With regard to the approaching Union Budget 2024, expectations from industry leaders as below.

Sanjay Kumar Sinha - Founder and Managing Director, Chaitanya Projects Consultancy

"As we look ahead to the Union Budget 2024, we anticipate robust support for sectoral growth. A key transformative move in this direction is the allocation of 11.11 lakh crore rupees for infrastructure development, which is a positive outlook, and we expect its retention in the final budget. The continuity in leadership within the Ministry of Roadways and Railways will ensure streamlined project delivery timelines, vital for sustaining momentum. The strengthening of airport infrastructure and nationwide connectivity through the Udan scheme, as well as the implementation of technology transformation and multi-modal network outlined in the Gati Shakti master plan, the journey for transformative growth has already been placed thereby reducing economic disparities. We are optimistic that the government will potentially reduce the rate of interest which is critical for initiating projects under the BFOT/BOT framework. Additionally, incentives to boost tech, leveraging cutting-edge tools like AI and IoT are crucial and the groundwork is already placed. By addressing these issues India is close to becoming a $7 trillion economy by 2030."

Sorab Agarwal - Executive Director, ACE  (Action Construction Equipment)

“As we await the 2024 Union Budget, the infrastructure and manufacturing sectors are anticipating a forward-looking budget from the government. Key areas of focus should include a significant increase in capital expenditure, an increased share of manufacturing in GDP, technology integration, and streamlined regulations. With India aiming to become a $7 trillion economy by 2030, infrastructure and manufacturing will be crucial for this progression. These sectors have the potential not only to act as catalysts for economic growth but also to generate employment on a large scale.

Additionally, the government needs to focus on incentivizing the MSME and textile industries, as this is pivotal to mitigating unemployment by creating more job opportunities. For enhanced operation and transparency, investing in cutting-edge technologies such as AI, ML, and Digital track and trace solutions for advanced logistics networks is necessary.

This budget is at a critical juncture for India to set the stage for sustainable economic growth and enhance its global competitiveness in infrastructure and manufacturing. Consistency in policy, forward-looking reforms, and regulatory measures that promote innovation and ease of business are vital expectations from the central government. By prioritizing these strategic initiatives, the government can pave a thriving and inclusive future, contributing to India's role in the global economy."