Finance Minister Nirmala Sitharaman is going to present the first budget of Modi 3.0 on July 23. Businessmen and people from other sectors have high expectations from Modi 3.0. However, one thing is common in everyone’s expectations that everyone definitely wants to strengthen the infrastructure of their sector. Education sector experts believe that this time the government should pay special attention to strengthening the education infrastructure, training teachers and promoting digital education. Special schemes are also needed to bridge the gap between schools in rural and urban areas. Professionals and citizens working in the health sector hope that the government will take big steps in this budget to improve public health services, establish more hospitals and health centers and ensure the availability of affordable health services. Along with this, the health infrastructure needs to be strengthened further to deal with the epidemic. Startups, renewable energy and real estate sectors also have high expectations from the budget. Let us know what are the major expectations of different sectors and what kind of expectations they have from Budget 2024.
What are the expectations of the health sector
Dr. PN Arora, Chairman, Yashoda Super Specialty Hospital said, ‘The budget provides important direction for the youth, farmers and the nation. I appeal to the Prime Minister and the Finance Minister to prioritize enhancing India’s healthcare services in the upcoming budget. Every citizen should have access to quality healthcare through Ayushman Bharat and comprehensive insurance coverage.’
Renewable energy should be promoted
Informa Markets India Managing Director Yogesh Mudras says that the government has promised to go ‘net zero’ by 2070. We are enthusiastic that various measures in the renewable sector such as financial assistance for wind energy and coal gasification will make significant progress. We have appreciated the government initiatives for solar energy and battery storage projects.
Demand to increase education budget
Crake Academy founder and CEO Neeraj Kansal says that the country needs to bring together investment in human resources and capital expenditure to improve education at the global level. In the upcoming Union Budget 2024-25, we hope that the government will increase the education budget by more than 13%, which will strengthen the educational structure. Along with this, financial assistance should also be given priority for collaboration between educational institutions and industries. At the same time, Priya John, Principal of DPS Indirapuram, says that if the economic conditions remain favorable and the government gives priority to education, we can see an increase of more than 13%. This shows the need for continued support in the field of education and strengthening the educational structure. This will make it possible to manage funds department-wise for infrastructure development, technological integration and important programs in schools and higher education institutions
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Startups also expect improvement
According to Nishant Kumar, CEO of Arditwins, better policy is expected to be made to benefit startups. We expect financial support in the Union Budget 2024-25 for the sustainable fashion industry. We are keen that the government will bring policy initiatives for recycling and organic clothing against global garment waste, which will support the growth of our industry and the ‘Made in India’ label.
Real estate sector said, employment will increase if the industry is formed
Gulshan Group Director Deepak Kapoor says that according to NITI Aayog, the Indian real estate sector is estimated to reach a market size of $ 1 trillion by 2030. The real estate sector is expecting favorable measures in the upcoming budget. It is important to reduce the input cost of steel, cement and fuel. The current 28% GST on cement should be reduced. Additionally, there is a need to provide tax incentives to promote affordable housing and achieve the housing objectives of the nation. Ajendra Singh, Vice President, Sales and Marketing, Spectrum Metro Ahead of the Union Budget 2024-25, commercial realty is hoping that government policies align with the goals of promoting entrepreneurship. One of the key demands is that GST input tax credit be available for commercial real estate. The 28% GST on cement, a key consumable, accounts for almost a third of its total cost, which is a significant concern. Hence, reducing GST on steel, cement and fuel, as well as implementing a single-window clearance system, will boost the sector.
