Union Budget 2024 | Focus on national skill development should include specialised training in plumbing, says Acquaviva Group CEO Bantwal Ramesh Balinga

“The upcoming budget is highly anticipated by the hospitality and retail sectors, which are witnessing significant growth. In a hospitality sector where over 400 hotels have been announced and luxury retail is growing rapidly, the government should consider policies that facilitate second home purchases at reasonable interest rates. This will drive growth, reduce rental pressure and promote market stability,” said Bantwal Ramesh Balinga, Group CEO, Acquaviva.

“Skill development is another critical area. The government’s focus on national skill development should include specialist training in plumbing, including engineering degrees, diplomas and plumbing labs across the country. This will raise service standards and operational efficiency in the hospitality sector,” he added.

“On the tax front, no major changes are expected, but the budget should support retail expansion, especially in tier-3 and tier-4 cities. As the IT industry moves to semi-urban areas, it creates employment opportunities and drives economic growth. The government’s incentives for rural employment, finance and technology adoption will further strengthen these markets.”

“The budget should also take into account evolving consumer behavior, making it easier to buy a home and reducing construction costs through technological advances. In addition, promoting sustainable practices, such as energy efficiency and waste management, is key to long-term growth.”

He said: “Post-Covid recovery requires continued support for SMEs, infrastructure development and financial assistance for second-home buyers. Prioritising tourism infrastructure, out-of-town sanitation, solar-powered electricity and reducing registration costs in semi-urban cities will promote solid growth and competitiveness in the hospitality and retail sectors.”