Industry Expectations for India’s Interim Budget 2024: Startups, Fintech, and Green Technology in Focus
As the calendar turns to February, all eyes are set on India’s Parliament, where the Interim Budget 2024 is due to be presented. A sense of anticipation pervades the air as industry leaders from diverse sectors articulate their expectations and aspirations regarding the budget’s potential influence on their respective domains. The startup ecosystem, in particular, emerges as a critical focus area, with its players hopeful for measures that could bolster growth and strengthen India’s reputation as a startup hotspot.
Startup and Fintech Expectations
Rishabh Goel, the mind behind Credgenics, a significant player in the fintech sector, envisions a budget that catalyzes the growth of his industry. His wishlist includes measures to improve credit availability and the introduction of favorable tax policies for startups. The latter is especially crucial in the context of the concerns raised over amendments to the angel tax in the Union Budget 2023. The revocation of tax exemptions for foreign investors and the inclusion of angel tax for non-resident investment firms have sparked anxieties in the startup community, emphasizing the need for more supportive tax regulations.
Green Technology and Renewable Energy
Shifting focus to the green technology sector, Sandiip Bhammer of Green Frontier Capital anticipates the budget to spark initiatives around electric vehicles (EV), renewable energy, and particularly, green hydrogen technology. The last, with its potential to revolutionize transportation and industry, stands as a beacon of the future of green growth in India.
Innovation in AI and R&D
No conversation about technological growth is complete without a nod to Artificial Intelligence. Krish Ramineni of Fireflies.ai is eager to see how the budget will support innovation in AI and Research and Development (R&D). With major tech players having gained significant momentum in recent times, this area holds immense potential for further growth, given the right budgetary support.
Sports Infrastructure and Job Creation
Stepping outside the technology sector, Sudeep Kulkarni of Game Theory underscores the importance of investment in sports infrastructure. While noting the lack of expectation for significant changes in a pre-election context, Kulkarni emphasizes that such investment can catalyze job creation and enhance India’s visibility on the global sports stage.
As India stands on the threshold of a new financial year, the hopes and expectations of its diverse sectors coalesce around the Interim Budget 2024. The coming days will reveal the extent to which these aspirations are met and the potential pathways for India’s growth story in the coming year.
