With Budget 2024 just around the corner, key sectors like fintech, healthcare, education, and auto shared their expectations and hopes for measures that would shape the economic landscape.
Finance Minister Nirmala Sitharaman had presented her sixth consecutive budget on February 1, 2024, a significant feat achieved only by former Prime Minister Morarji Desai.
Interim Budget
Sitharaman's interim Budget for 2024-25, scheduled for February 1, was not just a routine financial update. It was a crucial 'vote-on-account' allowing the government to spend funds until a new government formed after the April-May general elections.
As anticipation built, the decisions made in this budget were poised to have a lasting impact on various sectors, shaping the nation's economic path in the coming years.
Fintech Perspective
Nikunj Agarwal, Head Debt and Lending Alliances at Propelld, had expressed hope for measures supporting liquidity-ease for new-age financial players, particularly Non-Banking Financial Companies (NBFCs). Financial support was deemed crucial for sustained growth and inclusivity in this sector, benefiting students in remote areas.
Neha Juneja, CEO of IndiaP2P.com, had emphasized the potential for fintech expansion into rural areas. Fintech companies were eager for continued government support for digital infrastructure and technology adoption. The sector had looked forward to initiatives that would spur rural financial services adoption and regulatory simplifications.
Healthcare's Vision
Dr. Krishna Prasad Chigurupati, Chairman and Joint Managing Director, had envisioned India's pharmaceutical sector evolving into a global hub for innovative products and sustainable manufacturing. Strategies included creating innovation zones, boosting funding for research, and streamlining regulatory pathways.
Education's Call for Investment
Prof P J Narayanan, Director of IIIT Hyderabad, had urged significant funding allocation for the academic sector. He had emphasized the pivotal role of the government in fostering an ecosystem that fuels Artificial Intelligence (AI) innovation. The potential impact of AI on key sectors, including education and healthcare, had been highlighted.
Automotive Transformation
Gajanan Gandhe, Country Head and VP at Dana India, had anticipated transformative changes in the automotive sector. Advocating for improved Ease of Doing Business, he had called for digitized approval processes, reduced administrative hurdles, and specialized zones for manufacturing. The sector had urged R&D partnerships, tax incentives, and support for EV infrastructure development.
As Budget 2024 approached, these sectors had looked to the government for strategic policies that would drive growth, innovation, and sustainability across various industries.
