Industry Titans Upbeat About The Upcoming Interim Budget 2024-25

As Finance Minister Nirmala Sitharaman prepares to reveal the Interim Budget for the 2024-25 fiscal year, expectations are soaring across industries. Anticipation is particularly strong among industry veterans and policymakers alike. Prior to this pivotal announcement, various sectors are eagerly anticipating the government's financial blueprint, seeking policies and investments that will influence the upcoming year. Against the backdrop of shifting market trends and global complexities, leaders from diverse industries have expressed their outlook. Here’s a glimpse into the perspectives offered by industry veterans representing different sectors as they await the unveiling of the Interim Budget 2024-25.

Dr. Sanjay Gupta, Chairman, Ramagya Group: “The evolving nature of India's education sector is closely linked to technological progress, so there’s an urgent need for the Interim Budget 2024 to prioritize investments in digital infrastructure and modern technologies. Additionally, the importance of investing in skills development to keep pace with India's rapid expansion in the IT and ITes industry is urgent. Overall, in this budget, a forward-looking strategy is required that includes greater investment in innovation and research and development (R&D) to ensure India's continued global competitiveness.”

Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group: "The real estate sector has experienced a positive surge in property sales in 2023, indicating growing confidence in both residential and commercial segments. However, to sustain this momentum, the upcoming Interim Budget 2024 needs to introduce measures that further stimulate growth. Expanding the deduction available for home loans under Section 24(b) to Rs. 5 lakhs would be a significant step, encouraging more middle-class homebuyers to invest in real estate and fulfill their dream of homeownership. Additionally, a reduction in GST on raw material procurement for construction activities is crucial to make housing more affordable."

Mr. Rajinder Kaul, Chairman & Managing Director of Sharika Enterprises:  "As India has rapidly emerged as a strong force across all sectors of the economy, including the Power sector, we hope that the honourable Finance Minister, Ms. Nirmala Sitharaman, will focus on revitalizing infrastructure development and technology adoption in the power industry in the upcoming budget. With the Indian power sector maintaining a high growth momentum, its future looks promising, and we anticipate the budget to further fuel its sustained growth through appropriate provisions."

Mr. Manoj Gupta, Managing Director, Fortune Marketing: "The upcoming interim-budget 2024 should prioritize digital infrastructure, new-age technologies, and skills development. India's rapid growth in the IT and ITes industry calls for a future-oriented approach with increased investment in innovation and R&D to stay competitive globally."

Mr. Ajay Chaudhary, CMD, Ace Group, "Being the second-largest employment generator after agriculture, the real estate sector plays a crucial role in the country's economy. It is imperative for the government to address the long-pending demand of granting 'Industry' status to the real estate sector in the upcoming Interim Budget 2024. Such a move would not only acknowledge the sector's contribution but also enable it to attract equity investment for refinancing debts and secure loans at lower interest rates, thereby fostering sustainable growth. This step is essential to fulfill the sector's potential as a key driver of economic development and employment generation in the nation. Additionally, we expect the government to introduce policies that streamline regulatory processes, further boosting investor confidence and facilitating industry growth."

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

Mr. Anish Bansal, Whole Time Director & CEO of Hi-Tech Pipes Limited: "We look forward to the upcoming Interim Budget 2024 addressing the need for revitalizing infrastructure development and technology adoption in the country’s piping industry. With India's industrial growth maintaining robust momentum, we are optimistic that the budget will include provisions that further fuel the industry’s sustained growth and contribute to India's overall economic progress."

Md.Sharique Khan, Sr. Vice President-India Formulation Business, ArEx Laboratories: “We hope the upcoming Interim Budget 2024 to include increased funding for healthcare and regulatory reforms to make healthcare more accessible in the country. In addition to address India's current healthcare requirements, the budget needs to have streamlined regulations and it should also have measures to promote domestic manufacturing. Research and Development in Pharma segment should also be promoted with ample budgetary allocations.”

Mr. Sumit Arora, Director of Alniche Lifesciences: "The upcoming interim budget 2024 should outline conducive policies that facilitate ease of doing business for the pharma companies simultaneously with its focus towards establishing Centres of Excellence to promote research in the pharma sector. The budget should also provide fiscal incentives and bring tax reforms to boost investment and collaborations in the sectors."

Advocate Ishanee Sharma, Managing Partner, Ishanee Sharma Law Offices: “As India continues to excel in the global economy, it is crucial for the government to maintain growth-oriented provisions that bolster the legal sector's role in economic development. This involves strengthening the rule of law, improving the ease of doing business, and establishing a robust legal framework that inspires confidence in investors and businesses. In the upcoming Interim Union Budget 2024, we also expect the government to prioritize fostering a diverse, inclusive, and compliant legal environment. This should include measures to promote equal opportunities, gender diversity, and ethical practices within the legal profession. Additionally, provisions should be made to ensure access to justice for marginalized communities, ensuring justice for all.”

The pre-budget expectations expressed by industry leaders encompass a wide range of priorities, including technology, infrastructure, regulatory reform, and sustainable growth. As India confronts economic challenges and opportunities, the Interim Budget 2024 assumes great importance in determining the nation's path toward inclusive and resilient growth.