In anticipation of Budget 2024 being a Vote on Account, we do not foresee major announcements but expect a continuation of fiscal prudence and a commitment to addressing the people’s needs. It is crucial to ensure that allocations for key employment generation schemes, such as MGNREGA, PMGKRA, and NRLM, mirror the levels of the preceding fiscal year, emphasising stability and sustained support for crucial programs.
The budget should maintain a focus on schemes like –
- Production Linked Incentive (PLI) scheme that provides incentives to companies to encourage manufacturing activities based on their production performance.
- High-risk, High reward that supports startups with potential for high impact but also high risk
- PRISM (Promotion of Innovation in Small & Medium Enterprises) aimed at fostering innovation in small and medium enterprises.
- Biotechnology Ignition Grant focused on supporting early-stage startups in the biotechnology sector.
In line with our expectations, the budget should prioritise subsidies for the poor, encompassing essentials like food, fertiliser, and petroleum. This commitment to supporting the under-served is integral to ensuring social welfare and stability. Additionally, the budget should concentrate on sustainable income growth in rural households, reinforcing the government’s commitment to inclusive growth. By aligning with these principles, Budget 2024 can play a pivotal role in fostering economic development and promoting an inclusive and resilient society.
About the Author
As the Co-founder and whole-time Director at Maveric, P Venkatesh (PV) leads the global thought leadership function aimed at shaping and promoting Maveric’s perspectives as well as expertise in the banking technology space. By building relationships with industry influencers, partners and BankTech ecosystem leaders, PV drives creation of impactful frameworks, methodologies and landscape reports that provide informed perspectives on new age technologies that shape the BankTech space.
Originally Published in CXO Today
