Unveiling India’s economic pulse! A glimpse into demands and expectations from key sectors

Niraj Rajmohan, Co-founder and CTO, of Ultraviolette: “We continue to benefit from recent developments, such as the reduced GST on EVs and road tax considerations. The reduced GST rates on EVs and chargers have helped narrow the price gap between EVs and fuel-based vehicles. On the FAME subsidies, due to the cap on the price of eligible EVs, it does not apply to us due to the nature of our offerings, but we acknowledge the government’s rationale and hope for an increase in support.

Our customers continue to believe in the product and remain resilient in terms of valuing top-of-the-line performance and next-gen technology. We believe that any extension of the FAME subsidy and removing all caps on the ex-factory price of EVs would greatly enhance our position. When the government launches initiatives that encompass technology development in India, we advocate for a subsidy structure without segment caps. Encouraging multiple segments is crucial, and technology, being universal, shouldn’t be restricted.

When it comes to EV exports, we are starting to reap the benefits, particularly as we embark on exporting vehicles to first-world countries. This marks a significant shift from the traditional vehicle export landscape, which is usually directed towards developing markets. We hope for additional benefits associated with ‘Make in India‘ for the global market, fostering innovation and growth. We eagerly anticipate favorable developments that align with our vision for technological advancements, sustainability, and global market expansion.”

Himanshu Arora – CEO and Co founder, GoMechanic: At GoMechanic, we’ve always viewed the EV sector as a key part of the future of automotive technology. With Budget 2024‘s focus on enhancing infrastructure, we feel encouraged about our alignment with these developments. Our team has been steadily preparing for the rise of EVs, equipping our mechanics with the necessary skills in a measured and thoughtful manner. This budget’s emphasis on improved EV charging networks and maintenance facilities mirrors our commitment to evolving alongside the industry. At GoMechanic, it’s about quietly but confidently adapting to offer superior EV services, contributing to an eco-friendly automotive future in a responsible way.

Muskan Kakkar – COO and Co Founder, GoMechanic: With Budget 2024, the anticipated emphasis on infrastructure and skilling initiatives presents a golden opportunity for the automobile industry, particularly for us at GoMechanic. Our recent venture into the EV market is timely, as these initiatives promise to bolster the ecosystem around electric vehicles. We foresee a future where enhanced infrastructure and skilled manpower will greatly improve the EV experience. At GoMechanic, we are excited to be at the forefront of this transformation, committed to offering top-notch services in this new era of the electric automotive industry.

Ashvin Patil, Founder and Director of Biofuels Junction: The inclusion and recognition of those working with agri-residues as feedstock for biofuels in the priority sector lending mandate in the budget can help open up significant financing opportunities for smaller players in the industry and rural entrepreneurs. Currently, aspects like tractor financing are part of priority sector lending, which benefits from lower interest rates. It would not only provide financial impetus to emerging sectors within agriculture but also align with broader goals of sustainability and innovation in agricultural practices. It will also encourage farmers to refrain from stubble burning and contribute to the growing biofuel industry, creating a sustainable cycle of waste-to-wealth.

Arun Awasthy, President & Managing Director, Johnson Controls India: “As we approach this year’s Budget announcement, there is an expectation that the momentum of the Green Growth initiative from the previous year will strengthen, reflecting a sustainability-first approach. Strategic investments in sustainable practices can act as a catalyst, propelling India towards decarbonization. This requires a more multi-dimensional approach, including greater incentivisation of green and smart building practices and certifications, encouraging the adoption of energy- efficient designs, and advancing skilling efforts in green and smart building technologies. As the nation collectively works towards achieving the net-zero target, we are optimistic that the Union Budget will reflect this commitment by widening access to sustainable solutions, enhancing affordability, and convenience for all stakeholders, ensuring a truly inclusive and environmentally responsible future.”

Gurmeet Singh Chawla, Director at Master Capital Services: “Anticipations are high that the government will increase welfare spending and potentially aim to decrease the fiscal deficit to 4.5% of the GDP by FY26. Expectations include tax relief measures and announcements to support agriculture and the rural sector while maintaining a focus on the capex push. This sector grappled with immediate challenges such as adverse weather conditions, the impact of climate change, and inflationary pressures. Government spending on capex is expected to increase to offset global growth concerns. Allocation of more funds to the infrastructure segment and focus on the growth of digitized India, green hydrogen, EVs, and broadband are also expected.

For the upcoming fiscal year, India is considering allocating approximately Rs 4 trillion ($48 billion) for food and fertilizer subsidies. The Ministry of Consumer Affairs, Food, and Public Distribution has forecasted a food subsidy expenditure of $26.52 billion for FY25, indicating a 10% rise from the anticipated allocation of nearly $24.11 billion in FY24. Signs suggest a potential surge of more than 15% in funding for affordable housing, reaching Rs 1 trillion ($12 billion) for the fiscal year 2024-2025. The divestment target is set at Rs 510 billion ($6 billion).”

Harsh Gahlaut, Co-founder & CEO, FinEdge: “Further reduction in corporate tax rates, now that direct and indirect tax collections are showing a robust trend. This would be keeping in line with the glide path the government has spoken about in the past. A tax reduction at this point would encourage business sentiment as a whole and would be an investment towards stronger tax collections in the future.

Reducing double tax whammy on dividends paid to shareholders. This double taxation is a dampener for business investments (ROI) as first, the business pays tax on profits and then pays dividend distribution tax once again when the dividend is paid out. Investors who have put up risk capital while investing in business should also be able to withdraw profits as ease of doing business without having to pay taxes twice.

Lastly, Additional sops/incentives for women to invest – This could be in the form of tax savings over and above the current structures and would enable a structural change in the social fabric of the country. Such sops exist in real estate (lower registration charges) and have helped many women in having registered properties in their name.”

Aditi Balbir, Co-founder, EcoRatings: “The 2024 budget should prioritize sustainability in the infrastructure and energy sectors. Emphasizing sustainable agriculture and striving for net zero targets are also key focal points. We also expect measures including incentivizing sustainability in the retail sector, extending industry status recognition, and encouraging the adoption of Environmental, Social, and Governance (ESG) ratings across various sectors beyond securities and banks. To reinforce the link between sustainability and financial benefits, the budget should introduce substantial incentives, such as lower interest rates for ESG loans and grants for companies compliant with ESG standards. This approach will establish a direct correlation between sustainability efforts and financial advantages. Furthermore, the budget should also envision the mandatory adoption of comprehensive compliances, such as the Business Responsibility and Sustainability Report (BRSR), for all companies. Additionally, the introduction of product-level ratings to enhance transparency, providing clearer insights into ESG parameters.”

Harshil Salot, Co-founder, The Sleep Company: The upcoming budget is poised to catalyze growth in the evolving startup industry, emphasizing policies that support research, development, and sustainability. Recognizing the pivotal role of startups in driving innovation, job creation, and economic growth, we eagerly anticipate a budget that fosters a thriving entrepreneurial ecosystem. The government’s push is expected to further spur innovation and development, especially in sectors like comfort tech, with the sleep industry forecasted to grow at a robust CAGR of 17-18%.

In the upcoming 2024-25 budget, the Delhi government intends to allocate funds for the establishment of the fourth jail in Narela, serving as a facility for “high-risk” prisoners, as revealed by officials, a PTI report said. The Central government has already committed Rs 120 crore for the construction of this jail. Additionally, a standard prison will be constructed in the same location to accommodate other inmates, thereby relieving the strain on the existing prison complexes—Tihar, Mandoli, and Rohini—according to the disclosed information.

The Department of Home Affairs plans to request financial support for the jail’s construction, with the government expected to cover 20% of the costs. The proposal for fund allocation will be included in the budget, as mentioned by the official.

The Narela jail is envisioned to emulate the design of the Cellular Jail in the Andaman and Nicobar Islands, featuring a semi-circular layout. Furthermore, the facility will incorporate an automated locking system activated during incidents of riots or clashes among inmates.

Abhijit Patil, Co-Founder and COO, Ajna Lens: “We are optimistic about the Government’s support through impactful initiatives to bolster the indigenous technology sector in the upcoming Union Budget 2024. In lieu of the Prime Minister’s vision for Atmanirbhar Bharat and the $5 trillion economy dream, we believe it is imperative to provide a level playing field for the domestic players in the sector to substantially curb dependency on imports. This will also create an opportunity for Indian players to be at par with their global counterparts in terms of innovations and resource skilling.

We hope to see strategic allocations that will foster a conducive environment for research and development, incentivize homegrown technological solutions, and support businesses in rapid upscaling. The growth of the Indian technology sector will also have a substantial positive impact on employment generation – both blue and white collar, while solidifying the importance of upskilling and reskilling the workforce. A forward-looking budget will not only empower the sector but will also contribute significantly to the nation’s economic resilience. “

Lohit Bhatia, President, Indian Staffing Federation: “While this is an interim budget, giving a timeline to implementation of Labour codes will be helpful especially at a time when India is attracting FDI in manufacturing in particular and new investors will find the labor code increase the countries ease of doing business dramatically. The lack of women workforce is another concern, the government can allow companies to use their CSR funds to create Dormitories for women workers near their manufacturing plants which can encourage more young girls to join Formal work and enjoy safe and stable environment. Another initiative could be to provide transportation for women workers in urban areas, especially for night duty personnel, such buses should be under special fund that allows Women only, including women drivers and conductors. India has the maximum participation from MSME sector and is the real powerhouse for increasing women participation in workforce. However, if they are hiring women workforce, they need support towards maternity benefits as subsidy, as this has notably become an additional burden for MSME and discourages the governments agenda to create more opportunities for women in the workforce for MSMEs. Also, the segments to create formalization in domestic workers need a government impetus to drive the change.”

Udit Garg, Director, Kundan Green Energy

“It is consistently demonstrated that hydropower plants across the spectrum: storage, run-of-river, and pumped storage provide immense benefits. However, this sector faces a lot of challenges – the financing sentiment in the hydro power sector has been quite damp in the past two years with no major financial closure being reported. Then, clearances from multiple departments during the project-planning stage consumes a lot of time. Uncertainty over the public acceptance of the project’s socio-environmental impacts; water sharing disputes; Environmental Impact Assessment issues; geological surprises; underdeveloped project location with lack of basic infrastructure and communication networks; power evacuation issues; and lack of skilled contractors/workforce are some of the other challenges faced by Hydropower sector.

Keeping all these issues in consideration, I would like to recommend a few measures before the budget announcement this year. The Government may like to consider the need for central and state government’s cooperation to actively work towards hydropower promotion -the states’ water-sharing agreements should include hydropower development agenda; government’s cooperation in developing basic infrastructure as well as power evacuation infrastructure. Moreover, establishment of a nodal agency/ institution dedicated to hydropower development could be announced during the budget; Central and state governments could help in creating public awareness programs to highlight the importance of hydropower projects so that it minimizes the social barriers. The pumped storage hydropower plants can be incentivized for maintaining grid stability through the ancillary services and by acting as a water battery to support grid integration of intermittent renewables such as solar and wind.”

Sandeep Kulkarni, Chief Operating Officer, Allcargo Gati Limited (formerly GATI).

“As the country’s economic growth is gaining accelerated momentum and the key sectors are witnessing strong domestic and global demands, the logistics industry requires a robust infrastructure and policy push from the interim budget to build superior operational and efficiency to meet the growing demand and enhance overall competitiveness in the global logistics landscape. As the country is making significant progress towards becoming a global manufacturing hub, the logistics industry has an enabling role to play to catalyse the rise. In addition, an efficient logistics infrastructure and operational framework will eventually strengthen the ease of doing business narrative.

Apart from continuing the capex push for multimodal transport infrastructure development consistent with National Logistics Policy, the budget needs to propose incentives in terms of tax benefits to attract private sector investments to strengthen last-mile connectivity in the form of building warehousing and transportation networks. As the growth of the digital economy is driving e-commerce progress, the budget should propose measures, provisions or policy support which will encourage new-age data-driven technology adoption to enhance supply chain agility, responsiveness and resilience. With environmental sustainability emerging as a dominant theme in the logistics and supply chain industry and more and more logistics companies adopting the principles of green logistics, the interim budget needs to propose incentives to encourage renewable energy adoption, EV deployment, etc.”

Kunal Gala, Partner, Deal Value Creation, BDO India

“Expectations are high for impactful economic shifts. Key forecasts suggest a strategic cut in corporate tax rates, aiming to reduce the fiscal deficit to 5.2% of GDP in FY25. There is a strong focus on greener fuels aiming to revolutionize the energy sector. Additionally, targeted support for microfinance institutions is anticipated, enhancing their reach and stability. As elections approach, the budget is expected to include prudent populist measures, striking a balance between economic strategy and voter appeal.”

Puneet Mishra, Partner, M&A Tax & Regulatory Services, BDO India

Capital gains require an overhaul. Currently, capital gains are taxed as long term or short term based on their holding period, and the tax rates on these capital gains vary, creating complexity. Rationalizing and standardizing the capital gains regime with regards to certain aspects e.g., streamlining of holding period i.e. long term or short term, uniformity in long term/ short term tax rates across various asset classes, a change in base year for indexation for long-term capital gains etc. would be favourable to the investor community at large. Aligning these changes with the visions of the government for encouraging taxpayer-friendly initiatives such as common income-tax return forms, annual information statements etc. could enhance overall compliance.

Dr. Simmardeep S Gill, MD & CEO, Sterling Hospitals, Ahmedabad

In anticipation of the imminent interim Budget, the healthcare sector articulates a compelling wishlist, emphasizing pivotal reforms for a robust and responsive healthcare ecosystem. The call to elevate healthcare spending to 2.5% of GDP reflects a collective commitment to address the magnitude of challenges faced. The spotlight on advancing local healthcare capabilities aligns with the vision of extending quality care to even the most remote regions. The plea for lower import tariffs on diagnostic equipment underlines the significance of building self-reliance in a segment heavily reliant on imports. Furthermore, the emphasis on training healthcare personnel and ongoing expenditures in innovation, research, and development indicate a comprehensive commitment to improving the sector’s efficiency.

The healthcare industry has already witnessed a revolutionary transformation through AI integration, foreseeing enhanced diagnostics, precise treatments, and personalized healthcare solutions. The burgeoning medical robots’ market, expected to reach $12.7 billion by 2025, presents a compelling growth and investment opportunity. Envisioning the future, the prospect of an AI-enabled whole-heart computational model stands out, promising a distinct approach to diagnosing chronic diseases with improved accuracy and valuable data insights.As we await the Budget’s release, these broad goals reflect a common commitment to establishing a strong healthcare system that addresses accessibility, affordability, and general well-being.

Mr. Priyank Shah, Co – Founder, Renee Cosmetics

As we step into the fiscal year 2024-25, all eyes are on the forthcoming Union Budget announcement, eagerly anticipating its impact on various industries. Within this landscape, the Indian beauty market stands out, poised for a remarkable 40% expansion by 2026, solidifying its position as the 4th largest beauty market globally, fueled by a population of 1.4 billion people.

The surge in demand within the beauty industry goes beyond mere numbers; it signifies a profound transformation in beauty standards. With increase in disposable incomes and a heightened emphasis on personal grooming and well-being among Indian consumers, this shift is undeniable. Simultaneously, the rise of Direct-to-Consumer (D2C) brands is notable, and in this budget, we eagerly anticipate regulations that will support and nurture this burgeoning sector.

In the upcoming budget, we look forward to policies that support startups, and bring about tax changes. We hope for tax relief until the company achieves a certain revenue milestone. The beauty industry will be growing at a massive rate, so we suggest that the government consider enhancing working capital for e-commerce supplies. Our aim for the budget decisions is to shape a beauty business that meets the diverse interests, values, and aspirations of today’s customers.

Mr Ashit Kukian, CEO, Radio City

As we eagerly await the Union Budget 2024, the radio industry envisions a transformative roadmap that amplifies our role in shaping India‘s cultural and informational landscape. The Ministry of Information and Broadcasting allocated Rs. 4,692 crores and Prasar Bharati received Rs. 2,808.36 crores in the previous fiscal year, our collective gaze is fixed on the forthcoming budget, seeking targeted support to propel our impact. The Broadcasting and Infrastructure Development scheme, armed with a budget of Rs. 600 crores, fuels optimism for initiatives that reinforce innovation, technology integration, and talent development within our dynamic sector.

Amid an election year and global uncertainties, our expectations extend beyond mere sustenance. We anticipate measures that not only uphold our current operations but also catalyze our expansion and modernization endeavors. This upcoming budget needs to mark a crucial juncture for the government to reaffirm its focus on our growth and endurance, recognizing the radio industry’s indispensable role in shaping public discourse and cultural narratives.

In the era of ‘Radigitalization,’ radio channels are strategically capitalizing on multiple social media platforms to intricately connect and engage with listeners, resulting into a seamless blend of traditional broadcasting and digital innovation.
As India navigates the evolving waves of change, our vision for the budget aligns with the dynamic and transformative spirit of the airwaves, paving the way for a vibrant and forward-looking future for the radio industry.

Mr. Shachindra Nath, Founder & Managing Director, U GRO Capital

“A need for policy support, like enhancing credit guarantee schemes, providing liquidity support, and revisiting the RBI‘s lending architecture, is required. The government must move beyond rhetoric and actively implement measures to strengthen MSMEs. The credit gap, especially in the universe of enterprises with turnovers ranging from 15 lakhs to 15 crores, stands at a staggering 85,00,000 crores. For sustainable growth, a continuous injection of liquidity is imperative. While regulatory narratives have emphasized co-lending and banks refrain from lending directly to NBFCs, it’s crucial to acknowledge that smaller and medium-sized NBFCs play a significant role in credit dissemination, particularly to the underserved.

Emphasizing the formalization of MSMEs post-demonetization, GST, and digitization, the challenge now lies in ensuring access to credit for these entities. The government’s role in providing sovereign guarantees for deserving NBFCs, unlocking private equity support, and fostering a robust credit ecosystem is pivotal. As we delve into the budget discussions, let’s move beyond aspirations and translate them into tangible policies that fortify the backbone of our economy – the MSMEs.”

Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd

“The visionary stance of the Union Budget 2023-24 towards sustainable mobility played a pivotal role in the successful realization of the target of 1 million electric two-wheelers, providing crucial support to the industry. Looking ahead to the Union Budget 2024-25, there is anticipation for a further boost in support for Electric Vehicle (EV) infrastructure in the country. Optimism surrounds the potential reduction in both input and output Goods and Service Tax (GST) for EVs and spare parts—a move that would significantly enhance accessibility and broaden the reach to the masses. Additionally, hopes are high for increased financing opportunities, propelling research and development to a larger scale. This, in turn, would open doors for substantial investments in the ecosystem, accelerating India‘s overall adoption of electric vehicles. A crucial aspect lies in the call for added incentives specifically directed at Indian Original Equipment Manufacturers (OEMs), aiming to stimulate advancements in localizing EV technology, fortifying the indigenous industry, and contributing to a more self-reliant and progressive economic landscape for the industry.”

Nirupama V G – Founder and Managing Director, Ad Astra Consultants

“The upcoming budget, being a vote on account due to imminent elections, is likely to have limited changes. However, these changes must address the current dynamics and challenges in the IT sector. The recent GST regulations impacting online gaming and startups have underscored the necessity for a budget that is in tune with the needs of this sector. The corporate tax structure remains an area for potential improvement. Despite no changes in the last Union Budget, there’s a strong case for a more growth-oriented tax regime, particularly for new manufacturing entities and diverse IT businesses. Even with the expectation of limited amendments, critical changes in tax structures are essential to foster sectoral growth and innovation.”

Dr. Rishubh Gupta – Managing Director, Roche Diagnostics India

“In India, remarkable strides have been made to strengthen the healthcare system in the last few decades. The government’s commitment to addressing diseases like cancer, tuberculosis, and NCDs, while aiming for universal health coverage, highlights its dedication to public health. However, we must continue this momentum with the right investments and partnerships to expand access to healthcare. Moving towards advancing universal health coverage (UHC) and health equity in India is significant, and aligned with the World Health Assembly 2023 resolution on strengthening diagnostics capacity. The resolution emphasizes the need for increased investment in research and development for diagnostics to create affordable, accessible, and context-specific diagnostic tests suitable for low-resource settings. Recognizing the importance of quality assurance and certification processes is critical in ensuring the accuracy and reliability of diagnostic tests. Implementing national diagnostic strategies tailored to our nation’s unique needs and resource capacities is essential. Prioritizing access to affordable and accurate diagnostics can transform India’s healthcare system, saving lives and improving the well-being of millions.”

Sachin Sandhir, Founder and CEO at GENLEAP for the education and HR sector pasted below:

To boost productivity and make employees happy, it’s important to create an environment tailored to the requirements of each employee. Using tools like personality testing of the employees basis their DNA and/ or psychometric tests like OCEAN or RAISEC methods, companies can understand their employees better. These tests look at qualities like extroversion, emotional stability, openness, and creativity and help create personalized plans by identifying the employees’ strengths, weaknesses, and interests. Offering tax breaks for authorized upskilling programs and tax incentives for training encourages companies to invest in employee development and meet the demands of the growing economy.

Neha Suyal, Co-founder of Woovly, a social commerce platform for Tier 2,3 millennials powered by a creator community:

“Social commerce sector in India is steadily growing and holds huge potential for growth especially in Tier 2 and 3 cities. However, the convergence of social commerce and e-commerce in these areas has its unique opportunities and challenges. We urge the government to allocate resources towards improving digital infrastructure, offering financial incentives to local businesses, promoting digital payments, and implementing customized skill development programs. Collaboration with e-commerce platforms and the integration of social media strategies are essential steps towards empowering these cities in the digital economy. We hope that the upcoming budget provides a critical opportunity to lay the groundwork for a more inclusive and digitally empowered India.”

In anticipation of the interim budget for 2024, leaders in the healthtech and medtech sectors underscore the need for a collaborative action plan. This plan would involve fostering public-private partnerships among the government, medical device companies, hospitals, manufacturers, suppliers, healthcare providers, and insurance players.

Read More Here: Medtech industry leaders urge govt to revise GST structure, increase export incentives and streamline regulatory processes

Rethinking Affordable Housing: The definition of affordable housing needs to be reevaluated, particularly across major cities. The existing cap of Rs 45 lakhs proves inadequate, making it increasingly challenging to find properties within this limit. To address this, the government should consider raising the cap to a minimum of Rs 60-65 lakhs, enabling a broader demographic to benefit from incentives aimed at promoting affordable housing. In high-value cities like Mumbai, where property prices are already substantially elevated, the cap could be further increased to at least Rs 85 lakhs. This adjustment would likely expand the availability of homes for potential buyers, aligning with the government’s commitment to fostering affordable housing initiatives.

Read More Here: What Budget 2024 holds for the Indian real estate sector?

Sachin Sandhir, Founder and CEO at GENLEAP for the education and HR sector:

To boost productivity and make employees happy, it’s important to create an environment tailored to the requirements of each employee. Using tools like personality testing of the employees basis their DNA and/ or psychometric tests like OCEAN or RAISEC methods, companies can understand their employees better. These tests look at qualities like extroversion, emotional stability, openness, and creativity and help create personalized plans by identifying the employees’ strengths, weaknesses, and interests. Offering tax breaks for authorized upskilling programs and tax incentives for training encourages companies to invest in employee development and meet the demands of the growing economy.

Manek Daruvala, Founder & Director, T.I.M.E:

“Reflecting on last year’s budget, there was optimism but also a shared concern for the under-addressed education sector. This year, we earnestly appeal for a focused approach to uplift India‘s education system. A primary concern is aligning budgetary allocation with the National Education Policy (NEP) of 2020, advocating for 6% of the GDP. Despite being a government-endorsed guideline, the past three budgets have fallen short, emphasizing the need for prioritization. Investing in education is not just an expense but a crucial move for future employability and national productivity. Equally crucial is ensuring wise fund utilization, requiring visionary leadership and vigilant monitoring for effective NEP implementation. Appointing competent individuals to key roles is imperative, as they drive sectoral allocations and oversee execution on the ground. Addressing the complexity of education as a concurrent subject demands innovative solutions, such as fostering competition among states to spur progress. These proposed changes are vital for the long-term prosperity of the education system. We remain hopeful that the government, driven by resolute will, will swiftly implement these measures, prioritizing the lasting welfare of the nation.”

Dr. Himani Narula, Developmental and Behavioral Pediatrician Director & Co-founder of Continua kids:

“In the upcoming budget, it is crucial to recognise that amidst a growing GDP and thriving economy, addressing the persistent challenges faced by individuals with disabilities requires a comprehensive response. With approximately 2.68 crore reported cases in the 2011 census and a figure expected to climb globally, post the 2016 revision of the RPwD Act which identified 21 disability-causing disorders. Inadequate accessibility not only hampers rights and equality but also incurs a substantial economic toll, with the World Bank noting a 3-7% GDP loss in India. A University of Melbourne study emphasizes a 17% increase in household income requirements for supporting those with disabilities.

To effectively tackle these issues, the budget should accurately assess the number of individuals with disabilities, identify their specific needs, and devise tailored support plans. Prioritizing education, healthcare, social services, workforce inclusion, accessible infrastructure, research, legal frameworks, and community engagement is imperative. Rigorous assessments ensure optimal fund utilization and collaboration with stakeholders leads to inclusive financial allocation strategies. Ongoing reviews and adjustments are essential for sustained national progress in championing the rights and well-being of individuals with special needs.”

Sumit Sethi – Chief Operations Officer, eInfochips says “As we look ahead to the Union Budget, there is a sense of optimism within the technology and engineering sectors for policies that foster a culture of innovation and research. We are hopeful for the introduction of new schemes that facilitate public-private partnerships in R&D, thereby leveraging the strengths of both sectors. Additionally, implementing educational grants or incentives for academic institutions and industries that collaborate on technology research could significantly enhance the scope and quality of innovation.

For the rapidly evolving Electric Vehicle (EV) sector, we expect the budget to continue its support with enhanced subsidies, and investment in charging infrastructure, which is crucial for the mass adoption of EVs. Additionally, a focus on skilling and education in emerging technologies like AI and machine learning is essential. This can bridge the existing skill gap and ensure that India‘s workforce is equipped for the future.

In essence, we hope the budget will address the need for a robust technological infrastructure, conducive policies for startups and tech giants, and a framework that supports sustainable and inclusive growth in these critical sectors.”

“In the forthcoming budget, we anticipate a targeted increase in the education budget with a specific focus on EdTech initiatives. This might involve allocating funds for the development of digital infrastructure, content creation, and training programs for educators in technology integration. Additionally, we hope to see tax incentives for EdTech startups, aiming to foster growth and innovation within the sector.

To enhance both quality and accessibility, we look forward to the government establishing a comprehensive framework for evaluating and certifying EdTech content. This could include the implementation of national standards and the creation of accreditation bodies to ensure quality and prevent misinformation. Bridging the digital divide is another crucial aspect, where increased funding for rural broadband connectivity, affordable digital devices, and digital literacy programs will contribute to making online learning accessible to all.

Furthermore, we expect a proactive approach in fostering collaborations. Public-Private Partnerships (PPPs) between EdTech companies and educational institutions should be actively encouraged, leveraging expertise and resources for developing innovative solutions. Additionally, funding for research and development in EdTech, coupled with industry-academia collaboration, can be instrumental in driving innovation and elevating the overall quality of educational offerings,” says Beas Dev Ralhan, CEO, Next Education