Fiscal policies are in a position to direct economic recovery and advancement as India enters a pivotal period in its history. The Interim Budget and Union Budget 2024 are two very important financial plans that the country is eagerly awaiting, and the excitement is evident. These budgets are seen as revolutionary change agents that significantly influence the course of the economy and give vital assistance to a variety of industries.
Under the shrewd leadership of Finance Minister Nirmala Sitharaman, the government will have a unique chance to solve sector-specific problems and lay the groundwork for sustained economic growth in the next budgets. The expectations of stakeholders are articulated, with a focus on the crucial role that the budget is anticipated to play in promoting innovation, research and development (R&D), and general growth in diverse industries.
Healthcare Industry: A Need for All-Inclusive Solutions
Co-founder and CTO of MadVR Solutions Vincent Anthony D’souza emphasises the value of taking a thorough strategy when dealing with healthcare challenges. He says “We expect a well-rounded approach to resolving sector-specific issues and promoting economic growth in the forthcoming interim budget. The focus should be on judicious resource allocation to address the particular requirements of the healthcare sector. In order to improve healthcare solutions, jumpstart research & development, and to make the medtech sector more competitive overall, we fervently support tax reduction for this sector. We are also expecting a budget that emphasises more investment for HealthTech/MedTech research and development initiatives. We feel that these strategic investments are vital in order to address healthcare concerns and ensure the long-term growth of the sector.”
The Electric Vehicle (EV) Industry: Progressing Quickly Towards Sustainability
Co-founder of Revamp Moto Pritesh Mahajan emphasises how government assistance is crucial to the ongoing growth of the electric vehicle (EV) industry. He says “Our main expectations centre on more incentives and support from the government for the electric vehicle (EV) sector. We anticipate seeing laws that support environmentally friendly mobility, like tax incentives, subsidies, and the construction of infrastructure to promote the use of electric vehicles (EVs) by the general public and neighbourhood street vendors. A concentration on funds for research and development could also hasten EV industry advancements and contribute to a cleaner, greener future.”
Manufacturing and Infrastructure: Getting Back on the Growth Track
The MD and CEO of RDC Concrete, Anil Banchhor, emphasises the need of having a sensible budgetary plan that prudently distributes funds for industrial development, infrastructural development, and talent development. He expresses “I emphasise the importance of a pragmatic fiscal approach, giving due consideration to infrastructure like roads, logistics parks and industrial development. It’s essential to allocate resources wisely for skill development and employment generating startups, sanitation and water supply systems, with an understanding that these initiatives contribute to enhancing living standards and fostering sustainable economic growth. We believe that strategic investments in infrastructure and industrial development will positively influence the nation’s economic health. Union Budget 2024 is an opportunity for the government to demonstrate prudent leadership and commitment to steering India toward measured growth and prosperity.”
Strong government support for the “Made in India” effort is anticipated, according to Mr. Rajesh, MD and Chairman of Euro Panel Products Limited. He expresses by saying,
“The Made in India initiative seems to have strong support from the Interim Budget 2024. The government is likely to provide incentives including tax rebates, subsidies, and expedited regulatory procedures with the goal of boosting domestic production. This seeks to boost the economy and industry while simultaneously tackling the pressing problem of unemployment. With the changes in the world economy, the government is ready to make Made in India a competitive advantage. The allocation of funds towards research and development, technological adoption, and talent development could potentially tackle difficulties. Strategic alliances and international collaborations could be used to take advantage of opportunities in important industries, strengthening Made in India’s resilience in the face of shifting global economic conditions.”
The general view is that the financial measures in the interim budget, which Finance Minister Nirmala Sitharaman will present, would take care of immediate problems while also setting the stage for long-term success. This budget has the power to significantly impact the direction of numerous industries and provide the impetus required for the economy to grow into one that is resilient, dynamic, and sustainable.
Stakeholders are anxiously awaiting the transformative possibilities that the upcoming budget may open, which would usher in a new era of economic dynamism and prosperity for India.
