Continuing key initiatives from previous budgets
The Union Budgets of recent years have laid the groundwork for robust economic growth. Noteworthy initiatives include the Urban Infrastructure Development Fund (UIDF) with a ₹10,000 crore allocation, aimed at enhancing urban facilities in smaller cities. The substantial increase in capital expenditure to ₹13.7 lakh crore, representing 4.5% of GDP, underscores the government’s commitment to sustainable urban growth.In healthcare, significant investments have been made in the National Health Mission and Ayushman Bharat schemes to improve access and affordability. Furthermore, digital infrastructure projects like BharatNet aim to connect 2.5 lakh gram panchayats with optical fibre, promoting a strong digital economy.Industry expectations from Union Budget 2024
Vaibhav Kaushik, Co-founder & CEO of Nawgati, highlights the transformative potential of India’s hydrogen mission under the National Green Hydrogen Mission. He points to significant strides such as NTPC’s green hydrogen blending with CNG and GAIL’s integration of hydrogen into CNG networks. However, challenges like high production costs, lack of skilled manpower, and infrastructure investment need to be addressed. Vaibhav hopes the budget will allocate targeted funds and introduce streamlined regulatory frameworks to accelerate green hydrogen adoption, helping India reduce carbon emissions and become a global leader in hydrogen technology, creating numerous jobs and enhancing energy security.
Sanjeev Bhandari, Founder & CEO of AirBrick Infra, expresses optimism about the budget’s continued focus on infrastructure development and urbanization. He anticipates the continuation of the Urban Infrastructure Development Fund (UIDF) to significantly benefit Tier 2 and Tier 3 cities, enhancing urban infrastructure and driving housing demand. The increased capital expenditure reflects the government’s dedication to developing sustainable urban environments, positively impacting the real estate sector. Sanjeev also emphasises the role of AI in transforming interior design, streamlining design processes, optimising space utilisation, and enhancing predictive maintenance for interiors. He expects the budget to support AI innovation, particularly in smart building projects, driving efficiency and sustainability in urban development.
Dr. Dharmesh Shah, Founder & Director of Holistica World, highlights the critical concern of Non-Communicable Diseases (NCDs) in India. He suggests the budget should prioritise NCDs, which significantly impact individual and family expenses. While commending the government’s efforts to combat diabetes and hypertension, Dr. Dharmesh advocates for more emphasis on early intervention and natural therapies. He hopes the budget will focus on measures to identify NCDs early and implement natural therapies to address their root causes, reducing the overall disease burden and ensuring societal well-being.
Surjeet Thakur, Founder & CEO of TrioTree Technologies, calls for a robust policy framework to foster innovation, ensure quality healthcare, and support the health tech industry’s growth to achieve its projected $50 billion mark by 2025. Key focus areas include reducing import duties on medical devices, streamlining GST policies, and enhancing funding for research and development. Surjeet advocates for increased investment in healthcare infrastructure, particularly medical device parks, to boost local manufacturing and reduce import dependency. He also emphasises the need for regulatory frameworks for HealthTech startups, R&D incentives, cybersecurity investments, and integration with government healthcare schemes like Ayushman Bharat to enhance efficiency and reach.
To sum it up
The Union Budget 2024 is poised to be a pivotal moment in India’s journey towards economic resilience and growth. By addressing the critical needs of sectors such as renewable energy, infrastructure, health, and health tech, the budget can lay down a path for sustainable and inclusive development. Expert insights underscore the importance of strategic investments, regulatory support, and innovative approaches to achieve the nation’s ambitious goals. With these focused efforts, India is well-positioned to advance towards a future of economic stability and environmental sustainability, moving closer to its vision of a robust $5 trillion economy.