Industry leaders share wishlist for Interim Budget announcements

Amit Pratihari, Vice President, De Beers Forevermark:

India‘s GDP and employment landscape are significantly influenced by the crucial contribution of the Gems and Jewellery sector. As we look forward to the interim budget, the diamond industry is optimistic about a progressive fiscal policy that fosters growth, promotes consumer spending through tax incentives, and secures global competitiveness. Notably, the natural diamond segment has experienced a positive trend with consumers showing a preference for meaningful and valuable purchases in recent months. The allure of natural diamonds will continue to remain strong in the jewellery sector due to the significant resale value and emotional sentiments linked to them. A strategic allocation of resources and supportive measures holds the potential to not just uplift the sector but also make a substantial contribution to the brilliance of the nation’s economy.

Manguirish Pai Raiker, Chairman of the National Council for Micro, Small, and Medium Enterprises (MSMEs) at the Associated Chambers of Commerce and Industry of India (ASSOCHAM), stated that, in addition to promoting spiritual tourism, the government will introduce initiatives focused on health and education in the upcoming interim budget.

In an interview with ANI regarding expectations from the budget, Raikar mentioned, “The government is taking a lot of initiatives to improve the business… We will be the third-largest economy very soon… Production Link Incentives (PLI) will be enhanced, more products will be brought in, and there will be more scope for investments in India…” He further added, “Secondly, the government also plans for spiritual tourism, which has attracted many people, as we have seen in Varanasi and Ayodhya. Other spots will also be taken into consideration… I’m sure the new budget will bring in something for the promotion of these initiatives… There will be other initiatives taken on the health and education front. This is what we expect from the government.”

As India steps into a crucial election year, attention is centered on Budget 2024, sparking widespread anticipation. A recent poll conducted on the opinion-sharing social media app ‘Hunch,’ representing 3,250 Gen Z users, provides insights into the youth’s expectations. A substantial 60.9% of respondents eagerly anticipate an upswing in job opportunities, reflecting prevailing concerns about the job market. Furthermore, 22.6% express hopes for potential tax cuts, emphasizing the desire for financial relief, while 16.5% underscore the importance of measures ensuring job security, indicating the youth’s quest for economic stability.

The diverse expectations collectively underscore the shared aspiration for robust economic conditions. The emphasis on tax incentives and secure employment highlights the pivotal role these factors play in achieving the overarching objective of economic stability. All eyes are on Budget 2024 as it is anticipated to address and meet the pressing concerns of the young generation.

Satishwar B, MD & CEO, Aegon Life Insurance:

Our journey towards ‘Insurance for All by 2047’ is marked by strategic steps and certain recommendations for the upcoming Budget could pave the way for growth and accessibility in the Life Insurance Sector:

– No Taxation for Annuity Plans to Benefit Both Retirees and the Industry

– Improving Tax Benefits to Increase Insurance Coverage

– Separating Savings for Life and Health

– Complete Deduction for Life Insurance Premiums

– GST Reforms for Wider Reach

The last interim budget was delivered in 2019 by then Finance Minister Piyush Goyal, who assumed additional responsibilities in the finance ministry due to health issues faced by Arun Jaitley. On February 1, 2019, Goyal presented the interim budget for the fiscal year 2019-20.

Contrary to the common belief that interim budgets typically lack substantial policy changes, Goyal introduced several crucial alterations and announced various schemes. These included the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, Rashtriya Gokul Mission, Pradhan Mantri Shram Yogi Maandhan scheme, and the Social Security Coverage Scheme. Furthermore, he unveiled plans for the establishment of the Department of Fisheries, aiming to provide sustained and focused attention to fisheries development.

Gautam Bali, MD, Vestige Marketing:

The direct-selling industry in India holds immense potential for nurturing entrepreneurship and propelling economic advancement. We look forward to regulatory frameworks and policies that can sustainably strengthen ethical business practices. Additionally, we hope for potential tax reforms that can create a more favourable environment for the industry. The government’s emphasis on infrastructure development is commendable which is likely to have a significant impact on trade and commerce in the country.

Moreover, we would look forward to the possibility of the government introducing a social security scheme for gig workers, acknowledging their valuable contributions to the economy. This positive outlook is in sync with the broader optimism expressed by industry leaders regarding the sector’s impact on entrepreneurship and economic progress in India. The Government of India emphasised the potential of direct selling industry as a significant source of self-employment and encouraged companies to offer quality products at fair prices in the interest of consumers. Furthermore, the organised players of the industry are strengthened as they can pave the path for women and youth empowerment, thereby igniting their dreams and ambitions.

With strategic support and impactful measures, we are completely confident about the Indian direct-selling industry’s capacity to emerge as a pivotal player in the global market. We eagerly anticipate the Union Budget 2024 to catalyse our nation’s economic growth, providing essential support for the thriving direct selling sector, and aligning with the collective aspirations for sustainable and ethical industry growth that significantly contributes to India’s overall economic progress and global market presence.

Rahul Tewari, Chief Financial Officer, Games24x7:

We anticipate the Hon’ble Government will continue its support for the burgeoning online gaming industry, in line with previous commitments such as the formation of the AVGC task force. This backing is crucial for fostering innovation in game design and development in addition to nurturing a pool of globally competent resources coming out of India.

While we received a lot of clarity pertaining to the online gaming industry in 2023, the sector now seeks clarity on the long-term regulatory framework. This would help in bringing FDI to propel the growth in adoption of gaming content within India and for developing online games for international markets.

Gaurav Agarwal, Co-founder, Nat Habit:

With India‘s beauty and personal care market poised to reach $30 billion by 2027, the upcoming 2024 budget discourse emerges as a pivotal moment for the aligned Startups. Fueled by consumers seeking authenticity and convenience, our growth is undeniable, yet challenges persist within this rapidly expanding landscape. Startups often grapple with an inverted GST structure, where expenses outpace income, leading to a lack of refund mechanisms that tie up essential capital with tax authorities. We advocate for tailored policies to address this financial imbalance. Additionally, we call for equity in long-term capital gains between public and private companies and propose a reduced GST rate of 12% for essential personal care items until a unified GST structure is established. Building on the exemption of sanitary napkins from GST, we implore the government to recognize D2C’s transformative potential, urging comprehensive support for both economic growth and national well-being.

Given that nearly 60% of rural households derive their livelihood from agriculture, India, boasting the world’s second-largest agricultural land area, remains highly vulnerable to fiscal measures affecting the agricultural sector. Economists anticipate that Nirmala Sitharaman might suggest a budget proposal to increase the disbursement amount under the government’s primary direct benefit transfer program, Pradhan Mantri Kisan Samman Nidhi (PM-Kisan), by nearly 50%, raising it from the current Rs 6,000 to Rs 9,000 annually.

Abhay V Udeshi, Chairman, of CHEMEXCIL (Basic Chemicals, Cosmetics and dyes Export Promotion Council), said, “For the Budget 2024, the government should consider about the RoDTEP (Remission of Duties and Taxes on Export Products) Scheme, challenges in freight services due to the instability in the Red Sea and some tax exemptions for the investments in research and development.”

He added, “The RoDTEP Scheme provides for a flat 0.8% exemption rate for the chemical exporters but the industry needs the rates to range between 1% to 5% depending on different criteria because the flat rate is reducing the export competitiveness of Indian manufacturers. Apart from that, seeing worsening conditions around the Red Sea, the government should also provide some freight support packages to help the industry in dealing with increasing freight rates.”

Dr. Saarthak Bakshi, Healthcare Entrepreneur and CEO of RiSAA IVF:

The upcoming budget presents a crucial opportunity to remedy the long-standing underinvestment in India‘s healthcare sector. With the COVID-19 pandemic exposing the vulnerabilities in our health infrastructure, budgetary allocations that expand healthcare access and delivery should now be the topmost priority. We expect the budget to provide a substantial boost in funding for primary healthcare, the backbone of India’s public health system. Increased budgetary support is needed to strengthen health and wellness centers, ensure free essential drugs and diagnostics, and boost telemedicine services. Allocating more funds for COVID-19 vaccination drives and future pandemic preparedness through investments in disease surveillance systems and health infrastructure upgrades is equally critical.

The budget must also incentivize indigenous manufacturing of medical equipment and supplies to end India’s reliance on imports. We hope schemes like Ayushman Bharat will be expanded to widen health insurance coverage for economically weaker sections. Mental healthcare programs deserve special budgetary attention given the growing burden of mental health issues.

Overall, the budget must recognize healthcare not just as a social sector but as a productive investment vital to India’s growth and global standing. The government now has a historic opportunity to make quality healthcare accessible and affordable to all Indians through prudent budgetary allocations. This would be the best way to commemorate 75 years of independence.

Payal Jain, Founder and CEO, Funngro:

The Indian budget allocation for FY 24–25 serves as a compass pointing towards a bright future for startups as we make our way through the corridors of innovation. In addition to being a budgetary statement, the government’s emphasis on technology and digital infrastructure is an announcement of its dedication to creating a healthy ecosystem. Startups, the innovators in the field, are excited about how this fiscal step may affect other industries. This budget demonstrates how financial resources are strategically aligned with the goals of the startup community. The allotment aligns with our shared objective of an empowered India through digital means.

The government’s careful distribution, which meets the wide range of demands of this vibrant industry, is indicative of its understanding of the critical role that entrepreneurs play in promoting economic growth. I support the forward-thinking strategy that embraces emerging technologies and recognizes the importance of research and development as a leader in the startup industry. This budget not only reflects a cooperative effort between the public and private sectors to advance India as a worldwide center of invention, but it also feeds our spirit of innovation. There is hope that the fiscal canvas that will be painted for startups in FY 24–25 will be full of innovations, teamwork, and extraordinary success stories.

Ashok Rajpal, Managing Director, Ambrane India:

The PLI schemes and various manufacturing incentives have already proven instrumental in supporting the consumer electronics industry, reflecting an impressive 53% YoY growth in the first half of calendar year 2023. To elevate the industry to international standards, additional support geared towards the export of ‘Made in India’ products is crucial. As we approach the Union Budget 2024-’25, our hope is for a budget that consistently nurtures a robust environment for domestic manufacturing, fostering innovation and enhancing global competitiveness. The sustained backing of the ‘Make in India‘ initiative remains integral to our growth trajectory.

Critical to the success of the electronics manufacturing sector will be strategic investments in infrastructure and technology. Tax advantages and streamlined legal processes are imperative for the manufacturing sector’s vitality. A key focus area must be ensuring self-reliance in cutting-edge technologies to facilitate continuous local manufacturing. We eagerly anticipate the budget’s unveiling, maintaining optimism that government policies will fortify the foundation for growth, innovation, and sustainable practices within the electronics manufacturing landscape.

Nirmal K Minda, Chairman and Managing Director, Uno Minda:

We appreciate the recent Government policies initiative like PLI, FAME, and BNCAP in spurring growth however, to further bolster this momentum, we seek further policy intervention in Rationalize GST structure for auto components, Incentives and tax benefits for Research and Development, Implementing calibrated import duty structures for auto components.

Furthermore, extending the time limit for exemption under Section 115BAB for new manufacturing companies to March 31st, 2026, would incentivize further investment and job creation. Additionally, continued support for electric vehicle adoption through extended FAME-II subsidies, increased charging infrastructure investments, and reduced GST rates on EVs remains paramount for accelerating India‘s transition to sustainable mobility. Recognizing the lingering economic effects of the pandemic on lower income segments, the industry also urges the Government to consider special policy initiatives aimed at their upliftment and economic empowerment. We urge the government to craft a budget that fosters confidence, ignites innovation, and paves the way for a thriving, sustainable, and globally competitive automotive sector.

Interim Budget Expectations Live: ‘Consider reducing the Tax Deducted at Source (TDS) on VDAs, from 1% to 0.01% ‘

Ashish Singhal, Co-founder and Group CEO, PeepalCo

India introduced its tax provisions for Virtual Digital Assets (VDA) two years ago, during the 2022 Budget. While the industry welcomed the definition and inclusion of VDAs in the Income Tax Act, certain provisions, such as the high TDS rate and the lack of offset have led many Indian VDA users to move to non-compliant foreign exchanges to trade, putting themselves at risk of losing their investment and breaking the law. It also led to lesser tax revenues for the exchequer.

As an FIU-registered platform compliant with India’s KYC and PMLA rules, CoinSwitch urges the Government of India to consider the following:

i) Reducing the Tax Deducted at Source (TDS) on VDAs, from 1% to 0.01%
ii) Allow offsetting and carrying forward losses from sale of VDAs
iiI) and treating income from VDAs on par with other capital assets

The Government of India has shown commendable leadership at the G20 to arrive at a roadmap for a global crypto framework, and has implemented domestic regulatory frameworks such as anti-money laundering that are in line with the global standards.

This could be the basis for India to reconsider its tax treatment of VDAs, which is an outlier, both domestically and internationally. Reducing the tax arbitrage that exists today will also help stem the flight of capital, consumers, investments, and talent, as well as dent the gray economy for VDAs.

Interim Budget Expectations Live: What expectations have been laid down for the technology sector?

Rajiv Gupta, Managing Director and Senior Partner, BCG

“Over successive budgets, India has increased allocation to the technology sector (last budget saw 40% increase and stood at Rs. 16,549 Crs) which has helped drive significant progress in India’s position in the global electronics value chains. What will be essential for this budget is to provide special budgetary allocation and schemes to help drive growth of the Component Ecosystems with special focus on PCBs, Sensors and Electro-mechanical components. Such allocations should support not just capex but also development of high-skilled manpower, availability of natural resources in special component hubs (often required for component manufacturing). We are confident that with combined coverage across Fab, OSAT, EMS and Components, India will further increase our share in the global value chains.”

Interim Budget Expectations Live: What has the budget in store for the aviation sector?

Aloke Bajpai, Co-founder & Group CEO, ixigo

“The past year has been extremely exciting for the travel & tourism sector; especially with the government’s increasing focus on boosting domestic & inbound travel. India is on track to be the fastest-growing aviation market in the world in the next decade. The rising trend of domestic air travel from tier 2,3,4 cities is encouraging, and we hope to see the budget continue to allocate resources for the development of infrastructure, technology, and safety measures at existing and new airports in these cities under the UDAN scheme.

Spiritual tourism is poised to be a key focus this year, and we anticipate more measures aimed at enhancing infrastructure, and accessibility, including last-mile connectivity in spiritual and cultural hubs across India. The Indian Government has been actively developing religious destinations and pilgrimage centers to encourage spiritual tourism under the Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASAD Scheme). This effort has led to a remarkable transformation in Varanasi’s tourism sector, primarily driven by the revitalized Kashi Vishwanath corridor and the Central government’s renewed commitment to promoting religious tourism. Since its opening in December 2021, Kashi Vishwanath Dham has attracted an unprecedented 100 million visitors. In contrast, the number of visitors had previously been a mere 8 million before the renovations.

Similarly, it is anticipated that with the recent inauguration of the Ram Mandir in Ayodhya and the recent launch of the new Ayodhya airport, Ayodhya may attract similar footfalls of visitors. Such steps will undoubtedly improve connectivity in regions where trains or buses may be the primary mode of transportation.

Furthermore, considering that aviation turbine fuel (ATF) constitutes a significant portion of operational costs for airlines, any waivers or support for the airline sector would greatly benefit the industry. Bringing the Aviation Turbine Fuel (ATF) cost down to pre-pandemic levels presents significant opportunities for India’s aviation sector, serving as a crucial factor in improving air travel accessibility. In 2023, we also witnessed a surge in travellers opting for visa-free destinations, indicating a growing preference for hassle-free and convenient international travel experiences. Simplifying visa requirements to encourage visa-free entry for tourists visiting India is another action point that can significantly enhance foreign tourist arrivals. Overall, we look forward to budgetary measures that foster growth, innovation, and sustainability within the travel and hospitality sector, ultimately strengthening India’s position as a premier travel destination”.

Interim Budget Expectations Live: Reassessment of TDS rates in the pipeline?

Ajeet N Taparia, COO, Omkara ARC

In recent years, discussions surrounding the TDS rates on income from Security Receipts (SRs) issued by ARCs have garnered increased attention within the financial landscape. The Finance Bill of 2016 introduced TDS rates of 25% for individuals and Hindu Undivided Families (HUFs) and 30% for other resident entities, aiming to balance revenue considerations. However, ARCs argue that a reconsideration of these rates is not just an appeal for relief but a strategic move that can profoundly impact the industry and contribute to broader economic revitalization. As we approach the Union Budget, industry experts anticipate a thoughtful reassessment of TDS rates to align with the growth objectives of the
country.

Interim Budget Expectations Live: ‘Financial inclusion should be in focus’

Rakesh Kaul, CEO, Clix Capital

“The growth of India’s fintech industry are driven by strong financial inclusion and consumer demand, a young demography, and improving trade balances. With this interim budget, the focus should continue towards accentuating financial inclusion across the country, policy reforms, PLI schemes, government subsidies for small businesses, emphasis and stronger traction on digitalization efforts as they play a massive role in this regard. Financial inclusion clubbed with the digital inclusion will drive exponential access to credit on the back of higher convenience and shorter TAT. We are hopeful that the focussed approach will ensure sustained growth of the sector and overall Indian economy.”

Interim Budget Expectations Live: ‘Need to activate blended finance structures in India‘

Avishek Gupta, MD & CEO, Caspian Debt

“Over the past few years, entrepreneurship has become a viable career option. However, the visionary entrepreneurs also need to be able to attract good quality talent and for that ESOPs play a big role. However, ESOPs are taxed twice. If the tax laws can be rationalised to have ESOPs taxed only at sale, the ability of startups to attract good quality talent at reasonable cost goes up.

There is a need to activate blended finance structures in India by encouraging domestic philanthropic capital to move into blended finance transactions. Blended finance transactions are necessary to solve critical problems like climate impact and access to essential services for low income households. The mandate of CSR and private philanthropic capital can be extended to allow such blending.

While a number of changes have been made to AIF regulations to strengthen the market and to put an end to malpractices by disallowing junior/senior tranches in AIFs and preventing NBFCs/Banks from investing in AIFs, it has also led to closing of opportunities for financing underserved segments that may have significant developmental impact. Credit enhanced AIFs can be used to finance high impact climate finance or social development projects by leveraging development oriented capital serving as junior tranche while commercial/risk averse capital can come in as senior tranche. Such models enable continuous flow of capital to underserved sectors. In addition, domestic philanthropic capital can also serve as junior tranche and tax benefits or inclusion within CSR mandate will go a long way towards accelerating development finance.”

Interim Budget Expectations Live: ‘Excited to see initiatives that bolster India‘s sustainable development’

Deepak Sharma, MD, CEO & Zone President, Greater India, Schneider Electric

“India’s economy is projected to grow at 7.3% in the ongoing financial year, a testament to the country’s resilience amidst global uncertainties. The upbeat industry sentiment is fueled by strong domestic demand, robust capex cycle, and growing exports. As we await the upcoming budget, we are excited to see initiatives that bolster India’s sustainable development, with a key focus on laying the foundation for a new energy landscape. At Schneider Electric we believe that new energy landscape promoted through green hydrogen, solar technologies, microgrids, electric vehicles etc. will play a crucial role in steering India towards achieving its decarbonization objectives. We are looking forward to continued investments by the Government of India to accelerate progress towards India’s position as a global powerhouse for manufacturing, innovation, AI, and digital. Continued focus on expanding Public Private Partnerships will further enable accelerating India’s infrastructure growth and ambitions.”

Interim Budget Expectations Live: ‘A focus on the Housing and Construction sector can be a game-changer’

Shital Gupta, Chief Sales Officer (Plywood), Greenpanel Industries Ltd

“In the upcoming budget, a focus on the Housing and Construction sector can be a game-changer for the plywood industry. Increased allocations for housing projects and rural infrastructure development can drive demand for plywood in furniture and construction. Emphasizing quality with budgetary support for certification initiatives will boost consumer confidence. Sustainable forest management practices ensure a reliable raw material supply, promoting environmental responsibility. Budgetary provisions for research, technology adoption, and skill development can modernize the industry, improving efficiency, product quality, and addressing the skilled labor shortage. This strategic approach aligns with economic growth and industry sustainability.”

Interim Budget Expectations Live: ‘Budget should encourage investments in refining and petrochemical capacities’

Rajani Kesari, Chief Financial Officer, Nayara Energy

“The upcoming Union Budget offers a crucial opportunity to enhance and propel the expansion of our industry. The downstream sector is pivotal in securing energy, propelling economic growth, and fostering job opportunities. To support and amplify these contributions, the forthcoming Union Budget should encourage investments in refining and petrochemical capacities. This could involve offering tax structures and swift approval processes that can stimulate both domestic and foreign investments. We also look forward for solution around industry’s long pending demand of bringing excluded petroleum products under GST.

On the other hand, it is essential to promote research and development in clean energy technologies. Establishing a dedicated fund for innovation in refining processes and eco-friendly products will not only align with environmental objectives but also position India as a leader in sustainable energy solutions.”

Interim Budget Expectations Live: Will insurance policies be exempted from GST?

Ankit Agrawal, CEO and Co-Founder InsuranceDekho

Personal Finance Perspective

In the upcoming budget, we anticipate that the finance minister will exempt insurance policies from GST, which will bring down insurance premiums. This step will increase insurance affordability and help fulfill Prime Minister Modi’s dream of insurance for all Indians by 2047. Additionally, we expect the government to increase the tax exemption limit under 80C, which will encourage savings, promote insurance coverage, and stimulate economic growth. Various studies have shown that increased insurance penetration multiplies the economy by reducing overall financial distress and making long-term growth capital available to important nation-building industries.

Interim Budget Expectations Live: ‘Government will continue to support farmers’

Simon Wiebusch, President, Bayer South Asia

The agriculture sector continues to play a pivotal role in powering the Indian economy. As we approach this year’s interim Union Budget, I am confident that the government will continue to support farmers and unlock all-round development by advancing access to farmer welfare schemes, crop protection programs, better market linkages and modern Agri solutions to accelerate the growth in farmer incomes and increase productivity. Agriculture is the bedrock of India’s prosperity, providing not just calories and fodder but improving access to nutrition, producing industrial inputs such as cotton and renewable energy sources like ethanol. Additionally, I feel that the interim budget should also promote schemes to advance climate-smart agrarian policies to promote sustainability and regenerative agriculture.

Interim Budget Expectations Live: Does the government consider healthcare a priority sector?

Vishal Bali, Executive Chairman, Asia Healthcare Holdings (AHH)

“India is now the most populous country in the world with 66% of its population below the age of 35yrs. India is aiming at a GDP of $ 30 trillion in 2047, at the current rate of population growth that would translate to 1.65bn people and the country must grow at a CAGR of 8% during this timeframe. This is a powerful vision for the country and is now being echoed at most events around the future growth of the Indian economy. As per Indian Union Budget estimates for financial year 2023, the health sector in India was allocated 2.26 percent of the total union budget expenditure. This was a decrease from 2022’s revised estimates of 2.35 percent. In Budget 2023 health sector was allocated ₹89,155 crore a hike of around 13 per cent as against ₹79,145 crore allocated in 2022. Since 2020 the share of the health sector as a % of total union budget expenditure has continuously decreased. While the interim budget may only be directional, the key question from the sector is whether the Govt considers healthcare as a priority sector which is a driver of GDP growth or a social enabler. A robust healthcare system drives GDP growth in the presence of adequate investments and a conducive environment by not only acting as a productivity and employment generator, but also as a sector that attracts FDI and provides opportunities for innovation and entrepreneurship. A better healthcare ecosystem is essential for achieving India’s vision of being a developed nation and it needs a paradigm shift and exponential change in budgetary outlay. Thus the finance minister should accord priority sector status to healthcare and increase public healthcare spending to 2.5% of GDP in budget 2024.”

Interim Budget Expectations Live: ‘Focus on strengthening healthcare infrastructure’

P V Shyam Sunder, Director, Concept and Technology, at Evolv28

Our expectations focus is on strengthening healthcare infrastructure, to address the diverse healthcare needs of India. Streamlining GST policy for healthcare startups. Encouraging cutting edge technology focussed healthcare frameworks for Patent and business continuity.

In view of increased focus on Mental wellness post Pandemic, with a primary emphasis on promoting mind wellness, the initiatives should facilitate access to capital to strengthen the healthcare ecosystem, and leveraging technology to establish world-class healthcare systems. As health– tech startups, we anticipate that the 2024 Union Budget would foster an atmosphere conducive to digital healthcare innovation. Crucially, we argue for R&D innovation support, ease of Patenting and incentives in order to elevate India’s reputation as a leading global R&D powerhouse.

Financial support for the integration of future technologies such as AI and telemedicine, as well as investments in digital infrastructure, cybersecurity, and data protection, are critical components aligned with the National Digital Health Mission’s aims. We advocate for the creation of innovative healthcare models that harness technology and skilled labor, with the goal of achieving cost-effectiveness and broad accessibility across income levels.

The industry advocates for favorable policy to address inflationary concerns, including measures such as lowering customs tariffs on raw materials, eliminating the additional 5% health cess, and enhancing export incentives under the RoDTEP system. Simplifying compliance burdens, application procedures, supervisory regimes, lending structures, assuring pricing transparency, and easing cross-border commerce will boost local manufacturing, R&D, and address supply chain difficulties in the health-tech sector.

Interim Budget Expectations Live: ‘Thoughtful subsidy structure for fertilizers can incentivize farmers’

Amit Sinha, Co-Founder, Unnati

As we anticipate the upcoming budget, we express our optimism for a holistic approach that sincerely addresses crucial agricultural concerns. Recognizing the significant strides taken in the last budget, our hope lies in a budget that prioritizes key aspects such as setting competitive MSPs for specific crops and promoting self-reliance in domestically manufactured fertilizers. We look forward to the government’s strategic emphasis on promoting climate-friendly products, aligning with sustainability goals. Furthermore, a thoughtful subsidy structure for fertilizers can incentivize farmers towards economically and environmentally responsible practices.

We anticipate a budget emphasizing processing unit development, awareness creation, robust market linkages, and policies supporting technology and infrastructure. This approach aims to foster a favorable business environment and drive sustainable growth in the agricultural sector.

Interim Budget Expectations Live: Word from the world of plywoods

Shital Gupta, Chief Sales Officer (Plywood) of Greenpanel Industries Ltd

“In the upcoming budget, a focus on the Housing and Construction sector can be a game-changer for the plywood industry. Increased allocations for housing projects and rural infrastructure development can drive demand for plywood in furniture and construction. Emphasizing quality with budgetary support for certification initiatives will boost consumer confidence. Sustainable forest management practices ensure a reliable raw material supply, promoting environmental responsibility. Budgetary provisions for research, technology adoption, and skill development can modernize the industry, improving efficiency, product quality, and addressing the skilled labor shortage. This strategic approach aligns with economic growth and industry sustainability.”

Interim Budget Expectations Live: ‘Need for a reconsideration of TDS rates on income from SRs issued by ARCs’

Ajeet Taparia, COO, Omkara ARC

Taparia discusses the need for a reconsideration of TDS rates on income from SRs issued by ARCs.

The current TDS rates of 30% are seen as a burden to investment in distressed assets, impacting the financial sector’s health. The author reasons for a reduction in TDS rates to 10%, highlighting its potential to stimulate investment, attract diverse investors, relieve financial pressures on ARCs, and streamline tax processes for greater efficiency. The proposed change is viewed as a strategic move with the capacity to foster economic growth, encourage responsible investing, and fortify India‘s financial sector. As stakeholders anticipate the Union Budget, they hope for a forward-looking approach that aligns with the nation’s long-term prosperity.