2024 pre-budget expectations: What are industry leaders anticipating?

As the Indian government gears up to present its final budget for 2024, key industries are anticipating substantial advancements. Built upon the tenets of 'Reform, Perform and Transform,' this budget will be the first annual budget under the Modi 3.0 Cabinet, emphasising efficient and sustainable growth.

As anticipation mounts for the upcoming budget, a major focus lies on the education sector. The Ministry of Education received a substantial allocation of Rs 1,12,899 crore in the 2023-24 budget, a notable 13% increase from the previous year. In fact, the education budget, over the years, has experienced steady increases. The question is whether this year's budget will exceed the 13% mark. Industry experts believe that increased budget allocation will offer substantial support for learning initiatives and boost the educational infrastructure.

Ankur Goel, CEO and Founder of Skillible, said, "The upcoming budget under Modi 3.0 is poised to transform the education landscape in India. With an emphasis on digital literacy, vocational training, and research innovation, this budget aims to bridge the urban-rural divide and ensure equitable access to quality education for all. Under Modi's visionary leadership, this budget promises to lay a strong foundation for a knowledgeable and skilled India, ready to face future challenges with confidence and resilience."

In addition to education, discussions surrounding technology and startup sectors have been taking rounds. Expectations from key industry leaders ahead of the budget include significant allocations for digital infrastructure, relief from regulatory burdens, as well as funding and support for startup ventures and aspiring entrepreneurs. The overarching focus across these vital sectors is a commitment to sustainable development.

Ajay Goyal, Founder and CEO of Erekrut, said, "Like other developed countries, we expect the government to fund infrastructure that provides all the basic facilities to handhold startups during their initial period. Creating startup hubs with state-of-the-art facilities and access to essential services can significantly reduce operational costs and provide a nurturing environment for innovation and growth."

Suchita Vishnoi, Co-founder & CMO of GatewAI, said, "As India gears up for the upcoming budget, the tech industry anticipates a transformative phase that could set new benchmarks for innovation and growth. Expectations are high for increased allocations towards digital infrastructure, artificial intelligence, and cybersecurity, aiming to bolster India's position as a global tech hub. Industry leaders are hopeful for incentives to spur investments in startups and emerging technologies, furthering the vision of a digitally empowered society."

Amit Prasad, Founder and CEO of SatNav Technologies, said, "Over the last three decades, India's IT services industry has built a global reputation. Looking forward, relying on mere cost arbitrage will not last as cheaper countries exist and cost efficiencies are being ensured in developed countries too. As skillsets become globally widespread, the Indian government must find a way to incentivize companies to build products and create Intellectual Property (IP) for global markets. Moreover, the government should set targets for promoting IPR-based businesses through subsidies, incentives, and foreign missions. This shift could significantly boost India's economy as we move towards a Viksit Bharat 2047."

With growing anticipation, various sectors are eagerly anticipating transformative policies and initiatives that will redefine their landscapes. The spotlight is now on Budget 2024, set to be presented in July.