Stakeholders weigh in on Budget expectations, call for inclusive growth and strategic investments
Anahata Sundarmurthy, art business & management professional
The proposed union budget promises development, youth empowerment, unleashing potential, and reaching the last mile. I expect that there will be an emphasis on technology and digitisation, but sectors like agriculture don’t need more digitisation. In terms of libraries that are to be built, I would expect more technical art and culture books that are factual and not politically driven to be available.
Aside from the focus on “development”, where are the funds for art and culture? Even if there is so much funding for tech, urbanisation, digitisation, etc...they are building temples, which are also sculpted by artists. It just shows that artists are just for show. Are we not proud of our artists? Where are the funds for art and culture? There is not even an anecdotal mention of funds for these sectors that need the most support. In a country that has diverse natural ecosystems and cultures, what is the meaning of development?
Muhammed Adnaan, student
As an investor deeply rooted in the railways and infrastructure sectors, I await the upcoming budget with a keen eye on strategic allocations. Last year’s budgetary boost on capital expenditure was a positive step, but with national elections on the horizon, I anticipate a renewed focus on propelling infrastructural development. Projects involving high-speed rail, refurbishment of stations, and strong safety protocols continue to be at the top of my expectations.
Improved passenger experience, increased operational efficiency, and a safer transit network are all directly impacted by these improvements. Investments in renewable energy projects, urban infrastructure development, and rural road connectivity are equally important. The foundation for a prosperous future is being laid by these interconnected projects that promote equality, economic progress, and environmental sustainability. Fiscal caution is important, but if infrastructure is neglected, long-term economic growth may be impeded. Thus, I think it’s important to strike a careful balance between fiscal prudence and strategic allocation. Public-private partnerships should be prioritised, and private sector knowledge can be used to close the resource gap and finish projects quickly.
Selvi, founder of Manithi Women’s Collective
Funds and benefits are mostly allocated for both women and children together. We can see them as one entity during the pregnancy period, and even after six months of the birth of the baby. But after that, they should be viewed as two separate individuals. Only if the budget is separately allocated for both, we can look into their issues. Apart from that, for senior citizens, along with the seat quota, there should also be fee concessions on trains. Half-tickets are collected from children aged above five but they get to share their berth with somebody else.
They should get full seat benefits. In all the trains, the coaches for women should be increased and their safety shouldn’t be compromised. Currently, there are ladies coaches but it isn’t a full one. There are bogeys with 16 seats and these coaches are shared with ones for the disabled. In suburban trains also, ladies’ coaches are shared with first-class coaches. The number of coaches for women should be increased. The government should also look especially into the issues of women farmers.
Sidharthan PC, government school teacher, Kanchipuram
An initial tax deduction of up to Rs 7 lakh from Rs 5 lakh is the main anticipation from the interim budget of 2024. People are put under pressure to pay additional taxes since they already pay taxes on everything and because of their income and other possessions.
It is necessary to take action to deal with inflation, provide access to affordable healthcare and education, and support sustainable development. My hopes also include tax breaks, support for small companies, and initiatives to improve rural infrastructure.
David Prashanth, junior associate, SBI
I expect an expansion of the income tax slab by the government, ensuring that individuals earning up to Rs 10 lakh are exempted from taxes. Providing a subsidy of Rs 5 lakh to first-time home buyers to support them in constructing their houses would be helpful.
Eliminating the Economically Weaker Sections category will lift the underprivileged from the lower middle class and lower class. This will enhance the quality of life for the middle class and contribute to the overall well-being of the country as more than half the population in India is middle-class.
Kalki Subramaniam, gender & climate activist
The allocated funds for trans persons in 2023-24 was Rs 6.4 crore under various schemes. This is not sufficient. At least Rs 20 crore should be allotted to their education and livelihood.
There should be consistent fund support for Garima Greh, which serves as a short-stay home for trans people rejected by their biological families. The number of Garima Greh should be increased, and that is possible only when more funds are allotted. There should be campaigns to stop families from disowning transgender members.
Neerav Patwa, senior manager, Controllership Finance and Accounts, Chargebee
Since this is an election year, I have high hopes from the upcoming budget. I am hopeful for heavy investment in railways, roadways, and defence. On the solar front, I expect the budget to encourage the adoption of cleaner and greener energy sources, possibly translating into more accessible solar power options for our homes.
As a consumer, I am anticipating some relief through potential tax reductions or other measures that could boost our spending power. Another sector where I see increased investment is agriculture. Overall, the budget is eagerly awaited for the potential positive impact it could bring to our daily routines and well-being.
A Ganesh Kumar, assistant commissioner of police
Salaries of the police officers, which have remained unchanged for many years, must be raised. This should be applied to all ranks — from constables to high-ranking officials. Being on duty 24 hours with the current pay is not fair. Increasing the pay would reduce the bribery issue in the state, and if any official is caught taking bribes, they should be dismissed and must be remanded, which ensures limiting the issue. It would also be beneficial if instead of allocating police quarters, officers could have the right to treat the designated residence as their own in any of the prime areas of the cities. This way they could use their salaries to gradually pay off the loans, ensuring they have their own house at the time of their retirement, that is by the age of 58.
RS Nambi, member of the Institute of Chartered Accountants of India (ICAI)
There is great importance of women-centric budget measures since women make up 40-50 percent of the population, and more and more women are joining the workforce. Firstly, skill training programmes, specifically for women and young girls, must be planned. Right after class 12, vocational training in nursing, handicrafts, etc, should be on the agenda; a budget needs to account for that. Empowering women through budgetary measures is not just a matter of equality but a strategic imperative for economic growth.
The inclusion and upliftment of women in the workforce contribute significantly to a nation’s economic development. Women bring diverse perspectives, skills, and innovation to the table, fostering a more robust and dynamic economy. Another noteworthy trend is the emergence of the second generation of women entrepreneurs, with daughters of billionaires and leaders of Fortune 500 companies stepping into leadership roles to shape the business world. The increase in women investors has brought diverse perspectives in decision-making.