Mr. Ashish Munjal, CEO & CO-Founder, Sunstone-
"As we approach the upcoming Union Budget 2024, education must be a priority as a critical component for the nation's growth. This is not just about classrooms and textbooks, but about unlocking the potential of our young demographic and building a future-ready India.
Firstly, a substantial increase in funding for the education sector is imperative. With 65% of our population under 35, we have a demographic dividend waiting to be harnessed. Investing in education, from primary to higher levels, equips them with the skills and knowledge needed to contribute meaningfully to the nation's progress.
There is a need to incentivize the adoption of the National Education Policy (NEP) 2020. Increased investment in higher education institutes should be coupled with support for implementing the NEP's focus on practical learning, critical thinking, and multidisciplinary approaches. This will foster a generation of innovators and problem solvers.
Lower tax slabs on educational products and services can be a game-changer, making quality education more accessible to all. This will encourage students to pursue further with their higher education and upskill themselves in line with industry standard."
Attributed to: Mr. Ankit Agrawal, CEO and Co-Founder InsuranceDekho
In the upcoming budget, we anticipate that the finance minister will exempt insurance policies from GST, which will bring down insurance premiums. This step will increase insurance affordability and help fulfill Prime Minister Modi's dream of insurance for all Indians by 2047. Additionally, we expect the government to increase the tax exemption limit under 80C, which will encourage savings, promote insurance coverage, and stimulate economic growth. Various studies have shown that increased insurance penetration multiplies the economy by reducing overall financial distress and making long-term growth capital available to important nation-building industries.
Attributed to Mr. Mayank Thatte, Chief Financial Officer , Rupyy
'From the interim budget, we expect more well-defined action plans to strengthen digital infrastructure and promote digital payments for deeper financial inclusion. More robust and long term and clearly defined incentives for the adoption of EVs will also help in the growth of the auto finance sector. Inclusion of EV financing as a priority sector lending shall help and translate to lower cost and increase adoption. At large, fintech players are seeking a GST subsidy to enhance the accessibility of financial services and government benefits. With the fintech market expected to reach INR 11.36 Trn by FY 2028, we are aligned with the growth potential of the fintech sector in India and hope that the government will take steps to support the industry's growth in the upcoming budget'.
EV Industry Expects Bold Initiatives & Strategic Allocations in Budget 2024 for Sustainable Growth-Mr. Devndra Chawla, CEO & MD, GreenCell Mobility
In anticipation for Budget 2024, we have focused on essential imperatives critical to the long-term development of India's dynamic electric vehicle (EV) market. One significant recommendation is to secure permanent viability gap funding for financially pressured State Transport Units (STUs) and to develop credit guarantee systems to reduce lending risks. We emphasise the importance of an infrastructure sector tag for financing to electric mobility projects and propose a capital expenditure subsidy for private bus operators that deploy e-buses on intercity routes. Categorising e-mobility loans as Priority Sector Lending and introducing incentives for battery recycling are critical steps towards lowering interest rates and promoting sustainability.
Standardising Green Energy Open Access Rules, toll exemptions for e-buses, and setting consistent prices for e-bus depots are critical to creating a suitable climate. Initiatives such as wayside charging infrastructure on national highways, specialised facilities at transport hubs and strategic highway adoption plans for pure e-bus operations demonstrate our commitment to sustainable mobility. Our entire plan includes opening up STU depots to private e-buses, easing freight transportation, and optimising charging costs through regulatory measures, all of which are consistent with our national commitment to environmentally friendly solutions.
We endorse the ongoing success of FAME subsidy, especially FAME 2, with a Rs 10,000 crore budget. As of December 21, 2023, it has subsidized around 12,16,380 autos for Rs 5,422 crore, highlighting its impactful contribution. The government's commitment to boosting manufacturing and exports is evident through PLI Schemes for Automobiles, Auto Components, Advanced Chemistry Cell (ACC), and Battery Storage.
To improve cost and sustainability, we strongly propose for a 5% GST on lithium-ion batteries, EV spare parts, and components. Standardising battery switching and tackling low-cost finance difficulties are critical for long-term growth. The government's achievements in alternate fuels, renewable energy, and manufacturing through PLI programmes like as the Biofuel Policy and National Green Hydrogen Policy, with a potential investment of more than Rs 8 trillion, highlights the importance of these projects.
As the demand for electric cars grows, significant coordination efforts are required to build e-mobility infrastructure, particularly charging stations. A strong infrastructure is essential for supporting the industry's growth. GreenCell Mobility strongly welcomes Budget 2024, asking continued support and sensible initiatives to take the EV industry to unprecedented heights of success.
Attributed to: Siba Panda, Founder and Managing Partner, ValuAble
Anticipating the upcoming post-2024 election Union Budget, the interim budget stands as a pivotal bridge, laying the foundation for sustained positive financial prospects. The investment community eagerly awaits a shift in sentiment toward startup investments following an extended funding winter. The rationalization of capital gains tax is sought to bolster capital inflows into the flourishing startup landscape, which has attracted a substantial $100 billion over the last six years.
Despite apprehensions surrounding recent RBI regulations impacting Alternative Investment Funds (AIF), acknowledging the role of stringent standards in reinforcing the investment ecosystem becomes imperative. A commitment to enhanced regulatory measures, combined with aligning AIF with global standards, serves to fortify the system, a crucial element for maintaining investor enthusiasm.
Post the interim budget of 2024, expectations abound for continued further provisions in Union Budget 2024 that specifically cater to the startup ecosystem. These may include simplified regulations, heightened corporate governance, and incentives tailored for Environmental, Social, and Governance (ESG) practices, all contributing to fostering sustainable growth.
Attributed to: Mr Kumar Abhishek, CEO & Founder of ToneTag
'A thriving Fintech ecosystem is crucial for driving digital adoption and innovation in India. We would like to see policy implementations around regulations, streamlining licensing processes, and offering tax incentives for Fintech startups in the upcoming budget. This will foster a dynamic environment where cutting-edge solutions like AI and Voice can flourish, propelling India's digital transformation.