Budget 2024 Expectations from Business Leaders

Post the interim budget 2024, the spotlight is now shifting towards the full budget as the new government has taken charge. Unlike 2019 and 2014, the focus is expected to be largely on populist and social security schemes. Does it mean the business community will have nothing much to celebrate in this budget? Here are some expectations from business leaders on Budget 2024.

Rahul Garg, Founder and CEO, Moglix

Leveraging India’s strong economic growth and fiscal responsibility, the 2024-25 Budget can become a catalyst for innovation in AI, deep tech, and manufacturing. Increased R&D funding in AI, alongside clear ethical guidelines, is crucial to establish global leadership in this transformative field. 

For the manufacturing sector, streamlining regulations, tax breaks, and infrastructure investments will boost efficiency and empower startups to compete globally. Specialized incubators, accelerators and robust export support can provide them with the resources, mentorship, and market access needed for success. 

Similarly, increased spending on R&D in healthcare and cybersecurity, coupled with a supportive regulatory framework, can unlock breakthroughs in deep tech with high commercial potential. By prioritizing deep tech awareness initiatives and targeted incentives, the government can cultivate a vibrant startup ecosystem in this high-impact sector, contributing to job creation and India’s rise as a global innovation hub.

Arun Shukla, President and Director, JK Lakshmi Cement

At JK Lakshmi Cement, we eagerly anticipate the Union Budget 2024 to further propel India’s development initiatives. As a key player in the construction materials domain, we hope the government will prioritize robust budgetary allocations and policy measures to bolster projects across the country. We welcome the Government of India’s commitment to fostering growth, sustainability, and inclusivity. The significant increase in infrastructure outlay to INR 11.11 lakh crores and the emphasis on green growth demonstrate the government’s pursuit of economic excellence.

Sustainable and resilient development should be at the forefront of the budget’s agenda. Furthermore, we expect the budget to address the pressing need for skilled manpower in the sector. Dedicated provisions for skill development and training programs will be instrumental in bridging the talent gap and ensuring the successful execution of ambitious projects. Aligned with the vision of ‘Viksit Bharat’ by 2047, we remain committed to contributing to the nation’s economic excellence while creating opportunities across the ecosystem through accelerated growth.

Aditi Balbir, Co-founder, EcoRatings

The 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions as  70% of greenhouse gas emissions stem from energy, industry, and buildings . This will create a future-proof foundation for economic growth and help in achieving netzero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential.

 Globally, 85% of institutional investors incorporate ESG factors into their investment decisions, making ESG investments the emerging norm. The Union Budget should extend industry recognition programs to companies excelling in sustainability. This will encourage wider adoption and foster a more responsible business landscape beyond the financial sector.

The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits.

The implementation of mandatory BRSR (Business Responsibility and Sustainability Report) for all companies will ensure consistent reporting on sustainability initiatives, promoting transparency and accountability.