Delhi NCR: The Indian MSME and tech sectors have several expectations from the government budget to foster growth and resilience. MSMEs seek easier access to credit with simplified loan approval processes and reduced interest rates to help overcome liquidity challenges. Enhanced credit guarantee schemes are expected to reduce lending risks, encouraging more financial institutions to lend to MSMEs. Programs aimed at boosting equity infusion would strengthen the capital base of these enterprises, enabling them to invest in growth and innovation.
Taxation relief is another critical expectation, with MSMEs hoping for reduced corporate tax rates and simplified tax compliance procedures to improve profitability and reduce administrative burdens. Additionally, there is a call for more incentives for digital adoption and technology upgrades, enabling MSMEs to stay competitive in an increasingly digital economy.
Mr. Pravin Dubey, Founder- WebClixs said, “The Indian IT sector, a key driver of the economy, has a clear vision for the upcoming Lok Sabha budget: solidify India’s position as a global IT leader. To achieve this, the sector seeks substantial investments in building a robust digital backbone with expanded broadband connectivity, especially in rural areas. This will fuel remote work, online education, and e-commerce. Additionally, the industry desires incentives to bolster domestic IT hardware production, aligning with the ‘Make in India’ initiative. This will create jobs, reduce reliance on imports, and strengthen technological capabilities. Recognizing the importance of a skilled workforce, the sector seeks increased funding for specialized skill development programs to maintain India’s talent hub status. Budgetary provisions for startups, such as funding and tax breaks, are crucial to foster innovation and job creation. With rapid digital adoption, robust cybersecurity measures are paramount. The industry urges investments in infrastructure, capabilities, and data protection laws to safeguard digital assets. Bridging the digital divide is another priority, and the sector advocates for initiatives to enhance digital literacy across all demographics. To bridge the skills gap and foster innovation, collaboration between industry and academia is sought through joint research projects and internship programs. Finally, the sector anticipates tax reforms that streamline procedures, reduce compliance burdens, and incentivize R&D activities. By focusing on these areas, the budget can unlock India’s potential as a global IT leader, driving sustainable growth and shaping the digital future.”
Mr. Naresh Kumar, CEO, Sigma – HSE India said, “In the industrial safety and risk management industry, budget expectations are driven by a commitment to safeguarding workers, mitigating risks, and ensuring regulatory compliance. A significant portion of the budget typically goes towards acquiring and maintaining state-of-the-art safety equipment and protective gear tailored to specific workplace hazards. This includes investments in personal protective equipment (PPE), safety signage, and emergency response systems.Training and education also command a substantial allocation, covering comprehensive programs that educate employees on safety protocols, hazard recognition, and emergency procedures. These programs are vital for fostering a safety-conscious culture and ensuring that all workers are well-prepared to handle potential hazards effectively. Additionally, investments in technology and software solutions are becoming increasingly important. Advanced safety monitoring systems, data analysis tools, and incident reporting software enhance an organization’s ability to track safety performance and respond to incidents swiftly. For instance, integrating IoT devices and AI-driven analytics can provide real-time insights into workplace conditions, further improving safety management.”
Mr. Ameet Venkeshwar, Chief Business Officer, LoanTap said, “In the upcoming Union Budget FY25, we expect the government’s commitment to be more towards economic growth and social development. The fiscal deficit numbers are expected to be aligned with the numbers set around 4.9% to 5.1% of the GDP without compromising on the capital spends. We expect some measures to be taken to make more liquidity available in the system. Tax relief measures, especially for the low-income group, may be implemented to increase their spending power and stimulate the economy. Moreover, there may be an increase in standard deduction slabs for salaried taxpayers who are key to driving India’s economic progress and achieving long-term prosperity. These sectors expect the government to prioritize skill development and training programs to bridge the talent gap and prepare the workforce for future challenges. By addressing these areas, the budget can play a pivotal role in driving sustainable growth and technological advancement in India.”
