Budget 2024: Union Finance Minister Nirmala Sitharaman will present the interim budget on February 1. As the budget is scheduled to be presented before the general election of 2024, most sectors including aviation, manufacturing, banking finance and others, have many expectations and industry leaders are expressing their demands as well.
Like other industries, the highly emerging aviation sector is also hopeful of favourable announcements.
Kapil Bardeja, Co-Founder & CEO of Vehant Technologies demanded funds for research and development in security and aviation technologies.
“In the next Union Budget 2024, funds for research and development in security and aviation technologies need to be allocated, replicating the support offered to the defense sector through programs such as 'Make-1' and 'Make-2.' This allocation is critical for minimizing dependency on foreign products and promoting the visioning and development of security and aviation technology in India. Securing funding is critical for developing innovative, tailored technologies for the Indian environment. Such a measure is critical in building a strong local R&D ecosystem in the security and aviation sectors. The existing R&D grant programs, which mostly serve defense, should be expanded to include aviation and other important industries. The significant R&D costs associated with generating highly technological products support the extension of comparable funding systems to support indigenous development,” Kapil Badreja said.
“Furthermore, a dedicated government lab is required to assess security equipment compliance with Bureau of Civil Aviation (BCAS) requirements, drawing inspiration from the United States Transportation Security Administration. Budgetary support for this program will be beneficial in developing and testing equipment that meets Indian requirements," stressed Mr. Kapil.