As India prepares for the Union Budget 2024-25, industries across the spectrum are keenly awaiting policy announcements that will shape the future. These sectors include education, healthcare, renewable energy, and sustainable fashion. Each industry is critical in India's socio-economic landscape, contributing to growth, sustainability, and societal well-being. Stakeholders in these sectors have articulated their expectations, emphasizing the need for strategic investments, policy support, and regulatory frameworks that promote innovation, accessibility, and environmental responsibility. The upcoming budget thus holds significant promise in charting a path towards inclusive and sustainable development across these vital sectors.
Healthcare sector –
Dr. P N Arora, Chairman of Yashoda Super Speciality Hospitals Kaushambi says "A critical aspect of the healthcare demands revolves around accessibility and affordability. The sector advocates for subsidies or free health check-ups, especially for women and children, aiming to improve preventive care and early detection of diseases. In addition, there is a push for incentives and support for domestic manufacturing of medical devices to reduce reliance on imports and align with the 'Make in India' campaign. Non-communicable diseases (NCDs) like diabetes, cardiovascular diseases, and cancer are a major health concern in India. There is a need for increased budget allocation to prevent, treat, and manage NCDs, including supporting research, public awareness campaigns, and making treatment options more accessible. The sector also emphasizes the importance of training and re-skilling healthcare workers to meet evolving healthcare demands with new technologies. Regarding health insurance, stakeholders are seeking fiscal reforms to create a more inclusive and sustainable health coverage model. It involves revisiting GST tariffs on healthcare services and products to ensure affordability and accessibility across all socioeconomic segments. Additionally, there is a call for insurance coverage for preventive healthcare measures, not just reactive medical treatments."
Harsimarbir Singh, Co-founder, Pristyn Care says “We applaud the commendable efforts of the government in fostering the startup culture in the country. It is imperative to underscore the need for focused attention on the healthcare sector in the upcoming Union Budget. A primary anticipation of the Union Budget 2024 is the implementation of streamlined compliance standards for the healthcare sector. Simplifying compliance processes will help new businesses and create an atmosphere that will allow for ground-breaking developments in the health technology industry.
Education sector -
Priya John, Principal of DPS Indirapuram says “If economic conditions remain favorable and the government prioritizes education, we could see an increase beyond the 13% mark. This would align with the trend of continuous support for educational initiatives and the need to strengthen the educational framework further. In addition, it will provide continuous support for educational initiatives, enabling robust funding for infrastructure development, technological integration, and critical programs in schools and higher education institutions”
Sustainable fashion industry –
Nishant Kumar, CEO, EarthyTweens says "The sustainable fashion industry eagerly anticipates budgetary allocations in Union Budget 2024-25. Industry leaders are notably optimistic, anticipating substantial policy initiatives from the government. These initiatives are poised to accelerate industry growth and firmly establish its position on the global fashion landscape. With global apparel waste reaching 92 million tons annually, investments in recycling technologies and organic fabric subsidies are crucial. We take pride in our craftsmanship and designs and eagerly anticipate any support that can enhance our 'Made in India' label, which symbolizes our rich heritage and exceptional skills. Funding initiatives promoting ethical manufacturing and sustainable fashion education are also essential. A targeted approach with substantial funding—reflecting the industry's growth can propel India towards global leadership in sustainable fashion, benefiting both the economy and environment."
Renewable Energy Sector-
Yogesh Mudras, Managing Director, Informa Markets in India says "With the government’s commitment to meet “Net Zero” by 2070, we are hopeful for significant strides in the renewable sector through measures like providing viable gap funding for harnessing offshore wind energy, coal gasification, and liquefaction capacity. In the Interim Budget for 2024-2025, the fiscal allocation for solar power grid infrastructure development surged to Rs. 8,500 Crore, a significant rise from the previous year’s Rs. 4,970 Crore. In addition, India’s installed solar capacity has witnessed a record addition of 15 GW in FY 24, driven by falling costs and constant government support. We appreciate the government’s initiatives to encourage rooftop solar power through PM Surya Ghar Muft Bijli Yojana and providing budgetary assistance for up to 3 kW of solar power in each household. As we stand on the threshold of the Union Budget 2024, we eagerly anticipate a renewed commitment to elevating allocations for bio-energy, solar, and wind initiatives. Moreover, the recent approval of a scheme targeting 4,000 MWh of Battery Energy Storage System (BESS) projects by 2030-31, with financial support of up to 40% (Rs. 3,760 crore), represents a substantial step towards a resilient energy landscape. As India aims for 170 GW of renewable energy capacity by March 2025, we anticipate further measures that will bolster investment in renewable technologies, enhance infrastructure, and facilitate smoother regulatory processes. As organisers of the Renewable Energy India Expo and The Battery Show India, we are committed to fostering an environment where the renewable energy and battery sectors can thrive, and we look forward to seeing policies that reflect this vision."
The pre-budget expectations of these sectors for Union Budget 2024-25 underlines their collective vision for a resilient and equitable future. Education advocates seek increased funding for infrastructure and digital initiatives to improve learning outcomes nationwide. Healthcare stakeholders emphasize the importance of accessible and affordable healthcare services backed by advanced infrastructure and technology integration. The renewable energy sector calls for policy incentives that accelerate the adoption of clean energy solutions, driving India's energy transition goals. Simultaneously, the sustainable fashion industry urges support for eco-friendly practices and market expansion to meet the growing consumer demand for ethically sourced products. The forthcoming budget presents a critical opportunity for the government to align fiscal policies with these aspirations, fostering sustainable growth and socio-economic advancement.
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