Union Budget 2024-25: Agriculture and Healthcare Sectors Await Attention: With the Union Budget 2024-25 on the horizon, industry leaders are voicing their hopes for focused funding and policies tailored to the specific needs of the agriculture and healthcare sectors. These sectors play pivotal roles in driving the nation's economic growth, making their expectations crucial as the budget approaches, especially amid upcoming general elections.

Read More:  Budget 2024: What FICCI Highlights Sustaining India's Capex Momentum

Vasu Naren, Chairman and Managing Director of Sona Machinery Ltd., highlighted the proposed record-high goal of Rs 20 lakh crore for agriculture credit. Naren sees this ambitious target as a means to empower Indian farmers, enabling them to boost productivity through the adoption of advanced machinery and techniques. The push for agriculture credit could also fuel demand for modern farming equipment, aligning with the increasing global interest in Indian produce.

Read More: From the halwa ceremony to the presentation of the budget, know what is always special

The allocation of Rs 2 trillion to the agriculture ministry in the upcoming budget is anticipated to bolster government initiatives aimed at enhancing farmers' income and crop insurance. However, Naren emphasized the importance of additional measures, such as providing incentives and loans for acquiring agricultural machinery, to further propel technological advancements in the sector. Lowering duties on raw materials for such machinery is also deemed essential to ensure affordability and accessibility, thereby promoting both domestic production and global exports.

Read More: 

Budget 2024: Do India's Job Opportunities Face Quality Concerns Amid Rapid Inflation?

Meanwhile, Aman Puri, Founder of Steadfast Nutrition, raised concerns about India's healthcare sector. Despite being a pharmaceutical powerhouse and bearing a significant burden of global diseases, India allocates only 2.1 per cent of its GDP to healthcare, well below the global average of 6 per cent.

As the Union Budget 2024-25 approaches, the collective voice of industry leaders underscores the need for targeted allocations and policies to tackle the distinctive challenges faced by the agriculture and healthcare sectors, ultimately contributing to the nation's overall economic advancement.

Read More: Union Budget 2024: Here Is What to Expect in the Interim Budget Announcement