Industry leaders share wishlist for Interim Budget announcements

Interim Budget Expectations Live: What are the expectations of the healthcare industry?

Gaurav Srivastava, Co-Founder & COO, HaystackAnalytics

“India has played a pivotal role in shaping global health outcomes by providing affordable quality assured services. The upcoming Union Budget for 2024-2025 should act as a catalyst, directing investments towards crucial areas like innovation, research and development, technology, healthcare infrastructure enhancement, and strengthening patient safety measures. With the growing burden of non-communicable diseases (NCDs) and infectious diseases, we underscore the importance of comprehensive screening and diagnostics programs, along with expanded skilling courses for healthcare professionals to attract and enhance talent in the advanced diagnostic field. In the face of remarkable progress in healthcare, the diagnostic industry faces challenges due to the dependency on imports for 80% of medical devices in India. Now is the opportune moment to address the supply chain issues through a strategic emphasis on local innovations and encourage manufacturing in India by embracing the ‘Make in India’ initiative. It is indeed “Time to make the diagnostic sector self-reliant” which encourages self-confidence and perseverance in the fundamentals of recovery.”

Interim Budget Expectations Live: India on way to inclusive and sustainable financial growth?

Saurabh Birari, CFO, Switch My Loan

“We believe that the upcoming budget presents a pivotal opportunity for India to pave the way for inclusive and sustainable financial growth. As businesses eagerly anticipate the fiscal roadmap, SwitchMyLoan emphasizes the need for a comprehensive approach to address the evolving landscape of the financial sector.

Firstly, we advocate for a thorough examination of initiatives geared towards expanding access to credit and banking services, particularly for marginalized or unbanked populations. Underserved Markets, often hampered by infrastructure gaps, merit special attention in budgetary considerations. The budget must encourage and incentivize financial institutions to extend their services into these areas, thus contributing to the overall development.

In this era of rapid technological advancements, the budget’s stance on digital transformation in lending is of paramount importance. Embracing and promoting technological innovations in the lending space will not only enhance efficiency but also empower businesses to better serve their customers in an increasingly digital world.”

Interim Budget Expectations Live: Upcoming budget to set the tone for government’s future plans?

Harinder Singh – Managing Director & CEO, Yokohama India :
“The upcoming interim budget, coinciding with elections, will set the tone for the government’s future plans. The 2024 budget is crucial for aligning tire manufacturing and EVs, steering the industry toward innovation and sustainability. The tire industry hopes for strategic allocations that drive innovation in durable and eco-friendly tires. Simultaneously, the EV segment would expect incentivising development of the ecosystem, including charging infrastructure investments, and research support, fostering a greener automotive landscape.”

“India faces challenges in rubber production, with high duties on natural rubber. Adjusting duty rates is vital for cost competitiveness. Rising raw material costs and reliance on imports impact profits. Encouraging research, local sourcing under ‘Make in India,’ and adjusting duty structures will boost global competitiveness and sector resilience,” Mr. Harinder added.

Interim Budget Expectations Live: ‘Addressing taxation concerns is imperative’

Jeetu Bairathi, Partner, Financial Due Diligence, BDO India

Advocating a Progressive Budget for Economic Growth and Innovation

In preparing for the upcoming budget, the government’s focus should revolve around fostering ease in compliance through streamlined processes, embracing single-window schemes, and minimizing regulatory complexities, especially in tax regulations. The predictability of policies is crucial for instilling confidence among investors.

A strategic allocation of budgetary funds towards emerging sectors, such as spirituality tech, space tech, prop tech, and gaming, will catalyze growth in start-ups. To further enhance the funding environment, consider incentivizing investments by private equity and venture capital through tax breaks and holidays.

Recognizing the global emphasis on sustainability, a dedicated fund within the budget is essential to propel green tech, clean energy, and social impact ventures. Moreover, prioritizing artificial intelligence (AI) startups, particularly those contributing to social impact sectors like healthcare, education, and agriculture, demands budgetary allocation to harness the transformative potential of AI.

Expanding the Production-Linked Incentive (PLI) scheme across sectors, coupled with an aggressive scope, will not only spur innovation but also integrate more startups into the manufacturing landscape.

Addressing taxation concerns is imperative. This includes a call for long-term capital gain parity between listed and unlisted equity shares, an extension of tax holidays, and a prolonged period for carrying forward losses. The tax on carry fees/carried interest remains a key concern in the private equity and venture capital community. The recent notification on angel tax regarding funds raised from foreign investors adds complexity to cross-border investments, necessitating a thorough review.

In conclusion, a forward-looking budget that aligns with global trends, encourages innovation, and addresses taxation intricacies will be instrumental in propelling economic growth and fostering a vibrant entrepreneurial ecosystem.

Interim Budget Expectations Live: ‘We expect more well-defined action plans to strengthen digital infrastructure’

Mayank Thatte, Chief Financial Officer , Rupyy

‘From the interim budget, we expect more well-defined action plans to strengthen digital infrastructure and promote digital payments for deeper financial inclusion. More robust and long term and clearly defined incentives for the adoption of EVs will also help in the growth of the auto finance sector. Inclusion of EV financing as a priority sector lending shall help and translate to lower cost and increase adoption. At large, fintech players are seeking a GST subsidy to enhance the accessibility of financial services and government benefits. With the fintech market expected to reach INR 11.36 Trn by FY 2028, we are aligned with the growth potential of the fintech sector in India and hope that the government will take steps to support the industry’s growth in the upcoming budget’

Interim Budget Expectations Live: What is the logistics industry saying about the upcoming budget?

Abhishek Chakraborty, Executive Director, DTDC Express

“The attention of the government has been largely on enhancing the logistics and supply chain infrastructure in the country. We expect the expansion on the same vision while making appropriate efforts to make supply chains more robust and versatile. In the upcoming interim budget, we look forward to more strategic reforms and allocations to help establish a comprehensive logistics network spread across air, roads, ports, and especially railways to create a dynamic and responsive supply chain.

While the National Logistics Policy (NLP) is streamlining operations, effective regulatory and budgetary support is required to improve the digitization of processes and unlock greater efficiencies. India’s logistics sector has shown tremendous growth in recent years, with a focus on relevant technological developments. We anticipate the interim budget to focus on shaping the industry with more advanced technologies like artificial intelligence, machine learning, the Internet of Things (IoT), and blockchain among others to streamline operations and unlock greater value.

Above all, we expect the government to continue to focus on development of infrastructure and technology and support the Indian logistics sector. Furthermore, we also expect the Union Budget 2024 to emphasise on eco-friendly measures like using clean energy, reducing waste generation, and opting for fuel-efficient vehicles”

Interim Budget Expectations Live: What can one expect of interim budget regarding climate?

Abinash Mohanty, Sector Head – Climate Change and Sustainability, IPE Global

The interim budget of 2024 before the general elections needs to be an elixir to cater to the needs of the vulnerable sections of society. With 2024 being an El Nino year, climate extremes are expected to breach all thresholds- the interim budget needs to be razor-sharp that can fast-track the climate-proofing of lives, livelihoods, infrastructures, and economies. A strident twenty-four percent increase in the budgetary allocation in the last financial year for the Ministry of Environment, Forest, and Climate Change laid a typology to address the trinity of jobs, growth, and sustainability that is aligned with India’s net-zero targets. The 2024 interim budget should keep the momentum and ante to reduce India’s carbon footprint of GDP, create more Atmanirbhar green jobs, and foster locally-led green actions to build resilient societies and economic sectors.

Interim Budget Expectations Live: ‘National health systems are poised to receive increased funding’

Raghab Prasad Panda, CEO and Co-Founder, Santaan

“The status of IVF health services and national health systems in the region of 2024 stands as a testament to our collective commitment to prosperity. The Ayushman Bharat program continues to be the cornerstone weaving a safety net for countless lives, IVF and that.” it will strengthen health care , ensuring that the dream of parenthood becomes a reality for more families. In addition, national health systems are poised to receive increased funding, which will provide comprehensive health care coverage say Let us believe in the irreplaceable addition of empathy and understanding to health issues.With the availability of ART and Surrogacy Act 2021 and next logical steps include IVF treatment under Ayushman Bharat, programme with state sponsorship and private insurance players will increase the number of couples dreaming of parenthood This entire ecosystem will enable AI, IoT and other innovations for new startups to realize it is in India.”

Interim Budget Expectations Live: ‘A strategic budgetary focus on telemedicine is crucial’

Atul Ayush Mishra Founder and CEO – Tattvan

In light of the upcoming budget for 2024, we look forward to increased government support to bolster the telehealth infrastructure. We expect this year’s budget allocation to specifically highlight and stress on the transformative role telemedicine has played, especially during the pandemic, in providing accessible healthcare to remote areas. Advocating for financial incentives and policy reforms, the government must allocate funds for the expansion of telehealth services, ensuring widespread connectivity and affordability. We as an industry need a regulatory framework that encourages innovation and investment in technology to enhance patient care. A strategic budgetary focus on telemedicine is deemed crucial for advancing the nation’s healthcare landscape, making quality medical services more inclusive and technologically advanced. We anticipate collaborative efforts between the government and private sector to realize the full potential of telemedicine in fostering a healthier and digitally empowered India.

Interim Budget Expectations Live: ‘Previously, there was no customs duty on sight-saving equipment’

Sri Ganesh, Chairman & Managing Director, Nethradhama Super Speciality Eye Hospital, Bangalore

A central policy to make advanced surgical technologies accessible to common people will go a long way in the enhancement of the healthcare sector, especially in eye care. This shall majorly include two aspects, one is the inclusion of advanced surgical technologies in health insurance, which will definitely help in extending the benefits of cutting-edge technology to more patients. There has been progress in that as few insurance companies have started fully/ partially covering advanced surgical modalities in their plans. However, it is essential to include this in all insurance policies, including Govt. insurance schemes. The second is the exemption or reduction in customs duty for surgical equipment and consumables. Previously, there was no customs duty on sight-saving equipment, but this was revoked a few years ago. We have 9 million blind people in India, which is the largest in the world. Most of these are reversible blindness caused by cataract. Most of the equipment we use for such surgeries are imported and expensive. For every eye surgery, we have to use consumables, but for that also we need to pay customs duty, which makes it quite expensive. The surgeon’s charges are the lowest in India, but the high cost and customs duty for the technology and consumables make the surgery expensive. Hence, we are requesting the government to make sight-saving equipment and consumables exempted from customs duty, which will make these surgeries affordable and accessible for more people.

Interim Budget Expectations Live: ‘Looking forward to a pivotal reduction in logistics costs’

Rakesh Kaul, Managing Director, Livpure:

“As we approach the Union Budget 2024, the retail industry eagerly anticipates a budget that acknowledges its pivotal role and provides essential incentives for growth. We hope for reduced taxes to alleviate financial burdens, relaxation of compliance requirements to streamline operations. We are looking forward to expansion of Production Linked Incentive (PLI) schemes that would further boost manufacturing and innovation. Additionally, a pivotal reduction in logistics costs, ensuring seamless goods movement, is anticipated to greatly amplify operational efficiency. We look forward to a budget that fosters a conducive environment for the retail sector’s sustained development and competitiveness.”

Interim Budget Expectations Live: Could India be a global superpower in education?

Siddharth Banerjee, CEO, UNIVO Education:

“India has the potential to emerge as a global superpower in education. Aided by the framework of the NEP 2020 and the recent positive developments for the online higher education industry, we are well positioned to accelerate our GER from current 27% levels. Given the importance of quality online education, the government will surely consider relevant Tax exemptions and lower GST rates to bridge the skill gap, along with encouraging reduced and subsidized interest rates on educational loans for aspiring students across the nation. Online Higher Education in India goes across socio-economic strata and across Metro/ Tier 2-3-4 cities and we look forward to continued support from the government to continue aiding the nation-building efforts by providing quality higher education and helping improve lives and careers.”

Interim Budget Expectations Live: Education to fuel India‘s future

Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya:

The onus of Viksit Bharat@2047 rests on the shoulders of our youth in India. Therefore, education stands as a cornerstone for global prominence. We appeal to the government to join us in surmounting the challenges that plague our education system. Bridging the digital divide is imperative, and we propose fortifying the digital backbone of educational institutions across the nation. Our plea includes substantial support to make education accessible and inclusive for all, transcending geographic and socio-economic barriers.
In this context, we seek tax exemptions and lowered GST rates, aligning with our mission to narrow the educational gap. Additionally, reduced and subsidized interest rates on educational loans are crucial for fostering optimal growth and development within the education sector, paving the way for affordable education for every aspiring learner.

With optimism, we look forward to the 2024 interim budget, envisioning its potential to transform the EdTech sector into a resilient, reliable, inclusive, and innovative force. Our collective goal is to ensure that every child has the opportunity to learn, grow, and contribute, embodying the spirit of ‘Baccha Seekha ki Nahi.’

Sanjay Borkar, CEO & Co Founder, FarmERP:

The Agriculture Accelerator Fund in the previous union budget provided significant support to AgTech startups. In anticipation of the upcoming budget, we are hopeful for policies that not only streamline regulatory processes but also encourage cross-border collaborations, fostering a global, collaborative approach. The key to advancing our agricultural sector lies in government initiatives that incentivize cutting-edge technologies, encompassing sustainable and precision farming, AI-driven analytics, and smart irrigation systems. By nurturing innovation, sustainability, and digitalization, the budget has the potential to propel agriculture into a future marked by resilience and efficiency.

The Union Budget has the opportunity to address Food Security, emphasizing an affordable and easily accessible food supply, aligning with the World Health Organization’s Zero Hunger initiative. A favourable budget should allocate resources for agricultural technology R&D, focusing on solutions to address evolving agribusiness needs. Incentives for organic farming and a comprehensive approach to ensuring food supply accessibility and affordability are vital for a sustainable global food future. regenerative agriculture practices and climate tech adoption interventions require additional support from the coming union budget. The Union Budget stands as a pivotal moment to sow the seeds of agricultural prosperity, cultivating a future where innovation and sustainability flourish.

Hemant K Mehta, MD of Elegar Kerpen:

The entire manufacturing sector is hopeful that the sector will be the center of favorable policies and measures in the upcoming Budget. As the backbone of many industries, the sector hopes for reforms and more allocations to support the growth of our economy, which is estimated to grow at the rate of 7.3%. There’s a heightened focus on infrastructure and railways and roadways connectivity coupled with an emphasis on clean energy like solar and hydrogen. Hence, the budget could increase allocation towards these sectors to support the nation’s sustainability drive. Such a move will benefit the concerned sectors, including the wires and cables industry and other allied spaces.

The industry also hopes the government will extend the current 15% corporate tax window for new domestic manufacturing companies beginning their operations by March 31, 2024, to March 2027 or 2029. This extension can help companies tap their true manufacturing potential and enhance global competitiveness. In addition, reforms like special incentives for the solar industry, including R&D and standardizing manufacturing procedures, can foster innovation. Policies that prioritize developing testing standards for safe electrical connection should be highlighted in the budget.

The entire sector is looking forward to easing GST complexities on crucial raw materials, which could help manufacturers optimize their production significantly. Additionally, opportunities for public-private partnerships and investments in technology and manufacturing processes are expected from the budget. Since a lot depends on the health of the country’s manufacturing sector, including India’s goal to emerge as a leading manufacturing hub, we are optimistic about the upcoming budget.

Pratham Barot CEO & Co-Founder, Zell Education:

We anticipate that the upcoming interim budget will have policies that will catalyze transformative growth in the education sector. It is imperative to recognise that digital education plays a critical role in determining the course of our country and wish to see more strategic initiatives and funding dedicated to this area. Proactively encouraging technological integration, industry-academia engagement, and skill development that will not only empower students but also make a substantial contribution to India‘s economic recovery. In order to move our country closer to a future powered by knowledge, we expect the interim budget to reflect on the government’s commitment to creating a dynamic and globally competitive educational landscape.

Anshul Khurana, Co-founder Entitled Solutions:

The number of gig workers has continued to increase and gig employment seems to have significant potential to transform employment in India. As such, the most important expectation from the upcoming Budget is to define a regulatory framework around gig employment. An inclusion of gig employment and clear definition with respect to labor laws, and compliance requirements will be huge. Within this framework, an important consideration is needed for issues related to healthcare access for gig workers. The regulation of the gig workforce can pave the way for the next push that it needs to thrive.

Arjun Bajaj, Director, Videotex:

The previous year’s budget had heightened industry expectations by reducing import duties on open-cell components, a key element in television manufacturing, by 2.5 per cent. While this move initially attracted major players with optimistic plans for domestic open-cell manufacturing, no substantial progress has materialized. Despite these developments, the industry still heavily relies on imports for open cells. Moreover, open-cell prices exhibit significant volatility, fluctuating between 10% and 800%. The supply chain for raw materials remains disrupted, leading to increased freight charges and capital investment. We anticipate that the government will take the necessary steps to streamline the supply chain.

In contrast to the smartphone industry, which benefits from various government support, PLI schemes, and manufacturing incentives, the television manufacturing sector, a substantial part of the economy, is yet to receive any advantages from PLI schemes or similar incentives. Additionally, the Indian industry sees considerable export potential, particularly in the Middle East and neighbouring countries. Government support in this regard could propel industry growth, create more job opportunities, and contribute positively to the economy.

Furthermore, TVs larger than 32 inches are currently classified under the luxury segment, attracting a GST of 28%. However, in the present scenario, TVs are no longer just luxury items; they have become essential household components. Reducing the GST on these larger TVs could lower prices, potentially boosting sales and fostering growth in the television industry.

VLA Ambala, Co-Founder, Stock Market Today and Research Analyst:

There are high expectations from the upcoming Union Budget, particularly with regards to the farming sector, Kisan Vikas (MSP), salary tax slabs, infrastructure development, and logistics. In addition, I expect key announcements related to funding for women and child welfare. However, I am most optimistic about favorable tax relief for individuals purchasing their first house or land and the introduction of special Production Linked Incentive (PLI) Schemes that will further the cause of the nation’s ‘Made In India’ movement to create new employment opportunities. There’s also a strong possibility of a GST hike on certain products, as the government aims to meet the targeted deficit of 5.5% of GDP.

Since this is the last Budget of the ruling government before the election, most announcements could be directed to cater to the needs of the majority of the population. For instance, the salaried employees hopeful for an increase in their gross income may find some respite from the upcoming budget. Though direct income tax rate cuts might be constrained due to fiscal considerations, salaried individuals could also expect relief in the form of an increase in tax-free ceilings for transport, housing, and their leave travel allowances. Similarly, a streamlined monthly GST input credit timeline and filing process could prove beneficial. Given the rising inflation levels of the country, I look forward to favorable proposals like increasing employer PF contribution from 12% to 15%, which would help working individuals mobilize more money toward their retirement funds and secure their financial future.

Finance Minister Nirmala Sitharaman delivered the first-ever paperless Budget, presenting her speech from a tablet in 2023. In 2019, she stayed clear from the colonial practice of carrying the Budget in a briefcase, opting instead for the traditional ‘bahi khata’ to showcase the Budget document. The documents were encased in a silk red cloth with the national emblem on top.

With India entering a crucial election year, the spotlight is on Budget 2024, drawing widespread anticipation. A recent poll on opinion sharing social media app ‘Hunch’, representing 3,250 Gen Z users, sheds light on the youth’s expectations. A significant 60.9% of respondents are keenly anticipating a surge in job opportunities, reflecting the prevalent job market concerns. Additionally, 22.6% express hopes for potential tax cuts, emphasizing financial relief, while 16.5% underscore the importance of measures ensuring job security, indicative of the youth’s desire for economic stability.

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

Amith Agarwal, Co-founder and Director, Staragri:

I have two key expectations from this year’s budget. Firstly, implementing a special incentive tax break or a tax holiday for agritech start-ups for 10-15 years would stimulate the entry of technology-driven players into addressing India‘s agricultural challenges. This measure is poised to foster innovation and progress in the agri-tech sector.

Secondly, similar to the allocation for urban infrastructure projects, the government should channel capital expenditure towards fortifying rural and farm infrastructure. The provision of low-cost funds for constructing modern warehouses, essential for storing grains and commodities, is crucial given the capital-intensive nature of this business. The budget should explore innovative measures such as tax breaks and attractive depreciation rates to incentivize further investments in building a farm infrastructure comparable to the best in the world.

Given that this is the final budget of the current government, I anticipate the introduction of bold policies that will have a lasting impact on the modernization of Indian agriculture, paving the way for sustained growth and development in the sector.

Rohit Sethi, Director, ESS Global:

In the upcoming interim budget the maximum loan amount available for studying abroad may be raised by the government. This might be especially useful for programmes that have high tuition costs or are located in costly locations. To help students afford education loans, the government may provide subsidized interest rates.The government’s priorities and the overall situation of the budget will be major factors in deciding whether or not education loans alter.

Dr. Mahesh, CEO, CREATICITY:

There needs to be a significant impetus given to furniture as a category, and this could be on both the manufacturing and retail fronts. In terms of manufacturing, more encouragement is welcome and much awaited, particularly for small to mid-scale enterprises. The establishment of furniture parks should be given an accelerated thrust, enabling Indian players to achieve scale and efficiency. Furniture could be viewed as an essential item category, with tax structures changed accordingly. Such a move would bring about a transformative shift, strongly and sizably organizing the furniture category. This will pave the way for greater contributions to the exchequer and fuel the organized growth of this category, which ranks just next to food, shelter, and clothing in terms of necessity.

In a notable accomplishment, Indian Railways has achieved its highest-ever capital expenditure (Capex) utilisation, reaching an impressive 75 per cent during the initial nine months of the current fiscal year, spanning from April 1, 2023 to December 31, 2023.

Official data from the Ministry indicates that the Railways has dedicated a substantial sum of Rs 1,95,929.97 Crores to infrastructural development and passenger safety, constituting around 75 per cent of the total Capex budget of Rs 2.62 lakh crores allocated for this financial year.

Comparing this data with the corresponding period in the previous year, Indian Railways has surpassed its own performance, achieving a remarkable 33 per cent increase in Capex utilization. As of December 2022, the Capex utilisation stood at Rs 1,46,248.73 crore, signifying a substantial boost in investments across various infrastructure projects.

(With inputs from ANI)

Anish Srikrishna, CEO, TimesPro:

Last year’s Union Budget reflected the government’s commitment to nurturing skilled professionals amidst dynamic changes. To propel our education system to the next level and achieve 100% digital literacy, I propose the implementation of crucial measures. Firstly, fostering collaboration between the proposed National Digital University and EdTech entities is pivotal. By jointly offering programmes, certifications, and employment opportunities, we can efficiently upskill a broader Indian population. The incentivisation of such initiatives through tax rebates for EdTech companies will ensure affordability for learners, fostering widespread adoption of technology-led education. Moreover, increasing public-private partnerships and incentivising the creation of future-centric courses will empower Indian youth for the job market. The reduction of GST on online learning courses and lowering education loan interest rates will make education more accessible, especially in Tier II & III regions. The digital divide is paramount, hence, there should be an increase in infrastructure allocations to improve rural internet connectivity, and tax relief for students acquiring digital devices will ensure universal access to online education, regardless of geographic constraints. Lastly, earmarking funds for continuous tech development and establishing a regulatory framework are indispensable for sectoral growth. These initiatives will not only create stability and attract investments but also stimulate innovation, foster entrepreneurship, and ensure the long-term sustainability of our EdTech sector.

While it is traditionally the finance minister’s responsibility to present the Union Budget annually, there have been instances where the prime minister took on this role. The first occurrence was in 1958 when Finance Minister TT Krishnamachari resigned amidst the Haridas Mundhra scandal, leading Prime Minister Pandit Jawaharlal Nehru to present the budget. In 1970, Prime Minister Indira Gandhi presented the budget following Finance Minister Morarji Desai’s resignation over the unconsulted nationalization of fourteen Indian private banks. Additionally, in 1987-88, Prime Minister Rajiv Gandhi presented the budget after Finance Minister VP Singh’s resignation.

Minal Anand, CEO and Founder, GuruQ India:

As we look towards a sustainable future, the role of education, particularly through the EdTech sector, is crucial. Currently valued at around $2.8 billion and projected to grow to over $10 billion by 2025, EdTech is a key driver of this transformation. The upcoming Union Budget presents a unique opportunity to address the sector’s challenges and capitalize on its potential. At GuruQ, our focus is on eliminating the digital divide in India, ensuring equitable access to quality education for students in both urban and rural areas. We anticipate government initiatives aimed at strengthening digital infrastructure and promoting skill development, aligning education with modern job market demands. With appropriate policy support, including tax incentives and a clear regulatory framework, the EdTech sector is poised for significant growth, contributing to India’s educational advancement. Leveraging technology in education is essential for fostering an inclusive, skilled, and sustainable future.

The last interim budget was presented in 2019 by then Finance Minister Piyush Goyal, who assumed the additional responsibility of the finance ministry due to Arun Jaitley‘s health issues. On February 1, 2019, he tabled the interim budget for 2019-20.

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

According to ICRA, markets are seeking a more comprehensive policy on crypto currency regulation. A regulatory framework may result in a more inclusive participation in the crypto market. Also, the stage is set for sovereign green bonds to make a comeback in the Budget as green bonds address the funding requirements for wind, power and hydropower sector. And finally, a mega capital outlay may be earmarked for energy transition and net-zero objectives. Government is expected to focus on new-age fuels — green hydrogen, ethanol, and other biofuels.