Union Budget 2024-25 & Sustainability: India Inc Takeaways

We commend the government’s budget for its strong focus on water management, emphasizing water supply, sewage treatment, and solid waste management projects for 100 large cities. The collaboration with state governments and development banks to create bankable projects is a significant step towards improving urban water infrastructure. The innovative use of treated water for irrigation and tank filling in nearby areas is a promising approach to water recovery and storage.

The Budget’s renewed focus on advancing rural development with a promising Rs 2.66 lakh crore allocation stands as a welcome move with great potential to transform India’s most excluded households. Coupled with this, we believe that the five critical schemes to promote skill development and bolster employment can fast-track livelihood generation and employability, which can spearhead growth across the length and breadth of the country. This encouraging development to leverage our demographic dividend and recognize the catalytic potential of skilling youth can guide India forward on a roadmap to growth and development. The measures championing women-led development and labour force participation – including the over Rs 3 Lakh crore allocation for schemes for women and girls and women-specific skilling programmes – can also pave the way for women’s empowerment and resilience at work. We are hopeful of continued investment to bridge last-mile connectivity and uplift underserved communities to realize the goal of a poverty-free nation.

"The budget's comprehensive strategy for climate adaptation and mitigation efforts is a strong statement of intent towards achieving a sustainable future for our nation. Balancing economic imperatives with environmental responsibilities, this budget sets a robust foundation for effective climate action. The Finance Minister’s focus on developing climate-resilient agricultural practices and transitioning hard-to-abate industries from energy efficiency to emission targets reflects a strong understanding of the urgent need for sustainable development. The proposed taxonomy for climate finance will undoubtedly enhance capital availability for crucial climate adaptation and mitigation projects, supporting India’s green transition."

-Kavin Kumar Kandasamy, CEO, ProClime

News Article Link: https://www.outlookbusiness.com/opinions/union-budget-202425-sustainability-india-inc-takeaways-news-418185