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PremiumBudget 2024 Expectations Highlights: As the Union Budget 2024 approaches, various sectors are abuzz with expectations for significant policy shifts and financial allocations. Finance Minister Nirmala Sitharaman took part in the traditional 'halwa' ceremony, marking the final stage of preparing the Union Budget 2024-25. The Budget is set to be presented in the Lok Sabha on July 23. In the lead-up to the presentation, 'halwa' is prepared and served to the officials and staff of the finance ministry involved in the budget's preparation.
Vimal Kumar, Managing Director, Best Agrolife Ltd said, “As India prepares for the Union Budget 2024, it is imperative for the government to take decisive steps to support the agrochemical sector, given its vital role in ensuring food security and sustainable agriculture. Our heavy reliance on imports from China highlights the need for implementing Production-Linked Incentive (PLI) benefits to boost local production.''
‘’Additionally, increasing import duties on domestically produced raw materials can further encourage this growth. Lowering GST rates from the current 18% to 5% will reduce costs for farmers, thereby improving their income and the overall farm economy. Providing incentives will encourage micro-entrepreneurs to promote modernization through initiatives such as 'Drone as a Service' and the use of advanced machinery. Furthermore, introducing robust measures to combat counterfeit and spurious materials will ensure the integrity and safety of agrochemicals in India."
Girish Agarwal, Co-Founder, Zeno Health
"While the government has increased healthcare expenditure in recent years, it remains lower compared to neighboring countries like Bangladesh and Bhutan. According to the National Health Policy 2017, the government aims to raise healthcare spending to 2.5% of GDP by 2025. To achieve this, increased allocation toward technology integration in public healthcare systems is crucial.
Given our large population, collaboration with organizations and startups can improve distribution and monitoring of healthcare services. These technological advancements can benefit services delivered through the ASHA network, government hospitals, primary health centers, ambulance services, and insurance delivery.
Despite government schemes like the Pradhan Mantri Jan Aushadhi Yojana (PMJAY), India's access to generic medicines remains limited. Two factors contribute to this limitation: quality control at the source and the lack of prescription law enforcement.
The government should enforce a law requiring doctors’ prescriptions to include drug names rather than specific brands to address this. Such a change would enhance transparency and directly benefit consumers.
We hope that the government will prioritize these initiatives during the upcoming budget session, as they hold significant promise for future generations."
Vipin Vindal, CEO, Quarks Technosoft
In the landscape of the Interim Budget 2024, there is a pivotal opportunity for India's IT sector evolution and expansion. The focus has to be on digitalization and technological advancement as it will drive immense innovation across diverse industries like Fintech, Retail & E-Commerce, Health & Pharma, Real Estate, Manufacturing & Logistics, Telecom, etc.
The commitment should be to bolster R&D and nurture a skilled workforce because they will act as a catalyst for sustained economic growth and will boost the global competitiveness of Indian IT industries at a global level in areas like software development, cybersecurity, and digital solutions, attracting international clients and partnerships to foster economic growth through foreign exchange earnings.
Furthermore, the budget’s emphasis on sustainability can also help industries leverage technology for transformative, eco-conscious solutions. There is immense promise in initiatives to support sectors such as agritech, electric vehicles, fintech, renewable energy, etc., envisioning collaborative opportunities to innovate in these domains as it has the opportunity to attract foreign investments and partnerships, facilitating international expansion for Indian IT companies.
Jashan bhumkar Director - Soujanya Group Leading manufacturer in specialty chemicals and pharma
Our expectations from the Union Budget 2024 focus on sustaining and enhancing the growth of the specialty chemicals sector, which is currently experiencing a golden era. Indian companies are now globally preferred partners, and initiatives like "Make In India" offer immense opportunities.
We hope the budget includes:
1. **Faster Approvals for CapEx**: Streamlining approval processes for capital expenditure projects to enable timely realization of private sector investments, crucial for infrastructure and capacity expansion.
2. **Incentives for R&D**: Providing tax breaks, grants, and funding support for R&D to foster innovation. This will help develop advanced chemical processes and products, ensuring competitiveness and global standards compliance.
3. **Easier Access to Imported Materials**: Reducing import barriers and tariffs on essential raw materials and intermediates to lower production costs, enhancing the competitiveness of Indian specialty chemicals.
4. **Boosting Export Competitiveness**: Offering export subsidies, tax reliefs for export-oriented units, and support in entering new international markets. This will strengthen our export framework, ensuring sustained demand and growth globally.
These measures will support the current momentum, ensuring the specialty chemicals industry thrives and contributes significantly to India's economy and global standing.
Budget Expectation on the steel sector by Mr. Vibhor Kaushik, Managing Director, Vibhor Steel Tubes Limited
“Over the past decade or so, India has been growing at a healthy pace thanks to a boom in construction, infrastructure, and automobile space, which has in turn augured extremely well for the domestic steel sector. We expect that with higher fund allocation for both construction and infrastructure space in this Budget, demand for steel products would remain strong going ahead. With increased funding for construction and infrastructure projects in this year's budget, the steel demand is expected to remain strong. Reducing taxes on raw materials used in steel production will benefit local steel companies, while higher import duties on Chinese steel will make our domestic products more competitive."
Dr. Miniya Chatterji, Founding Director, Anant School for Climate Action, and CEO, Sustain Labs Paris:
"In the Union Budget 2024, it would be important to prioritize initiatives that drive sustainable growth. Investments should focus on renewable energy projects, green infrastructure, and sustainable agriculture. Another good move could be a reduction in the GST levied on renewable energy components. Additionally, provisions should be made to promote skilling and innovation in the field of sustainability".
Apurwa Masook, CEO, SpaceFields , said, “Developed space economies have been built through infusion of big bucks by the sovereign over multi-decades. The recently institutionalized Space Policy and liberalization of the Foreign Direct Investment norms for space sector underscores the Government's commitment and we hope that the upcoming Union Budget intends to continue to build in this direction. Scale-up risks and Productionisation risks continue to loom large in this sector which not only requires long-term patient capital & risk appetite, but also demand creation & assured procurement channels."
As the Tech Entrepreneurs Association of Mumbai, we anticipate the upcoming union budget with the hope that it will significantly bolster our startup ecosystem. Maharashtra has the most number of startups registered with DPIIT (Department for Promotion of Industry and Internal Trade) in recent years, and government initiatives are key to achieving the state’s goal of a $1 Trillion economy. In the upcoming union budget, we urge the government to increase funding access through enhanced seed funding programs and simplified access to venture capital. Streamlining regulatory processes and offering tax incentives, such as extending the tax holiday for startups from three to five years, will provide much-needed relief. Investment in digital infrastructure, particularly in underserved areas, and focused skill development programs for AI, renewable energy, and deep tech are essential. Collaboration between private and public sectors in these skill development initiatives will ensure a robust talent supply chain. Additionally, fostering community growth through ecosystem partnerships and supporting initiatives for women in tech will strengthen the diversity and inclusivity of our industry. By creating multiple innovation hubs and providing grants for R&D, the government can further drive advancements in these vital sectors.
Mahesh Ramamoorthy, Chief Information Officer, YES BANK, said, “As we look forward to the Union Budget 2024, enhancing our technology infrastructure and fostering innovation remains crucial. The government's groundwork with initiatives like the JAM Trinity and investments in digital infrastructure is commendable. Building on this, further support for technologies such as AI, blockchain, and IoT will be vital for driving digital transformation and improving efficiency. Establishing a continuum of cybersecurity measures is essential to improving an organisation security posture. Investments in advanced threat intelligence and robust encryption will protect our digital assets and build user trust. Additionally, improving data privacy and governance will ensure compliance with global standards and safeguard user information."
“Promoting a culture of continuous learning and innovation is key to attracting and retaining top tech talent. The government can facilitate this by providing policy support, funding for technology initiatives, and creating an enabling environment for innovation. The private sector, including institutions like YES BANK, can then provide access to advanced tools and reskilling programmes to drive sustained growth and innovation. At YES BANK, we are committed to leveraging these advancements to support our customers and drive economic growth. We look forward to the government's continued support in these critical areas to achieve a technologically advanced and sustainable future for India," he added.
Amit Jain, Global CEO, Sterling and Wilson Renewable Energy said "The green energy sector is witnessing a paradigm shift, driven by strategic government initiatives and innovative financial instruments. The Production Linked Incentive (PLI) schemes aim to boost domestic manufacturing and create a competitive edge for Indian companies in the coming years. This initiative alone could create numerous jobs and drive technological innovation. We hope that the government will revise the GST rates for renewable energy components, reducing it to 5% (from current 18 %), thereby significantly lowering the cost structure for green energy projects. This will also increase the affordability and attractiveness of renewable energy investments, promoting faster adoption across the country. Higher capital expenditure, evidenced by the government's plan to invest over $360 billion in renewable energy infrastructure by 2030, highlights the commitment to expanding the country’s renewable energy mix and enhancing grid capabilities. Moreover, lower interest rates have facilitated more accessible financing options, helping in decreasing the cost of capital and making large-scale renewable projects more viable. Green bonds have emerged as a powerful tool, with India issuing over $21 billion in green bonds as of February 2023. These bonds are crucial for financing environmentally sustainable projects, aligning investor interests with the global push towards a low-carbon economy. Together, these measures will create a robust and supportive environment for the renewable energy sector, positioning India as a global leader in sustainable energy solutions and driving us closer to our goal of a resilient, green future."
“As we approach Budget 2024, we anticipate significant strides from the government in infrastructure spending and support for the rice and oil manufacturing sectors. It is crucial that these efforts are complemented by effective policies and robust governmental support to fully harness the potential of the expanded export market," said, Keshab Kumar Halder, Managing Director and CEO, Halder Group.
“In light of recent developments, particularly the ban on white rice exports, we urge the government to reconsider the policy. The Indian government's decision to ban the export of white rice in July 2023 aimed to lower domestic rice prices but inadvertently shifted exporters towards brown rice, which includes rice bran essential for rice bran oil production. This shift has created a shortage of rice bran domestically, affecting the availability and cost of rice bran oil, a crucial domestic edible oil. India, already reliant on oil imports, faces increased economic strain due to higher import costs. Reevaluating the export policy on white rice could help alleviate these challenges by ensuring adequate raw material supply for domestic edible oil production," he further added.
Sanjay Choudhari, Chairman at SBL Energy Limited, said, "As we operate in a high-risk industry landscape, industry eagerly looks forward to targeted support in the upcoming budget. We advocate for subsidies or incentives to alleviate high production costs and encourage investments in safety measures. Increased funding and specific allocations within PSU initiatives are critical for sustainable growth. The industry needs adherence to stringent safety protocols and often seeks regulatory reforms or relaxed norms to streamline operations without compromising safety.Additionally, prioritizing support for training and skill development programs is essential for the industrial explosive sector to enhance safety standards and operational efficiency."
Ranjit Barthakur, Founder of Balipara Foundation, sadi, "Earlier this year, the interim budget continues to take right steps on renewables, agri-support systems and youth entrepreneurship to put India on track for greener economic growth. India needs to grow its renewable energy capacity to an annual capacity of 49GW to meet its NDC commitments. We hope to see more information on investments in the schemes for rooftop solar installation and driving EV expansion. India’s young population is currently both an asset and a liability: skilling youth in EV installation & manufacture will be key for both green entrepreneurship and economic transition. Clearer investment plans & support on agroforestry and other climate-resilient farming practices will also be vital for farmers as erratic monsoons and seasons are projected to continue affecting India’s food security in the coming decade. With the introduction of schemes like the Green Credit scheme and the mention of plans for enhancing the Blue Economy, we hope to see further investment in the country’s vast natural ecosystems to meet India’s commitments on protection under the Kunming-Montreal Biodiversity Framework."
Budget 2024 Expectations Live: "As we operate in a high-risk industry landscape, industry eagerly looks forward to targeted support in the upcoming budget. We advocate for subsidies or incentives to alleviate high production costs and encourage investments in safety measures. Increased funding and specific allocations within PSU initiatives are critical for sustainable growth. The industry needs adherence to stringent safety protocols and often seeks regulatory reforms or relaxed norms to streamline operations without compromising safety.Additionally, prioritizing support for training and skill development programs is essential for the industrial explosive sector to enhance safety standards and operational efficiency."
Budget 2024 Expectations Live: "We anticipate that the Union Budget 2024 will introduce significant initiatives to assist workforce development and job creation for MSMEs in India. One crucial area is improved skill development. The budget should allocate significant funding for upskilling and reskilling programs, particularly in automation, artificial intelligence, and data analytics. Providing future-ready skills will enhance employability and foster creativity in MSME workforces.
According to the National Skill Development Corporation (NSDC), only 10% of Indian workers receive formal training compared to 60-90% in wealthy nations. Closing this gap should be a primary concern. The government should also offer tax breaks and subsidies to MSMEs investing in staff training and development to promote ongoing learning and adaptability.
Obtaining timely and reasonably priced financing has been a persistent issue for India's MSME sector. We hope the budget will further support programs like the Emergency Credit Line Guarantee Scheme (ECLGS) and the Partial Credit Guarantee Scheme (PCGS) to improve credit availability. The Reserve Bank of India has estimated a credit gap of ₹20 to ₹25 trillion in the MSME sector, highlighting the need for better financing accessibility.
To improve the regulatory environment for MSMEs, it is crucial to implement policies that simplify compliance requirements, reduce paperwork, and expedite approval processes. This would make doing business easier and allow businesses to concentrate on their core competencies. According to the World Bank's Ease of Doing Business report, India is ranked 63rd globally, underscoring the need for further changes.
Equally important is strong support for MSMEs' digital transformation. We expect the budget to include specific funding for initiatives that encourage the adoption of cutting-edge technologies. Providing MSMEs with the tools they need to embrace digitalization will help them reach their full potential and become more competitive internationally."
Budget 2024 Expectations Live: "I believe the forthcoming budget holds immense potential to catalyze growth and innovation in India's FMCG sector. Our industry faces several challenges that require thoughtful policy interventions to overcome.
Firstly, the current GST structure imposes significant burdens, particularly on essential FMCG products, particularly through potential reductions in GST rates for essential products currently burdened by high 18% taxes. Infrastructure development, especially for cold chain facilities and warehousing, is crucial to accommodate the growth in beverages and frozen goods. Emphasis on research and development, incentivizing innovation in eco-friendly packaging and natural ingredients, aims to enhance consumer health and industry expansion. Digitalization investments are expected to improve e-commerce infrastructure, benefiting small to medium-sized retailers with tax incentives and promoting rural market accessibility. Efforts to streamline GST processes, simplify licensing, and enhance export facilitation underscore a proactive approach to support FMCG startups and established brands alike. Overall, the budget aims to alleviate financial pressures, stimulate innovation, and bolster market competitiveness through strategic fiscal policies and infrastructure enhancements. Creating cluster programs would simplify operations for FMCG manufacturers by allowing a hub with subsidized resources (such as energy and land) to grow a particular product category.
Moreover, business comfort can be increased by making it simpler for people to obtain financing through banks and NBFCs at cheaper, subsidized rates. These steps would be extremely helpful in promoting growth and sustainability in the FMCG industry, given the competitive margins in the industry."
Budget 2024 Expectations Live: "The logistics subsector is undergoing numerous changes to address infrastructure and technology challenges. As the lifeline of the MSME sector, the logistics and supply chain industry plays a crucial role in efficiently delivering their products and enabling them to reach the market or their destination. MSMEs rely heavily on their third-party logistics providers to operate smoothly, as they often face limitations due to a lack of capital or resources.
The upcoming budget should create an environment where MSMEs can flourish with well-developed logistic infrastructures based on sustainable practices. We expect the budget to prioritize investments in infrastructure development, digitalization, and skill development, which will further empower MSMEs. Our commitment goes beyond providing logistics; we actively support programs that enhance operational efficiency and competitiveness for MSMEs. Through various initiatives like capacity-building workshops, digital transformation projects, and skill development programs, we strive to grow and sustain MSMEs."
Budget 2024 Expectations Live: "As a corporate gifting startup, we support government initiatives that promote national capabilities and technical sovereignty. Nonetheless, we implore the government to give laws that assist regional businesses like ours—which are committed to creating cutting-edge giving options for the Indian market—top priority. By doing this, we may reduce our dependency on foreign resources by scaling up to satisfy home demand. We are an indigenous brand that has triumphed over global behemoths, and we think bold moves are required to foster the spirit of entrepreneurship that propels India's technological progress. We have proposed policies in this year's budget that facilitate local entrepreneurship through financial availability, tax incentives, and ease of doing business. By supporting regional businesses, we can build a vibrant environment that spurs innovation, economic expansion, and the creation of jobs, eventually elevating India to the top of the corporate giving world."
Budget 2024 Expectations Live: He further went on saying that India is anticipated to have a significant impact on the housing sector, particularly in terms of tax relief.
Mr Bedi hopes that there might be an increase in the deduction limit for interest paid on home loans, which currently stands at ₹2 lakhs per annum and an increase in this limit would provide greater relief to homebuyers.
It's hard to say housing will get more affordable.
He believes higher property prices often translate into increased rent, putting additional financial pressure on tenants
Commenting on the GST imposed on the services provided, he claims that since no services are provided in a joint development, there should be no GST applied. Why pay GST when we are already paying stamp duty on agreements in JDAs?, he queries.
To encourage the construction of affordable housing, the budget could offer extended or new tax incentives to developers who focus on this segment. This might include tax holidays or reductions in GST rates for affordable housing projects, he concludes.
Budget 2024 Expectations Live: "With a strong emphasis on tax reforms, the finance minister is making these a priority in their initial 100-day plan. The focus is on spurring economic growth, encouraging domestic investments, and simplifying tax procedures and compliances. Addressing these areas is likely to attract investments in crucial sectors and streamline administrative processes, thereby enhancing overall tax management efficiency.
1. Amnesty Scheme for Customs
There is considerable anticipation around a potential Amnesty Scheme for Customs. This scheme could offer businesses and individuals a one-time chance to voluntarily disclose and resolve past customs duty obligations without facing harsh penalties or legal repercussions. Such an initiative would enhance compliance, boost revenue collection, and foster a more transparent business environment.
2. Extension of PLI Schemes
Industry stakeholders are looking forward to an extension of the Production-Linked Incentive (PLI) schemes to cover additional sectors. Currently, the scheme benefits sectors such as electronics, pharmaceuticals, and textiles. Expanding it to include areas like semiconductors, renewable energy, and advanced automotive components could significantly strengthen India's manufacturing capabilities. An increase in budget allocations for existing PLI sectors is also expected to maintain and build on current progress.
3. Aligning Customs Tariffs with PLI Schemes to Support Make in India
To further the goals of Make in India and Atmanirbhar Bharat, it is crucial to align customs tariffs with the PLI schemes. Adjusting these tariffs can effectively reduce imports and encourage domestic manufacturing, promoting self-reliance and attracting investment in key sectors. Changes to customs tariffs, which remained stable in the interim budget for 2024, are anticipated.
4. Revitalising the MOOWR Scheme
The Manufacturing and Other Operations in Warehouse Regulations (MOOWR) scheme, intended to promote domestic manufacturing through duty deferment, has faced challenges such as complex procedural requirements and restrictions introduced in the Finance Act 2023 on IGST and GST compensation cess deferment. Solar power-generating companies were excluded from MOOWR benefits to ensure fair competition for domestic manufacturers. However, a recent Delhi HC ruling nullified this restriction for solar power units.
It is expected that the government will amend the law to address this inconsistency. While this decision is beneficial for solar companies, it disadvantages domestic manufacturers who face higher costs compared to solar units enjoying duty deferment on imported equipment. The government is also anticipated to streamline the procedural requirements for the MOOWR scheme, aiming to make India a more competitive manufacturing hub.
A key issue needing attention is the valuation of used capital goods when cleared for home consumption after a certain period. Currently, customs duty and taxes are based on the original import value, creating a disadvantage for the MOOWR scheme compared to others. In contrast, GST allows for a usage-based deduction, which reduces the transaction value for tax purposes. Adopting a similar depreciation-based valuation for MOOWR would level the playing field, enhancing the scheme’s attractiveness and usage."
Budget 2024 Expectations Live: "Great focus has been given by the ministry and government over the last years on expanding the adoption of clean technologies and also supporting the growth of startups as well as MSMEs. None of this will bear fruits, unless the government takes drastic steps to improve infrastructure and lower production costs for MSMEs. Power infrastructure has to be upgraded in all industrial areas. Further simplification of labour laws is necessary and reducing the compliance costs. Clearances for pollution control need to be streamlined and made simpler for organisations to adhere to.
To further R&D, direct funding or grants to industry is necessary, rather than through universities. Industry needs to be able to control and drive new investments in research. Energy circularity needs to be promoted by giving incentives to industry and commercial infrastructure that are able to significantly demonstrate reuse of energy. Just like being done for reuse of water. This will grow major segments like thermal energy storage, that is gaining prevalence in Europe but not yet in India."
Venkat Mattela, CEO & Founder, Ceremorphic, said, “As we look ahead to the 2024 budget, we anticipate a robust focus on boosting chip manufacturing and positioning India as a global leader in the semiconductor industry. Key expectations include increased budget allocation for R&D in high-technology sectors such as semiconductors, medical devices, and clean technologies. Leveraging manufacturing for economic growth and employment generation is crucial, and partnerships with global leaders in semiconductors and electronics will be pivotal in enhancing domestic manufacturing capabilities."
The interim budget presented in February 2024 outlined a vision for Viksit Bharat, and the upcoming budget is expected to build on this foundation with a concrete action plan. India is well-positioned to become the world's third-largest economy by 2027, but achieving this goal requires robust growth in the MSME sector. As the second-largest employer and a significant contributor to the GDP, the growth of MSMEs is crucial. The government should introduce initiatives and policies that facilitate MSME growth and enhance last-mile financial inclusion.
Revised Proposals:
1. Extending NPA Classification Timeline to 180 Days:
MSMEs often face cash flow issues due to delayed payments, seasonal variations, and macroeconomic changes. Extending the NPA classification timeline from 90 days to 180 days would provide MSMEs with the necessary breathing room. This extension would allow MSMEs to manage their finances better and avoid loan defaults, as customer payments often arrive within this additional timeframe. Additionally, revoking the norm that prevents loan upgrades upon partial payment would significantly benefit MSMEs, helping them maintain good credit records and access formal funding sources for growth opportunities.
2. Expanding the Production Linked Incentive (PLI) Scheme:
The PLI Scheme has shown great potential, with significant production, sales, and employment impacts. Expanding this scheme to include more industries and specifically tailoring it for the MSME sector is crucial. MSMEs contribute significantly to India's exports and manufacturing output. By providing necessary infrastructure and growth impetus, the competitiveness of MSMEs, especially in Tier 2 and Tier 3 cities, can be enhanced. The inclusion of thousands of MSMEs in the PLI Scheme could have a transformative impact, driving domestic manufacturing and creating new demand for goods and services.
Prajodh Rajan, Co-Founder & Group CEO of Lighthouse Learning (formerly EuroKids International), expressed high expectations for substantial allocations towards the education sector in the upcoming Union Budget 2024. Rajan emphasized that, despite progress, a significant increase in education spending is essential to unlock India's true potential, advocating for a multi-faceted strategy to achieve this goal.
"We need to prioritize teacher training and development programs as well as strengthen digital infrastructure to facilitate seamless learning experiences," Rajan stated. He highlighted the importance of investing in upskilling educators with the latest pedagogies and technologies to deliver high-quality education.
Sandeep Jain, Chief Financial Officer of NDR InvIT Managers, emphasized the significant strides made by the Government of India in strengthening the infrastructure and logistics sectors. Key initiatives like the National Logistics Policy (NLP) and Bharatmala Pariyojana are pivotal in enhancing connectivity and fueling the growth of the logistics industry. "Each kilometer of road constructed improves connectivity, fueling the growth of the logistics sector. These initiatives are crucial for India to achieve its $5 trillion economy goal," Jain stated.
In February, the Finance Minister announced an 11% increase in capital infrastructure spending for the upcoming fiscal year, raising the outlay to ₹11.11 lakh crore. Jain highlighted that the forthcoming budget, focused on Viksit Bharat, presents a critical opportunity to further fortify India's infrastructure sector. He pointed out that increased investment in infrastructure projects, particularly in renewable energy, transportation, and logistics, will drive economic growth, create jobs, and improve overall connectivity.
“The Government, in recent years, has strongly focused on an investment-led growth strategy, resulting in the development of quality infrastructure in the country. In the budget for 2023-24, the capital expenditure outlay of Rs. 10 lakh crore was nearly three times the outlay in 2019-20. Despite fiscal challenges, the Government has remained committed to infrastructure spending, allocating ₹11.1 lakh crore in the Interim Budget for 2024-25, up 11% from the previous year. This continued focus on infrastructure and productivity-oriented capacity has had a significant multiplier effect on economic growth and employment generation. Considering the success of recent years, we expect the Government to sustain the push towards investments in housing, highways, and rail corridors. This will augment long-term income growth and sustain demand for home and building materials in the country and also promote innovation in the industry. We strongly believe this will catalyze advancements in construction materials, sustainable practices, and employment generation," said, Akshat Seth, Managing Director and CEO at HIL Ltd
Manbeer Choudhary, CMD of Jewel Classic Hotels Pvt. Ltd., advocates for the hospitality industry to be recognized as infrastructure. He highlights the industry's potential to fuel economic growth, create jobs, and support tourism, urging the government to change its perspective towards the sector.
Ankita Sameer Patwa, ESG Strategist and ISO Lead Auditor, calls for significant funding towards sustainability initiatives in the Union Budget. She urges the government to introduce policies that strengthen ESG practices and support MSMEs in adopting sustainable technologies and practices.
Seema Prem, co-founder and CEO of FIA Global, advocates for measures to support Bank Mitras/Business Correspondents in the upcoming budget. She proposes an infrastructure grant fund and the creation of the India Business Correspondent Equity Fund to enhance their operational efficiency and financial sustainability.
Heeralal Doshi, Founder and Chairman at Kinjal Group, anticipates significant policy shifts in the real estate sector under the Modi 3.0 government. He emphasizes the importance of tax incentives, infrastructure upgrades, and a single-window approval system to boost growth and efficiency in real estate construction.
Kaushal Agarwal, Chairman of The Guardians Real Estate Advisory, and Heeralal Doshi, Founder and Chairman at Kinjal Group, express optimism for potential policy shifts in the real estate sector. They highlight the need for tax policy adjustments and incentives aimed at homeowners and developers, with expectations for continued infrastructure investment under the Modi 3.0 administration.
