The first Budget of NDA 3.0 — the nation anticipates policy continuity and strategic initiatives.

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The first Budget of NDA 3.0 — the nation anticipates policy continuity and strategic initiatives.

Budget 2024

The Banking, Financial Services, and Insurance (BFSI) sector should prioritize the advancement of digital transformation, bolstering cybersecurity measures, and improving customer accessibility. Additionally, there is a recommendation in the upcoming Union Budget to allocate resources towards expanding healthcare infrastructure in non-metropolitan areas, including the establishment of additional diagnostic and pathology facilities, as proposed by Dr. Rashmi Saluja, Executive Chairperson of Religare Enterprises and Chairperson of the Global Trade and Technology Council (India).

Annually, the monsoon months of July and August mark a time of renewal. Rain falls from the heavens, nurturing green shoots that emerge from the earth. The occurrence of the Union Budget presentation every fifth year during this period mirrors the bounty of nature’s cycle.

Finance Minister Nirmala Sitharaman is preparing to deliver her seventh Budget. This moment stands as a milestone, reflecting a sense of ongoing progress and empowerment. It signifies India’s dedication to promoting women in pivotal leadership roles in the highest echelons of decision-making.

Anticipations are high for the upcoming Union Budget following the disruptions caused by global conflicts amid the Covid pandemic recovery. The first budget under NDA 3.0 is expected to bring a sense of continuity in policies alongside significant corrective measures.

There is optimism for strategic initiatives aimed at propelling India towards its ambitious goal of achieving Viksit Bharat by 2047. The interim budget on February 1, 2024, highlighted schemes targeting four critical segments— the poor (Garib), youth (Yuva), farmers (Annadata), and women (Nari). Strengthening these pillars is essential for realizing this national aspiration.

Recently, the Reserve Bank of India (RBI) emphasized the current robustness of the financial stability matrix, marking it as an opportune moment not only to maintain but also to enhance our economic frameworks. The Banking, Financial Services, and Insurance (BFSI) sector should prioritize advancing digitalization, strengthening cybersecurity, and improving consumer accessibility.

India is positioned as one of the fastest-growing Fintech markets globally, projected to reach $150 billion by 2025. Policies that foster Fintech and Non-Banking Financial Companies (NBFCs) are essential to promote financial inclusion and innovation. Implementing a more lenient taxation regime and simplified compliance policies will empower these entities to effectively support Micro and Small Enterprises (MSEs).

Micro, small, and medium enterprises collectively contribute nearly 30% to India’s GDP and require targeted assistance to prosper. The budget should aim to enhance access to institutional financing and streamline compliance procedures.

Affordable housing remains a critical area requiring attention. Decreasing sales in this sector underscore the necessity for tax incentives benefiting both developers and buyers. Such measures can rejuvenate the market and ensure housing remains accessible across all societal segments. Equally essential is enhancing accessibility to health insurance products and post-sales services within the insurance sector.

The healthcare and pharmaceutical industry, which employs over 6 million people, holds substantial economic promise. Investments in expanding hospital networks in non-metropolitan areas, establishing additional diagnostic and pathology centers, and focusing on domestic production of essential medications are crucial for its advancement.

Technological advancements such as Artificial Intelligence (AI), wearables, mobile technologies, and the Internet of Things (IoT) offer promising investment opportunities.

India can enhance its healthcare infrastructure and attain accessible, high-quality healthcare for all by investing in these sectors. The active participation of the private sector, especially through Public-Private Partnership (PPP) models, will be pivotal in tackling healthcare challenges and driving improvements in the sector.

The upcoming budget presents an excellent chance to establish the groundwork for a developed India. By prioritizing these critical areas, India can achieve sustainable and inclusive growth, setting the stage for a prosperous future for all its citizens.

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