Get ready for a deep dive into the minds of industry leaders as we compile their insights on the Union Budget 2024. In this article, we bring you a snapshot of expectations, concerns, and aspirations from key figures across various sectors. From finance to technology and healthcare, these influential voices will paint a vivid picture of what lies ahead in the post-Budget landscape. Stay tuned for a succinct compilation of perspectives that shape the economic narrative for the upcoming fiscal year.
Mr. Harsh Pati Singhania, Director, JK Organisation & Past President of FICCI
” The Finance Minister’s budget statement provides a clear picture of the government’s priorities and plans that would unleash the true potential of the Indian economy. Continued focus on capex spending (5-fold jump in last 10 years) and focus on green growth, specifically the rooftop solarisation will lead to job creation. The emphasis on GYAN (Garib, Youth, Annadata (farmers) and Nari) as their empowerment will drive the country forward. Although there were no changes in tax, focus on inclusivity would give a boost to consumption-led growth and thereby push private investments. A non-populist stance was maintained while easing the path to fiscal consolidation. ”
Dr. Vishal Arora, Chief of Business Transformation & Operational Excellence, Artemis Hospitals
“In India the doctor to patient ratio is below the recommended levels by international organisations such as World Health Organisation (WHO). The same is concentrated in metros and urban cities resulting in the lack of access to quality healthcare for the people of Tier 2/3 cities and villages requiring them to travel long distances to avail basic healthcare needs which in turn increases the overall healthcare expenditures.
Addressing this disparity is vital for enhancing the overall healthcare accessibility in India. The recent announcement in the budget today by our Finance Minister regarding strengthening of the medical colleges network by utilizing the existing hospital infrastructure is a strategic and welcoming decision.
This initiative promises to bridge the current gap in medical infrastructure by fostering a synergistic relationship between medical education and healthcare delivery. This approach, leveraging shared resources, is beneficial for both sectors and marks a significant step towards meeting the healthcare needs of the Indian population”.
Mr. Sanjeev Ingti, Director & Co-founder, Eliea Wellness
“In the wake of our budget allocation, we strive for fiscal responsibility and strategic investment. This budget reflects our commitment to fostering growth, innovation, and societal well-being. By prioritizing key sectors, we aim to create a resilient economy that serves all citizens. Every Rupee spent is a step towards a brighter future, addressing pressing needs while laying the foundation for sustainable progress. We understand the responsibility entrusted upon us, and we pledge transparency and accountability in executing this budget. Together, we embark on a journey to build a stronger, more inclusive society, where the dividends of wise financial management benefit everyone. This budget is not just a financial plan; it’s a roadmap to prosperity, unity, and a better quality of life for our community. Let us move forward with optimism and determination, confident that our financial decisions today shape the destiny of tomorrow”.
Giresh Kulkarni, Founder,Temple Connect and International Temple Convention and Expo ITCX
“Reflecting on the activities of the International Temples Convention and Expo over the past year, which successfully brought together thousands of temples, fostering improvements in areas such as enhancement, beautification, surveillance, coordination, and an overall enhancement of pilgrim and devotee management systems, we present a noteworthy recommendation to the esteemed office of the Finance Minister. The comprehensive engagement with the temple ecosystem, encompassing industries related to temple devotion, spirituality, and cultural aspects, underscores the necessity for increased subsidy benefits.
As we approach the upcoming times, it becomes imperative to uplift existing temple infrastructure through diverse avenues. Notably, the influx of international travelers to India, seeking pilgrimage or visiting temple premises, significantly contributes to the local temple economy through substantial financial spending. Therefore, the current budget prominently emphasizes support for temple tourism, general tourism, and spiritual tourism. In this interim budget, we also advocate for the backing of both corridor-centric and non-corridor-centric temples through the Smart Temples Mission, initiated by Temple Connect.
Looking ahead, the International Temples Convention and Expo anticipate the participation of over 5000 temples under one roof, marking a significant step towards the Smart Temples Mission. This concerted effort is poised to have a profound impact on local economies, fostering entrepreneurship and benefiting sectors related to devotion and spirituality. Simultaneously, this initiative aims to transition commercially active taxpayers from the current non-tax-paying category to encouraging their participation in the tax-paying category, contributing to the economic growth of the temple ecosystem”.
Dr Geetanjali Chopra, Founder & President, Wishes and Blessings NGO
The collaboration between the government and NGOs in the education sector, as announced in today’s interim budget session, is a very welcome step. Such partnerships are crucial for addressing gaps in the education system and ensuring broader access to quality education for all children. This cooperative approach reflects a shared responsibility towards building a brighter future. I hope that the implementation of concrete measures will follow suit, fostering an environment where the right to education becomes a fundamental right for all. By joining forces, the government and non-governmental sector can contribute significantly to creating inclusive educational opportunities, paving the way for a more equitable and empowered society.
Mr Apurve Goel, Director, Kundan Green Energy
“We see the Union Budget 2024 highlights as progressive from the renewable energy and climate change mitigation perspective. My submission for the Government to consider, is the viability gap funding and overall availability of green finance for renewable energy , especially hydropower. Building a hydel plant typically costs two to three times more capital than solar or wind. Similarly, the gestation period is longer. This means that hydel plants are capital intensive and require a more robust and longer haul commitment. While cost inflations are a natural outcome, developers also need to mitigate these by factoring in anticipated increases into project costs and minimizing over-runs through optimal use of resources coupled with speed and tight timelines. A friendlier and more accessible fiscal ecosystem, including easier insurance, will help energize this critical renewable energy generation category.”
Yashank Wason, Managing Director, Royal Green Realty
“As expected, there was no direct benefit announced to the real estate developers or measures that can increase the buyer activity. However, the Budget reflects the government’s focus on infrastructure which will ensure expansion of real estate scope in newer areas. The positivity shown by the finance minister in economic growth and the acceptance that salaries have increased by 50% in the last ten years instils confidence in the sector that caters to the most basic need of people. We must also wait for the details of the Housing for Middle Class that the FM has announced. For office real estate, the announcement of extending tax benefits to startups may increase activity.”
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