Budget 2024: Provide outlays for inclusive growth: YES BANK MD

The Union Budget 2024 is anticipated to be pivotal in determining India's economic trajectory. This is underscored by strong tax revenue collections and a substantial dividend from the RBI bolstering the government's financial position. Putting forward the wishlist for Budget 2024, Prashant Kumar, MD & CEO of YES BANK, says, "The government is expected to remain committed to the reform process and focus on eight key areas: sustainable growth, the financial sector, infrastructure and investment, women, youth and farmers, last-mile connectivity, inclusive development, and economic expansion—all essential for achieving 'Viksit Bharat' by 2047."

Highlighting the significance of fiscal discipline for economic stability, Kumar mentions, "The government has exhibited its commitment to fiscal discipline, which is essential for signalling economic stability and building investor confidence. However, it is also expected to balance this objective with the need for economic growth and to provide adequate outlays for key social sector programs in an effort toward inclusive growth, ensuring that the benefits of economic development reach all segments of society. In this context, the government is likely to emphasise ensuring skill development, focusing on enhancing the strength of the manufacturing sector by sharpening the PLI scheme, and providing adequate support for small businesses to grow."

Supporting the government for enhancing digital infrastructure, Kumar says, “At YES BANK, we are prepared to support the government’s push to enhance digital infrastructure and promote financial inclusion. This aligns with our commitment to bringing advanced banking services to underserved regions and supporting initiatives in green mobility, affordable housing, healthcare, and education. These efforts will not only spur economic growth but also ensure holistic development."

"We are particularly excited about the growth in manufacturing and support for MSMEs, which are vital for job creation and economic dynamism. YES BANK stands ready to contribute to India's journey toward becoming one of the world's largest economies,” he adds.