Budget 2024 Expectations Live Updates: Prime Minister Narendra Modi is scheduled to meet with distinguished economists on Thursday to gather their perspectives and recommendations for the upcoming fiscal year. This meeting, which will also include Niti Aayog Vice Chairman Suman Bery and other key members, aims to influence the first major economic policy of Modi’s third term. In preparation, FM Nirmala Sitharaman has engaged in extensive discussions with various stakeholders, including economists and leaders from the Indian industry.
Budget 2024 Expectations Live: Travel sector expects a 20% rise in international travel and a 15% boost in domestic trips
Mohak Nahta, Founder and CEO, Atlys, said, “The upcoming Union Budget 2024-2025 offers an opportunity for the Finance Minister to build on this momentum. Strategic investments can unlock economic opportunities, boost employment, and enhance India’s tourism landscape. We foresee a 20% rise in international travel and a 15% boost in domestic trips.”
Budget 2024 Expectations Live: Logistics expert says primary aim is to reduce logistics cost from 14% of GDP to 8% -10% of the GDP.
Siddhartha Bhagat, Head, Logistics Division, Seros, said, “The National Logistics Policy in 2022 under PM Gati Shakti National Master Plan had already laid out the key objectives. Logistics industry is the pillar for any economy and again there are high expectations from Budget 2024.”
“The primary aim is to reduce Logistics cost from 14% of GDP to 8% -10% of the GDP. Further, there should be a focus on infrastructure development for faster TAT and seamless movement of goods.”
“India with its vast coastline and internal waterways have a huge potential in the push for multimodal Logistics thereby developing and integrating the local and global supply chain.”
“Further it would be beneficial to reduce the GST rates on HCV and MCV for EV and Alternate fuels to encourage the industry migrate to cleaner fuels.”
Budget 2024 Expectations Live: FedEx looks forward to transformative measures to accelerate growth in the logistics sector
Kami Viswanathan, President, FedEx, MEISA, said, “In the forthcoming budget, FedEx looks forward to transformative measures to accelerate growth in the logistics sector and propel India towards its USD 5 trillion economy goal. We anticipate seeing significant investments throughout the industry in multi-modal connectivity, including advanced air cargo terminals and infrastructure enhancements to create seamless trade corridors, aligning with the Prime Minister’s Gati Shakti Plan and the National Logistics Policy.”
“We also anticipate continued focus on trade facilitation, streamlining and digitizing clearance processes, minimizing delays and enhancing cargo movement efficiency.”
“FedEx remains committed to collaborating with the government to advance these strategic initiatives and support India’s trade growth.”
Budget 2024 Expectations Live: Healthcare sector calls for focus on expanding the Ayush-based healthcare and wellness sector
Apurve Mehra, CEO of Biogetica, said, “We commend the government’s commitment to advancing quality healthcare in India and are confident that the continued reforms and policies will bolster innovation and enhance regulatory efficiency. At Biogetica, we look forward to the upcoming Union Budget and hope it will bring positive changes to the healthcare and pharma sectors. We hope that India will lead the people of the globe into an evidence-based integrative medicine system that serves patients in ways that no single system or modality can.”
“The government should focus on expanding the Ayush-based healthcare and wellness sector, which is projected to reach $70 billion by next year. As we stand at a critical juncture, the right support and guidance from the government are essential to leading a transformative impact on holistic health practices in India. We urge the Government and Finance Minister to introduce a special package to bolster the Ayush sector in the upcoming budget. This will significantly improve Ayush infrastructure, research, and accessibility. Additionally, we hope Ayush products will receive subsidies and that incentives will be provided to support Ayush companies & startups.”
