Sanjay Kumar, CEO, Geospatial World

The Union Budget 2024-25 outlines a forward-looking and ambitious roadmap for India’s growth, innovation, citizen welfare, women empowerment, skill development, and social inclusion.

The country is set on the trajectory of resilient growth through a consistent focus on land records digitalization, agro innovation, energy transition and security, rural empowerment, urban regeneration, and strengthening the vital manufacturing sector. Geospatial plays an indispensable role across all these pillars of citizen participation, social development, and engines of economic transformation.

The budgetary outlay has enhanced the role and scope of geospatial in India’s developmental journey.

Geospatial technology and space applications will play an integral role in harnessing the country’s untapped potential, driving equitable socio-economic development throughout the vast and diverse geographic terrain, boosting connectivity, creating opportunities for young entrepreneurs, and bridging the various divides.

Geospatial and its convergence with next-gen technologies will be critical to achieving the milestone of Viksit Bharat by 2047. It will also accelerate automation, leading to more impactful grassroots solutions and newer business paradigms.

INR 1,000 crore outlay for a Space Economy Venture Capital Fund is a laudable step in the right direction. Through investment, hand-holding, market access, state-of-the-art technology development, and start-up incubation, we can foster a conducive New Space ecosystem that will turn India into a global innovation and R&D hub for NewSpace, catapulting the country to greater heights, and diversifying our space offerings.

Saurabh Rai, CEO of Arahas

The budget outlines a comprehensive plan for modernizing land records, which includes the digitization of cadastral maps and GIS mapping of urban land records. This initiative will not only streamline land transactions but also enhance transparency and efficiency in land management. The digitization of land records with GIS mapping is a game-changer for improving accuracy and accessibility. It provides a solid foundation for advanced geospatial analytics, which can be leveraged to offer innovative solutions in urban planning and resource management.

The Indian government’s commitment to the space economy is evident with the proposal to set up a venture capital fund of ₹1,000 crore. This fund is designed to support private sector-driven research and innovation at a commercial scale. The establishment of a venture capital fund for the space economy opens new avenues for collaboration and innovation. Arahas is excited about the possibilities this creates for developing advanced space technologies and contributing to India’s growing presence in space exploration.

In the realm of agriculture, the budget proposes a digital crop survey in 400 districts, alongside the issuance of Jan Samarth-based Kisan Credit Cards. This initiative is aimed at improving data governance and resource allocation in agriculture. The introduction of the Unique Land Parcel Identification Number (Bhu-Aadhaar) for all lands, along with the survey of map sub-divisions as per current ownership, is a significant step towards modernizing land records. This initiative will simplify land ownership verification and transactions. Modernizing land records through Bhu-Aadhaar and digital surveys will enhance land management efficiency and reduce administrative bottlenecks. 

Ankit Kumar, CEO, Skye Air Mobility

The budget presents big opportunities in agriculture, infrastructure, and deep tech sectors. The focus on boosting agricultural productivity is likely to drive the use of drones for crop surveying, precision spraying, and monitoring. This could transform farming, increase yields, and reduce resource waste.

The major infrastructure investment, especially in Northeast states, opens new doors for drone applications. Drone logistics are expected to play a key role in improving access to healthcare, e-commerce, and other essential services in remote areas. This aligns with the government’s goal of inclusive development and could greatly enhance the quality of life in hard-to-reach regions.

The budget’s emphasis on the deep tech sector is seen as a boost for innovation in drone technology. This could lead to advancements in AI, machine learning, and IoT integration with drones, enhancing their capabilities and expanding their uses. One of the most exciting prospects is using drones for transporting perishable goods. The industry expects that drone technology could cut perishable wastage by over 50%, tackling a major issue in India’s agricultural supply chain.

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“The interim budget presented today is excellent, continuing on the growth path. The Indian economy has grown significantly in the last ten years, and what strikes is the FM’s commendable fiscal deficit rectitude, which is at 5.1% of GDP for FY25. Tax collections in FY24 have been robust both on the direct and indirect. Three focus areas that will propel the economy will be Infrastructure development outlay increased by INR 11.11 lakh crores, Capex outlay at 3.4% of GDP, and Housing outlay. The building of 3 Railway corridors for Energy, Minerals, and Cement will help provide significant employment opportunities that will boost the economy in the coming years. Overall, the FM has touched upon agriculture, women empowerment, defense, and aviation, which lays the foundation for India on the path towards being a developed country.” Sachit Nayak, Finance Director, India, Eaton

Ranjit Naiknavare, President of CREDAI Pune Metro –

The finance Budget presented by the Finance Minister today was a statement of account of what the Government has achieved in the last 10 years of its governance. The progress has been quite impressive in sectors like education, agriculture, youth and women empowerment, infrastructure development, railways, etc.

There has also been a mention of a new housing scheme for the middle class. The Government has announced a passing reference to special housing schemes for the middle class while showcasing its vision of a shift from ‘rental to self-owned housing.’ This would encourage the deserving sections of the middle class to buy or build their own houses and would aid in the growth of the housing market.

Under the Pradhan Mantri Awas Yojana (Gramin), 3 crore houses have already been built, and the Government is now set to deliver 2 more crore housing in the next 3 years, which I find very promising.

Overall, the Government seems to be in a very positive frame of mind, and we are confident that the growth this industry has seen over the last 2 years (post-COVID) will remain unabated for the next few years to come.

The 1 lakh crore fund corpus for research in sunrise sectors, will boost innovations powered by private sectors in India. Sustained focus on infrastructure development under the Pradhan Mantri Gati Shakti Mission, increased and better rail and road connectivity to tier 2 & 3 cities, which will further see growth in the housing sector and development in these areas.

The tax and revenue collections have significantly increased, and the fiscal deficit has been reduced to 5.1%. This increase suggests a good amount of growth.

Most importantly, the Government is also willing to come up with a ‘white paper’ on their track records. This is perhaps the first time that such an initiative has been taken. Announcements made today lay the groundwork for the futuristic growth of the Indian economy.

However, as, and when the full budget is presented, it will give clarity on various fund allocations, fiscal deficit, and growth targets of the Government. I believe that this Government has done remarkably well in the last 10 years of its governance and is now promising an ‘Amrit Kaal’ in the next 5 years.

Vishal Gokhale, Chairman and Managing Director at Gokhale Constructions

As this was the interim budget, no major announcements were expected. Announcements like the construction of 2 crore houses in the next five years under the Pradhan Mantri Awas Yojana, and the plan to use solar energy on rooftops of 1 crore houses are quite welcoming. Similarly, the announcement to provide interest-free or low-interest loans of Rs 1 lakh crore to the tech-savvy youth of the country for the next 50 years is promising for aspiring entrepreneurs.

HP Srivastava, Vice Chairman of the Deccan Chamber of Commerce Industries and Agriculture, Pune

As expected, this being an interim budget, there were no major announcements on the taxation front. However, it was encouraging to hear the reaffirmation of the Finance Minister regarding the government’s commitment to pursue a capex-led growth strategy in 2024-25 as well, while conveying its intent to rein in the fiscal deficit at 5.1 percent which augurs well for the Indian economy. Withdrawing outstanding direct tax demands up to Rs 25,000 for the period up to the financial year 2009-10 will bring a lot of relief to taxpayers in the middle-income group.

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