New Delhi: As India gears up for the upcoming Union Budget, key players in the social sector are anticipating critical shifts in policies to drive inclusive development, tackle social inequalities, and strengthen support for vulnerable communities.
The Budget would be presented on Saturday by Finance Minister Nirmala Sitharaman.
Several experts and social organizations have shared their expectations, emphasizing the need for targeted investments, policy innovations, and a focus on women’s empowerment, elderly care, and social entrepreneurship.
Neera Nundy, co-founder of DASRA, highlighted the growing role of philanthropy in complementing government efforts, especially in areas like sustainable cities and women’s leadership.
She noted that while private giving grew by 10 per cent in financial year 2022-2023, much of India’s philanthropic potential remains untapped.
Nundy advocated for aligning private resources with national priorities, calling for favourable policies and tax incentives in the upcoming Union Budget to unlock greater domestic capital.
“We remain optimistic about favourable policies and enhanced tax incentives in the upcoming Union Budget to unlock greater domestic capital from families, individuals, and corporates,” she said.
Subhashree Dutta, managing partner at NGO The/Nudge Institute, stressed the vital role of social entrepreneurship in tackling India’s most pressing challenges, from livelihood generation to healthcare.
Dutta pointed to the government’s initiatives like the Atal Innovation Mission and Startup India as vital steps, but argued that further measures are needed to support social entrepreneurs.
She called for streamlining credit access, introducing skill-building opportunities tailored to social entrepreneurs, and expanding funding pools.
“To sustain its momentum, targeted measures are essential…the upcoming Union Budget offers an opportunity to position India as a global leader in social entrepreneurship,” she said.
Meanwhile, senior citizens, a significant and growing demographic, are hoping for enhanced support in the upcoming Budget.
Anupama Datta, head of policy at HelpAge India, emphasised that healthcare and pension remain urgent concerns.
While the government has taken positive steps with schemes like PM Jan Arogya Yojana (PM-JAY) for those aged 70+, Datta suggested that such coverage should be expanded to include those aged 60+ with an income cutoff.
“Health insurance for the elderly is currently not affordable, with high premiums,” she noted, calling for a subsidy mechanism to make premiums more accessible.
Datta also advocated for raising the Central government’s contribution to pensions under the National Social Assistance Program (NSAP) to ensure that elderly citizens, particularly those from vulnerable groups, receive adequate support.
On the women’s front, Kalpana Ajayan from Women’s World Banking envisioned a transformative shift in financial inclusion for women, especially in rural areas.
Ajayan called for a network of women financial agents to deliver personalized banking services and access to credit, while also fostering financial literacy.
“Deploying women as agents of financial inclusion will empower them as ambassadors of financial literacy,” she said.
Ajayan also advocated for affordable, collateral-free loans and credit guarantees to help women entrepreneurs scale their businesses, urging the government to support this initiative through budgetary allocations.
Social organisations and NGOs are hoping that the Union Budget will build on these expectations, empowering social entrepreneurs, strengthening support for the elderly, and enabling women’s financial inclusion.
With a clear focus on inclusivity, innovation, and sustainability, the social sector is looking forward to a budget that can help unlock India’s full potential for equitable growth and social well-being.
