Mohammed Roshan Aslam, Co-founder & CEO of GoSats, is hopeful that the upcoming Union Budget will offer progressive policies over crypto taxation to drive crypto adoption rates in India, "India is one of the few countries where middle-class residents are increasingly adopting cryptocurrencies, driving the overall adoption. The government has been forthcoming about its intention to introduce regulations on crypto, providing prospective Indian investors with added incentives to rely on VDAs. However, while regulating crypto has received overwhelming support, the high taxation associated with it defeats the purpose. The crypto industry is hopeful that the upcoming budget may offer some remedies, offering some highly necessary support to investors and corporates alike while strengthening Indians' willingness to adopt a new asset class.
Mr. Anshul Garg, Director & CEO of Aroma AAT Basmati Rice, revealed he remains hopeful for a policy continuation in regards to the Agriculture industry, while he pinpointed areas requiring government intervention ahead of the budget, "The Government of India has done a tremendous job in the past few years to increase the farmers' income and align it with the nation's economic goals. PM Modi has dubbed the farmers as Annadata, and the industry remains hopeful for the continuation of such reformative policies. Latest reports are suggesting that the Union Budget may increase the agricultural loans for farmers, which has the potential to be a game changer for Indian cultivators. Furthermore, the NDA government has adopted a proactive approach to introduce new techniques and technologies in Indian agriculture, and the industry remains confident that such policies will be continued in the upcoming budget. However, a key consideration for the government to boost Indian agriculture would be to regulate shipping lines. Indian agri products are highly dependent on foreign shipping lines and the increasing costs are posing a significant challenge. The industry is hopeful that the government might introduce SOPs to regulate the increasing shipping costs, which will prioritise Indian farmers and exporters alike to ensure a bright future.
Ajith Kumar, Director of YuviPep:
“Investing in innovation today shapes a future workforce. Pre-budget discussions should prioritize a dedicated amount of budget allocation for the Atal Tinkering Mission (ATM) with a smart Public-Private Partnership (PPP) model. This fosters an innovation ecosystem in government schools by bringing private industry expertise. Tax benefits for such partnerships and the exemption of GST on educational services and products further incentivize participation. We leverage India's human capital to propel the nation toward a developed future in the next 30 years by equipping young minds with industry exposure and problem-solving skills.”
Mr. Ritesh Tamakhuwala, CFO, of Decimal Technologies Pvt. Ltd. shares insights on the allocation of budget aligned with AI & Innovation
“The recent allocation of 10,300 crores for the India AI Mission signals the government's commitment to nurturing a robust AI ecosystem, which also aligns with the vision for Viksit Bharat 2047. Consequently, there is strong anticipation surrounding the upcoming budget announcement, which is expected to include substantial funding for a comprehensive upskilling program, especially in automation and AI.
The emphasis on AI and automation will drive innovation and foster new banking and financial sector operating models. AI is rapidly transforming the Indian banking landscape, and the surge in AI-driven financial products and personalized services underscores that the future of BFSI is undeniably AI-enhanced.”