As the Union Budget 2024 looms on the horizon, leaders from various consumer sectors are articulating their expectations, underscoring the influential role it plays in shaping India’s economic trajectory.
Here’s a breakdown of their perspectives:
Avneet Singh Marwah, CEO of Super Plastronics Pvt. Ltd.
The next financial budgets are crucial to maintaining India’s standing as the 5th largest economy in the world. India contributes $3.4 trillion to the $104 trillion global economy and has the highest young population. To fully realize this potential, the government ought to support consumption.
In line with the strong GST trend, we anticipate cutting the GST on LED TVs larger than 32 inches from 28% to 18% in Budget 2024. For the market to flourish, PLA schemes must be expanded to include smart TVs, refrigerators, and washing machines. Income tax slabs might be reevaluated to improve disposable income, which will promote spending and raise consumption in general.
Sanjeev Ingti, Director & Co-founder of Eliea Wellness
The Union Budget of 2024 presents a pivotal opportunity for India to steer its economic trajectory towards innovation and sustainable development by placing a strategic emphasis on Research and Development (R&D). A robust investment in R&D is not just an expenditure but a forward-looking investment that can catapult India into a knowledge-driven economy.
One of the pressing issues that the budget should address is the geographical concentration of R&D activities. Currently, the lack of R&D infrastructure in remote areas is impeding the growth of startups. By allocating funds for establishing research centers and incubation hubs in such areas, the government can unlock the latent potential of innovators who might otherwise be excluded due to geographical constraints. This decentralization of R&D facilities can stimulate local economies, foster entrepreneurship, and bridge the urban-rural innovation divide.
Moreover, R&D investments will not only drive technological innovation but also address pressing issues such as climate change, public health, and food security. The budget should prioritize sectors that align with India’s strengths and global demands, creating a win-win scenario for economic growth and sustainable development.
In conclusion, the Union Budget of 2024 should be visionary in its approach, recognizing the pivotal role of R&D in shaping India’s future. By addressing geographical disparities, promoting innovation in biotechnology, and incentivizing research, the government can lay the foundation for a knowledge-driven economy that propels India to the forefront of global innovation and progress.