Budget must be focused on 8 key areas: Prashant Kumar, MD & CEO, YES BANK
Niranjan Banodkar, Group CFO and Head Sustainable Finance, YES BANK
FinTech BizNews Service
Mumbai, July 17, 2024: Union Budget, 2024-25 will be presented in Lok Sabha on 23 July, 2024. Prashant Kumar, MD & CEO; Niranjan Banodkar, Group CFO and Head Sustainable Finance and Mahesh Ramamoorthy, Chief Information Officer, all of YES BANK, share their expectations from the upcoming budget with regard to overall banking, sustainability and technology:
Prashant Kumar, MD & CEO, YES BANK:
“The Union Budget 2024 is expected to play a crucial role in shaping India's economic future. This is especially as the tax revenue collections have remained robust and the government is also armed with a bumper dividend from the RBI. The government is expected to remain committed to the reforms process and be focused on eight key areas: sustainable growth, financial sector, infrastructure and investment, women, youth & farmers, last-mile connectivity, inclusive development, and economic expansion – all essential towards achieving 'Viksit Bharat' by 2047.
The government has exhibited its commitment towards fiscal discipline, much necessary to signal economic stability and build investor confidence. However, the government is also expected to balance this objective together with the needs for economic growth and providing adequate outlays for key social sector programs, in an effort towards inclusive growth and ensure that the benefits of economic development reach all segments of society. In this context the government is likely to lay stress on ensuring skill developments, focus on enhancing the strength of the manufacturing sector via sharpening the PLI scheme and provide adequate support for small business to grow.
At YES BANK, we are prepared to support the government’s push for enhancing digital infrastructure and promoting 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 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 towards becoming one of the world's largest economies.”
Niranjan Banodkar, Group CFO and Head Sustainable Finance, YES BANK:
“As we look ahead to the Union Budget 2024, an emphasis on green financing and sustainability is crucial for achieving India’s climate goals and for driving sustainable growth. The interim Budget 2024 already demonstrated the government’s commitment and renewed impetus towards sustainable development, with enhanced allocations towards rooftop solarization, the National Green Hydrogen Scheme, and Blue Economy 2.0, along with a new scheme for bio-manufacturing. Sustained budgetary allocations for climate mitigation and adaptation, focus on digital public infrastructure and enhanced support for promoting indigenous manufacturing is crucial to provide the necessary economic stimulus to maintain India’s green growth momentum and achieve its net zero by 2070 target.”
Mahesh Ramamoorthy, Chief Information Officer, YES BANK:
“As we look forward to the Union Budget 2024, enhancing our technology infrastructure and fostering innovation remains crucial. The government's groundwork with initiatives like the JAM Trinity and investments in digital infrastructure is commendable. Building on this, further support for technologies such as AI, blockchain, and IoT will be vital for driving digital transformation and improving efficiency. Establishing a continuum of cybersecurity measures is essential to improving an organisation security posture. Investments in advanced threat intelligence and robust encryption will protect our digital assets and build user trust. Additionally, improving data privacy and governance will ensure compliance with global standards and safeguard user information.
Promoting a culture of continuous learning and innovation is key to attracting and retaining top tech talent. The government can facilitate this by providing policy support, funding for technology initiatives, and creating an enabling environment for innovation. The private sector, including institutions like YES BANK, can then provide access to advanced tools and reskilling programmes to drive sustained growth and innovation. At YES BANK, we are committed to leveraging these advancements to support our customers and drive economic growth. We look forward to the government's continued support in these critical areas to achieve a technologically advanced and sustainable future for India."
