Budget 2024: Sectoral Expectations and Key Insights

As India eagerly awaits the unveiling of Budget 2024, various sectors are on the edge of their seats, anticipating Finance Minister Nirmala Sitharaman’s announcements that will sculpt the economic landscape for the upcoming fiscal year. From agriculture, infrastructure, and healthcare to education, finance, and manufacturing, each sector carries its unique set of expectations, hopeful for allocations and reforms that will fuel growth, innovation, and societal well-being.

Roadmap for Growth and Inclusion:
Nilesh Shah, Managing Director of Kotak Mahindra AMC, emphasized the need for a growth-centric Vote on Account. Shah urged for investments in crucial areas such as road, railway, water, renewable energy, digital education, and healthcare. Proposing funding through asset monetization and divestment, he stressed the importance of unlocking savings invested in gold to enhance internal resources and reduce dependence on global capital.

Startup Ecosystem Optimism:
Dhiresh Bansal, CFO of Meesho, expressed optimism about the government’s commitment to fortifying India’s startup ecosystem in Budget 2024. Acknowledging the pivotal role startups play in India’s journey towards a 5 trillion-dollar economy, Meesho highlighted the necessity of sustained government support. Emphasizing the importance of venture capital and angel investment, Bansal advocated for simplified tax compliance processes and reduced tax rates, particularly during startups’ initial operational years.

IT Sector’s Digital Aspirations:
Amit Prasad, Founder and CEO of SatNav, shed light on the IT sector’s expectations, anticipating a focus on digital infrastructure investments, support for research, skill enhancement, and nurturing innovation hubs. The sector looks forward to increased funding for cybersecurity, advancements in technologies like AI, IoT, and 5G, as well as favorable regulations for startups. Amit Prasad urged the government to incentivize educational institutions to diversify their programs to meet the evolving needs of the IT industry.

Data Protection and Digital Economy:
Amit Relan, Co-Founder and CEO of mFilterIt, emphasized the need for a cohesive policy framework to protect user privacy and stimulate innovation in the digital economy. With the introduction of the data protection bill, the sector anticipates regulations aligning with global standards. Additionally, focus on emerging technologies like AI is expected, positioning India as a hub for digital advancements.

Healthcare Revolution:
Saurav Kasera, Co-Founder of Clirnet, highlighted the potential for the Union Budget to revolutionize healthcare accessibility in remote areas. Advocating for incentives to make healthcare training affordable, he proposed measures like special GST categories for healthcare education and deductions in direct taxes for training expenses. Increased budget allocations for digital health infrastructure and telemedicine were also emphasized.

Mental Health in Focus:
Ritu Mehrotra, Founder & CEO of United We Care, stressed the importance of mental well-being in the upcoming budget. Recognizing mental health as a societal and economic necessity, Mehrotra called for prioritizing mental wellness by offering mental health insurance. Leveraging generative AI tools, she highlighted the potential to make mental health accessible to everyone.

Climate Change and Nature-Based Solutions:
Shailendra Singh Rao, Founder & MD of Creduce, expressed hope for continued focus on climate change with an emphasis on nature-based solutions. Anticipating job creation opportunities, technological advancements, and encouragement for the sector, Singh Rao emphasized the importance of balancing economic growth with environmental sustainability.

Sustainable Mobility Initiatives:
Greg Moran, CEO and Co-Founder of Zoomcar, looked forward to innovative policies that accelerate sustainable mobility solutions. He anticipated Budget 2024 to drive economic resilience through cost-effective solutions and mobility apps, reinforcing India’s commitment to green and smart choices.

Startup Ecosystem Empowerment:
Sourabh Deorah, CEO & Co-founder of Advantage Club, anticipated strategic investments and policy reform incentives to empower the startup sector. Favorable tax structures, access to funding, and strengthened digital infrastructure were highlighted as key elements to foster a thriving ecosystem for startups.

SME IPO Market Dynamics:
Manick Wadhwa, Director at SKI Capital, reflected on the exceptional growth of the SME IPO market in 2023 and provided insights into expectations for the 2024 budget. Anticipating measures to address credit challenges faced by SMEs, incentives for innovation and research, and sector-specific focus, Wadhwa emphasized the importance of nurturing the SME sector for sustained economic growth.

As the clock ticks down to Budget 2024, these diverse expectations and insights collectively underscore the significance of a budget that addresses the unique needs and aspirations of each sector, steering India towards inclusive and sustainable growth. Stay tuned for the live updates and comprehensive coverage of Budget 2024 as it unfolds