On February 1st, 2024, India’s present Govt will announce their final budget, before the Lok Sabha Elections kickstart later in the year.
Under the leadership of Finance Minister Nirmala Sitharaman, it’s expected that the Govt will announce an interim budget, since it will be happening just before the elections.
The key question looms: will Finance Minister Nirmala Sitharaman unveil significant relief measures for income tax payers and salaried individuals? Speculations abound regarding potential revisions to income tax slab rates for FY 2025, impacting both the old and the new income tax regimes. Will there be efforts to enhance the attractiveness of the new income tax regime for taxpayers?
We asked India’s leading entrepreneurs, creators and business experts, about their expectations and hopes from this special budget.
Here are the highlights:
Sudarshan Chari, Executive Director and Head of SME Banking, DBS Bank India.
“In the upcoming budget, we anticipate a continued emphasis on supporting MSMEs in India, building upon the momentum initiated last year. Concerted efforts to include all MSMEs on Udyam will be crucial, enabling them to access government schemes, incentives, and formal credit channels. In 2023, the CGTMSE cap saw an upward revision, bringing more businesses into the fold of formal financial services.
Additionally, the Open Network for Digital Commerce (ONDC) has proven instrumental in integrating SMEs from Tier 2 and 3 cities into the digital marketplace. The upcoming budget can strengthen this foundation by introducing new avenues for SMEs to expand and enhance e-commerce integration.”
Mayank Gupta, CFO at CarDekho Group
Quote – “Looking ahead to the 2024 budget, I believe it could play a pivotal role in enhancing tourism mobility infrastructure The government can consider addressing GST anomalies in self-drive cars, contemplating a personal tax rate cap of 30% through surcharge reductions, and extending long-term capital gains benefits to Employee Stock Ownership Plans (ESOPs). Furthermore, incentivizing Environmental, Social, and Governance (ESG) initiatives through tax benefits can potentially contribute towards achieving net-zero commitments and fostering a more diverse and inclusive societal landscape.”
Piyush Kulshreshtha, Founder & CEO, Khul Ke
“The Government of India has made commendable strides in nurturing startups and promoting flagship programs like Atmanirbhar Bharat in recent years. As we approach a pivotal juncture, it’s crucial for the government to not just create encouraging policies but also focus on fostering the adoption of innovations emerging from Startup India and Atmanirbhar Bharat. The efforts of Indian youth need to be recognized as they have presented an enormous line of technology solutions for India. Our platform, centered around social networking, facilitates everything from online meetings to live podcast streaming and short video creation, reflecting the diverse possibilities spurred by these initiatives. We strongly advocate for the allocation of an adoption budget for Indian Homegrown platforms dedicated to Atmanirbhar Bharat and Startup India initiatives in the upcoming interim budget on all 3 levels of executive, legislature, & Judiciary.”
Mukesh Batra, Founder & Chairman of Dr Batra’s® Group of Companies
“Embracing a vision for a healthier India, we must recognize the pivotal role of healthcare in our nation’s prosperity. The Economic Survey 2023 underscores the need for a substantial increase in healthcare expenditure, projecting a rise from 2.1% to over 2.5% of GDP by 2025. As we chart the course for Budget FY24, I advocate a holistic approach that transcends traditional boundaries. In the journey towards a robust and inclusive healthcare system, alternative healthcare sectors play a crucial role. Alternative medicine, with its holistic approach, emphasizes preventive healthcare. It targets holistic well-being, stresses prevention through lifestyle changes, adopts an individualized approach, and employs stress reduction, natural therapies, and healthy habit promotion. Patient empowerment encourages proactive well-being.
We need a big change to address the specific challenges healthcare sector face. More money in the budget could make healthcare more accessible, not just in big cities but also in smaller ones. Furthermore, our perspective needs to be broaden to encompass healthcare insurance, medical supplies, telemedicine, and medical tourism. By strategically allocating resources to these sectors, we can fortify the foundations of a healthier and economically vibrant nation. In the pursuit of a thriving India, let Budget FY24 be a catalyst for positive change in skilling, education, and health, laying the groundwork for a future where healthcare is not just a service but a fundamental right for all.”
Deepak Kaushik, India Head of Apps Practice, Insight
“We look forward to the introduction of measures that will shape promising norms for the IT industry, with a particular emphasis on bolstering cybersecurity and enhancing data protection. Considering the changing dynamics of work, the budget should introduce digital workplace enablement grants to support IT companies in implementing robust remote work infrastructure, hence promoting a more flexible and productive work environment.
In tandem, there’s an important need for Infrastructure Development. Funding for a digital backbone is essential, especially for the development of digital infrastructure such as high-speed internet connections and state-of-the-art data centres. These investments are necessary to ensure the scalability and reliability of IT services, which creates a strong foundation for the development of the industry. Above all, a budgetary launch of incentives would do very well – tax rewards for IT companies which embrace eco-friendly practices, including, for example, energy-efficient data centres and sustainable software development.”
Vinayak Kamath, Co-founder of Hearth Ventures
“As the budget approaches, our expectations for rural development are focused on crucial areas such as infrastructural improvements, livelihood enhancement, export potential, compliance, and cultural representation. We foresee improvements in rural roads, energy, and agricultural supply chains, as well as an emphasis on improving off-farm rural livelihoods. A focused emphasis is also expected to promote Indian crafts, notably of handmade crafts through govt initiated programmes such as ODOP and ONDC, exports and funding to promote India’s cultural legacy at international trade shows. For startups and MSMEs, simplify compliance without compromising governance. This budget should serve as a catalyst for inclusive and long-term rural and economic development, meeting rural communities’ different needs and ambitions.”
Balu Ramachandran, Founder at OC Academy
Quote – As we approach the upcoming budget, I strongly advocate prioritizing significant investments in the education sector, especially tailored for the unique needs of medical professionals. Allocating funds for technology integration, skill development, and creating a supportive learning environment will elevate medical education quality and enhance healthcare delivery. The use of online tech enabled education to supplement physical classes will go a long way in increasing the availability of skilled medical professionals to solve the country’s healthcare challenges. I am optimistic that these strategic allocations will empower our dedicated healthcare professionals to thrive in their careers, positively impacting the healthcare landscape
Dr Swagatesh Bastia, Co-Founder, Alleviate Pain Clinic
“We anticipate the government to prioritize health in the upcoming budget, allocating substantial funds towards infrastructure, research and development is crucial for advancing non-invasive medical capabilities. Additionally, increased investment in screening initiatives and national health programs is vital for early detection and prevention of a particular disease. To prioritize the non-invasive treatments it is necessary to make insurance and healthcare schemes accessible to all, ensuring universal healthcare coverage.”
Mr. Anshuman Das, CEO and Co-founder, Careernet
“In the upcoming interim budget, we anticipate a strategic yet low-key approach to navigate the path to the election. The government will likely prioritise essential spending with minimal policy disruptions. The imperative lies in making the Indian tax system more investor-friendly, reducing corporate tax rates for new manufacturing ventures, and promoting exports and R&D through tax incentives.
It’s noteworthy that Bangalore (BLR) dominates 35% of India’s IT industry. The government must enhance the infrastructure in Bangalore and similar IT hubs; otherwise, the entire IT industry in India may face challenges. It should also look to promote diversity in the IT sector, incentivising companies with a substantial female workforce and considering special benefits.
Additionally, incentives for companies hiring and training freshers are vital to prevent wage inflation and maintain India’s competitiveness. Rather than direct government spending on IT skilling, redirecting the budget through companies for more meaningful upskilling is recommended. Providing employees with direct tax breaks for upskilling and training expenses is crucial for continuous self-upgradation of the workforce.
Our expectations include increased allocations for MSMEs, agriculture, education, healthcare, housing, and urban development. Strengthening manufacturing and higher infrastructure spending are essential to address growth challenges. Industry-friendly labour policies, coupled with restricting interference from labour inspectors could be crucial government measures.”
Mr. Avneet Singh Marwah, CEO of Super Plastronics Pvt. Ltd.
“The next financial budgets are crucial to maintaining India’s standing as the 5th largest economy in the world. India contributes $3.4 trillion to the $104 trillion global economy and has the highest young population. To fully realize this potential, the government ought to support consumption. In line with the strong GST trend, we anticipate cutting the GST on LED TVs larger than 32 inches from 28% to 18% in Budget 2024. For the market to flourish, PLA schemes must be expanded to include smart TVs, refrigerators, and washing machines. Income tax slabs might be reevaluated to improve disposable income, which will promote spending and raise consumption in general.”
Pallavi Singh Marwah, Sr. VP of SPPL
“I applaud the anticipated rise in budget allocation for women, signaling progress over the past decade. The implementation of schemes like direct cash transfers and the potential introduction of skill development programs tailored for women are promising steps. It reflects a commitment to fostering economic empowerment and inclusivity. We look forward to the positive impact these measures can have on the lives of women across the nation, driving both personal growth and contributing to the overall economic landscape.
To combat the downfall of the markets and soaring inflation, it is urged that the government take growth-oriented measures to increase sales like simplified GST norms, investment in upskilling, and reforms in tax slabs for consumers as well as retaining the 15% corporate tax for new manufacturing units would help in boosting the retail industry. Since this is an interim budget, monumental changes may not be expected here but those outlining a complete budget.”
Mr. Amit Mishra, Co-Founder of 91Squarefeet.
“To catalyze the spirit of entrepreneurship in India, the upcoming Union Budget 2024 should pave the way for a progressive and inclusive Capital Gain regime for Startups, like the ones enjoyed by listed companies. This move will stimulate increased investment in the startup ecosystem and unlock unprecedented growth opportunities. Addressing ESOP taxation for Startups is vital to attracting and retaining top-tier talent, and fostering innovation and excellence.
A holistic review of the regulatory framework is essential to create a more conducive and less stringent environment, empowering startups to thrive and contribute significantly to the nation’s economic landscape”
Mr. Amit Mishra, Co-Founder of 91Squarefeet.
“The real estate industry stands as a cornerstone in India’s economic growth, emerging as one of the largest employment-generating sectors.
The government should consider augmenting allocations for infrastructure projects to propel real estate growth in urban areas. Additionally, implementing a unified GST solution for real estate developers, enabling them to claim input tax credits for all construction materials, would not only lead to a reduction in property prices but also enhance transparency throughout the supply chain.
Moreover, there is a pressing need to incentivize financial institutions to create a more conducive financing environment for both real estate developers and contractors. These measures would serve as catalysts for expediting real estate projects and fostering infrastructure development.”
Richa Singh, CEO and Co-Founder at Happinetz
Quote- One of our earliest product commitments was to ensure that Happinetz Box would be a Make in India product. While the government has continuously pushed for more reforms to encourage manufacturing at home, my expectations from the current budget would be increased financial relief, such as tax rebates or GST reductions, for both manufacturers and companies championing the ‘Make in India’ initiative.
These incentives would serve as a pivotal catalyst, prompting businesses to align their long-term strategies more aggressively with the ‘Make in India’ framework. By providing enhanced tangible support, the budget has the potential to fuel a substantial uptick in domestic manufacturing, contributing to the overall resilience and self-sufficiency of the Indian economy.
S Anand, the Chief Executive Officer and Founder of PaySprint
As the Founder & CEO of PaySprint Private Limited, with a deep-rooted commitment to driving innovation and fostering financial inclusion, my expectations for the India Budget 2024 revolve around key measures that can propel the fintech sector forward. With over two decades of experience as a Senior Techno-Functional professional, I bring a unique perspective, anticipating policies that can support the industry’s growth and impact.
Now, as we brace ourselves for the upcoming elections, the Union Finance Minister is consciously driven to present the Union budget 2024-25, with it being a prerequisite to anticipated financial planning and fueling economic growth.
SMEs play a crucial role in the Indian Economy and are considered the driving force behind socio-economic development in India. Currently, there are more than 90 million SMEs in India, which have generated over 110 million job opportunities and contribute more than 30% to India’s GDP, as stated by Niti Ayog.
However, Despite making progress and advancing toward financial inclusion, SMEs’ potential is yet to be chased optimally. For instance, in many cases, SMEs are not bankable, due to lengthy/ complex paperwork, lower capitalization, longer duration to get credit & no-online modes for tracking of loan applications. Making these challenges one’s superpower, Business Banking solutions by SMEs should be made more accessible and convenient, by integrating services under one unified platform, making it a one-stop shop offering financial services or non-financial services, encompassing insurance, payment of taxes, utility bills, and e-ticketing.
With it being a catalyst, SMEs have found themselves non-bankable due to no credit rating as well as disturbed cash flows. The issues mainly breed around low technology innovation, inadequate product as well as less security or no collateral. To its rescue, there should be solutions such as customer innovation or reduced complexities.
By addressing these challenges and providing comprehensive business banking solutions, SMEs can unlock their full potential and contribute even more significantly to the Indian economy.
I anticipate that Contextual finance should be at the forefront, providing personalised experiences to customers’ businesses on a larger scale. Additionally, this approach would allow these platforms to use data to improve financial access and reduce costs. It is by introducing banking solutions in a way that would streamline SME operations with utmost efficiency. It is the introduction of such steps, which can propel this sector forward and help SMEs move away from the tag of underserved.
Picture this, remote account openings for businesses, effortlessly user-friendly digital banking experiences, seamless integrations that connect all aspects of our financial lives, and bespoke financial solutions tailored to meet requirements of each business.
As per the budget of 2024, we look forward to a push to opening of Current Account for SME and thereby, leading to tech solution/platform of Account Aggregator of Current Account’s along with all transactions in a single platform, thereby contributing to a better user experience, effective fund management and the ability to attract capital/funds.
Continuing the discussion related to business banking, we anticipate a breakthrough in technology, with the government introducing provisions to support SMEs in supporting the adoption of real-time banking with quick payments.
In light of this, it is envisaged that staying ahead in technology and being backed by supportive policies is not only a requirement but the need of the hour.
Additionally, the banking landscape must undergo development, with proposed investments for SMEs regarding payments, digital reforms, and small-finance banks, as underpinned by many. Also, Awareness was found lacking about government programs, implemented through banks for the development of the SME sector. Therefore, we expect intervention in this regard from the Government.
As we approach the unveiling of the budget on the 1st of February, the fintech community looks forward to policy initiatives that align with these expectations. A budget that recognizes fintech’s pivotal role in shaping financial services’ future and provides the necessary support will undoubtedly contribute to India’s more inclusive, technologically advanced, and thriving fintech ecosystem.
Rajesh Sinha, Founder and Chairman, Fulcrum Digital
In light of India’s rapid strides in the field of Generative Artificial Intelligence throughout 2023, the upcoming interim Union Budget could hold the key to unlocking the full potential of this transformative technology for enterprises across the nation.
The government’s focus on initiatives such as ‘Make AI for India’ and ‘Make AI Work for India’ align with the rapidly advancing AI landscape and the vision for India to lead this global AI transformation. Addressing challenges such as the shortage of AI talent, creating public-private partnerships, and fostering innovation in advancing fields like insurtech, food tech, education, and cybersecurity is a pivotal step in this direction.
We are hopeful that the interim budget makes provisions for investments in data infrastructure, skill development, and data accessibility. This will ensure that India not only catches up with global AI leaders but emerges as a front-runner in responsible AI adoption. The government’s vision and its successful implementation in the form of this Union Budget is set to fuel the trajectory of yet another year of rapid digital advancement for the country.”
Sunil Sharma, Vice President, Sales, Sophos India & SAARC
“Over the past year, India has witnessed a rise in cyber-attacks of various magnitudes, placing many businesses and individuals at risk. In the wake of these attacks and the Finance Ministry’s directives throughout 2023 to enhance cybersecurity measures in different industries, hopefully the upcoming interim Union Budget 2024 will included a continued focus on reinforcing the nation’s cyber defences. With a heightened emphasis on prevention of data breaches, ransomware attacks and AI-powered cyber threats, increased budgetary allocations towards cybersecurity awareness and training initiatives are imperative. The Finance Minister’s call for proactive cybersecurity measures augur well for a renewed focus on bridging the current cybersecurity skill gap in the industry, fostering an efficient cyber-task force within organizations. This strategic investment will not only fortify our defence against cyber threats but also contribute to job creation and economic resilience in the face of evolving digital challenges, powering the future of a secure Digital India.”
Kunal Nagarkatti, Chief Executive Officer, Clover Infotech
“In the upcoming budget, I would like to see the government prioritizing measures that foster the development and widespread adoption of AI. A strategic investment in AI initiatives will not only drive economic growth but also position our country as a global leader in the digital era. I look forward to policies that support research and development, incentivize AI talent, and create a conducive environment for businesses to harness the full potential of AI. By leveraging AI, we can build a smarter, more competitive, and technologically advanced nation.”
Amit Nigam, COO and Executive Director at BANKIT
Quote – I eagerly anticipate the Union Budget 2024 as a crucial opportunity for the government to propel the Indian Fintech industry to greater heights. While our sector
has thrived, challenges such as talent shortages, regulatory complexities, and data privacy concerns persist. To address these, we urge the government to establish a dedicated Fintech skilling program, simplify KYC/AML norms, and create a robust framework for data governance. These targeted interventions will not only nurture a thriving Fintech ecosystem but also drive responsible and inclusive financial innovations benefiting all strata of society.
In anticipation of the budget, we hope for the removal or reduction of GST on transactions, reducing costs for end consumers. Additionally, advocating for Tax Deducted at Source (TDS) exemption on cash withdrawals from Business corporate accounts facilitating Cash withdrawal services through AePS and mATM in remote areas will encourage financial services in underserved regions.
Furthermore, we look forward to a budget that emphasizes talent development, regulatory streamlining, and responsible AI adoption. By prioritizing these aspects, the budget can unlock Fintech’s true potential, revolutionizing India’s financial landscape and advancing us toward a truly inclusive and digital economy.
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
“The AI push by Honorable Finance Minister Nirmala Sitharaman in last year’s Budget was a visionary step which has helped place the country on the global AI map. We are hopeful that the upcoming Interim Union Budget 2024 will continue this momentum. The strides being made through initiatives like ‘AI for India’ set the stage for the nation to lead the ongoing technology transformation. What is also equally important is to safeguard the data required for this push towards an AI-driven nation. We look forward to diligent data governance and intelligent data infrastructure driven by AI. The budget presents an opportunity to streamline data access and address concerns on ethics .
An increased investment in R&D will help create the foundation for innovation in key technologies such as AI/ML, IoT, Blockchain, and Cloud Computing. It will be good to see tech startups getting the necessary
tax benefits and policy support that will encourage entrepreneurship. These initiatives will unleash India’s potential to develop new technologies and help achieve the government’s goal of a Viksit Bharat by 2047, sooner.”
Sonam Motwani, CEO and Founder, Karkhana.io
As we eagerly look towards the upcoming budget, we’re hoping for a thoughtful approach that acknowledges the crucial role of MSMEs (Micro, Small, and Medium Enterprises) in India’s manufacturing sector. It’s not just about strengthening the backbone of the industry; it’s about generating jobs, boosting exports, and giving a significant push to our country’s economic growth.
A thriving MSME community is key to transforming the manufacturing landscape in India and resonates with the government’s vision for a self-reliant nation (“Aatmanirbhar Bharat”). By investing in initiatives like industrial clusters and providing ready-to-go workspaces, we can empower these enterprises, making it simpler for them to start and operate while reducing bureaucratic hurdles.
Moreover, focusing on training programs to enhance technical skills and improve the overall workplace environment through initiatives that pool the purchasing power of MSMEs can help us seize the opportunities within the manufacturing sector. It’s about fostering our companies and work force to prosper in the dynamic Indian manufacturing environment.
Anthony Fernandes, Founder, Shaalaa.com
Quote- Teachers play an important role in the education landscape, making teacher training a critical aspect. Allocating a dedicated budget for teacher training is essential. A proficiently trained teacher excels in effective communication, enhancing students’ understanding and enabling the teacher to cover more material within the same timeframe. Additionally, prioritising upskilling is of utmost importance, as it not only contributes to a teacher’s professional growth but also enhances students
Mehak Mody,CEO & Co-Founder, Upliance.ai ( AI smart kitchen appliance)
In this year’s budget, we’re pushing for robust support for innovation, a strong backing for emerging hardware companies, and a commitment to advance Indian AI ventures. The Made in India initiative must extend its embrace to encompass emerging sectors – it’s time for that expansion.
We also expect that there will be more direct support for companies building new tech in India and manufacturing hardware in India. It’s about powering local production, fortifying our ecosystem, and sparking high tech companies. This will be a strategic move to position India as a global force in the AI hardware landscape.
Sanjay Tripathy, Co-Founder & CEO, BRISKPE
In the journey towards financial inclusion, India’s FinTech industry is pioneering groundbreaking solutions, enabling access to innovative financial services. To fortify this mission, Budget 20234 should introduce tax benefits and a GST subsidy for those committed to widening financial access. Granting GST exemptions to smaller players not only fosters innovation but also alleviates early-stage challenges. A GST exemption for FinTech with turnovers under Rs 10 crore underscores our unwavering commitment to inclusivity.
Encouraging FinTechs to develop innovative solutions utilising CBDC becomes instrumental in reaching unbanked populations and underserved regions, aligning seamlessly with our dedication to fostering financial inclusion. Facilitating the integration of CBDC with existing UPI and digital wallet infrastructure will also expedite adoption among SMEs and consumers, marking a significant stride towards a more inclusive and digitally empowered financial landscape. This strategic initiative ensures the industry’s growth while empowering startups to make lasting contributions to the financial landscape.”
Arpit Paliwal, Director, HRS Navigation
Quote- As the director of a leading Indian medtech company, my vision for the health-tech sector in the coming year centers around strategic initiatives. I anticipate robust support, emphasizing local manufacturing preferences for Indian firms in government procurements, fostering self-reliance. Critical to our progress is the continued backing for R&D activities and an acceleration in innovation. Considering the surge in healthcare coverage and demands, an increase in the healthcare budget by 30-40% becomes imperative. Hence, I urge for strategic focus on increased funding, infrastructure and policy support. Let’s together forge a path that propels our industry to new heights of innovation.
Ketaki Karnik, Partner, Xynteo
Quote- In a context of an uncertain monsoon and potential inflation risk, leading to softening in rural demand, we expect that the government will introduce measures to boost rural consumption such as higher allocation for rural schemes.
To accelerate e-commerce adoption amongst MSMEs (currently under 5% of MSMEs sell goods online), as also to ease the cost of doing business for MSMEs, we expect the government to give further impetus to the ONDC platform in the form of additional investment.
We look forward to the government announcing steps towards a National E-commerce Policy as also a comprehensive National Retail Policy addressing digitalisation, access to finance & insurance, infrastructure and drive towards sustainable logistics.
We expect the government to introduce a nation-wide Social Security Safety Net to support blue-collar gig workers across sectors, including retail.
Vidushpat Singhania, Vidushpat Singhania, Managing Partner, Krida Legal (Specializing in Gaming Laws)
The Indian gaming sector was on the cusp of moving towards being a world leader, similar to the IT industry. Certain policies of the government such as designating a nodal ministry for online gaming, promoting gaming expos and promotion of funds for the AVGC sector, had the gaming industry and its investors in a positive and bullish mindset. Small tweaks such as relook of the GST on the gaming industry and imposing it on the gross gaming revenue in the interim budget of the Union Government, will reinstate the operator and investor confidence. This would also be in line with the government’s stand of relook after 6 months, especially as the government has made a statement before the Hon’ble Supreme Court that the revenue collection post the clarification/amendment has not been as per their estimates. Some other changes that could be brought about are equating the gaming industry with the toy industry, especially when it pertains to development of games and its related products. This would enable the gaming industry to take the benefit of various incentives available to the toy industry and make a global push. The expertise is already available in India. Since e-sports has already been recognised as a sport, an increase in the budget of sport, with emphasis on promoting the Indian e-sport could also be considered.
Budget Expectation Quote By Quote by Dr. Aruna Sharma, Policy Advisor and Practitioner Development Economist:
In recent years, the gaming industry has experienced exponential growth, presenting the potential to establish India as a prominent hub within the sector. Critical considerations, such as mitigating shocks such as GST enhancements and retrospective impacts, are imperative. A comprehensive understanding of goods and services is essential to address these concerns. The Anti-Money Laundering (AML) framework should be effectively monitored due to the digitized nature of the entire process. Transparent delineation of parameters distinguishing games of skill from those of chance must be publicly elucidated. By embracing and regulating the iGaming industry, India can unlock positive outcomes, including increased revenue, economic growth, job creation, and enhanced consumer protection. It is time to lay the groundwork for a regulated and thriving Indian market, ensuring sustainable development and reaping the benefits of a flourishing iGaming sector. There are silver linings in SRO being formed and SRB still evolving. IT rules in place and states like Karnataka are taking steps in positive direction.
Mr. Nikhil Bothra, Director at EPACK PREFAB.
“The infrastructure industry in India is expected to continue to grow at a CAGR of 9.57% during the forecast period of 2024-2029. More the industry grows, the more the need for time and cost-effective solutions to build infrastructure. Additionally, the demand for green buildings is on a steady rise, more so in the Asia Pacific region.
“As we strive for a $5 trillion economy, a more efficient construction approach is needed. PEBs offer a practical solution, allowing for quicker construction while also maintaining the quality and meeting environmental standards. Constructive regulatory framework would enhance the utilisation of PEBs within the industry. Considerations such as lowering GST or incentivizing the use of Pre Engineered Buildings (PEBs) in government infrastructure projects could be instrumental steps in this direction.”