Ideas For Budget 2024

AS THE NEW GOVERNMENT takes charge, it’s one of those once-in-five-year situations where the annual Budget of the Government of India is presented in July instead of the regular February 1.

Modi 3.0 may not be as economically challenged as Modi 1.0, but the sub-par performance at the ballots this General Election is widely expected to have a bearing on Centre’s financial statement when finance minister Nirmala Sitharaman rises to present her seventh Budget. Voting disinterest of the vastly impacted middle class will play on the minds of Budget makers. And observers will curiously look for cues of the push and pull to accommodate the aspirations of all factions of this coalition government in this year’s exercise.

As much as answers to some of the leading questions facing the economy:

• What does coalition politics mean for the Indian economy, reforms, and geo-strategic initiatives?

• What should be the top three-four priorities in Budget 2024?

• Tax slabs and exemptions have remained practically unchanged for the middle class. What can be done for the middle class?

• Why is high GDP growth not translating into high jobs growth?

• What can be done for income disparity?

Fortune India’s high-powered panel comprising leading economists, politico-economic, corporate and stock market specialists present their ideas for the Budget to turbocharge the economy. Read the discussion.

If the health of the economy will rely heavily on the Budget, the health of India’s healthcare sector is in control of global private equity. Manipal Hospitals chain originating in Bangalore is now 59% owned by Singapore’s sovereign wealth fund Temasek; FIIs and FPIs such as government of Singapore/GIC, GQG Partners and BlackRock own a majority stake in Abhay Soi-led Radiant Life Care, which also owns Max Hospitals chain; and a consortium of Fajr Capital, a sovereign-backed PE firm, acquired a 65% stake in Aster GCC (West Asia) with the founding family of Dr Azad Moopen retaining the remaining 35%. How did global PE and VC come to control India’s healthcare? Read P.B. Jayakumar’s piece.

The cover story this issue is on one of India’s oldest business families — Bajaj Group — now in its fifth generation. It has dominated India’s financial services and the two-wheeler industry for decades. But things are changing. Not only are new rivals such as Jio Financial Services, Aditya Birla Capital, Tata Capital and Poonawalla Fincorp readying for the battle of customers in financial services, in auto, the shift to EVs — a weak area for Bajaj Auto due to its later entry in the segment — is gaining momentum with formidable players such as Ola, TVS, Hero and Ather.

Faced with renewed competition and onslaught of technology, can the Bajaj Group retain its mojo despite losing its towering chairman Rahul Bajaj two years ago. Read Nevin John’s account.

The Special Package this issue led by V. Keshavdev is our annual study of India’s Best Financiers. It is bigger and better than before. For the first time, this year’s study also incorporates India’s Best NBFCs, besides the best banks, large, medium and emerging banks, best PSU banks, best MNC banks, best in corporate governance, and the best in technology, not to forget the Banker Of The Year.