'FM Nirmala Sitharaman's Budget aims to create abundant opportunities'

The 2024 budget highlights ongoing efforts in nine strategic areas aimed at generating abundant opportunities for everyone

Finance Minister Nirmala Sitharaman’s Budget for the fiscal year 2024-25 outlines ambitious initiatives aimed at fostering economic growth, enhancing infrastructure, and encouraging innovation across various sectors. The Budget not only reflects a comprehensive vision for economic recovery and resilience but also signals a transformative shift towards sustainable development and inclusive growth.

It sets a definitive course for India’s economic resurgence, underpinned by strategic investments in infrastructure, skilling, innovation, and social welfare. As we navigate the evolving landscape of global competitiveness, the biotechnology sector stands poised to leverage these opportunities for sustainable growth, technological innovation, and societal impact.
 

The Budget highlights ongoing efforts in nine strategic areas aimed at generating abundant opportunities for everyone.

By creating an enabling environment for research, entrepreneurship, and industry-academia 
 

collaboration, it paves the way for India to emerge as a global hub for biotechnological innovation in the years ahead.
 

The government’s commitment to promote startups across the vegetable supply chain would spur growth in the agri-tech sector. Financial support for 50 multi-product food irradiation units in the MSME sector is also encouraging. I particularly welcome the impetus to set up 10,000 bio research centres and provision of Rs 1.52 trillion for the agriculture and allied sectors
 

The removal of the angel tax is another welcome announcement, which will ultimately benefit the entire startup ecosystem, paving the way for India to become a global innovation hub. The reduction in corporate tax will boost foreign investments and contribute to economic growth.
 

At the heart of Budget 2024 are strategic provisions designed to empower India’s youth through targeted skilling programmes and employment opportunities. With a central outlay of Rs 2 trillion, five new schemes aim to benefit 41 million young Indians over the next five years, signalling a robust commitment to harnessing the demographic dividend.
 

The economic outlook presented in the Budget is optimistic, with inflation projected to stabilise around the 4 per cent mark, signalling prudent fiscal management amidst global economic uncertainties. India’s economic resilience, described as a “shining exception” amidst global challenges, demonstrates the government’s proactive measures to stimulate consumption, boost investments, and revive growth engines in key sectors such as consumer goods, real estate, and automotive industries.
 

Digital and technological advancements form the bedrock of Budget 2024, with investments earmarked for developing Digital Public Infrastructure applications across critical sectors such as credit, e-commerce, law, and corporate governance. As a firm at the forefront of biotechnological innovation, these advancements hold immense potential for enhancing operational efficiencies, facilitating seamless collaborations, and accelerating the pace of scientific discovery and commercialisation.
 

I view these initiatives as pivotal in addressing the biotechnology industry’s growing demand for skilled professionals, adept in cutting-edge technologies and research methodologies. Committed to leveraging scientific advancements for agricultural productivity and sustainability, these initiatives provide a fertile ground for collaboration and innovation.
 

Innovation lies at the core of our industry, and I am particularly encouraged by the government’s focus on research and development (R&D) across various sectors. The innovation fund of Rs 1 trillion will boost R&D in our country in a very focused manner. The budgetary allocation towards enhancing agricultural research, promoting climate-resilient crop varieties, and introducing natural farming practices reflects a forward-thinking approach towards sustainable agriculture.

The writer is Executive Chairman, Bharat Biotech International Ltd