Interim Budget 2024: Top Industry Leader’s wishlist

As the eagerly awaited Union Budget for the year 2024 is today, voices from various sectors of the Indian economy resonate with anticipation and expectations. Notable figures representing diverse industries, from agarbatti manufacturing to furniture retail, finance, film production, cookware, and fintech, have shared their insights and aspirations for the forthcoming budget. Their perspectives collectively underscore the need for strategic measures to spur economic growth, address industry-specific challenges, and propel India towards a dynamic and sustainable future. These expectations encompass a spectrum of issues, including corporate tax reduction, support for retail expansion, control on commodity prices, incentives for innovation, skill development, and sustainable practices, as well as policies fostering financial inclusion, digital enablement, and the growth of the gaming and animation sector. The shared optimism is indicative of the hope that the Union Budget 2024 will not only address immediate concerns but also lay the groundwork for a resilient and innovative Indian economy.

Arjun Ranga, Managing Director, Cycle Pure Agarbathi:

"As we anticipate the Union Budget 2024, it's essential to underscore the significance of fostering consistent economic growth. A strategic reduction in corporate tax rates for businesses with turnovers below Rs 300 crores can catalyze economic expansion, potentially contributing to a 10% increase in employment in rural areas. Leveraging technology for MSMEs may result in a 15% rise in online loan sanctioning, fostering financial inclusivity and empowering women entrepreneurs. Investments in education and research, complemented by the Prime Minister’s Research Fellow Scheme, will cultivate a generation of well-educated youth, steering India towards an 8% GDP growth rate. The budget's focus on these pillars is expected to fortify our economy for a dynamic future."

Vijai Subramaniam, Chairman, Royaloak Furniture:

“I eagerly anticipate the upcoming budget, particularly for significant changes in the retail sector. I foresee vital support for retail expansion, with potential incentives for establishing new physical stores through targeted infrastructure measures. The retail industry is poised for innovation and digitalization, and strategic budget allocation for infrastructure, logistics, exports, and fair customs duties will create a holistic environment for growth. The budget should not only address current needs but also propel the retail sector towards a dynamic future.”

Saurabh Saith, CEO, Orion India

"As we approach the upcoming Interim budget 2024, we see the positive strides made by the government in managing the costs of essential raw materials such as oil, chocolate, sugar, and wheat. The control on commodity prices is a commendable step that fosters stability in the FMCG food market. In particular, I would like to bring back government’s focus on PLI in food processing sector, this will help give encouragement to food companies like us to invest more Capex and plan more greenfield projects. This initiative is pivotal for fostering growth and innovation within the FMCG industry.

Rationalizing IT slabs to give more disposable income in hand and hence more consumption by the large middle class may help not just Food Companies, FMCG but almost all consumption led industries will benefit. We look forward to a budget that not only addresses current challenges but also propels the FMCG sector towards sustained growth and facilitates new investment. ”

Asit Kumarr Modi, Creator, Producer and Managing Director of Neela Film Production and Neela Mediatech:

“As the Budget for 2024 is around the corner all are deeply immersed in the dynamic landscape of the gaming industry. Our commitment at Neela Mediatech is to propel the growth of the gaming and AVGC sector in India is unwavering. We are expecting a budget that strategically allocates resources to empower innovation that invests in skill development programs and supports the creation of a robust gaming ecosystem. Prioritizing these aspects will help strengthen the foundation of the industry and position India as a global hub for gaming and animation.”

Sunil Agarwal, Director, Vinod Cookware:

“In anticipation of the Union Budget 2024, the cookware industry is keenly eyeing several key expectations that could shape the sector's trajectory. Foremost among these is the hopeful prospect of a reduction in the tax burden, a measure anticipated to stimulate consumer spending and fortify the financial strength of the industry. Additionally, there's a collective expectation from the budget to introduce selective incentives fostering sustainability and innovation within the retail sector, signaling a potential boost for businesses in the cookware industry looking to align with evolving market trends.

In the realm of manufacturing, where precision and quality are paramount, we look forward to initiatives that bolster the 'Make in India' movement and enhance the competitiveness of Indian businesses on the global stage. There's a palpable optimism regarding the probability of initiatives aimed at accelerating electronic manufacturing and promoting widespread technology adoption. These measures, if implemented, stand to benefit not only e-commerce businesses but also the technology-driven facets of the cookware industry. Embracing technological advancements is increasingly becoming a cornerstone for competitiveness, and the industry eagerly awaits the potential support from the budget to bolster these efforts.

As the Union Finance Minister gears up to present the Union Budget on February 1, 2024, the retail sector's expectations loom large. Beyond tax relief, there is anticipation for selective incentives promoting sustainability and innovation, encompassing rewards for adopting green practices and investing in IT infrastructure. Additionally, the emphasis on small retailers in tier 2 and tier 3 cities highlights the need for collaborative policies, fostering a unified retail ecosystem. In conclusion, these expectations collectively underscore the industry's optimism for a budget that not only addresses immediate financial concerns but also sets the stage for sustainable growth and innovation in the cookware retail landscape.”

V.P. Nandakumar, Managing Director & Chief Executive Officer at Manappuram Finance:

“I expect the Finance Minister to stick to fiscal discipline while supporting growth on a durable basis. To keep the growth momentum on track, the Finance Minister should ensure policy continuity. Therefore, I expect the forthcoming Budget to increase capital expenditure and infrastructure spend and take steps to enhance rural income and employment without straying away from the fiscal glide path.”

Nalin Negi, Chief Financial Officer & Interim CEO, BharatPe

“As India sets sight on becoming a US$ 5 trillion economy by 2025, the upcoming Interim Budget offers a timely opportunity to formulate policies that further unlock the potential of fintechs in enabling financial inclusion and powering their growth. I am hopeful that the government will announce measures to increase capital availability for fintechs operating in underserved domains like rural credit, digital payments, and digital lending. Regulations around digital banking, data governance and emerging technologies have fueled the building of sustainable fintech businesses over the last year or so, and I am hoping that the budget will introduce additional measures that can aid credit growth, financial inclusion and digital enablement of financial services.

It would also be good to see tax benefits and favourable initiatives for research, product innovation and skill development being introduced, so as to encourage indigenization that can help India emerge as the global innovation hub. Additionally, in order to nurture the blooming startup ecosystem, the Government should further broaden the eligibility criteria and look at providing tax reliefs to employees in start-ups around Employee Stock Ownership (ESOPs). I am optimistic that this budget will set the stage for enhanced collaboration between fintech innovators and policy makers to nurture an ecosystem that can equitably power India's digital economic aspirations.”

Hiranmay Mallick, CEO & Co-founder at Tummoc:

"As we approach the upcoming budget, there's a hopeful anticipation for a strategic emphasis on innovation and sustainability within the auto/mobility sector. The expectation is a robust push for open data policies, fostering the groundwork for comprehensive smart city development. Prioritizing sustainable transport initiatives and seamlessly integrating technology into public transport systems can significantly enhance the efficiency and accessibility of urban mobility. Investments directed towards promoting public transport not only elevate the quality of transportation services but also contribute substantially to building a greener, more connected future. We envision budgetary measures that champion innovation, sustainability, and the seamless fusion of technology with transportation, ultimately benefiting citizens across the country. These forward-looking initiatives align with the broader goal of shaping a progressive and environmentally conscious landscape for India's transportation sector."

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”.

Lavinn Rajpal, MD & Co-founder, Chimp&z Inc:

“With a strong emphasis on the digital economy, the government's forward-looking stance is set to propel businesses towards adopting advanced technologies, particularly AI, revolutionizing marketing strategies. Digital advertising is expected to be a major driver, contributing significantly to the projected 21% growth in the Indian advertising and marketing sector in 2024.

The government's commitment to capital expenditure and increased liquidity, as highlighted in the budget, sends a positive signal for the advertising industry. As the government strategically allocates resources across sectors, the resultant boost in liquidity is not only anticipated to stimulate consumption expenditure but also expected to translate into a surge in advertising spending. This financial impetus aligns with companies' efforts to effectively engage their target audience. Additionally, the budget's focus on supporting MSMEs and fostering start-up development schemes is expected to enhance the advertising industry further. As these businesses receive backing for their growth, increased investments in marketing and advertising are anticipated, contributing to the overall expansion of the sector.

Furthermore, the ongoing development of artificial intelligence and the embrace of emerging technologies like augmented and virtual reality enhance the industry's transformative journey, creating a dynamic and innovative landscape for advertisers. The Union budget for this year is designed to be growth-oriented, future-focused, and abundant with reforms, and we are looking forward to it having a positive impact on the digital marketing and advertising industry.”

Prady, CEO, NP Digital India:

“As we look ahead to the Union Budget 2024-25, the digital marketing industry is hoping for plans that recognize its important role in our post-pandemic recovery. The pandemic showed us how crucial digital technologies, like AI, are for businesses to stay strong. To build on this, we're asking the government to focus on making digital advertising and marketing more popular in smaller towns and areas beyond the big cities. The upcoming budget is a decisive factor in shaping a transformative future for businesses in the digital landscape”.

Kanchi Patel, Co-founder, Abzo Motors:

"With the upcoming Union Budget 2024, the electric vehicle (EV) industry in India is anticipating significant support for further growth. The reduction in goods and services tax (GST) on lithium-ion batteries and EVs is a key expectation, with a proposed cut of 5% or down to nil, which could significantly enhance the sector's competitiveness and drive broader adoption of electric vehicles. We are also anticipating an extension of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) subsidy, which is due to expire on March 31. This policy is crucial for sustaining the industry's growth, and we are hopeful for continued policy support.

The focus on charging infrastructure development is paramount, and incentives for establishing EV charging hubs nationwide are eagerly awaited. Government support in the form of subsidies, tax benefits, and financing options will play a pivotal role in expediting the adoption of clean energy vehicles. We also expect incentives for EV production, infrastructure development, and domestic battery manufacturing, all contributing to the sector's expansion. The tailored implementation of Production-Linked Incentive (PLI) schemes, specifically for EV charging companies, is another aspect we are looking forward to in the budget.

Additionally, the budget proposes incentives for battery R&D in Electric Vehicles (EVs) to address the need for more innovation in battery storage. Incentives are recommended for creating academic and skill training courses to tackle the shortage of skilled manpower in EV-related fields, fostering technological advancements and a skilled workforce. The Union Budget 2024 holds the potential to be a game-changer for the EV industry. We are optimistic about comprehensive measures, including tax reductions, scheme extensions, and targeted incentives, that will drive widespread EV adoption and accelerate infrastructure development in India. This in turn aligns with the industry’s commitment to sustainable, green energy solutions, promoting a cleaner and eco-friendly future."