As the Union Budget 2024 approaches, industry leaders from various sectors are voicing their expectations and hopes for transformative growth and strategic advancements. From logistics and electric vehicles to cybersecurity and technology, these leaders emphasize the need for robust infrastructure, technological integration, sustainability initiatives, and regulatory support. Their insights reflect a collective aspiration to enhance efficiency, foster innovation, and position India as a global leader in their respective domains. Here, we present the perspectives of key industry figures on what they envision from the upcoming budget and how it could catalyze progress in their fields.
1. Ms. Zaiba Sarang, Co-founder of iThink Logistics
“The logistics industry has great hopes as the Union Budget 2024 draws near. Important areas of concentration include making large infrastructural expenditures to improve efficiency, such as building multimodal logistics parks and designated freight corridors. For enhanced operations and transparency, embracing cutting-edge technology like AI and IoT needs incentives. Streamlining the GST system and encouraging sustainability by using electric cars and other eco-friendly activities is also essential. Innovation and growth will also be fueled by assistance for SMEs, startups, and skill development as well as by encouraging public-private collaborations and streamlining regulatory procedures. By addressing these issues, the industry will contribute more to India’s economic development.”
2. Nishith Rastogi, Founder & CEO, Locus.sh
“As we await the 2024 Union Budget, the focus for India’s logistics sector remains clear: a forward-looking budget that champions technological integration and robust infrastructure development. With the new National Logistics Policy and initiatives like PM Gati Shakti already setting the groundwork, the industry is on the verge of transformative growth. Continued government support is essential to foster innovation and assist startups in navigating this evolving landscape, ensuring that the sector remains competitive and resilient.
This budget represents a pivotal opportunity to future-proof our logistics industry. Beyond infrastructure enhancements and tax reforms, there is an urgent need for strategic resource allocation to adapt to market dynamics, including fuel price fluctuations and supply chain disruptions. By investing in cutting-edge technology and aligning with global digitalization and sustainability standards, we can mitigate current challenges and position India as a leader in a tech-driven, efficient logistics sector on the global stage. Additionally, incentives for green logistics and digital infrastructure development will be key to achieving our long-term goals.”
3. Mr. Akash Gupta, Co –founder & CEO of Zypp Electric
To achieve net-zero carbon emissions, the government must focus on maintaining policy continuity. Inclusion in the priority lending scheme and reducing GST for EV services from 18% to 5% will accelerate EV-led delivery adoption. Recognizing last-mile delivery as a distinct sector under logistics policies is essential, given that one-third of shipments fall within this category. Establishing industry standards, supporting gig delivery partners with tailored schemes, and implementing standard operating procedures (SOPs) will enhance efficiency and foster growth in this vital but often overlooked segment of the logistics industry. An extension of the existing EMPS scheme will result in better stakeholder sentiment and investor confidence. With increased government support in driving localisation to cut down costs, infrastructural advancements in terms of establishing a robust charging infrastructure will further aid in boosting customer awareness, focus on job creation will foster strong collaborations and necessitate substantive developments for the EV sector.
4. Dr. Sanjay Katkar, Jt. Managing Director of Quick Heal Technologies Limited
“The government’s commitment to innovation, evident in the one lakh crore rupees fund and fifty-year interest-free loan announced in the Interim Union Budget earlier. This strategic move not only encourages private sector involvement but also aligns the dynamism of our youth with technology’s transformative potential. Beyond a mere financial allocation, it serves as a catalyst for our cybersecurity sector, steering us towards a digitally secure and technologically vibrant India. The government’s forward-thinking vision, spanning physical, digital, and social infrastructure, empowers our youth and emphasizes sustainable development, fostering a path for stringent cybersecurity integration. In addition, allocating nearly double for cybersecurity requirements in the government sector and further fortifying deep-tech technologies for defence purposes will further expedite ‘atmanirbharta’. As Quick Heal & Seqrite actively contribute to this shared vision, we recognize the crucial role of technology in cybersecurity. For the last three decades, we have been at the forefront of leveraging advanced technology and heavily investing in R&D to keep innovating. This commitment enables us to keep millions of individuals, enterprises, and govt. organizations cybersecure. Thereby contributing to achieving a digitally resilient, thriving, and cyber-safe India.
5. Suchita Vishnoi, co-founder & CMO at GatewAI
As India gears up for the upcoming budget, the tech industry anticipates a transformative phase that could set new benchmarks for innovation and growth. Expectations are high for increased allocations towards digital infrastructure, artificial intelligence, and cybersecurity, aiming to bolster India’s position as a global tech hub. Industry leaders are hopeful for incentives to spur investments in startups and emerging technologies, furthering the vision of a digitally empowered society. Streamlined regulatory frameworks and policies promoting ease of doing business are anticipated to foster a thriving entrepreneurial ecosystem, driving sustainable growth and business innovation
