Interim Budget 2024 makes a progressive leap towards inclusive growth, says Zuno Insurance CEO

Shanai Ghosh, MD and CEO, Zuno General Insurance

The 2024 interim budget was in sync with the government's commitment to sustainable development, inclusive growth and empowerment. It is multidimensional in its focus and resolute in its march towards the $5-trillion-economy mark.

At its heart, the Budget is about building for the future with an emphasis on innovative, socially, and environmentally responsible growth taking all sections of society along with it.  The government continues to invest in nation-building with an 11 percent increase in capital expenditure, which has been a recurring theme in the past few budgets.

The Budget 2024 contains several other announcements that are along the expected lines. In addition, three other themes stand out in the current budget.

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Empowering and enabling women to realise their potential 

The commendable extension of 34 crore Mudra Yojana loans to women entrepreneurs is yet another demonstration of the belief in ‘Nari Shakti’ which was beautifully depicted in the 75th Republic Day parade in the Capital last month. This initiative is aimed at empowering women to assume more substantial roles in the economic landscape.

The ‘Lakhpati Didi’ scheme is yet another initiative to reach out to women at the grassroots of the society by leveraging the power of 83 lakh self-help groups; the target for this programme has been increased to three crore women. It is heartening to see the government put its might behind fostering financial independence and empower of women across the strata of society.

The budget's commitment to bringing maternity and childcare under the same plan is a progressive move that resonates deeply with our core values. This ensures seamless healthcare for mothers and children during pivotal stages, reflecting a holistic approach to family well-being. We fully support this plan, understanding how important it is for creating healthier and happier families.

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Fostering tech-driven Innovation

The substantial allocation of Rs 1 lakh crore, coupled with a 50-year interest-free loan tailored for our tech-savvy youth, signifies a transformative leap in nurturing innovation and research in emerging domains.

This initiative paves the way for technological advancements and addresses the aspiration of young India. We view this as a pivotal era for tech-driven growth and innovation, ushering in possibilities that resonate with our commitment to progress.

Building foundation for environmentally responsible growth

In alignment with global sustainability goals, the budget introduces a forward-thinking scheme for bio-manufacturing, initiatives for promoting energy generation to renewable sources of solar and wind power, underlining the government's commitment to green growth. These initiatives position India as a frontrunner in environmentally conscious innovation.

The government's commitment to strengthening the Electric Vehicle (EV) ecosystem by supporting manufacturing and charging infrastructure is a crucial move in promoting clean and sustainable mobility. This aligns seamlessly with our national agenda of environmental consciousness and technological advancement. We view this as a forward-thinking initiative that aligns with our commitment to sustainability and environmentally responsible practices.

The numbers shared for FY24 reflect the resilience of the economy demonstrating strong growth momentum in the face of global headwinds and the FY 2024-25 projections look equally robust. It is indeed India’s decade and the 2024 interim budget charts the course towards a sustainable future encouraging inclusive, socially and environmentally responsible growth and nation building.