Focusing on Infrastructure, Energy, and Digital Innovation will accelerate India's Economic Engine, says Naresh Kumar, COO, Lauritz Knudsen Electrical and Automation.

As India prepares for the Union Budget 2025, I am optimistic that the fine print shall strengthen business growth, promote innovation, and reignite the capex cycle. Sustained investments in infrastructure are imperative for India's economic growth.

With capital spending on infrastructure now at 3.4% of GDP, we anticipate continued prioritisation of physical, digital, and social infrastructure as the nation works towards the vision of a Viksit Bharat by 2047.

Key initiatives such as the National Infrastructure Pipeline and Gati Shakti Master Plan, especially towards smart cities, road transport and railways, can unlock opportunities for long-term sustainable growth.

Extensions of the PLI scheme for solar energy, increased allocation for rooftop solar (PM Suryaghar Yojana), transmission grid infrastructure modernisation, and smart metering infrastructure development, can accelerate the energy transition. Continued investment in power transmission infrastructure can augment this journey.

Announcements to bolster energy storage solutions such as pumped hydro storage projects and battery energy storage systems, are key to India's decarbonisation. Following the increased investment in the National Green Hydrogen Mission, I anticipate continued financial incentives for pilot projects.

With the budget's emphasis on digital infrastructure, we also see potential growth in data centres, implying increased power demand and investment opportunities.

MSMEs remain the backbone of India's economy, and targeted interventions are necessary to empower them. A Digital Acceleration Fund to support the adoption of AI, IoT, and cloud technologies would enable MSMEs to thrive in the digital economy. Initiatives like Skill 2.0 and Skill Credits could also address the growing skill gap and improve workforce readiness in emerging technologies. 

Expanding road networks, developing multi-modal logistics parks, and strengthening digital infrastructure shall enhance logistical efficiency and economic activity.

In the context of global trade, achieving India's ambitious export target of $2 trillion by 2030 shall require pivotal policy measures to enhance the competitiveness of Indian products.

Financial support for solarising and incentives for the domestic manufacturing of solar panels, cells, and batteries align with the "Make in India" vision and accelerate the energy transition.

As the country advances its renewable energy goals, strong policy support is essential to achieve the 500 GW renewable energy target by 2030.

Investment in EV infrastructure, a robust FAME III initiative, and incentives for renewable energy integration, smart grids, and DISCOM modernisation shall play a crucial role. Further, encouraging the development of green hydrogen infrastructure and supporting domestic oil and gas exploration shall bolster energy security while promoting sustainability.

Innovation is the bedrock of industrial progress, and the introduction of additional production-linked incentives (PLIs) for research and development (R&D) activities, tied to criteria such as employment generation, turnover, and capital investment, would significantly bolster the manufacturing sector.

In the context of global trade, achieving India's ambitious export target of $2 trillion by 2030 shall require pivotal policy measures to enhance the competitiveness of Indian products.

Substantial investments in R&D institutions are essential to reduce reliance on foreign technologies and strengthen local capabilities.

Agriculture, employing 45% of India's workforce requires focused attention. Enhancing irrigation coverage, digitising agricultural processes, and promoting the adoption of advanced technologies are critical to mitigating climate impacts and ensuring resilience in this vital sector.

Today India's per capita consumption of power is about a third of the global average, signalling the exponential headroom of growth that awaits, as demographic dividends start to bear fruit.  At Lauritz Knudsen Electrical and Automation, we remain committed to matching every stride of the government's march towards 'Viksit Bharat', especially as our INR 850 crore capital outlay takes shape. This capex shall augment our portfolio of energy management and automation solutions, those when deployed, will unlock growth powered by technology across different facets of the Indian economy." 

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