Budget 2024 Expectation: What Different Industries And Entrepreneurs Want From Government

Union Budget 2024: While taxpayers are expecting a relief, industries from aerospace to mobility to legal advisories and import-export businesses are keenly looking at the budget.

Finance Minister Nirmala Sitharama will present the Union Budget 2024 tomorrow. The expectations are high from the government this time for all the sectors. While taxpayers are expecting a relief, industries from aerospace to mobility to legal advisories and import-export businesses are keenly looking at the budget. Take a look at what experts want from the NDA government:

Akshat Khetan, Founder of AU Corporate and Legal Advisory Services Limited (AUCL), said, "Union Budget 2024-25 is expected to focus on enhancing judiciary infrastructure, speeding up judicial appointments, and improving legal aid services. Emphasis will be placed on technological advancements, alternative dispute-resolution mechanisms, capacity building, and legal reforms. Increased funding for legal awareness campaigns and support for victims of crimes will also be prioritized."

Dr Omkaar Hari Maali, Founder - Udyami Maharashtra, said, "The biggest expectation for the upcoming budget from aspiring entrepreneurs, particularly those in the export-import sector, is enhanced opportunities for funding. Currently, many new exporters have viable products but lack the financial resources to bring these products to the global market." The Import-Export coach further said, "In addition to this, it is crucial for the government to establish incubation systems specifically designed for exports. The creation of manufacturing clusters should also include comprehensive training programs and accessible systems to support the export process. I also believe the government should focus on promoting the toy and processed foods industry to position India as the hub for these sectors."

Jalaj Kumar Anupam, Director, Consent Elevators, said, "The government should consider raising the income tax exemption limit beyond Rs 5 lakh to ease the burden on citizens and promote compliance. Economic growth relies on a skilled workforce, necessitating investment in re-skilling and vocational training programs. Open e-tendering processes can enhance fairness and accountability, especially for MSMEs. This approach should extend to industries like the elevator sector, ensuring opportunities for all companies, not just major stakeholders."

Olivier Loison, Managing Director, Alstom India, said, "It is crucial to continue increasing support for the rail and infrastructure sector. India's infrastructure is in need of considerable capital investment in railways, metro, and regional trains to effectively cater to the needs of the growing economy in passenger and freight transportation. It would be encouraging to see the government’s push on Production Linked Incentive, tax rationalization, and towards equitable contract terms such as price variation conditions."

Dr Urvashi Mittal, Association Secretary 24-25, Inner Wheel, said, "Females comprise 50% of the population. My request to the Finance Minister is to take care of this 50% of the population, benefiting the entire population. For working women, provide hassle-free, cheaper loans, focus on maternity leaves, and ensure creche facilities. Homemakers should have opportunities to supplement their income through online jobs, with a priority on training. Emphasize cervical cancer vaccination and increase the budget for mid-day meals, after-school supervision, courses on ‘Indian Culture’ promoting ‘Vasudhaiv Kutumbakam’ in schools and colleges & include Transgenders in main-stream."

Dr Madhu Sudhan Reddy,  Founder of Pharmaceutical companies appealed to the FM to extend the NPA period for MSMEs from 90 to 180 days in the upcoming budget which is crucial for the revitalization of Micro, Small, and Medium Enterprises (MSMEs). "This extension will grant MSMEs more time to recover from financial challenges and avoid immediate default classification. The benefits include improved cash flow management, enhanced credit access, stimulated sectoral growth, and reduced operational stress for businesses. This move aligns with the need to bolster the backbone of the economy—the MSME sector," said Dr Reddy.

Aravind Melligeri, Chairman & CEO, Aequs, said, "We are confident the Government will prioritize the Indian Aerospace industry's growth while presenting the Union Budget 2024-25. At a time when India is emerging the biggest aviation market and accounting for most new aircraft sold globally, we need a booster for making the country a global aerospace manufacturing hub with a thriving domestic Aerospace manufacturing ecosystem. There is thus a need to ensure optimal fiscal mechanisms to make domestic Aerospace manufacturing more viable and attractive. For starters, a PLI scheme for the manufacture of aircraft components and sub-assemblies with an emphasis on high 'in-country value addition' will be welcome. Measures such as tax breaks for Aerospace R&D and systems development will also help.”