New Delhi: As Union Finance Minister Nirmala Sitharaman prepares to present the interim budget for the fiscal year 2024-25 on February 1, anticipation and speculation are running high across various sectors in India. This annual financial statement, traditionally a roadmap for the government's economic and fiscal policies, takes on added significance as it marks the last major economic document before the upcoming general elections. In this crucial juncture, industries spanning agriculture, infrastructure, healthcare, education, finance, and manufacturing eagerly await Sitharaman's announcements, recognizing that the interim budget will serve as a pivotal "vote on account" ahead of the polls. With the prospect of a new government taking office in July and presenting the full budget for FY24-25, the nation is poised to witness the unveiling of key fiscal strategies that will shape the economic landscape for the year ahead.

Bureaucrats India delves into the key expectations and implications surrounding the Union Budget 2024, exploring its potential impact on sectors crucial to India's growth and development. We invited the pre-budget quotes from the diverse sectors. The quotes below are the opinion of the individuals belonging to different sectors.

Union Budget 2024 Expectations: Agriculture Sector

For the growth of Rs 32,000 crore Indian seed industry as well as the growth of Indian agriculture, seed is a vital input. The industry has the following expectation from this budget. R&D plays a very important role for innovation and developing new seed varieties technologies and we are urging the Government to give a 200% tax deduction for R&D expenses. This shall encourage us to invest more. In developed economies the investment on R&D to GDP ratio is much higher. In India, our investment on R&D is less than 1%, whereas developed economies like South Korea invest 4-5% of GDP on R&D. More R&D spend will ensure enhancement of agriculture productivity, increase in farmers incomes and exports.

We are also demanding for GST input credit for all the raw materials and services used in the seed industry, like packaging materials, seed treatment chemicals, processing, logistics. While seed is exempted from GST, the taxes on raw materials and services add to the burden of the industry. The input credit will help the seed industry and farmers.

We are also seeking for a policy environment which attracts more foreign direct investment in the seed sector. There is no denying that to improve productivity and farmers income we need more innovation. In this backdrop a policy which encourages protection of intellectual property and foreign investment would be helpful as this will encourage more players to invest in India benefiting our economy, farmers and the overall productivity.

- Ajai Rana, Chairman, Federation of Seed Industry of India (FSII) & CEO, Savannah Seeds Pvt Ltd  

Union Budget 2024 Expectations: Healthcare Sector

As we stand at the threshold of the 2024 Union Budget, Artemis Hospitals underscores the indispensable role of India's healthcare system in steering national progress. A strategic infusion of resources into healthcare can unlock immense potential, steering our nation towards a healthier and more dynamic future. Our expectation from the government is clear: With India's current healthcare expenditure at 2.1% of GDP, trailing behind the global average of 5-6%, a significant boost to at least 3% of GDP is vital. This step will be important in ensuring accessible and high-quality healthcare for all. A shortage of skilled healthcare professionals necessitates budgetary incentives for top medical institutions and research initiatives. This will not only bridge the gap but also encourage innovation and excellence in healthcare. Making health insurance premiums tax-deductible will incentivize individual and family coverage, broadening access to private healthcare services. Expanding government-funded health insurance schemes like Ayushman Bharat to cover a larger population segment will fortify healthcare equity and utilization. Allocating resources for research and development in cutting-edge medical technologies is imperative, creating an environment conducive to domestic innovation and adoption.

Artemis Hospitals actively contributes to these goals by nurturing future healthcare professionals through partnerships with medical colleges and universities, leading advancements in healthcare delivery through investments in cutting-edge research and development and enhancing access to healthcare services in remote areas through the adoption of telemedicine and digital health solutions. We approach the upcoming budget with optimism, trusting that it will accord due priority to healthcare, recognizing its pivotal role in national development. With healthcare expenditure currently at 2.1% of GDP compared to the global average of 5-6%, we firmly believe that substantial investments in these areas will chart the course for a healthier, happier, and more prosperous India for all.

- Dr. Devlina Chakravarty, MD & CEO, Artemis Hospitals, Gurugram

The upcoming budget presents a crucial opportunity to remedy the long-standing underinvestment in India’s healthcare sector. With the COVID-19 pandemic exposing the vulnerabilities in our health infrastructure, budgetary allocations that expand healthcare access and delivery should now be the topmost priority. We expect the budget to provide a substantial boost in funding for primary healthcare, the backbone of India’s public health system. Increased budgetary support is needed to strengthen health and wellness centers, ensure free essential drugs and diagnostics, and boost telemedicine services. Allocating more funds for COVID-19 vaccination drives and future pandemic preparedness through investments in disease surveillance systems and health infrastructure upgrades is equally critical. The budget must also incentivize indigenous manufacturing of medical equipment and supplies to end India’s reliance on imports. We hope schemes like Ayushman Bharat will be expanded to widen health insurance coverage for economically weaker sections. Mental healthcare programs deserve special budgetary attention given the growing burden of mental health issues. Overall, the budget must recognize healthcare not just as a social sector but as a productive investment vital to India’s growth and global standing. The government now has a historic opportunity to make quality healthcare accessible and affordable to all Indians through prudent budgetary allocations. This would be the best way to commemorate 75 years of independence.

- Dr. Saarthak Bakshi, Healthcare Entrepreneur and CEO of RiSAA IVF

 Union Budget 2024 Expectations: Real Estate Sector
 

As we approach the interim budget for 2024-25, the real estate sector in India stands at a critical juncture, balancing the achievements of an exceptionally strong 2023 with the upcoming general elections. In the past year, the residential real estate market showcased remarkable growth, reaching historic highs in both home sales and new launches. However, the industry's recurrent wishlist, featuring calls for industry status and single-window clearance, will feature this year as well.

The industry expects substantial changes, particularly in the domain of boosting consumer sentiment. Raising the maximum deduction for home loans under Section 24 of the Income Tax Act from INR 2 lakh to at least INR 5 lakh is crucial. This adjustment has the potential to reinvigorate the housing market.

- Amrita Gupta, Director of Manglam Group and Founder President of CREDAI Rajasthan Women's Wing
 

India's housing market showed impressive growth in 2023, overcoming challenges like rising property prices and the highest interest rates in six years. Despite these obstacles, the demand for real estate, particularly in the luxury and second home categories, remained robust. We anticipate that the 2024 Budget will favour homebuyers, supporting the sector's ongoing growth. The recent focus on affordable housing is expected to continue even in the coming fiscal year.

To sustain the positive trend observed in the market last year, the government can introduce measures such as providing maximum deductions for home loans and ensuring a stable interest rate environment. Now that inflation is under control, we hope that repo rates will remain consistent this year. This would significantly enhance prospects for both residential and commercial real estate markets, establishing a favourable setting for sustained sectoral growth.

- Aditya Kushwaha, CEO and Director Axis Ecorp

Union Budget 2024 Expectations: Banking and Finance Sector
 

The banking sector looks forward to relaxed norms on non-performing assets to mitigate pandemic-induced challenges. The finance sector expects the budget to address cybersecurity measures, given the rise in digital transactions. I anticipate special provisions for real estate investment trusts (REITs) to make them more attractive to investors. My expectation is a reduction in corporate tax rates to bolster the banking sector’s profitability. I hope for incentives in the budget aimed at promoting sustainable and green building practices in real estate. The finance sector eagerly anticipates reforms in regulatory frameworks to encourage more foreign investment.

- Akshat Khetan, Corporate and Legal Advisor, Founder, AU Corporate and Legal Advisory Services Limited (AUCL)
 

Union Budget 2024 Expectations: Startups and Entrepreneurs
 

Being a founder of a startup that itself is working to upscale and enable a startup founder’s journey, the pre-budget expectations come from the perspective of the whole founder’s community that we are building, and revolve around fostering an environment that nurtures innovation and entrepreneurial spirit. I hope the government focuses on simplifying regulatory processes, offering tax incentives, and providing access to affordable capital for early-stage ventures. A conducive ecosystem for research and development, along with support for emerging technologies, can propel our nation towards global leadership in the digital economy. Furthermore, initiatives to enhance skill development and promote collaboration between academia and industry would greatly benefit the start-up ecosystem. A forward-looking budget that encourages risk-taking, embraces technological advancements, and addresses the unique challenges faced by start-ups will not only stimulate economic growth but also solidify our position as a hub for innovation on the global stage.

- Manas Pal, Co-Founder, PedalStart