Union Budget 2024-25 & Sustainability: India Inc Expectations

Bishwadeep Ghose, Country Director, Water for People, India

Looking ahead to the 2024 budget, it is imperative to build on the Jal Jeevan Mission’s achievements. With a central investment of Rs 2 lakh crores out of Rs 3.25 lakh crores, 78% of households now having access to drinking water. We’ve made significant progress. However, to achieve total coverage, we must continue to invest so that no one gets left behind. The upcoming budget should also ensure funds for the upkeep and operations of new piped water systems, securing their functionality and ensuring a reliable water supply.

Additionally, to address the challenges posed by climate change and extreme weather events on water resources, strategic investments in water management are essential to water sustainability and security in urban and rural settings. Effective management of drinking water and agricultural water use is vital as they rely on common groundwater resources. Targeted investments in demand management are crucial to achieving this balance. These budgetary allocations will not only sustain our progress but also secure India’s long-term water security and resilience. 

Vinay Thadani, Director and CEO - Grew Energy

As a forward-thinking participant in the solar industry, we are excited about the government's unwavering commitment to crucial reforms. Over the past decade, the solar sector has been at the forefront of the government's efforts to combat climate change and reduce reliance on traditional energy sources. Furthermore, the introduction of the PM Surya Ghar Yojana is encouraging everyone to adopt solar energy installations and it’s recently launched online platform will be instrumental in significantly streamlining the approval and implementation processes.

Indian solar capacity has reached 84 GW in May 2024, however, still falling short to achieve the nation’s 2030 goals. Hence, owing to the building up demand and to meet the target of international goals set at global platforms, we need to start enhancing our manufacturing capacities for which we request the finance ministry to consider the extension of concessional tax rate for new manufacturing units commencing after 31-Mar-2024. 

Simrat Kathuria the CEO and Head Dietitian at The Diet Xperts

As we approach the budget 2024-25, The Diet Xperts anticipates key measures to further the cause of holistic health and wellness in India. We hope for increased funding and support for nutrition and health education programs, which are essential in combating lifestyle diseases and promoting a healthier population. Incentives for digital health initiatives could significantly enhance the reach and effectiveness of personalized dietary counselling, allowing us to serve more individuals in Tier 2 and rural areas. Reducing GST on health supplements and essential nutritious foods will make healthy living more affordable and accessible. Additionally, we look forward to policies that support the development of local, organic food production, ensuring a steady supply of high-quality ingredients for our clients. Simplifying financing options for wellness services and offering tax benefits for preventive health measures can further encourage individuals to invest in their health proactively. These steps can collectively bolster the health sector, enabling us to continue our mission of empowering individuals to lead healthier, more vibrant lives. 

Madhumita Agrawal, Founder and CEO, Oben Electric

Oben Electric believes the upcoming 2024-25 Budget presents a crucial opportunity to propel India's electric vehicle sector into a new era of high growth. A key area for focus is resolving the inverted duty structure in the two-wheeler segment. Currently, manufacturers face a significant cash flow squeeze due to the higher GST rates on raw materials (18-28%) compared to the lower GST rate on the final vehicle (5%). The lower output GST surely benefits the industry and the customers, however, the higher input GST rates on the raw materials leads to very high working capital requirements, which increases the costs unnecessarily. We hope the budget will address this disparity to reduce the burden on manufacturers, eventually transferring the cost benefit to the consumer, thereby reducing the costs further to drive faster EV adoption in line with the vision of the government of clean mobility. Additionally, standardizing GST certification for multiple states with a single pan-India process would significantly improve ease of doing business across various states.

Recognizing that the Indian EV industry is on the cusp of mass adoption, Oben Electric also supports the rollout of a long-term FAME III subsidy scheme. This scheme, however, should feature a simplified access process to ensure participation from EV players without unnecessary hurdles. Furthermore, to solidify India's commitment to eco-friendly transportation, Oben Electric urges the government to bolster EV infrastructure beyond urban centres and prioritize research & development in sustainable materials and efficient production techniques.

Looking towards long-term sustainability, Oben Electric emphasizes the importance of encouraging indigenous manufacturing of EV components. This not only fosters economic resilience by reducing import dependency but also strengthens the 'Make in India' initiative. Additionally, incentivizing training programs for specialized EV technicians and engineers is crucial to cultivate a skilled workforce that can propel the industry forward. Most importantly, ensuring long-term policy clarity and stability will be instrumental in boosting investor confidence, thereby facilitating substantial investments in India's electric mobility sector. By implementing these measures, India can not only achieve the vision of Atmanirbhar Bharat and Viksit Bharat but also emerge as a global leader in electric mobility solutions. 

Anuj Kumbhat Founder & CEO, WRMS

WRMS eagerly anticipates the upcoming budget, hoping for robust governmental support to enhance climate resilience, climate change adaptation, and disaster preparedness initiatives across various sectors.

We believe that increased investment, alongside strong policy support, regulations, and incentives, in advanced technologies such as IoT, AI, and data analytics, can revolutionize climate risk assessment and mitigation strategies in agriculture, infrastructure, urban planning, disaster management, and insurance. These cutting-edge technologies can provide real-time data, predictive analytics, and automated responses, making our approaches more precise and effective.

By focusing on these critical areas, we can significantly improve our capacity to predict, prepare for, and respond to climate-related risks and disasters, ensuring the safety and well-being of our society. Furthermore, we hope the budget will prioritize funding for educational programs and public awareness campaigns to build a knowledgeable and proactive community ready to tackle environmental challenges head-on.

In addition, we advocate for collaboration between the government, private sector, and research institutions to foster innovation and develop scalable solutions that can be implemented across different regions and industries. By leveraging collective expertise and resources, we can create a resilient and sustainable future. Investing in climate resilience not only protects our environment but also drives economic growth, creating new job opportunities and fostering sustainable development. We are optimistic that the upcoming budget will reflect these priorities and pave the way for a more resilient and sustainable nation. 

Chakravarthi C. Managing Director, Quantum Energy

At Quantum, we are optimistic about the upcoming budget 2024-25 and anticipate favorable announcements and clear policy implementation. We look forward to targeted incentives, like FAME 3.0, which could make electric two-wheelers more affordable for everyday commuters, thereby expanding our market presence. Additionally, reducing GST on EVs and offering higher purchase subsidies could remarkably boost consumer adoption. As an industry player, we anticipate more support for local battery production and innovation, which are critical for the sustainability and cost-effectiveness of EVs. Increased backing for the ‘Make in India’ initiative and the localized manufacturing of our electric two-wheelers could enable Indian EV manufacturers like us to create more efficient and sustainable mobility solutions that can compete with international brands and are accessible to a broader consumer segment. Simplifying and enhancing financing options for EV purchases will also play a crucial role in boosting adoption rates. Furthermore, we hope for policies that support the development of a robust charging infrastructure, including incentives for renewable energy-powered charging stations, to ensure seamless and eco-friendly commutes. Support for research and development, as well as export incentives, will help us innovate and expand our global footprint. Such comprehensive measures could enhance the overall EV ecosystem and support the transition to electric transportation, making green commuting a reality for millions. 

Veer Singh, CEO, Lord’s Automative

The budget is expected to lay a strong foundation for achieving the government’s green mobility goal i.e., to facilitate EVs to attain 30 percent of the total car sales by 2030. The growing awareness and increasing availability have triggered EV adoption in India both in metros and tier 2 and tier 3 cities. The budget should propose measures to make EVs accessible and affordable to the larger population of the country. Apart from allocating capex for developing charging infrastructure, battery recycling facilities, etc. to strengthen consumer confidence, the budget should propose subsidies and incentives in the form of tax benefits to facilitate large-scale EV adoption for private and commercial use. An effective approach to make sustainable mobility accessible to all is to promote localised manufacturing. Therefore, we expect the budget to announce supportive measures to achieve self-reliance in EV manufacturing and EV supply chain. In addition, the budget needs to adopt a futuristic approach and propose measures to make India a global hub for EV manufacturing. 

Kunal Arya, Co-Founder & Managing Director, ZELIO Ebikes

As we approach the budget 2024-25, the EV industry is eagerly anticipating several key measures to drive growth and adoption. Increased subsidies will make electric vehicles more affordable for a broader range of consumers, fostering widespread adoption. Expanding the network of charging stations, especially those powered by renewable energy, is essential for supporting the EV infrastructure and addressing range anxiety. Reducing the GST on batteries and components will lower costs, making electric vehicles more accessible to the masses. Simplifying financing options for EV purchases will further encourage adoption by easing the financial burden on consumers. Promoting fleet electrification can significantly cut emissions and showcase the viability of electric vehicles for commercial use. Export incentives will help Indian EV manufacturers compete globally and expand their market reach. Additionally, skill development programs are vital for building a knowledgeable workforce to support this growing industry. Enhanced R&D grants and support for innovation in EV technology will ensure India remains at the forefront of the global EV revolution. We believe these measures will collectively propel the EV sector towards a sustainable and prosperous future. 

Ukesh Taneja, CEO and Co-Founder at GT FORCE

As we approach the Union Budget 2024-25, GT Force, an emerging player in the electric two-wheeler segment, views this as a critical juncture for India's EV industry. With the short-term EMPS 2024 set to end on July 31, 2024, we urge the government to introduce a robust, long-term successor to this scheme that addresses the evolving needs of the EV ecosystem. This new framework should not only continue demand incentives for consumers but also focus on supply-side interventions to boost domestic manufacturing and innovation. Specifically, we anticipate increased budgetary allocation for expanding EV charging infrastructure nationwide, as this remains a key factor in boosting consumer confidence in electric mobility.

We also hope to see incentives for battery technology development and localization of EV components, which are crucial for reducing costs and enhancing the competitiveness of Indian-made EVs. Furthermore, we expect the government to consider reducing GST rates on EV components and batteries from the current 18% to 5%. This tax rationalization would help offset the potential price increase resulting from the conclusion of subsidy programs and keep EVs affordable for the masses. For startups like GT Force, we hope to see targeted initiatives that support R&D, provide easier access to capital, and offer production-linked incentives. These measures would enable us to scale operations, innovate rapidly, and contribute more significantly to India's EV manufacturing capabilities. Moreover, we anticipate policies that promote the integration of EVs with renewable energy sources and support the development of a circular economy for EV batteries. This holistic approach would not only boost the EV industry but also align with India's broader climate goals and commitment to sustainable development. 

Aditi Balbir, Co-founder, EcoRatings

The 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions as 70% of greenhouse gas emissions stem from energy, industry, and buildings. This will create a future-proof foundation for economic growth and help in achieving netzero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential.

Globally, 85% of institutional investors incorporate ESG factors into their investment decisions, making ESG investments the emerging norm. The Union Budget should extend industry recognition programs to companies excelling in sustainability. This will encourage wider adoption and foster a more responsible business landscape beyond the financial sector.

The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits.

Standardization and Transparency

The implementation of mandatory BRSR (Business Responsibility and Sustainability Report) for all companies will ensure consistent reporting on sustainability initiatives, promoting transparency and accountability. 

Alessandro Des Dorides, CEO of Nayara Energy

We anticipate a budget that prioritizes the energy security of the nation. India, being the fastest growing economies in the world, has a high energy demand, and there is a need to encourage investments in expanding refining and petrochemical capacities. Offering tax incentives, supporting faster clearances, facilitating land acquisition, etc. will encourage both domestic and foreign investments. Investment schemes for petrochemical industry will enhance the country’s self-sufficiency and promote substantial investment which will generate huge employment and aid creation of surrounding infrastructure facilities.

The Government has set a target of 20% blending of ethanol in petrol/gasoline by 2025 and the early success of the program has well-positioned India on a sustainable growth path. This should be continued To further accelerate India’s transition towards a low-carbon economy the government could consider incentivizing users to replace grey hydrogen with green hydrogen, providing incentives for Corporates to fund R&D by premier or dedicated Indian research institutes for developing transformative technologies, developing centralised or shared Renewable Energy storage systems, amongst other initiatives. 

Kush, CEO of Essar Power

As India continues its journey towards a future of net-zero emissions, we commend the government’s forward-thinking approach to sustainability and applaud its ambitious green objectives. Furthermore, we appreciate the government's strategy to reduce carbon emissions while ensuring a reliable base load through thermal power plants. Promoting technologies like Advanced Ultra Super Critical (AUSC) power plants underscores this commitment, offering reduced carbon footprints compared to traditional plants.

As we approach the Union Budget 2024, we anticipate strategic initiatives that will drive growth and sustainability. We hope to see significant allocations towards renewable energy projects, enhanced grid infrastructure, and innovative technologies. Additionally, policy reforms aimed at reducing regulatory bottlenecks and promoting private investment will be crucial. These measures will not only help in meeting the growing energy demands but also in achieving the nation's ambitious targets for a greener and more resilient energy future. 

Udit Garg, CEO & Director, Kundan Green Energy

As India enters the next phase of its growth trajectory, its energy demand set to grow exponentially – about 335 GW by 2029-’30. The fact that demand for energy is outstripping supply can be gauged by the plant load factor of thermal plants. This measure of capacity utilization went up from 71% last year to 76% in January 2024. The coal fired energy addition has been set very high at 80 GWs (claimed by Government as under construction) because there is unsatisfactory renewable energy generation. While tenders have exceeded targets in green energy, we have a long way to go we must add about 40 GWs annually in green energy until 2030 while we are clocking a mere 10 GWs per year. We should see this in the sharp paradoxical juxtaposition of the fact that India is committed to nett zero by 2070, is accelerating thermal power generation, has slow and below target renewable energy addition and is increasing its energy demand rapidly. Clearly, the answer lies in disproportionately increasing green energy generation. The sector must see exponential increase in investments. I hope the forthcoming Union Budget would facilitate the ecosystem for this. With a robust investment inflow enabled by policy stimulus, the sector can add 50-60 GW annually from the present 10 GWs to 15 GWs. Higher loan capital is vital for this.

With financial infrastructure, and a streamlining of land acquisition, I am confident of incremental market depth and scope which has a direct bearing on the sector. Besides this, an often-overlooked area which we should consider is dedicated transmission corridors along the lines of the Green Energy Corridor (GEC) for renewable power evacuation. This will go a long way in addressing power evacuation issues faced by hydropower developers, especially in the northeast.

While there are several suggestions for the Government to consider, these are amongst the most topical. 

Narendra Vankar, CEO & Founder, Quantum CorpHealth

Following India’s interim budget layout in February, the upcoming budget is expected to maintain that framework, providing sufficient attention and funding support for all elements of the healthcare ecosystem. The quality-of-care delivery is at the core of the industry and interlinks aspects like nutrition, sanitation, and elder care. Shifting towards a preventative healthcare approach is crucial to ensure the affordability and accessibility of healthcare. Aligning with the changing nature of health promotes a sustainable future for all Indians.

Investing in features like telehealth, remote medical care, and solid medical databases can remove obstacles and make sure that healthcare can be given to all Indians, especially the rural and underserved population. The government of India has already been focusing on bringing healthcare to all Indians through schemes like Ayushman Bharat which offers free healthcare to the underprivileged. It is important now to move into a space where all citizens are able to access the same consideration and benefits instead of relying on private insurance. With good quality and swift medical care, we can ensure that all citizens are receiving what they deserve. The priority of the Indian citizen is shifting, especially as they become more health-conscious, and having accessible and affordable healthcare is the need of the hour for Budget 2024. 

Masood Mallick, CEO, Re Sustainability Limited (ReSL)

While a transition to green energy is essential it is not enough. The same strategic focus must be extended to decarbonizing materials, which account for 40-45% of our carbon footprint.
Extended producer responsibility (EPR) programs that go beyond plastics, e-waste and ELVs: This requires producers, across all product categories, to take responsibility for the end-of-life management of their products, including disposal and recycling.
Green procurement policies: Governments and organizations can adopt policies that prioritize and mandate the purchase of products that have recycled content and are produced using circular economy principles.
Recycling funds: This involves the creation of funds to finance waste management and recycling initiatives (funded through environmental taxes or producer fees).
Resource efficiency mandates: Governments can establish mandates that require companies to reduce resource use and waste generation, incentivizing the adoption of circular economy practices.
Performance-based incentives: This involves rewarding companies that adopt circular economy practices, such as reducing waste and increasing resource efficiency. Hopefully, the Green Credit program referred to in the past Union Budget can be aligned along these lines.
Encouraging the use of sustainable and biodegradable materials: This includes policies to promote the use of materials such as recycled construction materials, recycled plastics, and compostable materials, which have a lower carbon footprint compared to traditional materials.
Encouraging innovation in low-carbon materials: Governments, private organizations, and universities should have a funded mandate to invest in research and development of new, low-carbon materials, such as sustainable alternatives to concrete, steel, and plastics. 

Kanika Tekriwal, Founder & CEO, JetSetGo

With an optimistic outlook for India in the global aviation market, we expect the newly formed government to provide a customs exemption for Non-Scheduled Operators, akin to the exemptions already available for scheduled air operations. This step would streamline the import process and level the playing field, allowing NSOs to operate more competitively and efficiently. The current tax structure on aviation fuel increases the overall operating cost for everybody in the aviation industry, particularly affecting NSOs operating on tighter margins than larger scheduled airlines. Bringing aviation fuel under the GST regime would result in a more rationalized and lower tax incidence, thus significantly reducing operational costs. This change would enhance the overall efficiency of our operations, leading to more cost-effective services for our customers. If the upcoming budget supports these expectations the growth and sustainability of the private jet and aviation industry will become more efficient, reliable, and affordable, contributing positively to the broader aviation sector and the economy. 

Harsh Gupta, CEO, Sundream Group

As we move towards a more sustainable future, the real estate sector plays a pivotal role in driving eco-friendly practices. We are optimistic that the upcoming budget will introduce measures that support sustainable construction and energy-efficient buildings. The adoption of eco-friendly construction technologies and incentivizing green rating programs like LEED is essential for the real estate sector. Such measures would not only enhance the environmental sustainability of the projects but also provide cost savings for homeowners in the long run. 

Ashwinder R. Singh, Co-Chair of CII's NR Committee on Real Estate, CEO Residential at Bhartiya Urban

To drive real estate growth, the budget must focus on tax incentives for affordable housing, increased infrastructure funds, further strengthening of RERA enforcement, GST rate cuts on key materials, green building incentives, and targeted skill development programs. These measures will enhance affordability, stimulate investment, and create jobs. 

Prasoon Chauhan, Founder & CEO, Aurika Homes

In real estate, sustainability isn't just an aspiration; it's an imperative. As the industry evolves, it looks to governments to pave the way with robust policies that prioritize energy-efficient buildings and eco-friendly practices. With over 40% of global energy consumption and 30% of greenhouse gas emissions attributed to buildings, regulatory frameworks must catalyse change. With the existing Green Building Certifications, we look forward to the government incentivizing such platinum/gold standard certifications. In addition, we are hopeful of tax incentives for using Solar Panels for electricity and implementing energy-efficient HVAC measures and promote use of sustainable materials like recycled steel, bamboo, reclaimed wood etc. so that the increased costs can be offset through tax incentives. Stricter building codes and regulations that mandate sustainability standards can also initiate the change of mindset to Eco-Friendly development practices. The real estate sector eagerly anticipates proactive measures that will shape a greener, more sustainable future through the upcoming Union Budget. 

Salil Kumar, Director- Marketing & Business Management, CRC Group

The real estate industry is at a pivotal point where sustainability must be a core focus. Ahead of the forthcoming Union Budget 2024-25, we look forward to policies that support the integration of smart, energy-efficient technologies in new projects and incentives for redeveloping existing buildings to make them more eco-friendly. In addition, government schemes should reward eco-friendly practices to make sustainable construction the norm. With India aiming for Net Zero emissions by 2070, the government can help us lead the way in sustainable real estate development. 

Shubhang Arora, Executive Director, Yashoda Super-Speciality Hospital, Kaushambi

The healthcare industry looks to government support to advance sustainability efforts in hospitals. With healthcare facilities contributing up to 10% of a nation's carbon footprint and consuming large amounts of energy and water, strategic policies are essential. Governments can lead by example with mandates for green building standards, incentives for renewable energy adoption, and funding for eco-friendly medical equipment. By 2030, healthcare's carbon footprint could be reduced by 25%, equivalent to eliminating 4,600 coal-fired power plants annually. Hospitals seek regulatory frameworks that not only reduce operational costs but also promote healthier environments for patients and staff, ensuring sustainable healthcare delivery. 

Nishant Kumar, CEO, EarthyTweens

The sustainable fashion industry eagerly anticipates budgetary allocations in Union Budget 2024-25. Industry leaders are notably optimistic, anticipating substantial policy initiatives from the government. These initiatives are poised to accelerate industry growth and firmly establish its position on the global fashion landscape. With global apparel waste reaching 92 million tons annually, investments in recycling technologies and organic fabric subsidies are crucial. We take pride in our craftsmanship and designs and eagerly anticipate any support that can enhance our 'Made in India' label, which symbolizes our rich heritage and exceptional skills. Funding initiatives promoting ethical manufacturing and sustainable fashion education are also essential. A targeted approach with substantial funding—reflecting the industry's growth can propel India towards global leadership in sustainable fashion, benefiting both the economy and environment. 

Manoj Sihag, Director at Echor Hotels Pvt Ltd

As we anticipate the upcoming budget, it's crucial for the hospitality sector to focus on sustainability. At Echor, we hope for government incentives like tax breaks for green buildings, grants for renewable energy projects, and subsidies for waste management systems. These measures can drive eco-friendly practices, reduce costs, and enhance guest experiences, aligning economic growth with environmental responsibility in regions like Himachal Pradesh. 

Ankit Mathur, Co-founder, Greenway Grameen

We look forward to specific budgetary allocation for climate action projects. Given the serious effects of climate change, experienced in the form of the recent heat wave, it would be prudent to invest in nature based, community driven projects. The government’s excellent work on infrastructure development should be complemented with sincere efforts in climate mitigation and adaptation to build resilience in India’s growth story. 

Bishwadeep Ghose, Country Director, Water for People, India

Looking ahead to the 2024 budget, it is imperative to build on the Jal Jeevan Mission’s achievements. With an investment of Rs 2 lakh crores, 78% of households now having access to drinking water. We’ve made significant progress. However, to achieve total coverage, we must continue to invest so that no one gets left behind. The upcoming budget should also ensure funds for the upkeep and operations of new piped water systems, securing their functionality and ensuring a reliable water supply.
Additionally, to address the challenges posed by climate change and extreme weather events on water resources, strategic investments in water management are essential to water sustainability and security in urban and rural settings. Effective management of drinking water and agricultural water use is vital as they rely on common groundwater resources. Targeted investments in demand management are crucial to achieving this balance. These budgetary allocations will not only sustain our progress but also secure India’s long-term water security and resilience. 

Manikkan S, Executive Director & CEO, Radiance Renewables

Prior to going to polls, the previous government (Modi 2.0) in its interim budget focused on renewable energy, which was a welcome step towards ensuring that the country's dependence on fossil fuel reduces and aligning its commitment towards the Paris Agreement. Modi 3.0 continues to be committed to accelerating these goals, thereby sending a clear message to the industry on policy continuance. With the upcoming Union Budget 2024, we hope to see an increased focus on driving India's clean energy transition. This includes the Government’s support for renewable energy projects, green infrastructure, and robust climate finance mechanisms. Lowering the GST on renewable energy components would reduce project costs and enhance the affordability of clean energy solutions. Implementation of RE policies such as GNA regime and Green Energy Open Access Rules with increased clarity on detailed procedures will have the potential to bolster investor confidence and promote sustainable development within the industry.
We also anticipate increased allocation towards skill development, innovation, and demand creation, particularly in areas like rooftop solar, Battery Energy Storage Systems (BESS) and green hydrogen / ammonia. Additionally, we hope that the Government standardises and adopts new frameworks for Green Financing. Tax incentives for Green Bonds, such as exempting interest income and profits from sale or transfer of Green Bonds from tax, categorising green lending by banks under priority sector lending, and extension of lower tax rates for newer infrastructure companies (that were available till 31st March 2024) - all have the potential to attract more investments and financing for the sector.
Overall, these measures will position India as a global leader in sustainable energy, driving us closer to a resilient and green future. 

Neetika Suryawanshi, CFO at Pakka Limited

India is eagerly waiting for the upcoming budget, especially the food packaging and manufacturing industry. We anticipate a significant allocation of funds to support critical areas, such as infrastructure development, technological advancements, and initiatives to address raw material price volatility. We are hoping for a stable and supportive policy framework to expect the targeted growth trajectory in 2024-25. The key focus areas during pre-budget discussion should include streamlining regulations, facilitating access to credit for business for all sizes, and fostering innovation in sustainable packaging solutions. 

Jitendra Patil, Managing Director of Pune-based energy-tech startup ARENQ (EV & Solar)

We are excited about the upcoming budget and the new FAME 3 subsidy. The growth of the electric vehicle industry relies heavily on government support and incentives that encourage innovation and wider adoption. We're hoping to see significant funds directed toward expanding EV infrastructure, like more charging stations, and incentives for battery technology research and development. The FAME 3 subsidy should help make EVs more affordable for everyone, promoting a greener future for our nation. We have high hopes for policies that will speed up the shift to sustainable transportation, support domestic manufacturing, create jobs, and strengthen the economy. With strategic investments and solid support, we can build a cleaner, more sustainable future together. 

Tushar Bhaskar - CBO, Rubix Data Sciences

Indian MSMEs are the backbone of our economy, and we expect significant measures in the Union Budget to address their pain points, particularly in accessing finance. A recent estimate suggests a $530 billion credit gap. Streamlined loan processes, data-driven credit assessments, and risk-sharing schemes are the solutions to bridge this gap and unlock immense growth potential.
Beyond financial relief, MSMEs require a more supportive ecosystem, which includes tax reforms like streamlined GST, tax breaks for new businesses, and potentially even lower corporate tax rates. There is also a need to simplify GST compliance procedures and other regulations and streamline labour laws. These measures would reduce administrative workloads and boost entrepreneurial activities.
Additionally, investments in R&D, infrastructure, digitalisation, and skill development are crucial for MSMEs to compete effectively. Developing common facility centres with advanced machinery and technology would significantly aid MSMEs in enhancing their operational efficiency and driving innovation. Promoting exports and improving market access are critical for MSMEs to expand their reach. Therefore, the budget should include incentives to boost MSME exports and open new markets. Enhanced support for participation in international trade fairs and exhibitions would provide MSMEs with greater exposure and opportunities to scale up.
Lastly, sustainability and green initiatives are becoming increasingly important. MSMEs are seeking incentives to adopt sustainable practices and transition to green technologies, as they will not only help MSMEs reduce their operational costs but also improve their attractiveness to conscious consumers and international partners.
By addressing these diverse needs, the Union Budget can enhance MSME competitiveness, efficiency, and sustainability, ensuring they continue to drive the Indian economy forward. 

Sridhar Sarathy, Chief Ethics Officer & Head - Sustainability ,CSR at Tata Capital

In recent years, there has been a stronger focus on sustainability. The upcoming budget should enhance financial incentives and tax policies for companies adopting environmentally sustainable business practices.
Attractive incentives to promote water conservation, sustainable land use and recycling infrastructure would be immensely beneficial. 

Satyendra Prasad Narala, Mg. Dir, Regency Ceramics Ltd

There is a need to revamp the production-linked incentives (PLIs) by reducing import duties on raw materials. Specifically, to the ceramic tile sector, as fuel is a significant component of production cost, we urge the government to bring Natural Gas for industrial consumers under the GST tax regime. The increased housing under the PM Awas Yojana and providing facilities for middle class citizens of the country to buy / build homes is expected to boost demand for the ceramic industry in India and enhance production capabilities. We expect Budget 2024 to rationalize inverted duty structures across sectors and improve India's manufacturing competitiveness and aid domestic manufacturing. 

Saurabh Marda, Founder & MD, Freyr Energy

As the ambitious PM Surya Ghar Yojana, launched by Prime Minister Narendra Modi picks up pace, there is a rapid increase in households across India, adopting rooftop solar to claim subsidies. This covers up to 40% of the installation cost with additional financing options to further ease the adoption in tier 2 and tier 3 markets. The scheme is expected to benefit 1 crore households across the country aiming to achieve India's goal of attaining net-zero emissions by 2070. Improved integration of DISCOM's with the National portal will play a significant role in helping customers transition to solar quickly. In addition to this, providing incentives to local solar cell manufacturers will be important, because it ensures that supply will keep up with the upcoming demand for solar modules with made in India cells. Finally, continuing the subsidy scheme and other similar initiatives for the next few years will help companies in this sector scale up and will help India meet its net zero goals ahead of schedule. 

Prem Kumar Vislawath - CEO and Founder, Marut Drones

We would like to see easing of regulations for both manufacturers and buyers in the sector, and of course, easy financing for drones for commercial use. There is a need for 100 percent subsidy to farmers on drone training certification programmes through the Skill India initiative. We would also expect that the PLI scheme should be extended to component manufacturers as well. We would also like to emphasize the necessity of allocating substantial funds for Research & Development in the drone technology sector.
As a drone startup, Marut is also looking for faster approvals, especially in the urban air mobility space and a reduction in interest rates for drone loans. The current GST rate of 18% on agricultural machinery is a significant burden for Indian manufacturers. We expect reducing this rate to 3%, which would provide much-needed relief and promote domestic production. Additionally, we call for more initiatives similar to the Drone Didi Yojana to accelerate the adoption of drone technology. More such schemes will facilitate quicker integration of advanced technology, driving innovation and efficiency. 

Ashish Pradhan, President, Siegwerk Asia

The packaging industry in India is at a pivotal juncture, experiencing rapid growth and innovation. The robust growth of the packaging sector is supported by the rising demand in FMCG, e-commerce, and sustainable packaging solutions. There is a pressing need for policies that support sustainable packaging solutions, infrastructure development, and technological advancements. We expect the upcoming Union Budget to address critical areas that include the simplification of GST and favourable tax policies, which help keep momentum in this sector high. These measures will not only enhance the industry's global competitiveness but also drive environmental responsibility and economic growth. 

Anu Chaudhary, Partner and Global Head, ESG Consulting Practice, Uniqus Consultech

Building on interim-budget allocations in schemes such as the National Green Hydrogen Mission and PM JI-VAN Yojana, the Union Budget 2024 aims to advance India's Net-Zero target by 2070. This will help India meet its global commitments made. The success of these schemes will depend on its implementation and partnership between the public and private sectors.
The previous year’s announcement on Carbon Credit Trading Scheme (CCTS) and its implementation will be closely watched as it augers well with India’s overall objective of Net-Zero.
The Union Budget 2024 is crucial for India's sustainability progress, continuing investments in initiatives like the green hydrogen mission and expanding the PLI scheme for green industries. Key areas to watch include potential steps like a comprehensive carbon tax on high-emission industries and incentives for voluntary climate commitments and disclosures. This budget is pivotal for the country's climate resilience and green growth.
The Union Budget 2024 will likely focus on EVs, the Green Hydrogen Mission, Bio-Ethanol Production, and critical government schemes. Enhancements to the Carbon Credit Trading Scheme (CCTS), especially in response to CBAM (Carbon Border Adjustment Mechanism), new incentives, regulatory support, and tech innovations are expected to drive private companies toward sustainability commitments. This Budget is crucial in India's journey to Net-Zero by 2070. 

Smitha Shetty - Regional Director APAC- Achilles Information Ltd

India's unwavering commitment to achieving Net Zero emissions by 2070, reinforced by the interim budget's comprehensive sustainability strategy, is a beacon for the global green economy. Proactive initiatives like the viability gap funding for 1 GW of offshore wind energy capacity and the 'Muft Bijli' rooftop solarization scheme are not merely steps towards a cleaner future, but also catalysts for innovation and economic growth. At Achilles, we've witnessed firsthand how the emphasis on ESG adoption across businesses of all sizes is enhancing India's competitive edge, attracting responsible investment from around the world. The upcoming budget is a crucial opportunity to further solidify this momentum, bolstering India's position as a global leader in sustainable development. 

Anand Nichani, Managing Director, Magniflex India

India is the second most sleep-deprived country after Japan. Indian doctors and health practitioners are increasingly concerned about the implications of sleep deprivation, especially for the youth in our developing nation. To address this, we believe mattresses should be classified as medical products and included in the health and wellness sector. Providing subsidies and reducing the GST from 18% on sleep-essential products will enable many Indians to invest in quality mattresses, which have been proven by doctors to improve sleep and overall health. As the government begins its third consecutive term, we look forward to progressive, industry-centric schemes that will encourage the growth of small and mid-sized businesses in the healthcare and wellness segment. 

Anuj Kumbhat (Founder & CEO, WRMS)

As a leader in climate risk management and sustainability solutions, WRMS eagerly anticipates the upcoming budget, hoping for robust governmental support to enhance climate resilience, climate change adaptation, and disaster preparedness initiatives across various sectors.
We believe that increased investment, alongside strong policy support, regulations, and incentives, in advanced technologies such as IoT, AI, and data analytics, can revolutionize climate risk assessment and mitigation strategies in agriculture, infrastructure, urban planning, disaster management, and insurance. These cutting-edge technologies can provide real-time data, predictive analytics, and automated responses, making our approaches more precise and effective.
By focusing on these critical areas, we can significantly improve our capacity to predict, prepare for, and respond to climate-related risks and disasters, ensuring the safety and well-being of our society. Furthermore, we hope the budget will prioritize funding for educational programs and public awareness campaigns to build a knowledgeable and proactive community ready to tackle environmental challenges head-on.
In addition, we advocate for collaboration between the government, private sector, and research institutions to foster innovation and develop scalable solutions that can be implemented across different regions and industries. By leveraging collective expertise and resources, we can create a resilient and sustainable future.
Investing in climate resilience not only protects our environment but also drives economic growth, creating new job opportunities and fostering sustainable development. We are optimistic that the upcoming budget will reflect these priorities and pave the way for a more resilient and sustainable nation. 

Jay Shah, CEO & MD of M/s Jay Wood Industry

As the Union Budget 2024 approaches, the wooden pallet sector is optimistic about the government's focus on sustainable supply chain solutions. This industry is vital for pharmaceuticals, chemicals, and glass packaging, among others, and needs robust government support to enhance global competitiveness.
To streamline logistics, reduce transportation costs, and ensure timely deliveries, infrastructure development is key. The sector anticipates measures that include significant investments in infrastructure. Alongside this, tax incentives are sought to alleviate financial burdens on manufacturing units, facilitating increased investment in innovation and expansion. Particularly, incentives for adopting sustainable practices would benefit both the environment and businesses aiming to align with global sustainability standards.
Furthermore, Research and Development (R&D) funding is crucial for continuous innovation in materials science, sustainable manufacturing, and recycling technologies. Government grants and subsidies for R&D can drive higher efficiency and sustainability. Supporting SMEs through easier access to credit, reduced compliance burdens, and simplified regulations can significantly boost growth.
The industry also hopes for financial assistance for adopting eco-friendly technologies, including subsidies and low-interest loans for sustainable manufacturing upgrades, as well as technology transfer facilitation. Further, skill development programs are essential for equipping the workforce with modern manufacturing skills.
Moreover, the packaging industry plays a vital role in supporting the export sector. Simplifying export procedures, reducing tariffs, and providing incentives for export-oriented units can enhance our global market presence. We look forward to policies that promote ease of doing business and reduce bureaucratic hurdles. 

Neera Nundy, Co-Founder of Dasra

As we look ahead, the importance of directing substantial resources towards resilient community-based solutions cannot be overstated. The forthcoming budget is a critical moment for private philanthropy in India to step up and become more strategic, prioritizing underfunded sectors such as mental health, gender equity, disability support, climate action, and animal welfare. Strengthening partnerships with the government and civil society will be key to supporting those at the margins. 

Prassann Daphal , CEO at Recyclekaro

The upcoming Budget 2024 in India is expected to emphasize sustainability while addressing various sectoral demands and maintaining economic far-sightedness. Here are some key expectations for the recycling industry, particularly the battery recycling sector, which has significant expectations focused on promoting sustainability and enhancing economic viability.
Key Expectations:
Reduction in GST: The Goods and Services Tax (GST) on waste lithium-ion batteries is expected to be lowered from 18% to 5%, in line with the GST rate on lead-acid batteries, which is a significant anticipation. With this adjustment, the inverted duty structure will be corrected and recycling processes will become more economically viable.
Extension of FAME II Scheme: Stakeholders in the industry are pushing for the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program to be extended and possibly expanded. This extension is essential to sustaining the momentum behind EV adoption and encouraging battery recycling.
The government's goal of having 30% electric vehicles on the road by 2030 will only be met with the expansion of the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) program, which the electric vehicle (EV) industry is pressing for.
Production-Linked Incentive (PLI) Scheme: A specialised PLI plan for recycling lithium-ion batteries is being pushed. With the support of this program, the recycling industry would be encouraged to grow and make a substantial contribution to India's sustainability objectives. The government may support the expansion of the industry by expanding the PLI plan to include the whole value chain, from manufacture to recycling.
Incentives for Green Energy Projects: It is anticipated that the budget would include further incentives for renewable energy initiatives, such as battery recycling, which is essential to the clean energy transition and the circular economy. It is envisaged that there would be incentives for creative waste management systems and simplified recycling rules.
Investment in R&D: Another crucial expectation is higher funding for research and development of battery recycling infrastructure and technologies. Improving domestic battery recycling capabilities and lab space can help the local industry expand while lowering reliance on imports.
If these steps are taken, they will help the recycling sector as well as more general environmental and economic goals including lowering India's dependency on imports and moving the country closer to net-zero emissions by 2070. 

Suman Chowdhury, Executive Director and Chief Economist Acuite Ratings and Research

The upcoming Budget 2024 has placed a strong emphasis on renewable energy sources. This focus aligns with global trends towards sustainability and reducing carbon footprints. Renewable energy is a cornerstone of India's green transition, with the government committing to ambitious targets in solar, wind, and bioenergy. The budget will support the installation of rooftop solar systems for 10 Mn households and viability gap funding for 1,000 MW offshore wind projects. Additionally, new schemes will promote bioenergy, aligning with India's goal of achieving net zero by 2070. Further, the budget is anticipated to include incentives and subsidies to support the expansion of solar, wind, hydro, and biomass energy capacities, aligned with national renewable energy targets. Investments in grid infrastructure and smart grid technologies are expected to facilitate the integration of renewable energy sources and enhance grid stability. 

Manoj Sihag, Director at Echor Hotels Pvt Ltd

As we anticipate the upcoming budget, it's crucial for the hospitality sector to focus on sustainability. At Echor, we hope for government incentives like tax breaks for green buildings, grants for renewable energy projects, and subsidies for waste management systems. These measures can drive eco-friendly practices, reduce costs, and enhance guest experiences, aligning economic growth with environmental responsibility in regions like Himachal Pradesh. 

Rajit Mehta, MD & CEO of Antara Senior Care

Recognizing the demographic imperative of senior care is crucial for India's sustainable development. With a rapidly growing population, that will more than double from current 13 crore to 35 crore seniors, prioritizing senior well-being is not just a social responsibility but an economic necessity. 

The government's proactive approach in empowering our elders is commendable. As we move towards the 2024 budget, we anticipate a comprehensive roadmap outlining the next phase of progress. 

Beyond potential tax benefits, special health insurance policies, and overall promotion of financial independence for seniors, we believe incentivizing private sector participation is key to developing much-needed senior-friendly infrastructure. This could include tax breaks, low-interest loans, and streamlined approvals for setting up senior care facilities nationwide. Such measures will foster innovation and unlock the full potential of the senior living sector. 

Boosting digitization of healthcare services, that empower our elders physically, socially, and emotionally are essential to meet an increasing demand-supply gap of care giving. 

We trust the upcoming budget will further bolster senior care, enabling a more self-reliant and resilient elderly population. By working collaboratively, we can ensure a comfortable and secure future for our seniors, enriching lives and strengthening the social fabric of the nation. 

Rajiv Sinha Co-founder, Onlygood

Budget 2024 should emphasize on a commitment to drive India’s sustainability journey forward. By prioritizing carbon neutrality, Emphasis on renewable energy, waste reduction, strengthening ESG standards and promoting a circular economy, the governance (ESG) standards and a shift towards a circular economy reducing emissions. This year's budget, aligned with the "Viksit Bharat" theme, is expected to build on the foundations of the 2024 interim budget, which saw significant allocations to renewable energy and green initiatives. Budget 2024 should emphasize on a commitment to drive India’s sustainability journey forward. By prioritizing carbon neutrality, waste reduction, strengthening ESG standards and promoting a circular economy, the government can ensure long-term economic growth and environmental conservation. Stakeholders are eagerly awaiting the budget announcement with hopes of strong policies that will pave the way for a sustainable and resilient India. 

Navkaran Singh Bagga CEO & Founder, AKVO atmospheric water system India

Expectations Before Budget 2024anticipate Budget 2024 to prioritize sustainable development and innovative technologies. It’s crucial that the government increases funding for green initiatives, particularly in water sustainability, to address the pressing issue of water scarcity. Incentives for renewable energy integration within the water sector could drive substantial progress. This budget should reflect a commitment to building a greener, more sustainable future for India. 

Arun Kumar Nayyar, CEO and Managing Director, NeoGrowth Credit

The government's strong commitment to the MSME sector is evident through its multiple initiatives to foster growth and resilience. This year, we are confident of further support in improving access to credit, strengthening digital public infrastructure, and enhancing liquidity measures. 

Timely access to credit remains a significant challenge for MSMEs. Non-Banking Financial Companies (NBFCs) play a crucial role in reaching underserved and unserved segments. Therefore, creating an enabling environment through increased funding and regulatory reforms is essential. 

According to the recent NeoInsight Study by NeoGrowth, titled 'MSME Business Confidence Study 2024', 82% of MSMEs plan to adopt new digital tools this year. Government-led skilling programs can further aid in helping them upgrade digitally and enhance their operations. 

These initiatives will address challenges, drive growth, and ensure resilience in the MSME sector, contributing to the nation's economic stability and progress. 

Smitha Shetty - Regional Director APAC- Achilles Information Ltd

India's unwavering commitment to achieving Net Zero emissions by 2070, reinforced by the interim budget's comprehensive sustainability strategy, is a beacon for the global green economy. Proactive initiatives like the viability gap funding for 1 GW of offshore wind energy capacity and the 'Muft Bijli' rooftop solarization scheme are not merely steps towards a cleaner future, but also catalysts for innovation and economic growth. At Achilles, we've witnessed firsthand how the emphasis on ESG adoption across businesses of all sizes is enhancing India's competitive edge, attracting responsible investment from around the world. The upcoming budget is a crucial opportunity to further solidify this momentum, bolstering India's position as a global leader in sustainable development 

Amit Uplenchwar Kalpataru Projects International Limited (KPIL)

The government has set ambitious targets for deploying advanced energy solutions, including clean hydrogen, energy storage, and carbon capture, with a planned investment of $35 billion annually until 2030. The industry requires swift government actions on project approvals and supportive policies for sustainable energy transmission and dissemination, such as production-linked incentives, tax credits, and subsidies. GAIL's proposal for a 1500 KTPA ethane cracker unit in Madhya Pradesh could be a game-changer, fostering numerous public-private partnerships and generating thousands of jobs. Significant government intervention is needed in the oil & gas, energy, and transmission & distribution (T&D) sectors in the form of financial aid and support for technology development, and keep up the infrastructure momentum which are crucial for domestic business growth. 

Brijesh Chokhra, co-founder at WeCredit

As a digital finance service company, we anticipate that the 2024 budget will prioritize the extension of policies that stimulate the Fintech sector and support the growth of the banking industry. A reduction in individual income tax rates would enhance disposable incomes, driving increased consumer spending. We expect the government to champion credit growth and further digitalize financial services. Initiatives fostering collaboration between the government and fintech companies could significantly enhance financial inclusion. Additionally, tax incentives would empower fintech companies to introduce innovative loan products tailored to the diverse needs of the Indian market. 

Pallav Bihani, Founder of Boldfit

As we look forward to the upcoming budget, I hope to see a greater allocation for sports and fitness. It is a matter of national pride when our country wins medals at global events. To support this, we need more infrastructure, training, and regulatory resources dedicated to developing athletes and sports. Investing in these areas will foster a more active and health-conscious nation, benefiting us all in the long run. 

Moreover, promoting sports and fitness can significantly contribute to the overall well-being of our society. With better facilities and support systems in place, we can inspire the younger generation to lead healthier lifestyles and pursue sports as a viable career option. This investment will not only improve our international sporting achievements but also build a robust and dynamic sporting culture within the country. 

Dr. Sangita Reddy, Joint Managing Director, Apollo Hospitals Group

We are hopeful that the government will continue to prioritize the healthcare sector. The interim budget 2024-25 in February rightly emphasized preventive care, women's health, infrastructure expansion, and child development, marking significant strides towards a healthier future. We anticipate that the upcoming budget will maintain and strengthen this approach. 

The promotion of cervical cancer prevention by vaccination for girls aged 9-14 was one of the major announcements, and it represents a significant step toward improving women's health. We hope the government will keep on supporting these programs. Furthermore, Initiatives under programs like U-Win and Mission Indradhanush should be encouraged. 

Strengthening infrastructure is crucial to effectively enhance health services in rural and remote regions, ensuring equitable access to health care. Increased support is expected from the government to achieve this goal. 

Dr. Sanjeev Singh, Medical Director, Amrita Hospital, Faridabad

Pre-Budget Expectations for the Health Sector:As the nation eagerly anticipates the upcoming budget, the health sector remains a focal point of discussion. The health sector is not just a critical component of public welfare but also a significant contributor to the nation’s GDP. Currently, the healthcare sector contributes approximately 1.7% to the GDP. 

With strategic investments and reforms, this contribution can be significantly increased. The budget should aim to elevate the healthcare sector’s GDP contribution to around 5% over the next few years. 

Investment in Healthcare Infrastructure An increased budget allocation is crucial for building and upgrading hospitals, clinics, and diagnostic centers. This investment will not only improve access to healthcare services but also enhance the overall quality of care provided to patients. 

Digital Health Mission Efforts are underway to implement a digital health record system, ensuring seamless access to patient data and improved and ensure continuity of care. 

Focus on Preventive Healthcare Allocating funds towards preventive measures, including vaccination drives, public health campaigns, and regular health check-ups, can mitigate the long-term burden on our healthcare system. Campaigns on hygiene, nutrition, and regular health screenings should be initiated. 

Strengthening Medical Research and Innovation The budget should allocate funds for research in cutting-edge areas such as genomics, personalized medicine, and artificial intelligence in healthcare. 

Enhancing Healthcare Workforce It is essential that the budget includes provisions for training and development programs for doctors, nurses, technicians, and support staff. 

Public-Private Partnerships PPPs by offering tax incentives and simplified regulatory frameworks, bringing collaborations expertise and funding, thereby enhancing the overall efficiency and effectiveness of healthcare delivery. 

By focusing on infrastructure, preventive care, research, workforce development, and fostering public-private partnerships, we can build a resilient and robust healthcare system and transform healthcare. 

Ayush Patodia, Associate Vice President, Avalon Consulting

The government needs to increase allocation of resources for circular economy initiatives, which could potentially yield benefits of >$500 billion, in addition to >25% reduction in greenhouse gas emissions. Fiscal incentives should encourage corporate compliance with ESG guidelines (esp. non-financial performance). Additional funding is required to promote cleantech research and innovation, including carbon capture, hydrogen, and afforestation. Start-ups in climate tech, FinTech, data privacy, and cybersecurity should be incentivized. A sustainable financial ecosystem should be established to attract capital for SDGs, including a voluntary carbon market. 

Sanjiv Kanwar, Managing Director – Yara South Asia

As we anticipate the Union Budget, our focus is on policies that will invigorate the agricultural sector, foster ease of doing business, and promote a more sustainable and resilient agricultural ecosystem. We expect initiatives that will enhance credit and insurance frameworks for farmers and introduce an agriculture accelerator fund to spur growth. Addressing India's growing population necessitates a strong emphasis on sustainable soil management practices, including regenerative agriculture, along with water-efficient technologies and streamlined crop nutrition regulations. Additionally, tax parity for fertilizers and micronutrients, coupled with direct benefit transfers, will empower farmers to improve both the quantity and quality of their produce while minimizing environmental impact. This, in turn, will strengthen India's position in the global market. We are committed to working with the government and industry stakeholders to streamline regulations and promote a robust agricultural economy that empowers farmers, ensures ease of doing business, and prioritizes long-term sustainability.

Shashank Sharma, Founder – Chairman and CEO, Sunsure Energy

Addressing climate change requires collaborative, and sustainable mitigation efforts. We expect significant Investment in robust grid infrastructure and promoting energy storage solutions. Also, more incentives for businesses and corporates to decarbonize India's industrial landscape. Preparing energy-intensive industries like cement and steel for the transition phase of the Carbon Border Adjustment Mechanism is vital.

R. G. Agarwal, Chairman of Dhanuka Group

We urge the government to, introduce a PLI scheme for the Crop Protection sector, and reduce the GST on pesticides as it not only contribute the Food security to the nation but also provide livelihood support to the farming community. In the era of sustainability-focused approach globally we request for the capital investment in state-of-the-art testing labs and farmer centric regulatory mechanism to make Crop Protection products traceable.

Nikhel Bothra, Director, EPACK Prefab

The government aims for a developed nation by 2047, allocating 3.3 percent of GDP to infrastructure in 2024. The sector, growing at a 9.57 percent CAGR, is expected to reach $322.27 billion by 2029. The rise in green building demand, supported by the World Bank's $1.5 billion loan, emphasizes the importance of sustainable Pre-Engineered Building (PEB) technologies. To enhance PEB adoption, eco-friendly regulations, GST reductions, and incentivizing prefab use in government projects are essential. 

Shaina Ganapathy, Head of Community Outreach, Embassy Group

With the growing emphasis on environmental sustainability, we hope that the Union Budget will encourage companies to invest in green technologies, renewable energy projects, and other sustainability initiatives as part of their CSR activities. Implementing concrete measures, like the introduction of a bio-manufacturing scheme, the expansion of the e-vehicle ecosystem, or investing in sustainable waste management, promotion of local biodiversity, and water rejuvenation are some effective solutions for promoting environmentally-friendly growth 

Sapna Nijhawan, Founder & CEO, Sustainiam 

Sustainability has become a critical focus across all sectors. We expect a forward-thinking approach from the government towards sustainability. The emphasis should be on renewable energy, including the rooftop solarization scheme aimed at providing 300 units of free electricity to 1 crore households monthly, and the commitment to support electric vehicles with an infrastructure boost for charging stations, which will align perfectly with our commitment to a greener future. Initiatives like the Nation Green Hydrogen Mission and biomanufacturing schemes, with their potential to drive sustained economic growth and environmental resilience, would be particularly promising. These measures would position India to lead in sustainable development. Additionally, sustainable aviation fuel is gaining traction globally, highlighting the urgent need for strong and supportive policies to ensure India remains competitive as other countries have already begun implementing such measures 

Amit Chadha, CEO and Managing Director of L&T Technology Services

As a specialized provider of Engineering Research and Development (ER&D) services, we believe that widespread adoption of digital transformation and innovation holds the key to unlocking the full potential of India's engineering and technology sector. The ER&D field in India shows promising growth potential. Hence, we are anticipating the government’s continued focus on ‘Make AI in India and Make AI work for India’ and the globe, to further propel this potential. We look forward to more supportive policies and initiatives in the upcoming budget, including trust-based governance, increased investments in digital infrastructure technologies, tax incentives, and the establishment of advanced Centers of Excellence (CoE) to drive R&D innovation. This will ensure that India remains a preferred global destination for engineering services. Additionally, prioritizing engineering skill development, enhancing employability, and fostering closer collaboration between industry and academia is crucial for maintaining India's competitive edge in digital engineering and Industry 4.0 expertise. 

Abhay Deshpande, Founder and CEO, Recykal

In the upcoming budget, we urge policymakers to minimize import duties on equipment essential for eco-friendly waste recycling. By integrating recycling projects into green investments, we can build robust infrastructure, generate employment, and promote responsible waste management. 

GopalaKrishnan Managing Director, Southeast Asia and Middle East, GBCI

As the urgency for global sustainability intensifies, the upcoming budget must demonstrate a commitment to environmental responsibility, particularly in alignment with our Nationally Determined Contributions (NDCs). With buildings contributing nearly 40 percent of global carbon emissions, enforcing and incentivizing the Green rating programs like LEED is essential. Government schemes should reward eco-friendly practices to make sustainable construction the norm. As India aims for its goal of getting to net-zero emissions by 2070,there is also a need to promote Net Zero buildings and communities using a data led approach and look at give these assets a financial edge over other non zero assets. 

Pradip Shah, the co-founder of Grow-Trees.com

The Green Credits Program notified in October 2023 is a good idea but should be modified and imposed on private sector entities under the CSR regime rather than be left to be executed by state forest departments; that way, there would be an oversight mechanism without additionality of taxes. 

Rakesh Jha, Partner, Energy Sector Solutions, Sustainability and ESG, BDO India 

India aims to install 500 GW of renewable energy projects by 2030. Currently, we are at approximately 194 GW, so achieving this ambitious target will require strong policy support and a proactive government push. Continuation of effective policies, such as the waiver of Inter State Transmission System (ISTS) charges and zero customs duty on ingots and other materials for solar module production, is crucial. 

With more intermittent renewable energy in the grid, the budget should support storage solutions to address green power unavailability during peak times. Implementing a storage obligation and reducing duties on batteries, along with other fiscal incentives, will help lower storage costs and enhance grid resilience. 

In the area of green hydrogen, the Strategic Interventions for Green Hydrogen Transition (SIGHT) program is progressing well, with projects being awarded to successful bidders for electrolyser manufacturing and green hydrogen production facilities. However, as the sector is still evolving and current costs are a major deterrent, the budget can promote offtakes by providing incentives or viability gap funding. Additionally, the budget should focus on infrastructure development for the entire green hydrogen value chain, including pipeline networks to facilitate offtakes. 

Saurabh Rai, CEO of Arahas

In anticipation of the new Indian budget, the urge of high expectations for substantial investments in sustainability and geospatial technology. “We anticipate significant allocations towards renewable energy projects and incentives for companies embracing green technologies. Increased funding for geospatial data infrastructure and support for smart city initiatives are crucial. Additionally, boosting agri-tech innovations, providing tax incentives for tech companies, and investing in human capital development are imperative for driving sustainable growth. We also look forward to enhanced infrastructure development and robust public-private partnerships that will further our mission of integrating advanced technology with sustainable practices to foster a resilient and future-ready India. 

Aasif Malbari, CFO, Godrej Consumer Products Ltd.

As we look ahead to the Union Budget 2024, we anticipate measures that will drive sustainable and inclusive growth and address inflation. With the new government in place, there's an opportunity to focus on long-term, inclusive development. The recent green shoots in rural demand, especially in the FMCG sector, underscores the potential of these markets, fueled by improved infrastructure, electrification, and digital connectivity. 

The budget should prioritize rural job creation, incentivize capital expenditure, and promote innovation. In line with the India@100 vision, substantial resources should be allocated to support exports and job creation in both rural and urban sectors. This will enhance local production and build a resilient, inclusive economy. 

For FMCG companies, expanding rural outreach through direct distribution and engagement strategies will be crucial. By addressing the evolving needs of rural consumers, we can drive growth and contribute significantly to India's overall economic resilience. 

Pallavee Dhaundiyal Panthry, Chief Communication Advisor- Sustainability, World of Circular

As the 2024 Union Budget approaches, prioritizing sustainable investments is imperative. SMEs, the backbone of our industry, need robust support to overcome financial constraints. Implementing green fuel tax credits, subsidized loans, and incentives for those voluntarily complying with ESG standards will drive innovation and environmental responsibility. The Interim Budget’s vision for Viksit Bharat by 2047 underscores inclusive, sustainable development. Companies providing sustainable business solutions in the climate, environment, and ESG space. They need governmental backing through grants, incentives, and streamlined regulations to thrive 

Parveen Arora, Partner, BTG Advaya

To achieve net zero by 2070, 500 GW from renewable by 2030 and other such targets, India needs a lot of investments in the renewable energy sector along with dynamic and investor friendly policies.

To encourage the industry and attract investments, the government may consider providing tax exemptions on dividends, capital gains, interest etc. on the investments made in the energy sector, particularly in sustainability and ESG. Strict reporting regarding efforts made towards decarbonisation and ESG rating system should be enforced through stock exchanges, finance companies, reporting ministry etc.

Further, the Government should also push the states to simplify the policies for the establishment of renewable energy projects, reduce the number of approvals and avoid loading/imposing unnecessary charges especially after the commissioning of the projects.

Suvendu Choudhury, VP, FedEx, India Operations and CE MEISA

In the forthcoming budget, we look forward to transformative measures to accelerate sustainable growth in the logistics sector and propel India towards its USD 5 trillion economy goal. We anticipate substantial budget allocations for electric and alternative fuel vehicles, renewable energy investments, sustainable supply chains, and smart logistics hubs. Integrating sustainability into logistics will catalyze India’s economic growth and enhance the country’s global trade competitiveness. 

However, the government alone cannot create a sustainable India. The private sector must also help by incorporating environmentally sustainable solutions, , investing in our communities, supporting education, and fostering inclusive workplaces. This collaborative effort will create a ripple effect that benefits society at large. 

At FedEx, our commitment to ESG performance is fundamental to how we operate and is embedded within our business strategy. We remain committed to collaborating with the government and engaging policymakers to advance strategic initiatives that promote a more sustainable and equitable future for all. 

Suresh Bansal, Founder and CEO of DCGpac

At DCGpac, we are committed to integrating sustainability into our core operations. As the budget approaches, we advocate for policies incentivizing eco-friendly packaging solutions, fostering innovation, and reducing environmental impact. Green initiatives can significantly benefit our industry by reducing waste, conserving resources, and lowering carbon emissions. By adopting sustainable practices, we not only protect the environment but also meet the growing consumer demand for eco-friendly products. Together, we can drive a greener future for the packaging industry, ensuring a healthier planet for future generations.” – Suresh Bansal, Founder and CEO of DCGpac. 

Sanjay Choudhari, Chairman at SBL Energy.

The government's annual budget can drive sustainability in mining through investments in green technologies and incentives for reducing carbon footprints. Prioritizing environmental protection, waste reduction, and community engagement ensures responsible resource extraction, fostering long-term environmental and social well-being for a resilient future. 

Praveen Rikhy, Qualified Independent Director and ESG Expert

With ESG becoming mainstream and companies having to invest in sustainable practices in order to survive (that go beyond shifting to greener energy) we hope that the budget will recognise & reward investments made by MSMEs in providing a better products, better working conditions and better environment management – incentivising ‘good business” is the way forward. 

Preeti Bajaj, MD & CEO, Luminous Power Technologies

The budget should continue to focus on making India self-reliant and bolstering the Make-in-India initiative. We expect policies to boost local manufacturing and promote energy transitioning technologies, particularly solar energy adoption, to help achieve net-zero goals. We also expect policy measures to strengthen the energy storage systems. 

We have already started making remarkable strides in achieving the renewable energy goals. To keep up with this momentum, we hope the government can build a dedicated financial support system to encourage the growth of the circular economy supported by the supply chain for the consistent adoption of solar energy solutions. Favourable policy measures to drive R&D and strengthen the Indigenous value chain will act as a major stimulus to private players driving their business on innovative technologies. This step will be an enabler to harness the potential of clean energy. 

PM Surya Ghar Muft Bijli Yojana, a path-breaking initiative by the government has witnessed a remarkable response towards adopting rooftop solar as a power source and is poised to contribute to a better planet and a sustainable future. 

Gaurav Dolwani, Founder and CEO, LICO Materials

As part of the battery recycling industry, we look forward to intervention such as PLI and FAME to further bolster the growth of the sustainable mobility sector. We also expect standardization of GST on batteries from 18 percent to 5 percent for ESS and emobility. There should be focus on nurturing a conducive environment for smoother collaborations of recyclers and OEMs to strengthen the battery recycling ecosystem. 

Sumant Sinha, Chairman & CEO, ReNew

India stands poised at the brink of a renewables revolution, harnessing the power of its abundant solar and wind resources to lead a sustainable future. To tap its full potential, it is crucial to strengthen the manufacturing ecosystem for clean energy components, provide robust financing support to new technologies, establish new trade agreements with key global regions, and capitalize on the opportunity for India to become a global hub for RE technology, Green Hydrogen & related services. 

With the upcoming budget, we request the government to prioritize three measures – a package of production and export promotion incentives to our export-oriented sectors like green hydrogen and solar components manufacturing; the launch of a new Carbon Mission to synergise our current efforts, and classification of renewable energy projects with a capacity of more than 50 MW as projects of national importance under the PM Gati Shakti. Furthermore, we request for a uniform GST rate of 5 percent on Battery Energy Storage Systems (BESS) and related components and a reduction in customs duty on batteries for utility storage purposes. 

These measures will significantly support the growth of the renewable energy sector in the country. The industry is committed to supporting the government in achieving these goals, driving India's growth, and establishing the country as a leader in renewable energy. With bold initiatives and innovation, India is sure to transform into a global leader in clean energy. 

Prashant Shah, CMO, TeamNest.com

In the upcoming Indian Budget, the HR industry looks forward to significant focus on key areas like skill development, the impact of AI on workforces, and improved digital infrastructure access for SME and MSME sectors. 

For salaried employees, lower tax rates and increased exemption limits for tax benefits will be welcome by individuals, and will boost disposable income. 

Pashu Gopalan, President & CEO of Fenice Energy

PM Surya Ghar Yojana aims for 1 crore rooftops with INR 75,000 crore, boosting distributed rooftop solar energy adoption. Future budgets should support storage and expand funding for sustainable growth. Virtual net metering is crucial for equitable access, while quality monitoring is essential to prevent substandard installations and ensure program success. 

Capt Ishver Dholakiya, Founder and MD, Goldi Solar

With climate change as one of the key global concern, we believe the green energy charter will be on priority in the upcoming union budget 2024 as India currently at 150 GW has set an ambitious target of achieving a renewable energy capacity of 500 GW by 2030. Further, with a focus on ‘Make in India’, and improving ease of doing business, India has become one of the preferred destinations for global companies and is on the road to becoming the third third-largest economy in the world with a GDP of $5 trillion making green energy a top focus to achieve its Net Zero goals. PM Narendra Modi's recent address in Russia underlined India's commitment to renewable energy. In fact, the Government's focus has been clear with the recent progressive policy and regulatory reforms such as ALMM, PLI scheme, PM Surya Ghar, PM Suryoday Yojana and more.   

To further shape the renewable energy sector, the government must focus on large-scale investments in domestic solar panel and component manufacturing facilities. This will not only shorten supply chains and reduce dependency on imports, but also create a cost-competitive advantage. Introducing new skill development programs, incentives, funding, import duties, subsidies, and crafting favourable policies that can boost R&D and innovation will further bolster the sector. We also recommend allocating the unutilized PLI funds towards smaller companies that meet specified criteria to support their entry into module and component manufacturing. This strategic distribution is crucial for boosting the capabilities of MSMEs in the renewable energy sector. Apart from this, budgetary allocations should address the growing need for support towards energy storage projects. 

Anand Mimani, CEO of Greenline Mobility Solutions

LNG has a key role to play in India’s energy mix as the country aims to walk the line between growth and sustainability. Its potential as a bridge fuel in India’s energy transition can only be realised with creation of virtual pipelines. Our expectations from the budget would be to create an ecosystem conducive to the setting up of such virtual pipelines. At the same time we call for greater focus on implementing the reforms enacted to promote natural gas use and call for natural gas to be given infrastructure status so that we can maintain our rapid pace of economic growth without compromising progress on our sustainability goals. 

Rishi Agarwal, Managing Director & Head- Asia, FSG

The full budget should set more ambitious targets for green hydrogen production. This requires substantial allocation towards the development of scalable electrolyser technology and green hydrogen production facilities. The budget should earmark funds for a national green hydrogen research initiative, fostering innovation in electrolyser efficiency, cost reduction, and storage solutions. The Smart Cities Mission should receive increased funding, with a substantial part earmarked for green infrastructure projects like urban forests, green roofs, and sustainable public transport systems. Additionally, a nationwide green building incentive program, offering tax breaks and grants for developers meeting high environmental standards, can drive the construction of energy-efficient buildings. 

Capt Ishver Dholakiya, Founder and MD, Goldi Solar

With climate change as one of the key global concern, we believe the green energy charter will be on priority in the upcoming union budget 2024 as India currently at 150 GW has set an ambitious target of achieving a renewable energy capacity of 500 GW by 2030. Further, with a focus on ‘Make in India’, and improving ease of doing business, India has become one of the preferred destinations for global companies and is on the road to becoming the third third-largest economy in the world with a GDP of $5 trillion making green energy a top focus to achieve its Net Zero goals. PM Narendra Modi's recent address in Russia underlined India's commitment to renewable energy. In fact, the Government's focus has been clear with the recent progressive policy and regulatory reforms such as ALMM, PLI scheme, PM Surya Ghar, PM Suryoday Yojana and more.   

To further shape the renewable energy sector, the government must focus on large-scale investments in domestic solar panel and component manufacturing facilities. This will not only shorten supply chains and reduce dependency on imports, but also create a cost-competitive advantage. Introducing new skill development programs, incentives, funding, import duties, subsidies, and crafting favourable policies that can boost R&D and innovation will further bolster the sector. We also recommend allocating the unutilized PLI funds towards smaller companies that meet specified criteria to support their entry into module and component manufacturing. This strategic distribution is crucial for boosting the capabilities of MSMEs in the renewable energy sector. Apart from this, budgetary allocations should address the growing need for support towards energy storage projects. 

Dr. Sat Kumar Tomer, Founder & CEO, Satyukt Analytics

India's vast geography makes it highly productive, contributing 15-16 percent to GDP and ensuring food security. Yet, 89.4 percent of households own less than two hectares, facing numerous challenges. Satyukt Analytics anticipates that the new government will leverage ISRO's satellite data for real-time agricultural integration, promote precision agriculture technologies, and support agri-tech startups to drive sustainable growth and innovation. 

Navkaran Singh Bagga, CEO & Founder of AKVO Atmospheric Water Systems India

As the CEO & Founder of Akvo Atmospheric Water Systems India, I anticipate Budget 2024 to

prioritize sustainable development and innovative technologies. It’s crucial that the government

increases funding for green initiatives, particularly in water sustainability, to address the pressing

issue of water scarcity. Incentives for renewable energy integration within the water sector could

drive substantial progress. This budget should reflect a commitment to building a greener, more

sustainable future for India. 

Manish Dabkara, Chairman & MD of EKI Energy Services Ltd

Budget 2024 is an important opportunity to hit the fast forward button on clean energy in India! At EKI, we are urging the government to focus on making clean energy components here in India, speeding up approvals for new projects, and creating fresh financing options. This is not just about going green, it's about creating a thriving domestic green industry that can power a sustainable future for India and put us at the forefront of the global clean energy movement. 

Shreyas Shibulal, Founder & Director, Micelio Mobility Pvt. Ltd.

I am hopeful that the budget will bring necessary reforms in GST and incentives that can support localisation of EV components, especially batteries. There needs to be a significant reduction in the GST rates of the EV batteries from the current 18 percent to support manufacturers to build affordable EVs, which can help in increasing its adoption. Subsidies that are R&D focused combined with lower taxes will make for a robust and cost-effective product. 

Saurabh Kumar, Vice President- India,  Global Energy Alliance for People and planet (GEAPP)

For the Union Budget 2024, we anticipate a significant boost to the clean energy sector, building on the government's commendable efforts over the past decade. There is a need for substantial increase in allocations towards scaling-up decentralised renewables and battery storage. Recognizing that an effective energy transition requires seamless inter-ministerial coordination, it is essential that the government implements robust institutional arrangements to expedite this transition at the state level, possibly through a dedicated commission.

We hope the government will introduce comprehensive policies and packages designed to accelerate energy transition initiatives at both central and state levels. Equally crucial is the creation of institutional mechanisms that mandate and encourage states to adopt and advance these transitions. We look forward to seeing decisive measures and substantial financial commitments that will drive a swift and thorough energy transition across the nation. 

Dhwani Mehta, Founder & Director, OpportuneHR

MSMEs, which contribute 30 percent to India's GDP and 45 percent to its manufacturing output, are looking forward to the new budget with hopes of getting adequate support. With around four crore MSMEs in India, the sector expects measures to help them scale from micro to small and medium enterprises. 

The sector has welcomed the government's mandate of a 45-day payment cycle for goods and services purchased from SMEs starting April 2024. However, further adjustments should be made based on feedback from various stakeholders. The new budget should announce more MSME-friendly policies so that the sector can contribute more to making India a $5trillion economy by 2026. 

Yashraj Garg, Co-founder, Envirocare Foundation

Engaging youth for a green transition and a sustainable India is crucial. The government should allocate a portion of the budget for youth-led projects focused on sustainability, such as art-activism (artivism). This would bridge generational gaps and redefine the conventional narrative around environmental well-being. Political bodies should encourage schools to initiate 'nature walks' and 'clean-up drives,' fostering eco-stewardship among students. Additionally, the budget should support youth-led environmental organisations with small green loans for transition projects and encourage green startups in areas like renewable energy, sustainable agriculture, waste management, and eco-tourism. Providing mentorship, funding, and network access will help these initiatives thrive. Besides, incentivising youth for concrete on-ground work through rewards is essential. 

Suhas Baxi, Co-founder and CEO of BioFuelCircle

BioFuelCircle is at the forefront of creating a digital platform for the bioenergy supply chain, a sector that uniquely connecting rural and industrial economic segments. The bioenergy supply chain holds phenomenal potential to create employment and new enterprises in the rural sector while promoting a circular economy. As we look to the upcoming budget, we hope to see policies that support the creation of small rural enterprises, provide easy access to working capital, and offer competitive financing rates. Additionally, incentivizing the use and production of green fuels, along with all products derived from biomass such as biofertilizers, will be crucial. We expect that these steps will help drive the adoption of circular economic practices and foster sustainable growth. 

Anand Nichani, Managing Director, Magniflex India

India is the second most sleep-deprived country after Japan. Indian doctors and health practitioners are increasingly concerned about the implications of sleep deprivation, especially for the youth in our developing nation. To address this, we believe mattresses should be classified as medical products and included in the health and wellness sector. Providing subsidies and reducing the GST from 18 percent on sleep-essential products will enable many Indians to invest in quality mattresses, which have been proven by doctors to improve sleep and overall health. As the government begins its third consecutive term, we look forward to progressive, industry-centric schemes that will encourage the growth of small and mid-sized businesses in the healthcare and wellness segment. 

Ramit Sethi, Co-founder, Seclude Hotels Home Style

As per RBI data, foreign travel spends have increased to USD 17 Billion in 2023-24. Visa-free, visa-on-arrival, e-visas are now available to Indians visiting 65+ countries, competing with domestic tourism. To make domestic tourism more competitive, GoI should implement GST rationalisation between 5 percent - 12 percent and boost infrastructure investments. Counterintuitive to the popular belief that infra-development harms ecology; if access to basic-infra such as electricity, roads and water to upcoming domestic destinations is improved, it could help alleviate and redistribute tourists away from sensitive areas inundated by the seasonal inflow. Such strategies will not only boost domestic tourism but also enhance the local economy and decrease remittance outflow; a boon for the environment and Indian economy. 

Saugata Gupta, MD & CEO, Marico Limited

Ahead of this year's Union Budget, we anticipate policies aimed at fostering inclusive and sustainable development. Key expectations include a continued emphasis on rural development through investments in infrastructure and employment, bolstering agricultural activities to enhance rural income. Tax relief for middle-class and salaried classes will not only enhance purchasing power but will also serve as a catalyst in increasing consumption patterns. The government's support during the critical monsoon period is crucial for stabilizing rural economies and ensuring farmers have access to essential resources. In addition, their commitment to providing employment opportunities, coupled with support measures such as the extension of the Free Food Grain Scheme till 2028, underscores its efforts to sustain rural consumption, enhance quality of living and contain inflation. 

We look forward to initiatives encouraging private-sector investments in infrastructure, which will not only create jobs but also boost productivity. Digital adoption and entrepreneurship are poised to drive job creation and economic growth, supported by policies that promote innovation and efficiency. 

We are optimistic that Budget 2024-25 will set the stage for a resilient economic recovery, empowering businesses, and will contribute to India's growth trajectory. 

Ajai Rana, Chairman, Federation of Seed Industry of India

Agriculture R&D demands significant investments and long-term commitment, involving multi-year, multi-environment evaluations requiring extensive resources. To encourage private-sector investments in R&D in agriculture, particularly, seeds, the industry seeks a conducive policy and regulatory environment. Establishing a mechanism to recognize R&D-focused seed companies based on certain qualifying criteria, through creation of a National Register is the foremost expectation from Budget 2024.

Another key expectation is the reinstatement of the 200 percent income tax weighted deduction for R&D expenditure in the seed industry under Section 35(2AB) of the Income Tax Act, 1961, which was rolled back in recent years. This can be provided for the eligible companies listed in the above-mentioned national register of accredited research players that have a proven track record of bringing innovative solutions to the farmers and comply with rigorous quality standards and other statutory requirements. 

Manish Aggarwal, Director, Bikano, Bikanervala Foods Pvt Ltd

The FMCG sector anticipates the 2024 Union Budget to include transformative measures for sustainable growth. We seek initiatives to control inflation, boost rural consumption, and incentivize innovation. Emphasizing rural support, agricultural modernization, and infrastructure improvements will drive economic activity, enhance income, and create a more robust consumer base for FMCG products. 

Dr Praveen Gupta, Principal Director & Chief of Neurology, Fortis Hospital

As we anticipate the 2024 budget, healthcare stands as a cornerstone of our nation’s prosperity and well-being. Our commitment to healthcare funding must be unwavering, reflecting our dedication to accessible, equitable, and high-quality healthcare services for all citizens. This budget is a moral compass guiding us towards a healthier, more resilient society. 

However, amidst this commitment, caution must be exercised against the allure of populist budgetary measures. While popular sentiment can sway policy, sustainable healthcare funding requires thoughtful planning and foresight. Populist measures, while appealing in the short term, may risk long-term fiscal stability and the sustainability of healthcare initiatives. 

Therefore, our approach to the 2024 budget must strike a balance between meeting immediate healthcare needs and ensuring the financial health of future generations. Investments in preventive care, infrastructure, and healthcare workforce development should take precedence, laying the foundation for a robust healthcare system capable of weathering future challenges. 

Let us use this budget not only to address current healthcare disparities but also to invest in innovative solutions that promote wellness and resilience. By doing so, we affirm our commitment to a healthier, more prosperous future for all citizens, guided by sound fiscal responsibility and a steadfast dedication to equitable healthcare access. 

Sunil Agarwal, Co-founder and Chairman, Joy Personal Care (RSH Global)

As the interim budget announcement approaches, the FMCG sector anticipates several critical measures to stimulate growth and consumer spending. Key expectations include a reduction in income tax slabs to boost consumer purchasing power, improved access to credit for businesses, and significant GST reforms to lower costs on branded food products. The FMCG sector's remarkable adaptability to changing consumer behavior has been evident for years. While the upcoming budget is expected to prioritize education, employment, and healthcare, it is essential for other industries to receive a boost as well. Maintaining fiscal responsibility is crucial in this uncertain global environment, but addressing high GST rates on essential FMCG products and enhancing infrastructure development will be vital for long-term growth. 

Looking ahead, increased government spending and consumer-centric policies like tax reduction offer a promising path for market revival. Throughout the past year, our focus has been on strengthening our distribution channels, ensuring our presence across platforms, and being accessible to our customers. 

There also has been a significant increase in demand for natural products and immunity-boosting products with natural ingredients, both for personal use and household well-being. We have always had a product portfolio of natural ingredients and ventured into personal hygiene products last year. We see this trend continuing this year and the years ahead. All in all, we look forward to carrying on with the momentum and achieving sustained revival across categories this financial year too. 

Suyash Gupta, Director General, Indian Auto LPG Coalition

To combat worsening environmental health, the 2024-25 budget should promote Auto LPG, a cost-effective and eco-friendly fuel. Reducing GST on Auto LPG and incentivizing OEMs can boost adoption, cut emissions, and support a sustainable future. This strategy aligns with our vision for cleaner mobility and a greener India. 

Akshit Bansal, CEO & Founder, Statiq

In the 2024 pre-budget outlook, we at Statiq anticipate critical reforms for the auto sector, emphasizing sustainable, green energy. With a commitment to combat pollution and achieve net-zero targets, we look forward to EV charging incentives, circular economy practices, and eco-friendly manufacturing materials. Reduced GST rates will enhance competitiveness, while e-highways and renewable energy support drive nationwide EV adoption. 

Aninder Singh, Founder & CEO, CEF Group

As we approach Budget 2024, it's essential to prioritize sustainable growth with significant investments in infrastructure and structural reforms. At CEF Group, we see sustainability and urban farming as key drivers of economic progress. The budget should emphasize waste reduction and organic farming to build a resilient agricultural ecosystem. Supporting renewable energy and green technologies will tackle environmental challenges and ensure rural prosperity. By fostering collaboration, Budget 2024 can lead to a sustainable future for Indian agriculture and uphold our duty to protect the environment for future generations. 

Ankit Sharma, Co-Founder & Director, Vidyuta Materials Pvt. Ltd.

As we pioneer high-quality Cathode Active Material (CAM) for EV batteries, our startup aligns with Atmanirbhar Bharat's vision of sustainability. Local CAM production reduces import reliance, bolsters self-reliance, and supports a robust EV ecosystem. We require substantial support from the Indian government in the form of financial incentives, R&D grants, and infrastructure development for advancing our green, resilient future. 

Simon Wiebusch, President, Bayer South Asia

Agriculture continues to power the Indian economy and provide food security to the nation. I am hopeful that the government will use this year’s budget to further its commitment towards farmer welfare through measures to enhance market linkages, increase access to quality inputs, promote digital technologies and accelerate creation of more farmer collectives. Additionally, incentivizing investments to support research in the sector, especially in regenerative agriculture and climate-smart practices can further catalyze sustainable growth, ensuring a steady rise in farmer incomes. India has the potential to emerge as a global player in the horticulture sector and hence fiscal policies aimed at creating the right infrastructure and ecosystem for horticulture will not only drive rural livelihoods but also bring in foreign exchange through exports.

Pradip Shah, the co-founder of Grow-Trees.com

The Green Credits Program notified in October 2023 is a good idea but should be modified and imposed on private sector entities under the CSR regime rather than be left to be executed by state forest departments; that way, there would be an oversight mechanism without additionality of taxes. 

Sunil Agarwal, Co-founder and Chairman, Joy Personal Care (RSH Global)

As the interim budget announcement approaches, the FMCG sector anticipates several critical measures to stimulate growth and consumer spending. Key expectations include a reduction in income tax slabs to boost consumer purchasing power, improved access to credit for businesses, and significant GST reforms to lower costs on branded food products. The FMCG sector's remarkable adaptability to changing consumer behavior has been evident for years. While the upcoming budget is expected to prioritize education, employment, and healthcare, it is essential for other industries to receive a boost as well. Maintaining fiscal responsibility is crucial in this uncertain global environment, but addressing high GST rates on essential FMCG products and enhancing infrastructure development will be vital for long-term growth. 

Looking ahead, increased government spending and consumer-centric policies like tax reduction offer a promising path for market revival. Throughout the past year, our focus has been on strengthening our distribution channels, ensuring our presence across platforms, and being accessible to our customers. 

There also has been a significant increase in demand for natural products and immunity-boosting products with natural ingredients, both for personal use and household well-being. We have always had a product portfolio of natural ingredients and ventured into personal hygiene products last year. We see this trend continuing this year and the years ahead. All in all, we look forward to carrying on with the momentum and achieving sustained revival across categories this financial year too. 

Amit Gupta, Co-Founder and CEO, YULU

Our mega-cities are economic engines and vital contributors to national growth. However, from a mobility perspective, these cities face a plethora of challenges ranging from traffic congestion and air pollution, to low accessibility and affordability of mobility services. A unique solution to these challenges lies in vehicle fleets that make use of non-motorized transport (NMT). 

Given the ability of NMT vehicles, including low-speed electric vehicles (EVs), to support affordable, accessible and sustainable mobility in our cities, we earnestly urge the government to include NMT vehicles in the ambit of upcoming EV policies like FAME. 

Second, it is evident that EV adoption in the country is being led by commercial fleets. While incentivizing people to buy electric passenger cars and two-wheelers is important, similar incentives must be extended to delivery and logistics companies and fleet operators so that they can deploy more EVs in their fleets. Doing so will speed up the electrification of such services and drastically reduce the carbon footprint of last-mile deliveries, whose volumes have grown meteorically in recent years. 

Muthu Subramanian, Md & Gm, Yuma Energy

India has made significant strides in EV adoption, but there are a couple of policy changes on the energy infrastructure front that can greatly accelerate the rate of this adoption. 

One long-awaited step is the rationalisation of GST on the sale of EV batteries. There is an urgent need to bring about taxation parity between batteries sold separately (currently taxed at 18%) and those built into fixed-battery EVs (taxed at 5%). Under the current tax structure, the battery swapping entities that procure these batteries are forced to recover the additional cost from end-consumers. This automatically puts swapping services at a disadvantage, despite the many benefits they offer to end-users in terms of access and affordability of energy, and speed of service. 

From the battery swapping industry's perspective, another issue is the 18% GST levied on swapping services rendered by users. Bringing this down to 5% would reduce the TCO (total cost of ownership) for consumers and accelerate EV adoption. 

Amit Relan, Co-founder & Director of WOOT Luxe

As an event curator who believes in crafting sustainable and eco-friendly experiences; I’m hopeful that our government will consider implementing policies to reduce import duties and processing fees on the machinery that’s used for creating environmentally conscious installations and products. It’s applicable for raw materials as well. This will be of immense benefit to organisations such as ourselves to continue creating sustainable and memorable experiences for our esteemed partners. 

Ankit Mathur, Co-founder, Greenway Grameen

We look forward to specific budgetary allocation for climate action projects. Given the serious effects of climate change, experienced in the form of the recent heat wave, it would be prudent to invest in nature based, community driven projects. The government’s excellent work on infrastructure development should be complemented with sincere efforts in climate mitigation and adaptation to build resilience in India’s growth story. 

Hisham Mundol, Chief Advisor at Environmental Defense Fund, India

The budget needs to advance employment and incomes across the rural economy, manufacturing, and services and should tackle these through the lens of climate so that gains are sustained. Ambitious announcements are needed to increase farming incomes and productivity while building climate resilience and protecting the environment as well as an urgent priority on groundwater management. 

Sravani Reddy G, Founder & CEO, Soprav Healthcare Consulting

The Union Budget 2024-25 is a pivotal moment for India's healthcare sector. Building on the ₹64,180 crores allocated in 2023-24 under the Pradhan Mantri Atmanirbhar Swasth Bharat Yojana, we need enhanced tax incentives and financial support for healthcare startups to catalyze innovation. Significant investments in digital health infrastructure, particularly AI, will improve patient outcomes and operational efficiency. The global AI in healthcare market is expected to reach $45.2 billion by 2026, reflecting its transformative potential. 

Expanding support for wellness programs and mental health initiatives is essential, especially as 14% of the population requires active mental health interventions. Strengthening public-private partnerships will improve healthcare accessibility and quality, leveraging private sector efficiency. Additionally, focused efforts on affordability and access, such as reducing out-of-pocket expenses and improving insurance coverage, are vital for a more equitable healthcare system. 

The 2024-25 budget presents an opportunity to build on past successes while addressing shortcomings, ensuring that India's healthcare system remains resilient, innovative, and patient-centric. This budget can pave the way for a healthier, more equitable future for all. 

Suman Chowdhury, Executive Director & Chief Economist, Acuité Ratings & Research Ltd.

The budgetary announcements of the Governments in the current year will likely be targeted towards achievement of SDGs (sustainable development goals) set for the year 2030, among many other priorities, given the specific goals set for 2030. This will not only require India to expedite renewable energy capacity additions but also focus on relatively cleaner fuels such as CNG/LNG, expedite the implementation of schemes on solar rooftops and energy generation from bio-waste as also expedite the commercialization of new technology for storage batteries, green hydrogen etc.  

There is expectation of further scale up of the ongoing infrastructure spending to additionally focus on policy measures that facilitate the development of new urban infrastructure (smart cities) with resilience to climate risks will help to de-congest the existing cities. 

Suresh Bansal, Founder and CEO of DCGpac

As the budget approaches, we advocate for policies incentivizing eco-friendly packaging solutions, fostering innovation, and reducing environmental impact. Green initiatives can significantly benefit our industry by reducing waste, conserving resources, and lowering carbon emissions. By adopting sustainable practices, we not only protect the environment but also meet the growing consumer demand for eco-friendly products. Together, we can drive a greener future for the packaging industry, ensuring a healthier planet for future generations. 

Ricky Vasandani, CEO Solitario Diamonds

When the FM first addressed the Lab-Grown Diamond industry in Budget 2023, reducing custom duty on the seeds for manufacturing LGDs, it gave a renewed fervor to the sector. 2023 became the year of lab-grown with a grant to IITs to facilitate the growth of LGDs in India. 

Speaking statistically too, India currently 25% of the global market share in the production of lab-grown diamonds, where market size is projected to grown by 7-9% in FY25, clocking a ,192.3 million valuations by 2033. 

With the numbers in favour, the lab-grown diamond industry expects sustained support from the government, specially to boost the export activity. We have the potential to cater to the demand worldwide, where policies that facilitate ease of global business will become critical to the growth of the industry. As India strives to be self-reliant in the entire diamond value chain, the LGD industry is looking up to create global footprints as market leaders. 

Dr. Sanjay Gupta, Vice Chancellor, World University of Design

India's creative economy, despite employing 8% of the workforce, contributes a mere 2.5% to GDP, highlighting vast untapped potential. While sectors like media and entertainment thrive, the broader creative landscape faces challenges including weak intellectual property protection, limited finance, and a critical skills gap. A British Council study estimated 1.5 million Indians in cultural and creative industries in 2016, hinting at a significantly larger workforce with better data. Piracy and the absence of specialized education hinder growth. To fully harness this potential, India needs a robust policy framework focusing on education, infrastructure, and intellectual property. This can propel the creative economy's contribution to GDP from ₹8.39 trillion to over ₹20 trillion by 2030. India, with its rich culture and talent, can mirror the success of creative powerhouses like the UK and South Korea. Unlocking this potential means significant export opportunities, cultural soft power, and becoming a global creative hub. The question is not about investing in the creative economy but about the cost of inaction. India must seize this opportunity before the gap with other countries widens further. 

R.S. Subramanian, Senior Vice President & Managing Director, DHL Express India

India is one of the world's fastest-growing economies, with a bold ambition to achieve a USD 5 trillion economy by Amrit Kaal 2047. We applaud the government's strong focus on boosting exports, e-commerce, and manufacturing. The new logistics framework, including the National Logistics Policy and Gati Shakti, provides a solid foundation for India's growth over the next decade. 

Going forward, there is significant scope to improve the ease of doing business by streamlining regulations and adopting digital processes. Simplifying and ensuring consistency in GST administration, greater clarity and standardisation in interpretation of customs procedures, and TDS regulations are crucial steps in this direction. We commend the government's consultative approach to policymaking and urge continued collaboration with logistics providers and MSMEs to refine export schemes, establish e-commerce export hubs, and reduce logistics costs. Ultimately, these efforts will enhance India's business environment. 

Sachin Sharma, Founder and Director - GEM Enviro Management Limited

Building on the momentum of last year's budget, which prioritised green growth, the upcoming Union Budget presents a significant opportunity to further strengthen India's waste management infrastructure. However, significant challenges remain. Inadequate waste collection infrastructure and inefficient sorting and recycling systems continue to hinder progress. Valuable materials are still being discarded in landfills instead of being diverted for reuse. 

To truly advance India's circular economy goals, the government must encourage and support waste management agencies that are diligently working in this field. Additionally, streamlining the supply chain for e-waste and plastic waste is essential. This will foster a robust ecosystem where manufacturers, industry players, and recyclers can collaborate more effectively. While Extended Producer Responsibility (EPR) and the Waste Management Rules of 2016 have had a positive impact, more impactful compliance is needed to achieve truly meaningful results. 

Sanjay Borkar, CEO & Co Founder, FarmERP

In the upcoming Union Budget, the Agritech industry holds high expectations for significant advancements in new-age technologies and the integration of sustainability within agriculture. Enhanced funding for technology adoption is critical, with increased investments in AI, machine learning, and blockchain needed to revolutionise farming practices, enhance productivity, and ensure sustainable growth. Tax incentives and subsidies for Agritech startups will accelerate innovation and attract young entrepreneurs to the sector. 

Establishing additional research and development centers focused on agricultural technology will foster innovations and provide practical solutions for farmers and agribusinesses.”

The industry also urges the government to enhance digital infrastructure in rural areas, recognising reliable internet connectivity as crucial for farmers to access modern agricultural tools and platforms. Introducing policies that promote sustainable farming practices and climate-resilient technologies is imperative for achieving long-term environmental and economic benefits. 

These measures will not only support the Agritech industry's growth but also contribute to a more sustainable and resilient agricultural sector, benefiting both the agriculture industry and the broader economy. 

Neerav Nanavaty, CEO at BluPine Energy

We call upon the government to significantly boost support for the renewable sector, pivotal for driving innovation and ensuring efficient project execution. A skilled workforce is crucial to meet escalating demands and push technological boundaries forward. Seamless integration of renewable sources into a resilient grid infrastructure will enhance national reliability and resilience. Robust regulations for C&I sector will not only attract investments but also streamline operations, fostering sustainable growth. We expect increased support in the solar sector through adequate funding and favourable policies, essential for driving innovation and expanding clean energy deployment. Despite challenges such as high initial costs and regulatory complexities, robust incentives and streamlined processes are imperative to make solar power more accessible and affordable. This strategic focus will propel India towards a brighter, greener future, reinforcing our global leadership in clean energy innovation and sustainability. 

Sharad Pungalia, MD & CEO of Amplus Solar

In anticipation of the Union Budget 2024, we urge the government to support solar projects by alleviating the existing tax burden on project costs, especially now that the Approved List of Models and Manufacturers (ALMM) has been fully implemented. There must be rationalisation of GST across all components of the solar sector, and the government should consider eliminating the Basic Customs Duty (BCD) on solar modules. 

Furthermore, implementing concessional duties on Battery Energy Storage Systems (BESS) is crucial to advancing our storage capabilities and ensuring a stable and reliable energy supply. Another critical step this budget can take is to facilitate increased credit access for Micro, Small, and Medium Enterprises (MSMEs) through targeted lending by financial institutions. MSMEs represent a significant demand sector, particularly for rooftop and residential solar projects. By integrating them more comprehensively into the financial system, we can significantly boost capacity additions and drive growth within the solar sector. Additionally, significant increase in budget allocations for evacuation infrastructure is required to ensure efficient transmission and distribution of renewable energy. This will not only bolster our green energy capacity but also support the nation's broader economic and environmental objectives. 

Hiranmay Mallick, CEO & Co-Founder, Tummoc

With the upcoming budget, we expect a strong focus on enhancing the auto/mobility sector and bolstering the start-up ecosystem in India. Incentives for electric vehicle (EV) adoption, such as extending the FAME II subsidy, are crucial for accelerating the transition to greener transportation. Equally important is the development of robust infrastructure for EVs and multimodal solutions, which will integrate different modes of transport, making urban mobility more efficient and sustainable. 

Public transport must also receive a significant boost, with investments to improve accessibility, reliability, and affordability. Policies that promote seamless connectivity between various modes of transport, including buses, metros, and shared mobility services, will be essential for creating an integrated transportation network. For the start-up ecosystem, the budget should offer tax incentives, grants, and simplified regulations to foster growth and drive technological advancements. By addressing these areas, the budget can pave the way for a more sustainable and technologically advanced future in transportation. 

Rakesh Jha, Partner, Energy Sector Solutions, Sustainability and ESG, BDO India

India aims to install 500 GW of renewable energy projects by 2030. Currently, we are at approximately 194 GW, so achieving this ambitious target will require strong policy support and a proactive government push. Continuation of effective policies, such as the waiver of Inter State Transmission System (ISTS) charges and zero customs duty on ingots and other materials for solar module production, is crucial.

With more intermittent renewable energy in the grid, the budget should support storage solutions to address green power unavailability during peak times. Implementing a storage obligation and reducing duties on batteries, along with other fiscal incentives, will help lower storage costs and enhance grid resilience. 

In the area of green hydrogen, the Strategic Interventions for Green Hydrogen Transition (SIGHT) program is progressing well, with projects being awarded to successful bidders for electrolyser manufacturing and green hydrogen production facilities. However, as the sector is still evolving and current costs are a major deterrent, the budget can promote offtakes by providing incentives or viability gap funding. Additionally, the budget should focus on infrastructure development for the entire green hydrogen value chain, including pipeline networks to facilitate offtakes. 

Sudheer Perla, MD Tabreed Asia & Country Manager India, Tabreed

Our request from the Union Government is to distinctly recognise sustainable cooling as an essential public utility and to develop a sector similar to other centrally planned systems like electricity and water. Every megawatt of solar capacity India has added over the past six years has gone only to meet our increasing cooling demand. This is likely to continue for the next 30 years at least. There is no energy transition if we do not stop using inefficient windows or split units. One large data centre burns equal to 70 lakh laptops running for eight hours every day in a year. This is consumed to keep heat-emitting equipment cool. There can be no digital India without cooling. Similarly, for Make in India or our food security, more sustainable and integrated manufacturing and cold chain solutions need to be adopted. Cooling cuts across every part of our modern lives, whether the space we inhabit, the food we eat, the things we buy or the data we consume. For India to lead the world in climate action, more sustainable cooling practices hold the key and this means developing cooling utility markets for the public good.