, will be the flagbearer of innovation. Government support in terms of policies and funding will be instrumental in propelling the fintech sector to new heights of success.

Roshan Shah, Co-Founder & CEO, VoloFin

1) Your expectations from the upcoming budget for the Fintech sector?
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 corporates, across industries and geographies, and delivers instant liquidity with no collateral through our state-of-the-art technology platform. We hope the government will facilitate the adoption of trade financing, simplify tax and compliance standards, and promote financial digitization and innovation.

2) How it might influence the technology and innovation in your field?
The budget shapes Fintech’s innovation by determining research, technology adoption, and compliance efforts. Adequate budgets enable the exploration of emerging technologies, ensure regulatory compliance, and enhance user experiences. Limited budgets may restrict these initiatives, impacting a company’s ability to stay at the forefront of technological advancements in the financial technology sector.

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.

Devyani Jaipuria is Pro-Vice Chairperson DPS International, DPS Gurgaon, DPS Jaipur, Chairperson – Dharav High School, Jaipur.

 “Our primary focus should be on ensuring access to education for all. By making it economically accessible, we are addressing the need of the hour for affordable education and fostering nationwide growth. It is crucial to prioritize affordability in education by implementing tax reductions and reducing costs. This becomes even more critical given that nearly half of India’s population is under 25. Lowering the financial barriers to education not only benefits students economically but also contributes to the development of a highly skilled workforce.

We need to allocate funds towards establishing AR/VR labs and Robotics facilities in schools, enhancing the learning experience through technology. The budget should actively support digital education initiatives by offering tax incentives and forming partnerships with tech companies to improve online learning platforms. To foster a future-ready workforce, there is a need to integrate subjects like analytics into the school curriculum, ensuring that students are equipped with essential skills early on, aligning with the evolving demands of the digital age. Remote learning has emerged as a powerful tool, democratizing education by breaking down geographical barriers and providing access to quality learning experiences for students, irrespective of their location.

Therefore, the 2024 education budget should reflect our dedication to innovation, collaboration, and preparing the next generation for the challenges of the future as well as taking a step towards building a more egalitarian society.”

Rohan Vaidya, Area Vice President, India & SAARC, CyberArk

“India’s 2024 Union Budget is anticipated to prioritize cybersecurity, recognizing it as a critical success factor for building digital resilience at the national level. I look forward to robust allocations that fortify digital defenses, safeguard critical assets, and propel secure identity management. As a cybersecurity company, we advocate for investments in cutting-edge technologies to combat evolving threats. The budget may also include specific provisions for AI applications in key sectors like healthcare, agriculture, manufacturing, and finance. The budget holds the key to reinforcing the nation’s cyber resilience, and CyberArk is committed to being an integral part of this endeavour.”

Dinesh Arjun- Co founder and CEO at Raptee Energy

As the electric vehicle (EV) industry gears up for substantial growth in the coming years, it is imperative for the government to foster a supportive ecosystem. To stimulate investment opportunities, there should be encouragement for potential investors, coupled with essential reductions in GST rates for electric vehicles and charging stations. Additionally, easing the burden on the industry can be achieved through a decrease in import duties on electronic components. The industry is particularly hopeful for a significant GST reduction, aiming to bring it down from 18% to 5% specifically for lithium-ion battery packs and cells, given their pivotal role in the EV sector. A concerted effort in the budget towards enhancing the ease of doing business and facilitating the entry of local players into the market is crucial. Addressing aspects like component localization and ensuring easy access to necessary components will empower Indian companies, both large and small, to develop competitive products at competitive prices, further solidifying the sector’s growth potential.

Ashvin Patil, Founder and Director of Biofuels Junction

The inclusion and recognition of those working with agri-residues as feedstock for biofuels in the priority sector lending mandate in the budget can help open up significant financing opportunities for smaller players in the industry and rural entrepreneurs. Currently, aspects like tractor financing are part of priority sector lending, which benefits from lower interest rates. It would not only provide financial impetus to emerging sectors within agriculture but also align with broader goals of sustainability and innovation in agricultural practices. It will also encourage farmers to refrain from stubble burning and contribute to the growing biofuel industry, creating a sustainable cycle of waste-to-wealth.

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.”

Satish Kannan, Co-founder & CEO, MediBuddy

“ As the Union Budget 2024-25 approaches, the healthcare sector has high hopes that the government will strengthen regional healthcare infrastructure and boost healthcare spending.

Regional capacity building and healthcare workforce training are crucial to achieving universal healthcare access. It can significantly enhance and supplement overburdened metropolitan healthcare systems. Through public and private sector collaboration, skill development programs for allied healthcare professionals like nurses, technicians, and EMTs can fill vital gaps.

Innovative healthcare startups have already demonstrated how digital platforms can effectively address issues of accessibility and convenience for millions, thereby solving two of India’s biggest healthcare challenges.

The government can accelerate this digital health revolution by calling out separate limits for tax deductions under section 80D for expenses related to telehealth services. Further fiscal incentives through CSR funds and targeted subsidies for digital health infrastructure can enable companies to invest in tech-based solutions tailored for tier 2 and 3 cities. Integration of such platforms with the Ayushman Bharat Digital Health Mission will also extend their reach dramatically. ABHA’s centralisation of health records marks a significant stride toward a more integrated and patient-centric healthcare system, ensuring that essential medical information is readily available to both healthcare providers and citizens anytime, anywhere. Facilitating the growth of the health ecosystem, the United Health Interface empowers various health players to thrive.

Overall, healthcare has a lot of scope to emerge as a dominant sector powering India’s growth engine through cooperative action between private players and supportive government policies.”

Ramneek Singh Ghotra, Chief Growth Officer, Finvasia Group. 

The previous budget introduced strong women-centric policies, including Free Skill Development, Beti Bachao Beti Padhao, and Digital Skilling Initiatives amongst others. As we approach Budget 2024, I anticipate continued progress, emphasizing economic opportunities, social safety nets, and health-centric empowerment. I hope for a more robust focus on skill development, rural entrepreneurship, and improved access to capital for women. Strengthening social security, enhancing safety, and prioritizing accessible healthcare and financial inclusion will contribute to a more positive and empowered society.

Nitin Varma, Managing Director, India & SAARC, CrowdStrike

“As the Union Budget 2024 approaches, we look forward to the government continuing its focus on initiatives promoting cybersecurity, data privacy, and responsible AI development. Steps like the Data Protection Data Privacy (DPDP) Bill to strengthen data privacy and initiate new laws around deep fakes are highly appreciated.

We hope to see sustained investments in cybersecurity infrastructure and human capital development. With cyber threats only increasing each year, educating Indian businesses and government entities about the risks as well as providing them with access to modern cybersecurity solutions and highly skilled security professionals is paramount for the Indian economy. We would hope to see the budget funding more educational and training programs to build expertise in the responsible use of AI and cybersecurity spaces.

Despite rising cyberattacks, organizations struggle with skills gaps and resource crunches and so increasing the number of skilled professionals is important. Also, through the right education initiatives, Indian businesses should be aware of and consider using modern managed detection and response solutions to ensure they have 24/7 cyber protection without the need for additional security staff.

Further, there are still businesses in India settling for what they consider “good enough” cybersecurity and so it’s important to provide education around what cybersecurity solutions provide protection against modern cyber threats. The ‘good enough’ approach to security that too many companies have settled for does not work in our industry. Organizations need the best outcomes, which is stopping the breach and consolidating point solutions to drive down costs.

Achieving these outcomes requires a true security platform, natively built with AI at the core together with human expertise to protect their critical assets from the endpoint and beyond. This is what we deliver to customers with the Falcon platform and why analyst firms like Gartner recognise CrowdStrike as the clear leader.

Overall, a focus on these critical areas in the upcoming budget will pay dividends by creating a safe and innovation-friendly digital ecosystem. India has the potential to become a global hub for technology and talent. The right security approaches, policy support and funding for these key areas will help unleash this potential.”

Mr. Rajesh Gupta, Founder & Director at Recyclekaro

“The upcoming budget holds a pivotal role in steering India towards a sustainable future by fostering the growth of battery recycling. The circular economy’s cornerstone, battery recycling, addresses mineral scarcity and reinforces our supply chains, paving the way for self-sufficiency in battery materials. While regulations like the Electronics Waste Management Rule and Batteries Management Rule have strengthened the recycling industry, persistent challenges call for solutions. To further empower this sector, streamlined recycling policies and incentives for pioneering waste management solutions are imperative.

The rapidly growing adoption of electric vehicles is a catalyst for the EV battery recycling industry. Initiatives such as FAME, PLI, and other incentives should be amplified to fuel this momentum. A tailored PLI scheme dedicated to lithium-ion battery recycling will be a game-changer, amplifying the sector’s growth while advancing India’s sustainability goals. As we approach the budget, investing in these strategic measures will not only invigorate the recycling industry but also cement India’s position as a global leader in sustainable practices.”

CA Aditya Sesh, Member of the Expert Committee in the Ministry of Agriculture & Farmers Welfare in the Government of India and the Founder and managing director of Basiz Fund Service Private Limited

“Anticipate minimal revisions to the finance act, as the impending budget is an interim one. It will have some populist announcements tailored to appeal to the voters. The government’s accomplishments in various schemes will be highlighted, showcasing their positive impact.

The budgetary allocation for the Ministry of Agriculture and Farmers Welfare, encompassing Agricultural Education and Research, in the Union Budget 2023-24 amounted to approximately Rs 1.25 lakh crore. Anticipating the upcoming budget, continuity in the allocation amount is expected, with no significant deviations. These micro-level adaptations may include reallocations for initiatives such as crop insurance, the introduction of new seed varieties, and strategies to mitigate fluctuations in fertilizer availability. In light of the election season, it is also reasonable to anticipate adjustments to the Minimum Support Price (MSP), particularly for key commodities such as wheat and rice. There is a likelihood of an upward revision in the allocation for crop insurance.

Notably, the Pradhan Mantri Kisan Samman Nidhi will see an increase to 8000 per year as minimum income support. This is because the GDP growth has been better than expected which gives the government the headroom to contain the Fiscal deficit.”

Mr. Krishna Murthy Cherukuri, Chairman and Managing Director of Vishnu Chemicals Ltd.

“Our expectation from the interim budget of 2024 is to address dumping of chemicals from neighbouring nations into India. Manufacturing is a hard task. It takes years of perseverance to nurture and manufacture speciality chemicals for an Indian manufacturer. Inspired by the ‘Make in India’ initiative launched by our Hon’ble PM of India, a lot of Indian companies have set up capacities to manufacture niche chemicals in India with 100 percent raw materials procured from India. However, dumping from neighbouring Asian countries poses a severe threat to Indian manufacturers, resulting in an unsustainable business model for industries at large. By recognising these imports, the government should provide a quick solution to safeguard the interests of domestic industry and levy heavy duties on such imports from neighbouring nations. Incentivizing our exporters, fostering domestic manufacturing to replace imports, and considering a reduction in corporate tax rates are crucial measures that can elevate our industry’s global positioning. Incentives for exporters will stimulate participation in international markets, fostering growth, while encouraging innovation and competitiveness among domestic manufacturers will contribute to replacing imports and enhancing India’s stature in the global arena.”

Dr. Sujata Seshadrinathan, Director of IT & Process at Basiz Fund Services

“Fintech sector is the next break through that is poised to happen, the immense potential for development here makes it the most exciting sector for technology innovation, which is expected to be addressed in this budget. Efforts for financial inclusion for SME and MSME, small farmers, special focus on women in enterprise, are expected via AI-empowered innovations in credit ranking and the creation of customized financial solutions .

Key government institutions like NABARD and SIDBI are pushing initiatives that are propelling India’s agriculture and allied industries on to a global stage by direct selling via GOIs eCommerce initiatives .This expected to receive further attention.Among other benefits, these initiatives require an elaborate program for rural inclusion into digital India.

Pace of Digital infrastructure expansion is expected to be further strengthened. Reach out efforts to hitherto untapped markets and providing financial services there has been a stated aim by the FM. This would foster collaborations between private and public sector players. There are expectations of subsidies and GST considerations for this sector along with inclusive growth and technology-led innovations centred around ML and such other AI-based innovations are expected to receive development push. There should also be provision for focused training for employment in this sector under nations skills development program.”

Mr. Rituraj Sharma, Founder and CEO, Zetta Farms

Shivam Singla – Founder and CEO, Leegality

“As we look forward with excitement to the forthcoming budget, one of the key things to watch out for will be funds for strengthening India’s digital public infrastructure. As the Data Protection Act becomes the law of the land – consent management will take off in a big way. I expect there to be some digital public infrastructure that helps facilitate this – similar to how the new Account Aggregator system is making financial services easier.

Another big development to watch out for is the amendment to the Indian Stamp Act. The amendments seek to remove any ambiguity around digital stamping -and facilitate an easier digital stamping process. This will make it much easier for businesses to perform contracting digitally. Usually we are asked to comment on our wishlist for budgetary outlay. But this move is actually one that will increase revenue collections in the States and lead to a greater budget in the future. So this is very much a revenue-side oriented reform that can benefit all of us.”

Karun Tadepalli, CEO and Co-Founder, byteXL

Mr. Anji Maram, CEO and Founder, CriticalRiver Inc

Mr. Suresh VP, Co-Founder and COO, Experion Technologies.

 “As the budget approaches, the central government must address the challenge of high unemployment rates among recent graduates. This problem is worsened by the current market situation, where big IT companies are not hiring in large numbers as they used to. To address the unemployment gap, a practical step would be for the government to actively support the growth of small and medium-sized IT enterprises to flourish under the ‘Make in India’ initiative. As per the project idea, a large amount of raw materials usage, technical know-how and manufacturing should happen within India. So, the government should actively encourage these manufacturing companies to give their IT projects to Indian IT enterprises. This would significantly help in generating employment as well as boosting the economic growth of the country. Additionally, the central government should promote the development of tier-2 states, transforming them into budding IT hubs by investing in infrastructure and creating a conducive business environment. Moreover, a crucial aspect of economic growth involves the digital transformation of Kirana stores. The government should support and incentivize the digitalization of Kirana stores, ensuring proper accounting practices through the use of digital wallets. Facilitating the swift adoption of GST reporting and implementing last-mile automation for Kirana stores is paramount to ensuring timely reimbursements and overall financial prosperity. The government is actively implementing initiatives to stimulate the economy and support local businesses, exemplified by the ‘Vocal for Local’ campaign, which encourages individuals to sell their homegrown products. Additionally, the ONDC (Open Network for Digital Commerce), an e-commerce platform by the central government is there for people to sell their products. However, to further empower local sellers, the government should increase investment and enhance the visibility of the ONDC platform, ensuring that more individuals can easily and effectively sell their goods.”

Mr Chitranshu Mahant, CEO and Co-Founder, Primebook

Saurabh Mittal, CFO of S Chand and Company Limited

“In the book publishing industry, the product has a Zero GST rate, however all inputs from paper, printing, consumables, content development, professional services, and even Royalty (RCM) have a GST Rate of 5-18%, which has had a severe impact on margins for the trade which has had 3 bad years during Covid-19. The Industry hopes for a reduction of GST rates on services like Royalty, or a mechanism for refund”.

Prashanth Vastred, the Founder and Managing Director of Guduchi Ayurveda

“As we eagerly await the upcoming 2024 budget, we envision the healthcare sector to champion innovation, accessibility, and the highest standards in diagnostic services. We expect policymakers to prioritize investments that can fortify the foundation of our healthcare system, addressing both immediate needs and future challenges. The Economic Survey 2023 has underscored the imperative for a substantial increase in healthcare expenditure, projecting a rise from 2.1% to over 2.5% of GDP by 2025. We echo this call for heightened financial commitment to ensure a robust and resilient healthcare system. We additionally urge a focus on cutting-edge technologies, research, and training.”

“Furthermore, we advocate for the inclusion of alternative medicine, specifically Ayurveda, in the budgetary considerations. Ayurveda’s approach to preventive healthcare aligns with our vision for comprehensive well-being. For this, we propose a scheme to cover AYUSH product registration expenses in foreign countries, this will facilitate international acceptance and encourage a more expansive global market for Ayurvedic products. Lastly, we recommend a visionary initiative to facilitate the acquisition of WHO GMP certifications for existing Ayurvedic manufacturing units, positioning India as a leader in the global Ayurveda market,” 

Mohan Ramaswamy, Co-founder and CEO at Rubix Data Sciences

“From the groundbreaking Aadhaar digital identity to the success of the Unified Payments Interface (UPI), the JAM trinity, and Co-WIN for the COVID-19 vaccination program, India’s journey in building digital public infrastructure has been a game-changer for the country. Achieving 80% financial inclusion in just 6 years, a feat projected to take 47 years as per World Bank estimates, showcases our innovation capabilities. Today, several countries around the world are looking to India’s Digital Public Infrastructure (DPI) to help them digitize their government services.

Therefore, a continued commitment to digital infrastructure in the upcoming Budget will not only sustain but propel India’s growth in diverse sectors. The expansion of digital infrastructure is not just pivotal for the financial sector but is a catalyst for widespread access to services across sectors, reducing the cost of delivery. Enhancing financial resource allocation to the Open Network for Digital Commerce (ONDC) will widen digital market access to SMEs around the country.  Another key initiative, the Open Credit Enablement Network (OCEN), will drive credit availability for the smallest borrowers.

Startups in general, and fintechs in particular, have had a rough year thanks to the funding winter.  Budget proposals must recognise this new reality and provide more support for Indian start-ups in all ways possible”.

 Sachin Alug, CEO, NLB Services

“The Interim Budget for FY24-25 is a much anticipated one, especially as we are gearing closer to the upcoming general elections. Overall, the sentiment is quite positive amongst India Inc. corporate leaders as well as entrepreneurs; and the industry is expecting policy reforms, and financial impetus to bolster MSMEs, start-ups, and manufacturing capabilities in India. Moreover, there is likely to be a significant push towards augmenting India’s youth employability through dedicated upskilling endeavours and structural reforms to the education framework in the country.

Incidentally, industry reports also strongly indicate that the government may expand the scope of the Production-Linked Incentive (PLI) schemes. Designed to attract investments and boost technology adoption across crucial sectors, the PLI scheme aims to enhance efficiency, foster economies of size and scale in manufacturing, lead employment generation, and position Indian companies and manufacturers as global competitors. However, presently encompassing 14 sectors, the PLI scheme falls short in generating substantial employment, prompting a call for its inclusion in more sectors such as leather, garment, handicrafts, and jewellery – which are key contributors to employment, impacting both lower-income households and urban areas.

Aside from the focus on manufacturing in the upcoming budget, the government should also focus on introducing measures that will propel employment generation across emerging roles/skills/domains like AI/ML, cybersecurity, data analytics, etc. From a skilling perspective, there is a need to introduce tax rebates on reskilling/upskilling under the CSR agenda, which will further enable small and medium-size enterprises to effectively undertake more skilling initiatives. Bolstering the skill dividend and youth employability is immensely critical for India’s larger economic vision.

The Interim Budget 2024 appears optimistic for the various segments of taxpayers as well, especially the middle class, who anticipate significant tax reliefs. Salaried individuals are hopeful for basic exemption limits and expanded Housing Rent Allowance (HRA) exemptions under both the new and old tax framework.”

Mr. Ravi Gupta, Creative Director of Gargee Designer’s

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

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

Jaideep Tiwari, Founder & CEO, Bramhansh Technologies (HealthTech Company)

 “As we approach Budget 2024, the MedTech industry eagerly anticipates a progressive fiscal policy that propels innovation, elevates patient care, and strengthens healthcare foundations. The synergy of technology and healthcare underscores the government’s role in nurturing MedTech startups for shaping the future of healthcare.

Innovation is at the core of the MedTech sector, and a budget allocating resources for research and development incentives, fostering industry-academic collaboration, and supporting emerging technologies will propel the sector forward. Strategic initiatives promoting digital health infrastructure, including telemedicine, interoperability, and data security, are crucial for enhancing patient care and overall healthcare system efficiency.

The MedTech startup community seeks a budget recognizing the importance of a regulatory framework that fosters innovation while ensuring patient safety, advocating for a streamlined approval process to bring life-changing technologies to market more efficiently. The expectations are high for Budget 2024 to acknowledge and support the transformative role of MedTech in advancing healthcare outcomes and economic growth.”

Nikhil Goyal, Founder & CEO, Beyond Imagination Technologies & BitMemoir (Blockchain Technology Startup)

“Blockchain technology can have a profound impact on several sectors as it has the potential to create cutting-edge solutions and serve as the foundation of India’s digital economy. It can play a vital role in India’s growth story by solving real-world problems. So, we hope that our country will see more adoption of blockchain technology in times to come and bring real impact, improve efficiency and make India a productive nation. Thus, we hope that the upcoming budget will provide an impetus to technological advancements, which can unlock significant opportunities for growth and economic development, and an opportunity for India to become the tech hub of the world.

In the budget 2024-25, we hope the government to provide a fair share towards technological advancement, focus on incentivizing or promoting tech to make India the talent hub of web3 for the world, a push to R&D to develop “Make in India” blockchain products for the world and position India as the epicenter of the tech developments.”

Hardika Shah, Founder & CEO, Kinara Capital

Building on our recent economic performance, and creating a strong roadmap to accelerate the growth should be the topmost priority for the government in the  upcoming interim budget. And this will require fortifying the MSME sector, a critical pillar of the economy, accounting for over 29% of GDP and serving as the second-largest source of employment in the country. The government should enable initiatives and policies that facilitate the seamless flow of resources, particularly capital, to the sector. Some of the key areas that require immediate attention and can have a profound impact on the MSME sector are:

• Reinstating the tax rebate for Foreign Portfolio Investors (FPIs)
  The NBFC sector has been playing a pivotal role in addressing the credit needs of MSMEs. In fact, this has been reiterated by the recent report from RBI, according to which, there is a threefold rise in credit growth from NBFCs to the MSME sector. Apart from banks, FPIs are one of the key sources of capital for NBFCs. Recently, the government removed the tax rebate extended to FPIs on interest earned on bonds. The 5% tax rate on interest was hiked to 20%. This rise in tax rate is likely to raise borrowing costs by 30-40 basis points for MSME lenders, which in turn, can lead to a liquidity crunch. Restoring the earlier regime will ensure that the cost of borrowing remains unaffected, enabling fintech NBFCs focused on MSMEs lending to bolster capital access for the sector.
• Removing the cap on the CGTMSE Scheme to enable last-mile MSME financial inclusion
  In 2023, the CGTMSE cap was revised to allow for MSME loans to have interest rates not exceeding 21% per annum. While this is an improvement from the previous cap of 18%, it still excludes MSMEs that require unsecured small-ticket loans, restricting financial inclusion at the last mile. A reconsideration of the interest rate cap and guarantee cover under the CGTMSE scheme is essential to enable the scheme to deliver its full potential. It will encourage more lenders to come on board and offer loans to even smaller MSMEs, and at the same time improve loan terms for end borrowers.
• Provide greater encouragement to Gender Lens investing
  Despite demonstrating their business acumen, women entrepreneurs often get overlooked when it comes to capital access. Financing for women-led businesses is mired by systemic and perception challenges. Even today, less than 1% of investment goes to women-led businesses, indicating that there is a critical need for focused efforts to be made to bridge this gap. The budget should look at incentivizing domestic as well as foreign investors for gender-lens investing in India. It should ease out the regulatory and policy impediments and encourage greater participation of women in the business landscape, as unlocking the power of women entrepreneurs would be crucial for India to achieve its goal of becoming a $30 trillion economy by 2047.

Nitin Singhal, Managing Director, Sinch
“There is a collective anticipation for government guidelines that will shape the future of data governance through the Digital Personal Data Protection Act. The forthcoming regulations underscore the need for a proactive approach to developing consent management architectures. Organizations are expecting clear directives to align processes and technology seamlessly. The focus is on fostering a compliance-ready environment where adherence to stringent data protection measures is paramount. The government’s role is pivotal, and businesses look forward to a supportive framework that facilitates a smooth transition, ensuring user privacy and organizational compliance.”

Mr. Gagan Anand, Founder and Director, Scuzo Ice ‘O’ Magic

“In the dawn of the new financial year, the hospitality (specially QSR) sector stands resilient, yet burdened by the inequity of the current TAX structure. The imposition of a 5% GST without availing the Input Tax Credit (ITC) deprives our industry of rightful benefits, resulting in a scenario where both businesses and patrons bear the brunt of the full cost. From raw material to the end product and fixed expenses like rental, utility etc. the hospitality sector diligently pays an 18% GST without reaping the advantages of ITC. As we embark on this fiscal journey, we call upon the government to consider extending ITC benefits against the 5% GST. This thoughtful adjustment will not only alleviate the financial strain on the industry but also empower businesses to provide enhanced services and experiences. Let this new financial year herald a fair and symbiotic relationship between the hospitality sector and the taxation system, fostering growth and prosperity for all.”

Avinash Deshmukh, COO, iThrive

“In the pursuit of a healthier society, the demands of alternate healthcare sectors cannot be overlooked. The prevailing 18% GST on alternative healthcare services acts as a deterrent to wider acceptance among the populace. To foster inclusivity and affordability, a significant reduction to either 5% or zero is imperative.

In the realm of healthcare startups, dedicated to preventive care and chronic disease reversal, a stark disparity exists. Despite their commendable efforts, they are denied the privileges accorded to hospitals, such as reduced electricity rates, property tax exemptions, concessions for land acquisition, and streamlined access to debt funding. Rectifying this imbalance is crucial for fostering innovation and sustainability in the alternative healthcare landscape.

The Ayush ministry, while undertaking branding and lip service, falls short of actively contributing to the alternative healthcare sectors. To address the specific issues faced by these sectors, a paradigm shift is required. Direct engagement with stakeholders is not just a necessity; it is an imperative step towards creating a supportive ecosystem. Only through a collaborative effort, where policy meets practice, can we truly nurture and elevate the alternative healthcare sectors to their rightful place in promoting well-being for all.”

Mr. Navneet Ahluwalia, Head of Human Resources at FUJIFILM India 

I am a people’s Human Resource Professional, as far as the Union Budget is concerned, my biggest expectation is about the tax exemptions for the salaried class. I feel the government must do either of the two things a) Make the New Tax Regime more attractive for the salaried class by including a wider standard deduction scheme to incentivize individuals in the salary bracket of 7 to 30 lakhs or Increase the Standard Deduction and Benefits Under Section 80C because the limit of 1.5 lakhs is now a small amount compared to its revision 10 years ago. The Pradhan Mantri Kaushal Vikas Yojana was a good start and the importance given to it in the last budget was very appreciated. As a people development professional, I would urge the government to keep the focus on incentivizing such initiatives of skill development because we are sitting on a demographic dividend which needs skill and direction which can do wonders for us as a nation. New-age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills should be the focus and will lead the way for us.

Vasu Naren, Chairman & Managing Director, Sona Machinery Ltd.

 “The emphasis on achieving a record-high goal for agriculture credit of Rs 20 lakh crore is noteworthy, as it is expected to enable Indian farmers to enhance their output through the adoption of smart machines and advanced agricultural techniques.

The ambitious target for agriculture credit could lead to increased demand for cutting-edge farm machinery and crop management solutions. This is particularly significant as it aligns with the goal of meeting the rising global demand for Indian grains. The expansion of credit is also seen as a means to assist farmers in recovering from losses resulting from changing climatic conditions.

The 2024-25 Union budget is anticipated to allocate ₹2 trillion to the agriculture ministry, aiding the expansion of government initiatives focused on supporting farmers’ income and crop insurance. However, there is a need for heightened attention to provide incentives and loans for acquiring agricultural machinery to expedite the growth of the agriculture sector in India. This approach aligns with the vision of fostering a technologically advanced agricultural sector in the country.

Additionally, reducing duties on raw materials for agricultural machinery is essential to ensure the affordability of such equipment. The objective is to make agricultural machinery easily accessible nationwide and promote the export of Indian agricultural machinery globally. While the Union Budget prioritizes supporting farmers’ growth, it is imperative to ensure that essential support is extended to domestic agricultural machinery production companies for the accelerated advancement of the agriculture sector in the country..”

Ms. Chandrika Behl, Managing Director, Exhibition India Group.

“As India prepares for the Interim Budget, I hope the government continues its push towards technology-led growth. The PLI scheme, which has catalysed domestic manufacturing and exports in sectors like electronics, automobile, and pharma, can further propel India’s self-reliance and competitiveness.

The Smart Cities Mission has also shown tangible progress, with projects improving urban mobility, infrastructure, and governance. However, further amendments making technology deployment integral across all facets of the Mission will maximise its impact. Regulations around emerging technologies like AI, drones, and EVs also need to evolve with the industry.

Additionally, policies encouraging R&D and innovation, tax incentives for tech startups and global collaboration are crucial. The budget must balance short-term growth needs with long-term technological capacity building. I look forward to the Interim Budget with optimism and believe the Government will present a growth-oriented Budget to propel the industry towards becoming a global technology leader and a $5 trillion economy.”

Soham Thacker, Founder, Gamerji, India’s leading esports tournament platform

Mr. Nagaraju Routhu, CEO of Experion Developers.

“We are optimistic to see a potential positive change in the budget, especially in the affordable housing sector, in this election year. The government stands with an opportunity to revisit and update the limit, which is set as 45 lakhs currently, for affordable housing. With the hike in property prices over recent years, a thoughtful adjustment of this limit, perhaps to 60-65 lakhs, would create avenues for the expansion and availability of affordable homes. With this adjustment, there could be a significant contribution to making housing more accessible and catering to the needs of a broader segment of the population. While we may not anticipate major budgetary changes in other areas, there is a hopeful prospect for positive developments in the realm of affordable housing.”

Mr. Rohan Shravan, Founder and CEO of Tresa Motors

The government’s commitment to sustainable mobility and emission reduction is commendable. The key focus is on the FAME scheme, which provides crucial subsidies for electric vehicles. With FAME II subsidies likely to be exhausted this year, the proposed INR 40,000 – 50,000 crore for FAME III to cover more EVs is a positive step. Continued government support is vital for the transition to sustainable mobility. As advocates for this industry, we align with the ministry’s direction and are dedicated to collaborating with the government to realize this vision. Our request would be to incorporate incentives for the EV Heavy Commercial Vehicle and EV component manufacturers as well.