Leaders' Pivotal Pre-Budget Demands for India's Economic Odyssey

Jan 30, 2024 - 15:14
Leaders' Pivotal Pre-Budget Demands for India's Economic Odyssey

As the financial calendar flips to a new chapter, the nation braces itself for the unveiling of the annual budget—a crucial roadmap that shapes the economic trajectory of the country. With every passing year, the budget becomes a hotbed of expectations, aspirations, and heated discussions, where the nation's leaders play a pivotal role in influencing its contours.

In this list we're diving into what leaders from all walks of life are wishing for in the upcoming budget. From the experienced decision-makers to the go-getters in business, each voice adds a unique piece to the puzzle that will shape our country's money plans for the next year. Let's take a closer look at these important ideas that are like building blocks for a better India. 

Mr. Prateek Maheshwari, Co-Chair of India Edtech Consortium (IEC) and Co-Founder of Physics Wallah (PW) says, "In view of upcoming interim Union Budget, we would like to appeal to government to increase education sector's budget, and reduce GST slab from 18% to 5% on educational products & services.

Our aim is to establish a strong foundation for the country's children, particularly those from economically disadvantaged backgrounds. Additionally, given the evolving world and our shifting approach to education, driving a change to ensure affordable and quality education at scale needs more collaboration for public and private sectors.

For this, reducing GST on educational services would also remove financial strain on parents, promoting affordability. Apart from this, focusing on collectively enhancing youth skills to increase employability and reduce skilling gaps is imperative for Indian economy's growth." 

Sumit Kumar, Chief Strategy Officer, TeamLease Degree Apprenticeship,“Academia to be part of the Apprentices Act which is essential for implementation of Degree Apprenticeship under New Education policy, and facilitate tripartite agreement between industry, academia and the youth.

This is essential to enhance the employability of the youth, and promote academia-industry collaborations. Given that, TPAs have played a vital role in scaling apprentices in the country, they should be incentivised based on new onboarding of organizations and apprentices. TPAs can play a vital role in scaling apprentices for SMEs.

They should be allowed to have outsourced apprentices through TPAs or staffing organizations. PLI has scaled the scope of manufacturing and specially contract manufacturing, which has led to formal employment generation.” 

Mr. Sameer Aggarwal, CEO and Founder at Revfin highlighted "Embracing a sustainable future requires bold steps, and in the upcoming budget, I advocate for a visionary approach towards renewable energy adoption. Investing in renewable energy infrastructure is not just an environmental imperative; it's an economic opportunity that can power our nation forward.

In the drive towards a greener tomorrow, the government can catalyze change by incentivizing renewable energy projects and R&D initiatives. By allocating resources to enhance solar and wind power capacities, we not only reduce our carbon footprint but also fortify our energy security.

Crucially, as the electric vehicle revolution gains momentum, integrating renewable energy into the national grid becomes paramount. A strategic allocation in the budget for renewable energy will not only power homes but also fuel the burgeoning electric vehicle segment.

By creating an ecosystem where clean energy sources power our transportation, we pave the way for a sustainable and resilient future. We envision a budget that aligns economic growth with environmental responsibility, driving the nation towards a future where renewable energy propels both our homes and our vehicles. It's not just an investment in power; it's an investment in a cleaner, brighter tomorrow for generations to come." 

Sudeep Kulkarni, Founder, Game Theory, said ‘’This being a pre-election budget and as mentioned by the Finance minister herself, Startups in India can’t expect anything drastic and is largely to be a status-quo situation.

However, it is noteworthy that the previous budget managed to attract an INR 100 Cr allocation for the National Sports University which I feel is a step forward in creating newer sports infrastructure. Of course, the development of the sector will need more capital, but it is an important step forward and can help lead to the creation of more jobs and facilities that can be the stepping stone for putting India as an important contributor in the World of Sports.

We must create facilities to train and provide job opportunities to people. Coaches, Physios and other support staff are extremely important for the growth of a player, and enough capital must be allocated in the future to build this ecosystem.’’ 

Sandiip Bhammer, Founder and Co Managing Partner, Green Frontier Capital focused on- "As India readies for the 2024-2025 Interim Budget on February 1, all eyes will be on the EV and green sectors. At Green Frontier Capital, we're forecasting a vigorous array of incentives and policies aimed at supercharging India's green growth, marking a clear stride towards slashing carbon emissions and bolstering sustainability.

We anticipate substantial subsidies to ignite electric vehicle manufacturing, significant investments to electrify charging infrastructure, and tax benefits designed to fast-track green tech adoption. The agenda is likely to spotlight renewable energy, with a strong push in solar and wind capacity. But the real game-changer could be green hydrogen initiatives.

We're expecting a surge in support and investment here, from funding for cutting-edge research and development to subsidies aimed at laying the groundwork for a robust green hydrogen economy. Watch for policies nurturing hydrogen fuel cell technology, poised to revolutionize sectors from transportation to industry.”

We believe that the aforementioned initiatives as highlighted within the Interim Budget will aim to not just affirm India's dedication to a sustainable future but to propel the nation as a global leader in green technologies."

In the diverse chorus of pre-budget expectations, these leaders have painted a vision for a progressive, inclusive, and sustainable India. As the budget unfolds, the echoes of their aspirations linger, urging us all to stride confidently into a future molded by collective dreams. 

Voice Team We covers wide range of topics, from startups and small businesses to multinational corporations, finance, marketing, technology, and more.