Indian Finance Minister Nirmala Sitharaman has presented the Interim Budget 2024 today against the backdrop of impending Lok Sabha elections. The Budget is emphasised on a prudent fiscal approach, prioritizing infrastructure investments over populist measures.

India Budget 2024 | FM Nirmala Sitharaman: Next five years will see unprecented development

Indian Finance Minister Nirmala Sitharaman said that the Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. She also added that a large number of institutional higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 Universities have been set up.

Budget 2024: Skill India Mission has trained 1.4 crore youth, says FM Nirmala Sitharaman

Indian Finance Minister Nirmala Sitharaman said that, empowerment of women through entrepreneurship, ease of living and dignity has gained momentum in last 10 years. She also added that female enrollment in higher education has gone up by 28% in 10 years whereas in STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world.

India Budget 2024: FM Nirmala Sitharaman says, 'India has 4 pillars - Poor, Women, Youth & Farmers'

Indian Finance Minister Nirmala Sitharaman stated that the government is striving to transform India into 'Viksit Bharat by 2047. She emphasized the commitment to inclusive development with the mantra of "Sabka Sath, Sabka Vikas".

Budget 2024: Government working to transform India into 'Viksit Bharat' , says Nirmala Sitharaman

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) said during the interim budget speech in Parliament that the government believes in "empowering the poor" and that in the last 10 years, it has helped at least 25 crore (250 million) people to get freedom from multidimensional poverty.

<h2>Fulfilling aspirations the highest priority</h2>

During the pre-budget speech, Sitharaman said that fulfilling aspirations and needs of the gareeb (poor), mahilayien (women), yuva (youth) and annadata (farmers) are the highest priority of the government.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-interim-budget-nation-has-successfully-navigated-the-global-challenges-says-fm-sitharaman-685829">India interim Budget: Nation has 'successfully navigated the global challenges', says FM Sitharaman</a>

"When the poor become empowered partners in the development process, the government's power to assist them also increases manifold," said the finance minister while presenting the 2024 interim Budget in Lok Sabha.

She said that direct benefit transfer (DBT) of 34 lakh crore rupees (around $409 billion) using PM Jan Dhan accounts has led to saving of 2.7 lakh crore (2.7 trillion) rupees to the government. This, she said, has strengthened the welfare of the poor.

<h2>Street vendors get assistance</h2>

The Finance Minister said that 78 lakh (7.8 million) street vendors have been given credit assistance under the PM Swanidhi scheme. Additionally, end to end support was given to Indian artisans and craftsmen under PM Vishwakarma Yojna.

Also read | <a href="https://www.wionews.com/india-news/indian-interim-budget-key-takeaways-from-nirmala-sitharamans-budget-speech-685817">India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech</a>

"Under the PM Kisan Samman Scheme, every year, direct cash assistance was given to 11.8 crore (118 million) farmers, including marginal and small farmers," she added.

Watch:&nbsp;India Budget 2024 | Nirmala Sitharaman on poor: 'Garib ka kalyan, desh ka kalyan'

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/india-budget-2024-nirmala-sitharaman-on-poor-garib-ka-kalyan-desh-ka-kalyan-685835/embed" width="560"></iframe>

The finance minister remarked that a country progresses when its poor progress. "Garib Kalyan, Desh ka kalyan (welfare of poor is welfare of the nation)," she said.

This was the last budget of the second term of the Narendra Modi-led BJP government.

On Thursday, after securing President Draupadi Murmu's assent to the interim budget, Finance Minister Sitharaman reached Parliament House to present her sixth straight budget.

There, the interim budget was approved in the Union Cabinet meeting chaired by PM Modi.

(With inputs from agencies)

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) said during the interim budget speech in Parliament that the government believes in "empowering the poor" and that in the last 10 years, it has helped at least 25 crore (250 million) people to get freedom from multidimensional poverty.

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) said during the interim budget speech in Parliament that the government believes in "empowering the poor" and that in the last 10 years, it has helped at least 25 crore (250 million) people to get freedom from multidimensional poverty. Fulfilling aspirations the highest priority During the pre-budget speech, Sitharaman said that fulfilling aspirations and needs of the gareeb (poor), mahilayien (women), yuva (youth) and annadata (farmers) are the highest priority of the government. Also read | India interim Budget: Nation has 'successfully navigated the global challenges', says FM Sitharaman "When the poor become empowered partners in the development process, the government's power to assist them also increases manifold," said the finance minister while presenting the 2024 interim Budget in Lok Sabha. She said that direct benefit transfer (DBT) of 34 lakh crore rupees (around $409 billion) using PM Jan Dhan accounts has led to saving of 2.7 lakh crore (2.7 trillion) rupees to the government. This, she said, has strengthened the welfare of the poor. Street vendors get assistance The Finance Minister said that 78 lakh (7.8 million) street vendors have been given credit assistance under the PM Swanidhi scheme. Additionally, end to end support was given to Indian artisans and craftsmen under PM Vishwakarma Yojna. Also read | India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech "Under the PM Kisan Samman Scheme, every year, direct cash assistance was given to 11.8 crore (118 million) farmers, including marginal and small farmers," she added. Watch: India Budget 2024 | Nirmala Sitharaman on poor: 'Garib ka kalyan, desh ka kalyan' The finance minister remarked that a country progresses when its poor progress. "Garib Kalyan, Desh ka kalyan (welfare of poor is welfare of the nation)," she said. This was the last budget of the second term of the Narendra Modi-led BJP government. On Thursday, after securing President Draupadi Murmu's assent to the interim budget, Finance Minister Sitharaman reached Parliament House to present her sixth straight budget. There, the interim budget was approved in the Union Cabinet meeting chaired by PM Modi. (With inputs from agencies)

India Budget 2024 | 250 million people came out of poverty in the last 10 years: FM Sitharaman

Budget 2024: Empowerment of Women has gained momentum in last 10 years, says Nirmala Sitharaman

Indian Finance Minister Nirmala Sitharaman presented her sixth Budget on February 1. This was just an ‘interim Budget’ since the term of the current government will end soon and the country will go to polls. Watch in the key takeaways from the budget 2024.

Budget 2024: No changes in tax slabs, direct and indirect tax rates

Finance Minister Nirmala Sitharaman stated that the Goods and Services Tax (GST) has enabled 'one nation, one market, one tax'. "Tax reforms have led to deepening, widening of tax base," she went on to say.

India Budget 2024: Nirmala Sithraman says, 'no change in terms of taxation'

Indian Finance Minister Nirmala Sitharaman has presented the Interim Budget 2024 today against the backdrop of impending Lok Sabha elections. The Budget is emphasised on a prudent fiscal approach, prioritising infrastructure investments over populist measures.

India Budget 2024: PM Modi hails budget as 'inclusive', says 'this is a budget for India's future'

Indian Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 today against the backdrop of impending Lok Sabha elections. The Budget is anticipated to emphasize a prudent fiscal approach, prioritising infrastructure investments over populist measures.

India Budget 2024: PM Modi's government presents last budget ahead of Lok Sabha polls

With confidence arising from the exemplary track record of progress, earning sabka viswas the next 5 years will be of unprecedented development, said Indian FM Nirmala Sitharaman.

Budget 2024: Earning Sabka Vishwas, next 5 years will be years of unprecedented development, says FM

Finance Minister Nirmala Sitharaman emphasised on the development of railways and said that 40,000 railway coaches will be converted to 'Vande Bharat' coaches.

India Budget 2024: Nirmala Sitharaman emphasises on development of railways

India Budget 2024: Nirmala Sitharaman says, 'GST enabled one nation, one market, one tax' | WION

The Budget Session of Parliament began today, with President Droupadi Murmu addressing a combined session of the Lok Sabha and Rajya Sabha. The Budget Session is the last Parliamentary session before the Lok Sabha elections later this year.

India Budget 2024: President Murmu praises defence production crossing Rs 1 lakh-crore mark

The Budget Session in Parliament began on Wednesday with President Droupadi Murmu's first address in the new Parliament building. Addressing both Houses of Parliament, the president spoke on the many accomplishments of the Indian government over the last year, including the passage of the Women's Reservation Bill, India becoming the fifth largest economy in the world, Chandrayaan-3, and the G20 Summit. Listen in.

President Murmu hails Ram Mandir construction, says 'centuries-old desire now a reality'

Indian Prime Minister Narendra Modi, during an address outside Parliament on Wednesday ahead of the Budget Session, had a word of advice for fellow legislators, stating that MPs who habitually disrupt Parliament proceedings should introspect.

Budget 2024: Indian PM Modi addresses the press ahead of Budget session

All eyes on India Budget 2024: Government's economic report hails India's growth story

Ahead of the interim budget, the Indian government released a concise report on the economy's health. The report suggests India could become a 5 trillion-dollar economy within the next three years.

Budget 2024: India's economic health report

The confederation of Indian industry urges a 20% increase in infrastructure spending. This, coupled with a call for extended manufacturing incentives and import duty adjustments, sets the tone for an economic blueprint aiming to propel growth in the face of political transition.

Industry expectations from India's budget

The upcoming Indian budget session commences today with President Droupadi Murmu's address to the joint sitting of both Houses. The vote on account will be presented tomorrow.

India Budget 2024: President Murmu to address both houses as budget session set to begin

India's Interim Budget 2024–25 is slated to be tabled on February 1. Finance Minister Nirmala Sitharaman will present the interim budget in Parliament. Since this budget will be an interim one, it is unlikely to contain any significant announcements. Have a look at key budget promises delivered in the recent past.

Budget 2024: Key budget promises delivered in the recent past by the Modi government

As the anticipation builds for India's interim Budget 2024, set to be tabled on Thursday (Feb 1), Radhika Pandey, a seasoned economist who has been a part of various Ministry of Finance-instituted committees, spoke to WION on the potential highlights and priorities that the budget may encompass.

Pandey, currently an Associate Professor at the National Institute of Public Finance and Policy, pointed out that&nbsp;the interim Budget traditionally avoids major changes in excise duties and customs.&nbsp;

Speaking on what items can get expensive and what will be cheaper, Pandey said, "Normally that happens in the full budget. It is not very clear based on whatever expectations that are coming up. They do announce big tickets like in 2019 when Piyush Goyal was the finance minister but not too much in the increase or reduction in the prices."

"Nothing stops them from doing that but conventionally we don't see all these changes happening in the interim Budget because they do not tinker too much with the excise duties and customs. It is just a 'vote-on-account'. Ideally, that should be done. Finance Minister Nirmala Sitharaman also announced that there won't be any spectacular announcements as such."

<h2>Fiscal consolidation&nbsp;</h2>

When asked what could be the main highlights of the interim Budget, the expert highlighted the government's commitment to fiscal prudence, with a potential announcement of a considerable reduction in the fiscal deficit.&nbsp;

Also Read | <a href="https://www.wionews.com/india-news/what-is-an-interim-budget-how-is-it-different-from-a-regular-budget-685321">India Budget 2024: What is an interim Budget? How is it different from a regular budget?</a>

"What is to be looked out for is the government's fiscal consolidation plans because, in the medium term which is FY2024-FY2026, the government has repeatedly reaffirmed its commitment to getting back on the 4.5 per cent of GDP as the fiscal deficit by FY 2026. This year, the target was 5.9 per cent... so from 5.9 to 4.5 per cent there are just two years... so what will be the roadmap towards achieving the 4.5 per cent fiscal deficit target,&nbsp;That is something to watch out for."&nbsp;

It is worth noting that for FY 2023-24, the government budgeted the fiscal deficit to be 5.9 per cent of the GDP.

"I think the government will announce a considerable reduction in the fiscal deficit so that next to next year there will be another significant reduction if the government comes to power so it will be a 50 to 60 basis points reduction in the coming financial year and then another 50 to 60 basis points reduction in the next financial year."&nbsp;

<h2>Capital expenditure&nbsp;</h2>

Professor Pandey also anticipated a focus on capital expenditure, stating, "Capital expenditure will increase because that has been the government's plan to boost growth by not putting money in the hands of people but creating productive employment opportunities or creating conditions to boost growth with capital expenditure."

Also Read |&nbsp;<a data-ved="2ahUKEwiQ6Yepm4eEAxUvoWMGHZlnCnkQvOMEKAB6BAggEAE" href="https://www.wionews.com/business-economy/budget-2024-indias-start-up-ecosystem-seeks-redemption-after-a-tepid-2023-685370" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/business-economy/budget-2024-indias-start-up-ecosystem-seeks-redemption-after-a-tepid-2023-685370&amp;ved=2ahUKEwiQ6Yepm4eEAxUvoWMGHZlnCnkQvOMEKAB6BAggEAE&amp;cshid=1706690086454866">Budget 2024: India’s start-up ecosystem seeks redemption after a tepid 2023</a>

"Last year we saw from RE of 2022-23 to 2023-24 there was a 37 per cent jump in capital expenditure. Again this time there is an expectation that capital expenditure will be increased to 15-20 per cent."

<h2>Rural economy&nbsp;</h2>

The rural economy is another area where the government could focus, as per the expert. With urban demand on the rise, the economist expects initiatives to boost rural demand.&nbsp;

"We have seen urban demand picking up quite well but rural demand has been peppered so to boost rural demand there could be some initiatives. Rural and agri sector. Those will be two priorities. Definitely for the agriculture sector because agriculture sector performance has been affected in the last two quarters due to the El-Nino impact and unseasonal rainfall and also due to high food inflation."

"So we could see the PM-KISAN where cash handouts are given to farmers. We could see some enhanced allocation to that scheme."

Pandey said, "Particularly for women farmers, there could be a further enhancement of cash handouts. Also, rural job&nbsp;guarantee schemes could see an uptick in allocation because last year there was one criticism that the government faced that the rural sector needs support and that last year's allocation was slashed to 60,000 crores ($7.2 billion)."&nbsp;

<section>
Watch |&nbsp;<a href="https://www.wionews.com/videos/all-eyes-on-india-budget-2024-governments-economic-report-hails-indias-growth-story-685408">All eyes on India Budget 2024: Government's economic report hails India's growth story</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/all-eyes-on-india-budget-2024-governments-economic-report-hails-indias-growth-story-685408/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

When it comes to tax-related expectations, Pandey noted the possibility of changes to boost consumption.&nbsp;
</section>

"To boost consumption they will have to change the tax. They will have to make some increase in rebate. But whether they do it in the final budget or now that remains to be seen. Because FM has said that we do not see changes happening in the interim Budget but in the full budget that will come in June-July."&nbsp;

Notably, Pandey has been part of several Ministry of Finance instituted committees, such as the Financial Sector Legislative Reforms Commission (FSLRC), Committee on External Commercial Borrowings, and UK Sinha Report on Foreign Investments,&nbsp;among&nbsp;others.

As the anticipation builds for India's interim Budget 2024, set to be tabled on Thursday (Feb 1), Radhika Pandey, a seasoned economist who has been a part of various Ministry of Finance-instituted committees, spoke to WION on the potential highlights and priorities that the budget may encompass.

As the anticipation builds for India's interim Budget 2024, set to be tabled on Thursday (Feb 1), Radhika Pandey, a seasoned economist who has been a part of various Ministry of Finance-instituted committees, spoke to WION on the potential highlights and priorities that the budget may encompass. Pandey, currently an Associate Professor at the National Institute of Public Finance and Policy, pointed out that the interim Budget traditionally avoids major changes in excise duties and customs. Speaking on what items can get expensive and what will be cheaper, Pandey said, "Normally that happens in the full budget. It is not very clear based on whatever expectations that are coming up. They do announce big tickets like in 2019 when Piyush Goyal was the finance minister but not too much in the increase or reduction in the prices." "Nothing stops them from doing that but conventionally we don't see all these changes happening in the interim Budget because they do not tinker too much with the excise duties and customs. It is just a 'vote-on-account'. Ideally, that should be done. Finance Minister Nirmala Sitharaman also announced that there won't be any spectacular announcements as such." Fiscal consolidation When asked what could be the main highlights of the interim Budget, the expert highlighted the government's commitment to fiscal prudence, with a potential announcement of a considerable reduction in the fiscal deficit. Also Read | India Budget 2024: What is an interim Budget? How is it different from a regular budget? "What is to be looked out for is the government's fiscal consolidation plans because, in the medium term which is FY2024-FY2026, the government has repeatedly reaffirmed its commitment to getting back on the 4.5 per cent of GDP as the fiscal deficit by FY 2026. This year, the target was 5.9 per cent... so from 5.9 to 4.5 per cent there are just two years... so what will be the roadmap towards achieving the 4.5 per cent fiscal deficit target, That is something to watch out for." It is worth noting that for FY 2023-24, the government budgeted the fiscal deficit to be 5.9 per cent of the GDP. "I think the government will announce a considerable reduction in the fiscal deficit so that next to next year there will be another significant reduction if the government comes to power so it will be a 50 to 60 basis points reduction in the coming financial year and then another 50 to 60 basis points reduction in the next financial year." Capital expenditure Professor Pandey also anticipated a focus on capital expenditure, stating, "Capital expenditure will increase because that has been the government's plan to boost growth by not putting money in the hands of people but creating productive employment opportunities or creating conditions to boost growth with capital expenditure." Also Read | Budget 2024: India’s start-up ecosystem seeks redemption after a tepid 2023 "Last year we saw from RE of 2022-23 to 2023-24 there was a 37 per cent jump in capital expenditure. Again this time there is an expectation that capital expenditure will be increased to 15-20 per cent." Rural economy The rural economy is another area where the government could focus, as per the expert. With urban demand on the rise, the economist expects initiatives to boost rural demand. "We have seen urban demand picking up quite well but rural demand has been peppered so to boost rural demand there could be some initiatives. Rural and agri sector. Those will be two priorities. Definitely for the agriculture sector because agriculture sector performance has been affected in the last two quarters due to the El-Nino impact and unseasonal rainfall and also due to high food inflation." "So we could see the PM-KISAN where cash handouts are given to farmers. We could see some enhanced allocation to that scheme." Pandey said, "Particularly for women farmers, there could be a further enhancement of cash handouts. Also, rural job guarantee schemes could see an uptick in allocation because last year there was one criticism that the government faced that the rural sector needs support and that last year's allocation was slashed to 60,000 crores ($7.2 billion)." Watch | All eyes on India Budget 2024: Government's economic report hails India's growth story × When it comes to tax-related expectations, Pandey noted the possibility of changes to boost consumption. "To boost consumption they will have to change the tax. They will have to make some increase in rebate. But whether they do it in the final budget or now that remains to be seen. Because FM has said that we do not see changes happening in the interim Budget but in the full budget that will come in June-July." Notably, Pandey has been part of several Ministry of Finance instituted committees, such as the Financial Sector Legislative Reforms Commission (FSLRC), Committee on External Commercial Borrowings, and UK Sinha Report on Foreign Investments, among others.

India Budget 2024: What to watch out for?

India Budget 2024 | Women, youth, farmers & poor are India's pillars of growth: President Murmu

India has come a long way in its start-up story. From just 350 in 2014, India had over 90,000 start-ups in 2023. At least 111 of them are unicorns - start-ups that are valued over $1 billion. India now has the third-largest start-up ecosystem in the world.&nbsp;

Despite these glitzy numbers, 2023 was a less-than-ideal year for the start-up ecosystem in India.&nbsp;

Only two start-ups turned unicorn last year - quick delivery service Zepto and financial services Incred. The 'unicorns' are considered important since they act as a catalyst for the larger ecosystem and help usher in more investments.

Overall funding dried up.&nbsp; In 2023, startups received $4.2 billion in late-stage funding. This was a 73 per cent drop from 2022. Had it not been for December, this figure would have been much higher.&nbsp;

Late-stage funding refers to funds infused to start-ups that show steady revenue growth.&nbsp;

The weak venture capital activity worldwide played a role in 'funding winter', with investments falling to its lowest level in the last seven years.&nbsp;

Moreover, last year saw at least eight big start-ups facing markdown in their valuations. Unsustainable business models, especially after the pandemic-driven boost in 2021 and 2022, and frequent regulatory crackdowns were some of the reasons for the markdowns.&nbsp;

The recent reports of layoffs at IPO-bound start-ups Swiggy and Flipkart have only added to the uncertainty in the ecosystem.&nbsp;

WION&nbsp;spoke to a number of start-up founders to get a sense of what lies ahead for India’s startup sector.&nbsp;

Outlook for 2024 and beyond<o:p></o:p>

Ashish Bhatia, Founder and CEO, India Accelerator, is optimistic about the next five years, seeing them as the era of "exciting possibilities".&nbsp; 

"It is a time where startups can grow like never before, bring in fresh ideas, and bounce back from challenges stronger than ever," says Bhatia.&nbsp;

Debleena Majumdar, Vice-President of Strategy and Research at the Artha School of Entrepreneurship, does not expect any immediate or drastic changes in the start-up ecosystem.&nbsp;

But she expects more inclusivity in the ecosystem in the next few years. A recent WISER report shows that women occupy more senior roles at startups compared to corporates, but only five in 10 women end up at director-level positions at the end of a decade.&nbsp;

"A more inclusive ecosystem could mean a higher presence of women founders, more localised entrepreneurship across sectors and more pathways for value creation, from mergers, acquisitions to well planned IPOs," she says.&nbsp;

Samyak Chakrabarty, Founder of ed-tech platform Workverse, predicts a major shift in perspective of both founders and investors, when it comes to valuing a start-up.&nbsp;

"Start-ups and investors will move from chasing valuations to creating real value - for customers, employees and selves. The initial startup boom was fuelled by the 'burn more than you earn' approach which eventually led to more failures than sustainable success stories," Chakrabarty said.

Chakrabarty's statement is a reminder of the perennial struggle that start-ups face to turn a profit. An Inc42 analysis shows that 82 out of the 112 top start-ups recorded a combined loss of nearly $7 billion dollars last year.&nbsp;

Harkunwar Singh, Co-founder and CEO of ed-tech platform Novatr, believes that the next few years will be a "great time" for tech-first edtech/up-skilling startups.

With over 230 million students in the k-12 system, India is a huge untapped market for the education and skills sector. It is estimated that the sector will be worth $313 billion by 2030, fuelled by cheap data and internet penetration.&nbsp;

"Increasing internet accessibility and the demographic dividend of a burgeoning youth will boost entrepreneurship and make way for innovative solutions that address the diversity of needs in our country," argues Singh.&nbsp;

While&nbsp;funding crunches, regulatory complexities, and problems securing skilled talent exist, he adds that the ecosystem will remain resilient.&nbsp;

Yamini Bhat, CEO and Co-founder of fin-tech start-up Vymo, says start-ups will be in a recovery phase in 2024. Investors, she adds, will look out for logically innovative startups with strong control of their finances.&nbsp;

"Increasing focus on deep-tech start-ups and how their applications can impact the broader industry," she says, adding that start-ups focusing on clean energy and climate change could define the ecosystem in the future.&nbsp;

A new report by data intelligence firm Tracnx has dubbed the 2013-2023 period as the “decade of growth in tech start-ups”. However, a Nasscom-Zinnov report shows that cash flow issues and low customer demand were among the top challenges faced by the tech start-up sector last year.&nbsp;&nbsp;

Tech entrepreneurs like Darshil Shah, Founder and Director, TreadBinary, feel that pivoting to innovative technologies such as Generative AI and advanced data analytics would be the future.&nbsp;

"A supportive ecosystem and government initiatives would create a conducive environment for start-ups over the next five years," he adds.&nbsp;

Budget expectations&nbsp;<o:p></o:p>

Given the Modi government’s push for entrepreneurship and start-ups, a lot rides on the upcoming interim budget.&nbsp;&nbsp;

Bhatia seeks a dedicated fund to help finance start-ups in the emerging industries, adding that the budget must focus on improving the ease of doing business and enhancing innovation.&nbsp;

“The budget, rather than being just a set of numbers, holds the potential to act as the catalyst that propels Indian startups into a new era of unprecedented innovation and global influence,” he argues.&nbsp;

Majumdar says that the Interim Budget needs to provide increased support to entrepreneurs in India's hinterland, often called 'Bharat' by India-watchers.&nbsp;

"Access to credit for small and medium businesses in 'Bharat' remains one of their key growth challenges. The government also needs to enable more multimodal infrastructure access for seamless movement of goods and people in rural and semi-urban India," she adds.

Chakrabarty argues that the biggest enabler for start-ups will be if the mindset of the Income Tax department and the Registrar of Companies can evolve and be more adaptive to realities of young companies.&nbsp;

“If the government wants more start ups to receive funding, the IT authorities need to be briefed that this is as much the country's gain as it is that of private entities,” he says.&nbsp;

Singh wants the upcoming budget to support incubation centres, foster collaboration with academia, or offer skills training programs relevant to the start-up ecosystem.&nbsp;

“The government’s vision of making India a developed country by 2047 will require concentrated investment into the education as well as the infrastructure sector,” he adds.&nbsp;

Bhatt adds that the Interim Budget must focus on grants and incentives for research and development in tech space, including fintech, clean energy, cyber security, agritech and robotics.

The tech start-ups anticipate a forward-looking 'Make in India' approach. The Interim Budget, Shah&nbsp;argues, must emphasise on streamlining Advanced Pricing Agreements (APAs) and Mutual Agreement Procedures (MAPs).&nbsp;

Both relate to global agreements between taxpayers and national administrations that offer greater transactional certainty.&nbsp;

“Clarity in these areas is expected to foster innovation and collaboration, aligning seamlessly with the 'Make in India' initiative,” the&nbsp;TreadBinary CEO adds.

India has come a long way in its start-up story. From just 350 in 2014, India had over 90,000 start-ups in 2023. At least 111 of them are unicorns - start-ups that are valued over $1 billion.

India has come a long way in its start-up story. From just 350 in 2014, India had over 90,000 start-ups in 2023. At least 111 of them are unicorns - start-ups that are valued over $1 billion. India now has the third-largest start-up ecosystem in the world. Despite these glitzy numbers, 2023 was a less-than-ideal year for the start-up ecosystem in India. Only two start-ups turned unicorn last year - quick delivery service Zepto and financial services Incred. The 'unicorns' are considered important since they act as a catalyst for the larger ecosystem and help usher in more investments. Overall funding dried up. In 2023, startups received $4.2 billion in late-stage funding. This was a 73 per cent drop from 2022. Had it not been for December, this figure would have been much higher. Late-stage funding refers to funds infused to start-ups that show steady revenue growth. The weak venture capital activity worldwide played a role in 'funding winter', with investments falling to its lowest level in the last seven years. Moreover, last year saw at least eight big start-ups facing markdown in their valuations. Unsustainable business models, especially after the pandemic-driven boost in 2021 and 2022, and frequent regulatory crackdowns were some of the reasons for the markdowns. The recent reports of layoffs at IPO-bound start-ups Swiggy and Flipkart have only added to the uncertainty in the ecosystem. WION spoke to a number of start-up founders to get a sense of what lies ahead for India’s startup sector. Outlook for 2024 and beyond Ashish Bhatia, Founder and CEO, India Accelerator, is optimistic about the next five years, seeing them as the era of "exciting possibilities". "It is a time where startups can grow like never before, bring in fresh ideas, and bounce back from challenges stronger than ever," says Bhatia. Debleena Majumdar, Vice-President of Strategy and Research at the Artha School of Entrepreneurship, does not expect any immediate or drastic changes in the start-up ecosystem. But she expects more inclusivity in the ecosystem in the next few years. A recent WISER report shows that women occupy more senior roles at startups compared to corporates, but only five in 10 women end up at director-level positions at the end of a decade. "A more inclusive ecosystem could mean a higher presence of women founders, more localised entrepreneurship across sectors and more pathways for value creation, from mergers, acquisitions to well planned IPOs," she says. Samyak Chakrabarty, Founder of ed-tech platform Workverse, predicts a major shift in perspective of both founders and investors, when it comes to valuing a start-up. "Start-ups and investors will move from chasing valuations to creating real value - for customers, employees and selves. The initial startup boom was fuelled by the 'burn more than you earn' approach which eventually led to more failures than sustainable success stories," Chakrabarty said. Chakrabarty's statement is a reminder of the perennial struggle that start-ups face to turn a profit. An Inc42 analysis shows that 82 out of the 112 top start-ups recorded a combined loss of nearly $7 billion dollars last year. Harkunwar Singh, Co-founder and CEO of ed-tech platform Novatr, believes that the next few years will be a "great time" for tech-first edtech/up-skilling startups. With over 230 million students in the k-12 system, India is a huge untapped market for the education and skills sector. It is estimated that the sector will be worth $313 billion by 2030, fuelled by cheap data and internet penetration. "Increasing internet accessibility and the demographic dividend of a burgeoning youth will boost entrepreneurship and make way for innovative solutions that address the diversity of needs in our country," argues Singh. While funding crunches, regulatory complexities, and problems securing skilled talent exist, he adds that the ecosystem will remain resilient. Yamini Bhat, CEO and Co-founder of fin-tech start-up Vymo, says start-ups will be in a recovery phase in 2024. Investors, she adds, will look out for logically innovative startups with strong control of their finances. "Increasing focus on deep-tech start-ups and how their applications can impact the broader industry," she says, adding that start-ups focusing on clean energy and climate change could define the ecosystem in the future. A new report by data intelligence firm Tracnx has dubbed the 2013-2023 period as the “decade of growth in tech start-ups”. However, a Nasscom-Zinnov report shows that cash flow issues and low customer demand were among the top challenges faced by the tech start-up sector last year. Tech entrepreneurs like Darshil Shah, Founder and Director, TreadBinary, feel that pivoting to innovative technologies such as Generative AI and advanced data analytics would be the future. "A supportive ecosystem and government initiatives would create a conducive environment for start-ups over the next five years," he adds. Budget expectations Given the Modi government’s push for entrepreneurship and start-ups, a lot rides on the upcoming interim budget. Bhatia seeks a dedicated fund to help finance start-ups in the emerging industries, adding that the budget must focus on improving the ease of doing business and enhancing innovation. “The budget, rather than being just a set of numbers, holds the potential to act as the catalyst that propels Indian startups into a new era of unprecedented innovation and global influence,” he argues. Majumdar says that the Interim Budget needs to provide increased support to entrepreneurs in India's hinterland, often called 'Bharat' by India-watchers. "Access to credit for small and medium businesses in 'Bharat' remains one of their key growth challenges. The government also needs to enable more multimodal infrastructure access for seamless movement of goods and people in rural and semi-urban India," she adds. Chakrabarty argues that the biggest enabler for start-ups will be if the mindset of the Income Tax department and the Registrar of Companies can evolve and be more adaptive to realities of young companies. “If the government wants more start ups to receive funding, the IT authorities need to be briefed that this is as much the country's gain as it is that of private entities,” he says. Singh wants the upcoming budget to support incubation centres, foster collaboration with academia, or offer skills training programs relevant to the start-up ecosystem. “The government’s vision of making India a developed country by 2047 will require concentrated investment into the education as well as the infrastructure sector,” he adds. Bhatt adds that the Interim Budget must focus on grants and incentives for research and development in tech space, including fintech, clean energy, cyber security, agritech and robotics. The tech start-ups anticipate a forward-looking 'Make in India' approach. The Interim Budget, Shah argues, must emphasise on streamlining Advanced Pricing Agreements (APAs) and Mutual Agreement Procedures (MAPs). Both relate to global agreements between taxpayers and national administrations that offer greater transactional certainty. “Clarity in these areas is expected to foster innovation and collaboration, aligning seamlessly with the 'Make in India' initiative,” the TreadBinary CEO adds.

Budget 2024: India’s start-up ecosystem seeks redemption after a tepid 2023 

Bucking the trend of big spending on welfare programs, this year's budget focus appears to be on infrastructure, aiming to keep the economy thriving while narrowing the budget gap.

India eyes 20% yoy surge in capital expenditure

With the Indian government focusing on big-ticket infrastructure projects, India's upcoming budget is likely to maintain the focus on capital expenditure. In the current fiscal year, the government intends to spend about $120 billion.

India Budget 2024: Capital expenditure to get a boost in interim budget?

As India's energy sector charts a course towards a greener future, the anticipation of substantial budgetary support from the government underscores the nation's commitment to self-reliance and sustainable development goals. In this report, we delve into India's ambitious vision of becoming a self-reliant powerhouse for its energy needs.

India Budget 2024: India's energy sector charged-up ahead of budget

India will unveil an interim budget on February 1 and all eyes would be on announcements that could empower India's women.

Budget 2024: gender parity in focus

In a rapidly evolving world, the Indian healthcare sector is at a crucial juncture, poised for transformative changes. As we approach budget for India, the healthcare industry has outlined key areas for attention, presenting an opportunity to address critical gaps.

Healthcare wishlist for India Budget 2024

NATHEALTH-Healthcare Federation of India on Tuesday asked the government to increase budget allocation on health to 2.5 per cent of GDP while also calling for a restructuring of the healthcare GST framework.

India Budget 2024: Experts advocate boosting healthcare allocation to 2.5% of GDP

india-budget

India Budget, News on India Budget, stories on India Budget, articles on India Budget, India Budget stories at Wion, India Budget news, India Budget latest news

india budget

India Budget 2024 | FM Nirmala Sitharaman: Next five years will see unprecented development

Budget 2024: Skill India Mission has trained 1.4 crore youth, says FM Nirmala Sitharaman

India Budget 2024: FM Nirmala Sitharaman says, 'India has 4 pillars - Poor, Women, Youth & Farmers'

Budget 2024: Government working to transform India into 'Viksit Bharat' , says Nirmala Sitharaman

India Budget 2024 | 250 million people came out of poverty in the last 10 years: FM Sitharaman

Budget 2024: Empowerment of Women has gained momentum in last 10 years, says Nirmala Sitharaman

Budget 2024: No changes in tax slabs, direct and indirect tax rates

India Budget 2024: Nirmala Sithraman says, 'no change in terms of taxation'

India Budget 2024: PM Modi hails budget as 'inclusive', says 'this is a budget for India's future'

India Budget 2024: PM Modi's government presents last budget ahead of Lok Sabha polls

Budget 2024: Earning Sabka Vishwas, next 5 years will be years of unprecedented development, says FM

India Budget 2024: Nirmala Sitharaman emphasises on development of railways

India Budget 2024: Nirmala Sitharaman says, 'GST enabled one nation, one market, one tax' | WION

India Budget 2024: President Murmu praises defence production crossing Rs 1 lakh-crore mark

President Murmu hails Ram Mandir construction, says 'centuries-old desire now a reality'

India Budget 2024: President Murmu praises defence production crossing Rs 1 lakh-crore mark

Budget 2024: Indian PM Modi addresses the press ahead of Budget session

All eyes on India Budget 2024: Government's economic report hails India's growth story

Budget 2024: India's economic health report

Industry expectations from India's budget

India Budget 2024: President Murmu to address both houses as budget session set to begin

Budget 2024: Key budget promises delivered in the recent past by the Modi government

India Budget 2024: What to watch out for?

India Budget 2024 | Women, youth, farmers & poor are India's pillars of growth: President Murmu

Budget 2024: India’s start-up ecosystem seeks redemption after a tepid 2023

India eyes 20% yoy surge in capital expenditure