As the nation looks forward to the forthcoming budget, stakeholders eagerly anticipate targeted measures that will not only reinforce the foundations of the waste management ecosystem but also align with the broader aspirations of a greener and more sustainable India.
This week, on February 1, 2024, Finance Minister Nirmala Sitharaman will submit the Interim Budget, also known as the Vote on Account for 2024. The Union Budget 2024 will be unveiled on Thursday at approximately 11:00 a.m. Due to the impending Lok Sabha elections, this year’s Budget 2024 will only be an interim one. The complete year’s budget will be presented following the election of a new government.
However, like with previous years, there are great expectations for Budget 2024 in terms of helping the working class, middle class, women, farmers, and the industry.
Sekar Udayamurthy, Co-founder and CEO, of Jidoka Technologies shares pre-budget expectations – Union Budget 2024: With a positive outlook on AI-based opportunities in India, the Interim Budget 2024–25 should prioritize the seamless integration of AI technology into manufacturing processes. This presents a significant opportunity, particularly in the quality control domain, and the government should incentivize AI adoption. Offering incentives and grants, especially by encouraging AI and tech adoption in the sector, along with facilitating access to funding for initiatives like smart warehousing and shopfloor automation, will yield substantial long-term benefits. The government should also take steps to create more awareness of startup schemes and a single-window platform for budding entrepreneurs.
A more favourable funding environment for tech startups is crucial, and the reduction of import duties for raw materials such as steel and copper will further fortify the success of the ‘Make in India’ initiative’. The government should come up with more initiatives to create platforms and business exchange programs to connect startups with manufacturing companies overseas.
The government should introduce a streamlined procedure that eliminates the need for extensive documentation when investing or paying for services overseas, enabling Indian startups to establish themselves abroad. Additionally, Indian consulates overseas should actively support Indian startups by showcasing the latter’s capabilities at international events.
I anticipate a forward-looking budget that not only encourages innovation but also allocates funding for research and development activities in the AI domain. Strategic investments in skill development will be essential for ensuring the workforce is equipped for the evolving landscape. I look forward to witnessing more policies that foster a conducive environment for tech-driven growth. Such initiatives from the government will propel our industry towards increased global competitiveness.
Rajarshi Bhattacharyya, Co-Founder, Chairman, and Managing Director, of ProcessIT Global shares his expectations from the Union Budget 2024: While major announcements may be deferred until after the 2024 general elections, the upcoming budget presents a key opportunity to lay the groundwork for the country’s future economic growth. As India solidifies its position as the world’s third-largest startup ecosystem, our global impact is undeniable, yet there is untapped potential to create an even more conducive environment for entrepreneurs. Allocating increased funds specifically for startups in digital transformation and cybersecurity services is vital. There is an urgent need for additional incentives for research and development, robust cybersecurity measures, and technology-driven solutions, particularly in light of the escalating threat landscape.
Strategic investments in the further development of cybersecurity technologies are imperative, empowering both businesses and consumers to actively contribute to the digital economy. The imperative to cultivate a talent pool capable of addressing evolving cyber threats is evident. The government’s role is crucial, and it must provide tax breaks for startups to attract and retain talent through comprehensive employee skilling and training programs.
Tax policies must support businesses by allowing the carry-forward of losses and accommodating employee stock options, ensuring the sustained health of the startup ecosystem. Simplifying GST procedures can eliminate complexities, foster compliance, and facilitate the robust growth of tech startups.
Collectively, these measures fuel innovation, propel further growth, and guarantee sustainability in the country’s dynamic startup landscape.
Mr. Sachin Sharma, Founder and Director – Gem Enviro Management Limited on the expectation from the Union Budget 2024: “In the preceding year’s budget, the government strategically positioned ‘Green Growth’ as a pivotal focus within the comprehensive ‘Saptarishi’ framework, allocating a substantial Rs 35,000 crore for priority capital investment to achieve net zero emissions by 2070. Despite these commendable initiatives, challenges persist in effectively streamlining waste management processes, notably in handling plastic waste. In anticipation of the upcoming budget, industry stakeholders are optimistic about the prospect of a revision in the 18% GST on plastic input material, reverting to the previous rate of 5%.
Furthermore, with climate action occupying a central position in India’s G20 agenda and the notable Green Credit Initiative taking center stage at COP28, the government’s unwavering commitment to sustainable growth and effective waste management is unmistakable. However, there exists a compelling opportunity to amplify support for the recycling of plastic and e-waste management industries, a move that could substantially strengthen and propel these sectors toward heightened sustainability. As the nation looks forward to the forthcoming budget, stakeholders eagerly anticipate targeted measures that will not only reinforce the foundations of the waste management ecosystem but also align with the broader aspirations of a greener and more sustainable India. The nation’s waste crisis necessitates immediate intervention. Governments should consider allocating funds for advanced waste management solutions, such as waste-to-energy plants, enhancing waste management infrastructure, optimizing supply chains, and providing incentives for businesses to adopt sustainable practices.”
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