Finance Minister Nirmala Sitharaman is due to present the Union Budget in the Lok Sabha on July 23. In the lead-up to Budget 2024, various sectors are expecting a boost with higher financial allocation. From technology to finance to real estate, industry leaders across sectors are looking for constructive policy shifts.

Fintech: The fintech sector will keenly await the Union Budget to make advances in digital infrastructure, reflecting the government’s commitment to Digital India.

"The Indian fintech industry is looking forward to a Union Budget that will continue building on the development of digital infrastructure across the entire financial services ecosystem. Digital India has been a pet project of the government and in their third term, expectations are that even more investment will go into driving this revolution,” Karan Desai, Founder of Interface Ventures said.

Harsh Punjabee, founder and CEO of investment platform SMEST Capital expects a balanced strategy from the government that upholds fiscal discipline while promoting growth in essential sectors.

"The budget is expected to prioritize infrastructure development, digital transformation, and green initiatives, setting a stable foundation for the incoming government. This cautious yet forward-looking approach aims to sustain economic momentum without introducing major disruptions ahead of the general elections," he said.

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Technology and Cybersecurity: Trishneet Arora, Founder and CEO of TAC InfoSec expects government policies to focus on cybersecurity, data privacy and the responsible development of AI. 

"As we approach the Indian Union pre-budget, it is crucial to bolster our cybersecurity infrastructure. The evolving digital threats demand robust support and incentives for the cybersecurity sector. I urge the government to prioritise investments in infrastructure, advanced training, and innovation in cybersecurity,” he said. “Strengthening our cybersecurity framework will protect national interests and enhance India's global reputation in digital security," Arora said.

Real Estate: Affordable housing is central to the real estate sector, with industry leaders highlighting the need for tax relief for homebuyers. 

"We believe that the forthcoming budget will address the main issues facing the real estate industry, especially by giving homebuyers tax relief and expanding the deduction for house loan interest. Reforms aimed at increasing the availability of affordable housing, such as better financing for housing projects and expedited approval procedures, are also essential,” BK Malagi, COO at Experion Developers said.

“Further stimulating growth will be providing incentives for sustainable development and improving infrastructure in developing metropolitan areas. All things considered, these policies will not only stimulate the housing market but also increase the number of people who can become homeowners," he added

Hospitality: The hospitality sector is looking forward to support and relief for the industry following the pandemic stress.

Pranav Dangi, founder & CEO of The Hosteller said his key expectations include "tax incentives, such as reduced GST rates and investment-linked deductions, to help the industry recover from pandemic-induced losses.”

He added that he also looks forward to easier access to affordable credit to facilitate infrastructure upgrades, expansion and working capital requirements domestic tourism-friendly policy, better connectivity through investments in transportation infrastructure, accessibility to tourist destinations and subsidies and incentives to encourage sustainable practices, such as renewable energy and eco-friendly operations.

Finance: George Alexander Muthoot, the Managing Director of Muthoot Finance, expects the government to provide momentum to the NBFC sector by granting eligible gold loan non-banking finance companies (NBFCs) with “priority sector status”.

"We believe that providing priority sector status to eligible gold loans NBFCs will be a step forward in driving financial inclusion as it majorly impacts the small borrowers whose borrowing needs are frequently less than ₹50,000," Muthoot said.

Construction and Infrastructure: Ram Agarwal, CEO of Goodluck India, called for bolstering development in infrastructure projects in railways, roads, defence, aerospace and space industries. Investments in renewable energies like solar and green hydrogen, are also imperative for the nation’s sustainable development, he said.

Regarding the steel sector, Vibhor Kaushik, managing director of Vibhor Steel Tubes said: "Reducing taxes on raw materials used in steel production will benefit local steel companies, while higher import duties on Chinese steel will make our domestic products more competitive.”

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