Budget 2024 Expectations: Diverse Voices and Industry Hopes Shape Economic Vision

Date: January 24, 2024

Time: 04:44:52 PM IST

As the anticipation for Budget 2024 intensifies, a chorus of expectations resonates across diverse sectors, offering a glimpse into the aspirations and dreams that could mold India’s economic trajectory. Industry leaders and experts voice their thoughts, providing insights into the specific changes they wish to see in the upcoming budget. Here’s a summary of key expectations from various sectors:

Sports Tech Industry’s Call for Training Facilities and Job Opportunities

Sudeep Kulkarni, Founder of Game Theory, notes the pre-election context and the likelihood of a status-quo budget. However, he acknowledges the positive step taken in the previous budget with a ₹100 Cr allocation for the National Sports University. Kulkarni emphasizes the need for more capital to develop sports infrastructure, creating jobs and training opportunities.

Infrastructure and Defense in Focus

Mukesh Kochar, National Head of Wealth at AUM Capital, views this budget as crucial, given the pre-election context. He anticipates a continuation of government policies with a strong focus on infrastructure-led growth and ‘Make in India.’ High allocations towards railways and defense are expected, influencing market dynamics.
Green Hydrogen Mission and Semiconductor Industry Expectations

Venkat Mattela, CEO & Founder of Ceremorphic, highlights the semiconductor industry’s potential and calls for joint projects to foster innovation. He emphasizes the National Green Hydrogen Mission to steer the economy towards low carbon intensity, aligning with global sustainability efforts. Mattela envisions collaboration between renewable energy and semiconductor sectors.

Semiconductor Sector Urges Quick Rollout of SPECS 2.0

Prithvideep Singh, General Manager at Continental Device India Ltd, emphasizes the government’s focus on making India a semiconductor hub. Expectations include the swift rollout of SPECS 2.0 and increased budget allocation for the India Semiconductor Mission. Singh stresses the importance of balanced fund distribution, especially to critical MSMEs.
Healthcare Sector’s Call for Innovation and Manufacturing Enhancement

Mr. Deepak Pahwa, Director at Delair, stresses the strategic allocation of the budget to promote innovation and enhance manufacturing practices in the healthcare sector. The emphasis is on preparing for rising market demand, aligning with international standards and integrating cutting-edge technologies.
Automobile Industry’s Hope for Import Duty Relief

Prashanth Doreswamy, CEO and President of Continental Automotive India, expresses the industry’s anticipation for import duty relief. The relief is expected to stabilize raw material costs, boost competitiveness, and facilitate growth, especially in the export market.
Renewable Energy Sector’s Call for Green Hydrogen and Natural Gas Focus

Kunal Gala, Partner at BDO India, outlines the energy sector’s expectations, with a focus on cleaner and sustainable practices. The sector seeks attention to green hydrogen and natural gas, hoping for reforms to boost natural gas consumption and support renewable energy adoption.
Healthcare Technology and Infrastructure Investments

Vaibhav Kapoor, Co-founder of Pristyn Care, anticipates a budget strengthening the healthcare foundation. Investments in healthcare technology, infrastructure, and a skilled medical workforce are crucial for comprehensive healthcare coverage, with a focus on affordability and simplicity.
Support for Women Entrepreneurs and Interest-Free Loans

Garima Sawhney, Co-founder of Pristyn Care, presents expectations from women entrepreneurs. The budget should provide credit support, extra incentives, and Production Linked Incentives (PLI) schemes to promote women-led businesses. Interest-free loans and dedicated funds for women entrepreneurs are also sought.
Electric Vehicle Sector’s Call for Incentives

Pritesh Mahajan of Revamp Moto emphasizes the need for incentives and support for the electric vehicle sector. Anticipations include laws supporting eco-friendly mobility, tax incentives, subsidies, and infrastructure development for electric vehicles.
Logistics Sector’s Focus on Capital Expenditure and Innovation

Rampraveen Swaminathan, CEO of Mahindra Logistics, sees an opportunity in balancing economic growth and fiscal consolidation. Prioritizing capital expenditure in infrastructure projects, along with incentives like PLI and tax benefits, can drive innovation in the logistics sector.
Real Estate Sector’s Expectations for Affordability and Infrastructure Status

Rahul Talele, Group CEO of Kolte-Patil Developers Ltd, expects initiatives to improve the affordability index, such as increased tax deductions for home loan interest and the implementation of the interest subvention scheme for urban housing. Infrastructure status remains a longstanding aspiration.
Emphasis on Rural Economy and Simplification of ITR Process

Shruti Jain, CSO at Arihant Capital Markets Limited, anticipates actions appealing to the masses, including incentives for housing loans, support for the rural economy, and initiatives for food storage capabilities. She also highlights the importance of fiscal consolidation and the potential for tax incentives.
Streamlining the Income Tax Return (ITR) Process

Shriyina Srivastava, Indus International Research Foundation, emphasizes the symbiotic relationship between ITR and the national economy. She calls for streamlining the ITR process using technology to create an efficient and accessible tax regime.
Revisiting HRA Policies for Relief

Suman Bannerjee, CIO of Hedonova, suggests revisiting House Rent Allowance (HRA) policies to match current rental trends. Adjusting HRA rates could provide relief, especially for individuals residing in urban areas.
As Budget 2024 approaches, these diverse expectations underscore the need for a comprehensive and inclusive budget that addresses the unique needs of each sector, fostering sustainable and inclusive growth. Stay tuned for live updates and in-depth coverage as Budget 2024 unfolds.