Anticipation and Expectations: Insights into Key Sectors Ahead of India's Interim Budget 2024-25

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The interim Budget for the fiscal year 2024-25, to be presented by Union Finance Minister Nirmala Sitharaman, is eagerly awaited by industry leaders across sectors. Despite Sitharaman ruling out "spectacular announcements," expectations from prominent leaders are high. Based on pre-budget consultations, industry reports, and ongoing Q3 earnings, key expectations from different sectors are outlined below:

1) Logistics Sector:

Mahindra Logistics:

Mahindra Logistics, a major player in the industry, advocates for prioritizing capital expenditure in critical infrastructure projects. The company seeks more financial incentives, including tax incentives, charging infrastructure subsidies, and support for research and development in the electric vehicle industry. Mahindra Logistics emphasizes domestic manufacturing, growth in fulfillment logistics, and the adoption of multi-modal transportation.

FedEx:

FedEx, a transportation and e-commerce giant, calls for the digitization of the logistics sector. The company urges strategic allocation towards infrastructure development for more efficient multimodal logistics. FedEx emphasizes expanding airport infrastructure, strengthening regional airports, and adopting cutting-edge technologies like artificial intelligence, machine learning, blockchain, and big data for customs clearance processes.

2) Internet and Telecom:

Netplus:

Broadband service provider Netplus emphasizes strategic allocations in the budget to bridge the digital gap and ensure a more inclusive digital future. The company highlights the increased demand for robust digital infrastructure and suggests that investing in broadband expansion is both a technological imperative and an economic necessity.

Broadband India Forum (BIF):

The policy and regulatory think tank BIF suggests facilitating affordable broadband through Satcom, providing budgetary support for the growth of Public Wi-Fi, reducing statutory fees and levies, and exempting GST on service revenues. BIF sees the recently notified Telecommunications Act of 2023 as a game-changer that will catalyze further growth in the sector.

Fujitsu:

Japanese information and communication technology company Fujitsu sees the budget as playing a key role in facilitating the growth of Global Capability Centers (GCCs) in India. Fujitsu suggests that support and investment in infrastructure for GCCs can accelerate innovation and contribute to India becoming a global technology and services hub.

STT GDC:

The Indian subsidiary of a Singaporean company, STT GDC, expects the interim budget to provide special incentives for domestic manufacturing and infrastructure, especially tailored for data centers. The company hopes for attractive capital subsidies, easy financing options, and provisions encouraging the adoption of renewable energy in data centers.

3) Education

NIIT:

Leading skills and talent development corporation, NIIT, expects an increase in budgetary allocation for education to 6% of GDP. NIIT looks forward to the budget aligning with the National Education Policy (NEP) 2020 and believes that a substantial increase in the education budget is crucial for the policy to deliver its full potential.

4) Consumer Durables:

Super Plastronics Pvt Ltd:

A leading consumer durables manufacturer, Super Plastronics Pvt Ltd, anticipates a low corporate tax rate to incentivize both global and domestic businesses to establish manufacturing facilities in India. The company emphasizes the importance of advancing the "Made in India" campaign and scaling the existing Production Linked Incentive (PLI) scheme for electronics to encourage Indian manufacturers.

5) BFSI and Digital Payments:

TAC Security:

Cybersecurity SaaS startup, TAC Infosec Limited, expects the government to address the issue of cyber-attacks by developing strict cybersecurity protocols and enforcing measures to prevent growing risks. TAC Security stresses the critical role of FinTech in India's development trajectory and proposes funding for cybersecurity research and education to proactively defend against new threats in the BFSI and Digital Payment domains.