Aravind SundaramFinance Minister Nirmala Sitharaman is all set to present budget 2024 on July 23 or 24, according to media reports. Tax rebates, populist schemes and infrastructure spending are possibly in the cards. Business leaders are continuing to share expectations with Thought Habitat. On that note, here are some of the thoughts shared by real estate, retail, electronics and IT business leaders.
Mahesh Viswanathan, CFO, Finolex Cables Ltd.
As we approach the upcoming budget announcement, Finolex Cables anticipates policies that will stimulate growth in the manufacturing and infrastructure sectors. We foresee a continued emphasis, especially on infrastructure development, which will drive demand for high-quality electrical solutions.
The government’s robust push in both physical and digital infrastructure is poised to enhance last-mile connectivity and create a growth-friendly environment, fostering digital economy expansion and sustainable development. Furthermore, considering the rapid advancements in technology and the growing emphasis on smart homes and automation, we expect the budget to support innovation and R&D initiatives.
Further, as members of the manufacturing industry, we advocate for product subsidies and tax reductions to drive growth. Additionally, we hope for enhancements in policies that promote domestic manufacturing, such as extensions of the Production-Linked Incentive (PLI) scheme. This would not only bolster the ‘Make in India’ initiative but also strengthen the entire supply chain ecosystem.
Overall, we look forward to a budget that fosters a conducive environment for growth, supports infrastructure development, and encourages technological innovation. Such measures will be instrumental in driving sustainable economic growth and enhancing the quality of life for citizens.
Gaurav Malhotra, Managing Director, hansgrohe India
For the Union budget, we are optimistic about the positive measures that will bolster the luxury real estate sector and enhance the overall market dynamics. This aligns with the growing aspirations towards a luxury lifestyle, where consumers seek high-quality, sophisticated home interior solutions. We urge the government to put a rationalization on GST and reduce home loan interest to stimulate demand and growth for the luxury real estate sector. Additionally, we hope to see initiatives aimed at boosting local manufacturing capacity that can further strengthen the make-in-India initiative and also increase the availability of world-class products in the domestic market.
These strategic reforms will collectively contribute to the growth of our industry and enable us to continue delivering innovative solutions that can meet the high standards of luxury and cater to the individuals who are aspiring to live a luxury lifestyle.
Neeraj Tyagi, Co-Founder & CEO of We Founder Circle
From the over 100 investments we have made in early-stage startups, more than 50 are from tier 2, 3, and 4 cities, and based on our extensive experience of continuously investing in startups from these smaller cities, we recommend several key measures for Budget 2024-25. Primarily, there should be a focus on easing fundraising for startups in these regions, as they often face unique challenges compared to their urban counterparts. Streamlining access to capital will empower these startups to innovate and grow, thereby contributing significantly to local and national economies. Encouraging and incentivizing SEBI funds to invest in startups from smaller cities is another critical step.
By providing tax benefits or other incentives to these funds, the government can attract more investment into underserved regions, promoting balanced regional development. Additionally, actively collaborating with local incubators will create robust support systems for startups. These incubators can offer tailored mentorship, networking opportunities, and resources that are crucial for the success of early-stage startups.These initiatives, coupled with the stability and predictability of government policies, will sustain the momentum in India’s vibrant startup ecosystem and push the boundaries of innovation across various sectors including fintech, SaaS, healthcare, education, clean energy, deep-tech research, and robotics.
Anoop Bhargava, Director and CEO of Empire Centrum
The real estate sector in India has high hopes for the Union Budget 2024-25, anticipating reforms to boost housing, office spaces, and commercial areas. Key expectations include interest subsidy programs to make home loans more affordable, strategic use of government land to lower project costs, and tax incentives to counter rising raw material and land prices.
The industry also seeks the revival of the Credit-Linked Subsidy Scheme (CLSS) and reduced stamp duty to enhance affordability. Additionally, granting ‘industry status’ to the housing sector and incorporating real estate under GST with a simplified structure could spur growth and investment. The commercial real estate segment seeks tax credits and incentives for redeveloping older areas and digital transformation initiatives. Meeting these demands could revitalize affordable housing, stimulate job creation, and position the real estate industry as a key driver of economic growth.
Mudhit Gupta, Founder & CMD, EMGEE Group
The Indian real estate sector has undergone significant evolution over the past few decades. There is robust demand expected in the coming years, particularly for sectors like data centers and luxury housing. The real estate sector is forecast to grow at a CAGR of 9.2% from 2023 to 2028, presenting attractive opportunities. Major private investors like Blackstone are seeking to invest an additional $22 billion in Indian real estate by 2030. The Indian government has been supportive, allowing 100% FDI in townships and settlement development projects.
Foreign investors are pumping around $4 billion yearly into Indian real estate. The new framework for Small and Medium REITs is expected to further enhance fund flows into the sector. The real estate sector in India has high hopes for the Union Budget 2024-25, as it looks to the government for policy reforms and incentives that can bolster the industry’s growth and address the evolving needs of homebuyers, developers, and investors and could significantly impact the real estate landscape in the coming years.
Santush Kumar Pandde, COO, Real Estate, Grauer and Weil (India) Limited
As we approach the union budget, we have high expectations for policies that will stimulate consumer spending and drive growth in the retail sector. Recognizing the immense potential of this sector, the government should revamp FDI policies to make them more appealing to investors and remove regulatory obstacles that have impeded foreign investment.
Additionally, incentives for digital transformation and sustainability efforts would greatly benefit shopping malls. The new government should prioritize improving basic amenities, such as effective mode of transportation and easy access. To address high costs and reduce carbon footprints, the government can provide rebates for green supply chain logistics, incentives for sustainable infrastructure development, and subsidies for special warehousing zones. Additionally, boosting semiconductor manufacturing in India can enhance every sector of retail.
Mudhit Gupta, Founder & CMD, EMGEE Group
The Indian real estate sector has undergone significant evolution over the past few decades. There is robust demand expected in the coming years, particularly for sectors like data centers and luxury housing. The real estate sector is forecast to grow at a CAGR of 9.2% from 2023 to 2028, presenting attractive opportunities. Major private investors like Blackstone are seeking to invest an additional $22 billion in Indian real estate by 2030. The Indian government has been supportive, allowing 100% FDI in townships and settlement development projects.
Foreign investors are pumping around $4 billion yearly into Indian real estate. The new framework for Small and Medium REITs is expected to further enhance fund flows into the sector. The real estate sector in India has high hopes for the Union Budget 2024-25, as it looks to the government for policy reforms and incentives that can bolster the industry’s growth and address the evolving needs of homebuyers, developers, and investors and could significantly impact the real estate landscape in the coming years.
Sat Kumar Tomer, Founder & CEO, Satyukt Analytics
India’s vast geography makes it one of the world’s most productive agrarian economies, contributing 15-16% to its GDP and ensuring food security for 1.3 billion people. However, 89.4% of agricultural households own less than two hectares, facing challenges like erratic monsoons, rising temperatures, groundwater overexploitation, poor irrigation, overuse of chemical fertilizers etc. Small farmers struggle with credit and insurance, while complex agricultural policies hinder progress. Considering all these factors, Satyukt Analytics envisions leveraging ISRO’s satellite data for agriculture with a forward-thinking approach.
We advocate for real-time integration into agricultural delivery, farm-scale credit assessments, and crop insurance. Promoting precision agriculture, particularly in water optimization and crop advisories, and incentivizing agri-tech startups to collaborate with institutions like KVKs, will drive sustainable growth. We support policies that encourage ag-tech startups to run awareness programs for best practices and emphasize digital literacy and R&D to create user-friendly agritech solutions tailored to farmers’ needs. These initiatives align with our mission to innovate in agriculture, banking, and financial services through advanced technologies.
Vikrantt Singh, Founder and Managing Director of Bansooriwala’s
As the 2024-25 budget looms on the horizon, the hospitality and food industry is abuzz with anticipation, eager for measures that will spark growth and drive innovation. At Bansooriwala’s, we hope for policies that streamline GST structures, making compliance more straightforward for businesses like ours. Simplified tax regimes and incentives for startups will not only encourage entrepreneurship but also boost employment and economic activity.
We also expect support for infrastructure development, which is crucial for expanding our presence across the country. Investments in supply chain enhancements and cold storage facilities can significantly improve the efficiency and quality of our offerings. Additionally, initiatives that promote the use of technology in the food industry, such as subsidies for adopting advanced kitchen equipment and digital platforms, would be greatly beneficial. We are optimistic that the upcoming budget will address these areas, creating a more favourable environment for the growth of traditional and modern culinary ventures alike.
Sachin Panicker, Chief AI Officer, Fulcrum Digital
AI is not just a technological advancement; it’s a transformative force reshaping enterprises and economies, especially in India. By streamlining processes and enhancing decision-making, AI is unlocking new opportunities and driving growth across industries. For Indian enterprises, regardless of size of operations, AI is a game-changer, enabling them to expand their reach, improve customer relationships, and compete on a global scale. MSMEs have an added benefit as AI empowers them to operate more efficiently and strategically, overcoming resource limitations and enhancing their competitiveness.
Beyond business, AI stands as a great equalizer, providing access to vital information and resources, thus levelling the playing field for all. As we celebrate AI Appreciation Day, let’s recognize the profound impact AI is having on the Indian economy and its promise to uplift humanity, driving us towards a more equitable and prosperous future.
Vasanthi Ramesh, VP – Engineering, NetApp India
For Indian enterprises, the adoption of AI in the past year has been particularly transformative. According to NetApp’s 2024 Cloud Complexity Report, nearly 70% of businesses in India are already leveraging AI to gain competitive advantages. With this trend of AI adoption comes the massive undertaking of efficient, adaptable, and secure data management. As businesses strive to harness the power of their data to drive innovation and operational efficiency, Intelligent Data Infrastructure (IDI) becomes indispensable. With the right data infrastructure, Indian companies can unlock significant value from their data, accelerating growth and staying ahead in the global market.
AI, along with IDI, is enabling Indian enterprises to streamline their data processes, reduce costs, and enhance decision-making capabilities. This not only drives productivity and innovation but also strengthens India’s standing in AI adoption globally. On AI Appreciation Day, we recognize that as AI continues to reshape the business landscape, Indian enterprises are set to flourish, leveraging cutting-edge IDI solutions to drive the economy forward.
Neelesh Kripalani, Chief Technology Officer, Clover Infotech
On AI Appreciation Day, we recognize the transformative power of artificial intelligence in revolutionizing enterprise operations and enhancing customer experiences. As the CTO of an IT solutions company, I have witnessed how AI acts as a catalyst for innovation and efficiency. By leveraging AI, including the advanced capabilities of Generative AI (GenAI), enterprises can access real-time insights, thereby enhancing decision-making, personalizing the customer journey, improving data security, and offering real value to stakeholders. As we look to the future, the potential of AI to drive unprecedented growth and redefine industry standards is boundless. Our commitment is to stay at the forefront of this technological evolution, guide our clients to harness AI’s full potential and shape a smarter, more connected world.
Deekshith Marla, Co-founder of Arya.ai
Artificial intelligence is reshaping the financial services landscape with its transformative skills. AI isn’t just a tool anymore; it’s a catalyst for innovation that’s revolutionizing how we approach banking and fintech. Joining hands with Aurionpro Solutions, is allowing us to witness how AI can enhance operational efficiency, strengthen fraud detection, and deliver personalized customer experiences for the banking and fintech space. Our AI-driven solutions are enabling financial institutions to make more accurate decisions, automate complex processes, and stay ahead in regulatory compliance. As we look to the future, we’re excited about AI’s potential to further democratize financial services, making them more accessible, secure, and tailored to individual needs. AI Appreciation Day reminds us that we’re not just developing technology – we’re shaping the future of finance.
Aravind Sundaram
Guest Author