• Source:JND
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Budget 2024: Union Finance Minister Nirmala Sitharaman will present interim budget 2024 on February 1. This will be the last budget of Narendra Modi's second term before going into the 2024 general elections. Ahead of the budget 2024, industry leaders across all sectors including Electronics, manufacturing, real estate, health and insurance, real estate and others are expressing demands. Meanwhile, industry leaders in the start-up sector have expressed their expectations from the Budget 2024 as well.

Harshit Jain, Co-Founder and CEO, OnePlay, said, "India's startup industry isn't just growing, it's putting the entrepreneurs into a promising space to create something big. Ahead of the interim budget 2024, we are eagerly expecting some major announcements, and government support remains the top expectation. The industry expects incentives for R&D initiatives, tech-driven solutions, cybersecurity support, and measures to fuel startups navigating the evolving business landscape. We also hope the budget shines a spotlight on enhancing and simplifying funding opportunities. In addition to this, the integration of digital and tech infrastructure will stimulate innovation, empowering the entrepreneurs to transform the way existing business is done."

Dheeraj Bansal, Co-founder of Recode Studios said that they are expecting budget policies that recognize the dynamic nature of D2C startups in the beauty retail sector.

"In the ever-changing landscape of the beauty industry, our startup stands at the centre of innovation and consumer demand. The remarkable increase in demand in the beauty sector has not only promoted our constant expansion but also highlighted the industry's revolutionary power. As a startup strongly established in the retail sector, our upcoming budget expectations are filled with optimism and visionary planning. Founded on the potential for revolutionary reforms,  The anticipated relaxation of company policies and regulations, along with the potential announcement of reduced interest rates for the retail industry in the budget, signifies a promising landscape for easier financing. This budget provides a chance for policymakers to foster positive change within the industry, ensuring that startups like ours continue to add vibrancy, originality, and economic value to the developing landscape of beauty and retail. By 2030, the e-commerce market is expected to reach $350 billion, growing at a CAGR of 23%," said Dheeraj Bansal.

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Madhuri Ganadinni, co-founder, of The Tea Planet demanded major steps that would benefit individual startups and contribute to the creation of a strong and sustainable ecosystem for the entire industry as well.

"The anticipation for startups entering the upcoming fiscal year revolves around a budget that aligns with the values of growth and innovation and is particularly high for businesses engaged in food manufacturing. The dynamic landscape of the Indian market has seen a significant shift towards supporting domestic manufacturing and production. According to data from Startup India, India has emerged as the world's third-largest startup ecosystem, with over 1,16,679 DPIIT-recognized companies across the country. We at The Tea Planet, expect a budget that recognizes the important role that startups have played in reshaping India's economy, and local manufacturers, especially in the food sector. Approximately 80–90% of consumers now prefer to purchase from local manufacturers rather than importers, which is an amazing shift in consumer behaviour. A notable program that has improved the status of domestic manufacturing is the Production-Linked Incentive Scheme (PLIS). This program aims to increase the competitiveness of local businesses and manufacturing capabilities. For food manufacturing companies like us, such incentives can be beneficial in fostering growth, encouraging investment in technology, and improving overall efficiency. Incentives such as tax reductions, simplified regulations, and financial support can play an important role in encouraging entrepreneurs in the food manufacturing sector to innovate and generate revenue. A budget that actively promotes these aspects will not only benefit individual startups but also contribute to the creation of a strong and sustainable ecosystem for the entire industry," said Madhuri Ganadinni.

Nitin Godawat, Director of CREST Olympiads urged the government to prioritise and incentivise startups that are in mental health support, Research and development, and teacher training.

"PM Modi has envisioned to make India a developed country by 2047. One of the key requirements is to increase focus on education. Since the Government has multiple priorities, it can incentivize startup-ecosystem in the education space to do the following:

- Mental Health Support:
- Research and Development
- Teacher Training
- Tech-enabled Student Learning
- Skill Development and Vocational Training

In the last few years, India has produced several successful startups that have scaled at a global level. Incentives in the form of easier funding, tax rebates, etc. will support startups in the education space to build future-ready generations," demanded Nitin Godawat.

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