Union Budget 2024: A Path Toward Sustainable Development in India
As India stands on the cusp of significant economic transformations, industry leaders hold high expectations from the Union Budget 2024, with sustainability standing out as a primary focus. The call for a sustainability roadmap resonates among corporate leaders, aspiring for initiatives that would further fortify India’s commitment to environmental stewardship and economic resilience.
Arun Awasthy, President & Managing Director of Johnson Controls India, emphasizes the importance of energy efficiency in the building sector as a pivotal area for reducing national carbon emissions. With the previous budget’s announcement of the New Green Deal, the upcoming Union Budget is expected to build on this groundwork, focusing on green technology skilling and innovation alongside the enhancement of the built environment’s energy efficiency. Such measures are deemed essential for bridging existing knowledge and action gaps towards sustainable development.
The technology sector, led by voices like Amit Khatri, Co-Founder of Noise, looks forward to regulatory frameworks that support deep-tech entrepreneurship and nurture India’s path to becoming a ‘Viksit Bharat’ or developed nation. Echoing the need for supportive measures, Khatri highlights the importance of reinforcing the startup ecosystem, enhancing smart wearable production domestically, and leveraging incentives to bolster R&D efforts and manufacturing capabilities.
In the realm of education, Prateek Maheshwari, Co-Founder of PW and Chair of the India EdTech Consortium, advocates for 100% GST exemption on educational expenses for students from economically weaker sections. This move aimed at removing financial barriers to quality education while addressing the high tax slabs that currently burden this fundamental need.
Abhishek Gupta, CEO of Rau’s IAS Study Circle, suggests that the Union Budget should lay a blueprint for a developed, inclusive, resilient, and self-sufficient India by 2047. To bridge the savings-investment gap, Gupta proposes higher tax benefits for small savings schemes and encouragement for private sector investment through various financial measures.
Addressing India’s burgeoning electric vehicle (EV) industry, Devndra Chawla, MD and CEO of GreenCell Mobility, outlines a set of imperatives for accelerating the development of the EV market. Among these, securing viability gap funding for State Transport Units, incentivizing electric bus deployment, and advocating for sustainable practices like battery recycling stand out. Chawla also underscores the necessity of infrastructural improvements, such as standardizing green energy access rules and enhancing charging infrastructure, to support the burgeoning electric mobility sector.
The anticipation for the Union Budget 2024 elucidates a multifold expectancy: from fostering sustainable practices across sectors and boosting technological innovation, to enhancing economic inclusivity and propelling India towards its developmental goals. As these industry visions coalesce into a collective aspiration, the prospect of a roadmap that aligns environmental sustainability with economic growth appears more promising than ever.
As the date for the unveiling of the Union Budget 2025 draws closer, the amalgamation of hope and strategy among India’s industry leaders paints a picture of a future where economic development and sustainability proceed hand in hand, setting a benchmark for emerging economies worldwide.
