Abhishek Gupta, CEO, Rau’s IAS Study Circle said,

Union Budget 2024-25 should lay down a Blueprint for Viksit Bharat, that is, Developed, Inclusive, Resilient and Self-Sufficient India by 2047.

1. Fall in Household financial Savings to its lowest level in 5 years has led to the Savings-Investment Gap. Higher Tax Benefits for Small Savings Schemes likely.

2. Private sector Investment, which has fallen to its lowest level in the last 4 years, needs to be encouraged by deepening the Bond Market, higher allocation to NaBFID etc.

3. Constraints in Infrastructure such as Failure of PPP, poor progress in Transshipment ports, Railway Safety etc. needs to be addressed.

4. Increasing Farmers’ Income levels through Crop Diversification; Agricultural marketing reforms; Push to FPOs etc.

5. Labour Intensive Industries such as Textile and leather must receive focus for Job Creation.

6. Sabka Saath and Sabka Vikas with focus on 4 major castes- Poor, Women, Youth and Farmer would continue. However, focus must be laid down on addressing growing income Inequalities.

Shekar Sivasubramanian, Chief Executive Officer, Wadhwani AI informed,

“India's journey with AI has been marked by innovation integrated responsibly into public systems. We look forward to continued support and investment in AI solutions that benefit society and foster collaboration between academia and industry. Our long-term vision for AI in India aims for widespread integration across sectors, empowering citizens with AI tools tailored to local needs. The upcoming budget can contribute by prioritizing AI research, infrastructure, and policies that promote ethical AI practices and responsible deployment. Beyond technology, our goal is to use AI to transform lives across healthcare, agriculture, and education. The 'Making AI in India' initiative resonates with Wadhwani AI's commitment to local innovation with global impact, ensuring effective solutions for all Indians. The upcoming budget can address skill development in AI and ML through specialized training programs, incentives for skill development centers, and curriculum updates in collaboration with educational institutions."

In light of the above, it is evident that, the anticipations and expectations of startups, investors, and entrepreneurs in India on Union Budget 2024 are deliberately focusing on the requirement for supportive measures, initiatives, and policies with a vision to promote innovation and development in the Indian startup ecosystem.

If the budget addresses these expectations and implements for respective reforms, the Union Budget – 2024 has all the potential and prospect to create a momentous impact on the vitality and competency of the startup landscape of India which leads to fostering a productive and encouraging environment for the success of startups.

While the demands are long and fervent, it remains to be seen how much of it materializes in the Interim Budget 2024. All said and done, when FM Sitharaman stands up to deliver her Budget speech in the Parliament, the Indian startup ecosystem would also be the important focus.