NDA 3.0 Budget: PM Modi Meets Economists Ahead Of Budget FY25 On July 23; What Industry Experts Recommend?

Prime Minister Narendra Modi is most likely meeting key economists to know their views and suggestions for the upcoming Union Budget which will be the first since his government NDA took reign of Parliament for the third time in a row. The Budget for 2024-25 will be presented on July 23 by Finance Minister Nirmala Sitharaman.

As per PTI report, senior government official said that Prime Minister Narendra Modi is meeting eminent economists to elicit their views and suggestions for the upcoming Budget.

Some of the key notable names who were most likely part of the meeting are --- Finance Minister Sitharaman, Planning Minister Rao Inderjit Singh, Chief Economic Advisor V Anantha Nageswaran and economists Surjit Bhalla and Ashok Gulati and veteran banker K V Kamath.

Also, Niti Aayog Vice Chairman Suman Bery and other members has reportedly attended the meeting.

Here are what industry experts are recommending for the Budget 2024:

Samir Bandari, Co-founder & Chief Financial Officer of hBits, a fractional ownership platform:

The Indian government's budget for 2024-25 prioritizes both economic growth and fiscal responsibility. It sets an ambitious GDP growth target of 7.5%, reflecting confidence in the post-pandemic recovery. This optimism is backed by projections of strong domestic consumption and increased investments building on the 6.8% growth achieved in 2023-24."

Bandari added, "At the same time, the budget emphasizes fiscal consolidation. It aims to bring down the fiscal deficit to 5.9% of GDP, a step towards the government's goal of reaching 4.5% by 2025-26. This strategy balances the need for responsible spending with investments in crucial areas, as evidenced by a total expenditure of ₹45.03 lakh crore alongside an estimated revenue of ₹31.12 lakh crore (excluding borrowings). In summary, the 2024-25 budget outlines a comprehensive approach to accelerate economic growth while maintaining fiscal prudence.

Tashwinder Singh, CEO & MD, Niyogin Fintech Limited:

As we approach the upcoming budget, we eagerly anticipate substantial reforms that encourage a favourable business environment. We expect regulatory changes that simplify compliance, taxation policies that encourage entrepreneurship, and innovation incentives that drive R&D investments. Moreover, it would be great to see enhanced support for MSMEs, which are the backbone of our economy, along with policy ease for fintech startups that fuels their growth. Additionally, we hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy.

Finally, we also look forward to significant investments in digital infrastructure development, enabling us to advance into a futuristic economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship.

Rishabh Sethia, Director & Business Administrator, MARS Cosmetics:

For the upcoming 2024 Union budget, we expect the government to put major emphasis on improved tax incentives and a comprehensive restructuring of the taxation system. This will help in creating a better and a favorable environment for investment. We also anticipate the government to promote both private and government investment prospects, with a particular emphasis on incentivizing and enhancing research and development (R&D) activities.

By adopting sustainable packaging, promoting the use of organic ingredients, and reducing the environmental impact of manufacturing processes, the budget will show its commitment to leading the industry towards a more sustainable future. We at MARS firmly believe that these initiatives are essential to drive long-term growth and innovation in the beauty and skincare sector.

Saurabh Uboweja, Managing Partner and Practice Leader, Positioning Strategy at BOD Consulting:

We are highly optimistic for the upcoming union budget expected to be announced in July which holds the promise of being a transformative moment for startups and MSMEs. With the ambitious target of achieving a $5 trillion GDP by 2027-28, this budget has the potential to pave a progressive path forward. As we look forward to innovative policies and strategic incentives, there is a growing sense of optimism that the government will empower the entrepreneurial spirit of India.

Enhanced access to funding, simplified regulations, and support for digital transformation could be game-changers for the startup ecosystem and small businesses alike. The budget's focus on fostering innovation and growth in these sectors can accelerate our journey toward economic prosperity, making this an exciting time for startups and MSMEs to grow and contribute significantly to the nation's ambitious goals.