The Budget brings forward a comprehensive approach to shaping India’s future with a strong focus on healthcare, agriculture, innovation, education, and entrepreneurship. As an entrepreneur, scientist and an agriculturist, I find this Budget a crucial step towards empowering our healthcare, the agri sector, the youth, fostering a sustainable start-up ecosystem, and making India a global leader in medical tourism and research.

Agriculture and tech integration

A key highlight of this year’s Budget is the growing emphasis on integrating technology into agriculture, with a focus on agri-tech start-ups and digital platforms for farmers. This modernises the sector, strengthening India’s role in global food security and sustainable supply. The establishment of a second Gene Bank with 10 lakh germplasm lines is a positive move for long-term food and nutritional security.

The government’s plan to upgrade infrastructure and warehousing for air cargo, especially high-value perishable horticulture produce, will improve logistics, reduce waste and expand export opportunities. A quota in warehousing, air, rail and road transportation is also the need of the hour to boost agri and perishable goods export, which is as important as the thrust on pharmaceuticals products cargo.

Healthcare Initiatives

The focus on promoting medical tourism under the “Heal in India” initiative is another noteworthy development to position the country as a global destination for medical care. Moreover, the exemption of basic customs duty on 36 life-saving drugs is an important move that will make healthcare more affordable. While this will benefit MNC pharma companies, the government should have also looked at reliefs for the domestic pharma players.

Cultivating scientific temper

Another exciting initiative in the Budget is the expansion of Atal Tinkering Labs in 50,000 government schools across India. These labs will help foster a scientific temper in young minds, encourage creativity and innovation at the school level and can provide students with the tools and resources to explore STEM fields.

Education and Healthcare

Provisions to bring broadband connectivity to all government secondary schools and primary health centers is a vital step towards digital inclusion, ensuring that both education and healthcare can reach remote and underserved areas of the country. The announcement to set up 200 day-care cancer centres in district hospitals is a welcome move. I believe this initiative could benefit from a Public-Private Partnership (PPP) model, which would ensure efficient management and faster implementation and also maintain the quality standards to avoid the secondary infection.

Promoting private sector R&D

The ₹20,000 crore allocation to promote private sector-driven research and development (R&D) and innovation is also a welcome move. As someone deeply invested in the agricultural sector, I understand how vital private R&D is to develop new technologies, improving crop yields, and solving pressing issues like climate change. The establishment of a deep-tech fund to support next-generation start-ups is a progressive step that will spur innovation in areas like AI, biotechnology and clean energy.

Workforce of Tomorrow

A noteworthy feature of the Budget is the establishment of five National Centres of Excellence for Skill Development. With a focus on global partnerships, these centre aim to equip India’s youth with the skills needed to support the “Make in India, Make for the World” initiative.

In my view, these National Centres will play a transformative role in shaping India’s future workforce, coupled with 10,000 fellowships for IITs and the Indian Institute of Science (IISc). A successful execution at the grassroots level is crucial to achieve agri-sector growth targets. Investment policies should be simplified at the micro level, in a time-bound manner, to unlock growth and ensure the Budget’s benefits are fully realised.

If transformative reforms in taxation, power sector, urban development, mining, financial sector, and regulatory reforms to augment India’s growth potential and global competitiveness are implemented effectively, these policies outlined in Budget 2025 will empower the next generation of Indians, ensuring that we not only make for India but also make for the world.

Krishna Ella is the Executive Chairman, Bharat Biotech International

Published on February 1, 2025