Budget 2024 Expectations Highlights: Nirmala Sitharaman to present Budget on July 23, jobs in focus

Budget 2024 Expectations Highlights: Several experts have urged the government to provide tax relief to the common man to boost consumption and take steps to check inflation and accelerate economic growth.

latest news budgetPrime Minister Narendra Modi met with 20 economists and experts at the NITI Aayog office in the presence of Finance Minister Nirmala Sitharaman and Principal Secretary P K Mishra. (ANI)

Union Budget 2024 Expectations Highlights: Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2024-25 in the Lok Sabha on July 23. The Budget for 2024-25 will be the first major economic document of the Modi 3.0 government, which, among other things, is expected to lay the road map for making India a developed nation by 2047.

Several experts have urged the government to provide tax relief to the common man to boost consumption and take steps to check inflation and accelerate economic growth. The last two budgets saw no significant changes in taxation policies, aside from making the new tax regime the default option and introducing the Standard Deduction feature.

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On July 11, Prime Minister Narendra Modi met top economists, flagging a renewed thrust on jobs, alongside a concerted push to manufacturing and rural businesses. He also touched upon the complexities of Centre-state relations, particularly with the Centre funding many programmes or schemes, and states not assuming full accountability over implementing these on the ground, The Indian Express had reported.

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21:25 (IST) 20 Jul 2024
Union Budget 2024 Expectations Live: 'Hope for policies that will support an export-driven strategy,' says Veira Group Director

Sharan Maini, director of Veira Group, highlighted the hope for policies that will support an export-driven strategy, especially for television exports, from the Union Budget 2024. "Streamlining supply chains and prioritizing the localization of components can reduce our dependence on overseas suppliers and strengthen our economy by building a strong local manufacturing ecosystem, creating jobs, and increasing foreign reserves," Maini said.

17:56 (IST) 20 Jul 2024
Union Budget 2024 Expectations Live: 'Market expects an import duty cut in Gold from 15% to 10%,' says Augmont Director

Sachin Kothari, Director Of Augmont - Gold For All, said that the market is expecting a cut in Gold import duty from 15 per cent to 10 per cent from the Union Budget 2024, and for the Silver import duty to be at par with Gold under CEPA. "Some refineries in India have been importing unrefined gold (gold dore) from LDCs under zero duty, so stopping Import Duty benefits from LDC and FTA countries is expected as it distorts a level playing field," Kothari said

14:07 (IST) 20 Jul 2024
Union Budget 2024 Expectations Live: Indian School of Hospitality demand swift autonomy empowers institutions to tailor their offerings to meet industry demands

Kunal Vasudeva, the co-founder and Managing Director of Indian School of Hospitality says:

"After the introduction of the NEP 2020, it is crucial to accelerate its implementation. Without swift action, we risk stagnation in our educational advancements and miss the opportunity to prepare our students for a rapidly evolving global landscape. Institutions, particularly niche ones, must be granted autonomy swiftly with appropriate safeguards in place. This autonomy is vital for the nation's growth, especially in specialized sectors. If this does not happen now, we face the danger of stifling innovation and falling behind in global competitiveness. Granting swift autonomy empowers institutions to tailor their offerings to meet industry demands, especially for highly specialized, non-aided institutions. Currently, these institutions are hampered by the need to seek permissions from state and governing universities to offer certifications. These bureaucratic processes, often disconnected from the realities of new-age sectors, stifle innovation and responsiveness. Without this autonomy, we risk our educational institutions becoming obsolete, unable to keep pace with industry advancements and global trends. Moreover, certifications should be exempt from GST. Placing the financial burden of upskilling on students, especially in a country with a low per-capita GDP, is counterproductive. If we do not address this, we will see a decline in skill acquisition, further widening the gap between our education system and the needs of the global economy."

13:24 (IST) 20 Jul 2024
Union Budget 2024 Expectations Live: Disability rights activists demand increased budget allocations for inclusive development

Disability rights activists expect a substantial financial support in the upcoming budget to address the needs of persons with disabilities to ensure their development.

Arman Ali, executive director of the National Centre for Promotion of Employment for Disabled People, stressed the need for earmarking budgets under central and state schemes across different ministries to ensure targeted funding for disability inclusion. This, he believes, would address the diverse needs of persons with disabilities and ensure adequate support across multiple sectors. The activist also underscored the importance of a uniform quantum of State Disability Pension across India, considering the additional costs of living with a disability. He advocates for dedicated budget allocations for life and health insurance schemes specifically designed for persons with disabilities.

12:16 (IST) 20 Jul 2024
'We demand radical changes in the real estate sector from union budget 2024-25', CEO of PropEquity

Removal of Capital Gain tax on real estate, Residential rent earned from the property to be tax free or adjusted into EMI, Reduced GST Rates for Real Estate, Increased Interest Deduction Limit and Single Window Clearance system are some clear demands Samir Jasuja, Founder and CEO of PropEquity has from the union budget.

11:46 (IST) 20 Jul 2024
'Tax benefits and GST relaxation should be revised for elevators in buildings', says Director, Gilco Global

"Some relaxation in GST rates should be provided for end users who are buying lifts for their private residences (up to 6 stops). Also, some tax benefits and GST relaxation should be revised for provisioning elevators in buildings for paraplegics or elderly with compromised mobility and dependent on vertical mobility solutions for movement within the building, as is the case with accessible friendly equipment, which is currently taxed under a lower tax structure, thereby making such necessary equipment more affordable for them," says Aman Moudgil, director, Gilco Global, New Delhi.

11:32 (IST) 20 Jul 2024
'We expect sustainable solutions and digital infrastructure for agribusiness and farmers', CEO & Co Founder, FarmERP

"In the upcoming Union Budget, the Agritech industry holds high expectations for significant advancements in new-age technologies and the integration of sustainability within agriculture. Enhanced funding for technology adoption is critical, with increased investments in AI, machine learning, and blockchain needed to revolutionize farming practices, enhance productivity, and ensure sustainable growth. Tax incentives and subsidies for Agritech startups will accelerate innovation and attract young entrepreneurs to the sector," says Mr. Sanjay Borkar, CEO & Co Founder, FarmERP. 

10:49 (IST) 20 Jul 2024
'We expect rural jobs and adequte agricultural infrastructure in the Budget,' says MD Annapurna Swadisht

Shreeram Bagla, MD of Annapurna Swadisht, cited data and said the FMCG industry has witnessed a growth of 6.5 per cent in volume terms on a country-wide basis. Rural areas surpassed the growth in urban areas for the first time in five quarters.

We expect that in the upcoming Budget for 2024-25, finance minister Nirmala Sitharaman is likely to announce measures to boost rural jobs, create adequate agricultural infrastructure besides laying increased thrust on infrastructure sector leading to better roads and connectivity," Shreeram Bagla, MD of Annapurna Swadisht, said.

09:59 (IST) 20 Jul 2024
'Custom duties on medical devices should be brought down', says Chairman Medical Technology Association of India

Seeking lower customs duties on medical devices, Pavan Choudary, Chairman of Medical Technology Association of India (MTaI), said the gross customs duties on such devices coming in India is between 13 per cent and 16 per cent, whereas in neighbouring countries like Sri Lanka and Nepal, it less than 5 per cent.

"The difference in duties creates opportunities for smuggling. It is one of the important reasons why customs duties on medical devices should be brought down. "The other reason concerns patient affordability which is a top priority of the government. A consistent customs duty reduction will go towards improving affordability and access," Choudary said.

09:26 (IST) 20 Jul 2024
'Centre should stop treating Delhi stepmotherly', give city its due in Budget, says AAP MP Atishi

Delhi Finance Minister Atishi on Friday demanded Rs 10,000 crore from the Centre for infrastructure development, claiming the city government got nothing in return over the past year despite its income tax contribution of Rs 2 lakh crore.

"Delhi should get Rs 10,000 crore from the Rs 2.07 lakh crores that people of the city pay as income tax. This amount of Rs 10,000 crore is just 0.25 per cent of the Central government's budget and only 5 per cent of the income tax of Delhiites," the Minister said.

09:13 (IST) 20 Jul 2024
Budget 2024 Expectations Live Update: JNU, DU hope for increased education funding to boost innovation, entrepreneurship

The vice-chancellors of Delhi University and Jawaharlal Nehru University expressed hope for increased investment in education to boost entrepreneurship, and innovation, and help the country become a knowledge power.

Some experts in the education sector also urged the government to reduce the GST slab on educational products and services from 18 percent to 5 percent.

Speaking to ANI DU Vice Chancellor Yogesh Singh commented that the budget will set a tone for the 'Sankalp' of Viksit Bharat, "There is always a need to invest more in education, there is no debate on that. There is always a need to invest more in education, there is no debate on that," he said.

Echoing similar sentiments, JNU Vice-Chancellor Prof. Santishree Dhulipudi Pandit said, "To become a knowledge power the investment in education has to grow...If the best education is given to all it makes a huge difference on the impact and quality of graduates who can compete nationally and internationally."

08:53 (IST) 20 Jul 2024
Budget 2024 Expectations Live Update: Budget being made to make a few capitalists richer, says Congress

The Congress on Friday alleged that the upcoming Union Budget's main intention will be to make some capitalists richer rather than addressing concerns such as unemployment, inequalities and “drying up” of FDI.

At a press conference, Congress spokesperson Supriya Shrinate said: “Today is the 19th and on the 23rd, Union Finance Minister Nirmala Sitharaman will present the Budget. Like it usually happens, before making the Budget, she met capitalists, industrial lobbies, some farmer organisations and other economists and bankers. But has she met the common person?

22:39 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Look forward to increased allocation for cybersecurity initiatives,' says Sattrix Country Manager

Mr. Mohan Krishnamurthy Madwachar, Country Manager, Sattrix, said that they were looking forward to increased allocation for cybersecurity initiatives. "This funding could enhance infrastructure to handle larger data volumes and complex threats, improving detection and mitigation capabilities," Madwachar said. He said that investments in cybersecurity education are crucial to address the talent shortage.

22:36 (IST) 19 Jul 2024
'Policyholders should receive higher tax benefits for their medical insurance,' says Probusinsurance.com MD

Rakesh Goyal, Managing Director, Probusinsurance.com, said that in the forthcoming Union Budget 2024-25, policyholders should receive higher tax benefits for their medical insurance. He also highlighted the expectation of a reduction in the Goods and Services Tax (GST) on insurance premiums. "Finally, increase the limits for the Income Tax Act 80C. Right now, Indians get a tax exemption of Rs 1.5 lakh every year, but it's crowded with various financial products. We would expect the limit to increase or to establish a separate exemption limit specifically for life insurance premiums," Goyal said.

22:33 (IST) 19 Jul 2024
'We look forward to policies that reinforce domestic manufacturing, foster innovation,' says Ambrane India MD

Ashok Rajpal, Managing Director, Ambrane India highlighted the expectation of "policies that reinforce domestic manufacturing, foster innovation, and enhance our global competitiveness." "Tax incentives and streamlined regulatory processes are essential for sustaining sectoral health. Emphasizing self-reliance in advanced technologies will further bolster local manufacturing efforts," Rajpal said.

22:29 (IST) 19 Jul 2024
Opportunity to further strengthen India's waste management infrastructure,' says GEM Enviro Management founder

Mr. Sachin Sharma, Founder and Director, GEM Enviro Management Limited, said that Union Budget presents a significant opportunity to further strengthen India's waste management infrastructure. "To truly advance India's circular economy goals, the government must encourage and support waste management agencies that are diligently working in this field. Additionally, streamlining the supply chain for e-waste and plastic waste is essential," Sharma said.

21:17 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'ITR could be simplified for employees who have no other source of income other than salary,' says Core Integra MD

Mahesh Krishnamoorthy, Managing Director, Core Integra, said that the Income Tax Returns could be simplified for employees who have no other source of income other than salary. "Few asks could include raising the basic exemption slab to at least 5 lacs and simplifying the tax rates to 10%, 20% and maximum 30% along with eliminating the surcharge and cess," Krishnamoorthy said.

21:13 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Urge govt to streamline visa processes and regulatory frameworks to attract and retain global talent,' says New York Academy founder

Viranica Manchu, Founder & Director, New York Academy, an international school in India, urged the government to streamline visa processes and regulatory frameworks to attract and retain global talent, while adding that it was "vital for our diverse learning environment." "Additionally, fostering partnerships with foreign educational institutions and promoting cultural exchange programs will enrich our educational offerings and nurture global citizenship among our students," Manchu said.

21:10 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Imperative to increase spending on Education and Skills Development to 6% of GDP,' says eVidyaloka chairperson

Ravichandran V, Chairperson & Trustee, eVidyaloka, said that it was imperative to increase the spending on Education and Skills Development to 6 per cent of the GDP initially, with a progressive target to reach 7 per cent over the next five years. "Next, the establishment of a dedicated Higher Education Commission is essential. This commission will play a pivotal role in aligning education with employability, focusing on skill development for employment, fostering collaborations with renowned international universities, and internationalizing the approach of our universities to elevate select institutions into the global Top 200 rankings," Ravichandran said.

21:00 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: Solar industry expects pivotal measures to accelerate India's renewable energy goals, says Orb Energy co-founder

N.P Ramesh, COO and Co-Founder of Orb Energy, said that the solar industry was anticipating "pivotal measures" to accelerate India's renewable energy goals. "Key priorities include enhancing residential solar adoption with proposed personal income tax benefits up to 3 lakhs," Ramesh said. "The removal of anti-dumping duties on raw materials for solar modules is crucial to enhancing manufacturing competitiveness and reducing dependency on imports," Ramesh added.

20:57 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Our expectations center around transforming India into a global manufacturing powerhouse,' says Officenet CEO

Sonali Chowdhry, CEO, Officenet, said that the expectations ahead of the Union Budget "center around transforming India into a global manufacturing powerhouse." " We anticipate policies and interventions that will encourage the adoption of cutting-edge technologies, including advanced Human Resource Management Systems (HRMS)," Chowdhry said. " We look forward to initiatives that propel the manufacturing industry towards a new era of growth and sustainability, making India a formidable player on the world stage," she added.

19:22 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Major thrust on development of social infrastructure like health, education and housing,' says Jaipuria Institute of Management director

Dr. Deepankar Chakrabarti, Director, Jaipuria Institute of Management, said that the major thrust of the Union Budget would be on development of social infrastructure like health, education and housing etc. "We expect the government will provision more expenditure on vocational and skill-based education, and strengthen the education infrastructure in building new India," Chakrabarti said. "Budget provisioning for NEP and its implementation will be of the utmost urgency, considering its long-term vision for bringing much needed transformation in the Indian education landscape and to encash the benefits of India’s demographic dividend," he added.

18:58 (IST) 19 Jul 2024
'Allocating 8% of GDP to education reflects strong commitment to cultivating knowledgeable society,' says VES College of Architecture principal

Dr. Prof Anand Achari, Principal, VES College of Architecture, said that the allocation of 8 per cent of GDP to education reflects a strong commitment to cultivating a knowledgeable society, which was capable of driving innovation and progress. " Moreover, the initiative to unify technology resources and streamline admission processes under 'One Nation, One Admission' is a crucial stride towards ensuring equal opportunities for students nationwide," Prof Achari said. " Essentially, this budget is more than a financial plan; it is a transformative blueprint for an inclusive and empowered India," he added.

18:11 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Strong call to empower middle-class salaried individuals through enhanced tax incentives,' says Finnovate co-founder

Nehal Mota, co-founder, Finnovate, said that ahead of the Union Budget for 2024-25, there is a strong call "to empower middle-class salaried individuals through enhanced tax incentives and a simplified tax regime." "Additionally, there's a pressing need to alleviate the tax burden on senior citizens, particularly on passive income, and implement reduced tax rates on long-term capital gains," Nehal said.

17:56 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Investments should focus on renewable energy projects, green infrastructure,' says Sustain Labs Paris CEO

Dr. Miniya Chatterji, who is the Founding Director for Anant School for Climate Action, and CEO, Sustain Labs Paris, said that in the Union Budget, the investments should focus on renewable energy projects, green infrastructure, and sustainable agriculture. "Additionally, provisions should be made to promote skilling and innovation in the field of sustainability," Chatterji said.

17:51 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Recruitment and startup ecosystem anticipates further advancements in technology and innovation,' says Workruit founder

Workruit founder and CEO Manikanth Challa said that the "recruitment and startup ecosystem eagerly anticipates further advancements in technology and innovation" from the upcoming Union Budget. "Our expectations from this budget are centered on continued support for digital infrastructure and technology-driven solutions that can streamline recruitment and foster entrepreneurial growth," Challa said.

17:48 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Critical opportunity to address India's skill gap through strategic initiatives,' says GlobalGyan Academy founder

GlobalGyan Leadership Academy CEO and founder Srinivasa Addepalli said that the Union Budget presented a critical opportunity to address India's skill gap through strategic initiatives. "Government support in incentivizing internships and apprenticeships will be pivotal in equipping our workforce with practical experience and readiness for employment upon graduation," Addepalli said.

17:45 (IST) 19 Jul 2024
'We expect financial aid to teaching approach that encourages creative and critical thinking,' says Anant National University provost

Dr Anunaya Chaubey, Provost, Anant National University, said that the Union Budget should "financially aid a teaching approach that encourages creative and critical thinking in school students, fosters an interdisciplinary understanding of community, integrates technology and prepares individuals to become adept problem solvers."

"We also need to enhance industry-academia collaboration to better align academic curricula with the evolving job market. Prioritizing financial support for these collaborations will be crucial, as it helps build strong connections between educational institutions and industries," Chaubey said.

17:40 (IST) 19 Jul 2024
Anticipate further incentives for renewable energy initiatives such as battery recycling, says Recyclekaro CEO

Prassann Daphal , CEO, Recyclekaro stated the anticipation for the further incentives for renewable energy initiatives, such as battery recycling, which is essential to the clean energy transition and the circular economy. "Another crucial expectation is higher funding for research and development of battery recycling infrastructure and technologies," Daphal said. " Stakeholders in the industry are pushing for the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program to be extended and possibly expanded. This extension is essential to sustaining the momentum behind EV adoption and encouraging battery recycling," he added.

17:34 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Imperative that govt continues on path of digital reforms, ease of regulation and compliance,' says GoalTeller co-founder

Vivek Banka, Co-Founder, GoalTeller, said that it was imperative that the government, in the Union Budget, continued on the path of digital reforms, ease of regulation and compliance. "Also, unlike murmurs of increasing capital gains tax, the government should refrain from upsetting the apple cart which has helped tremendously in building the equity culture in the country," Banka said. "On the direct tax front, simplification and some reductions would help in building the confidence of the much ignored middle class," he added.

17:16 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: Emphasis on commitment to drive India’s sustainability journey forward,' says Onlygood co-founder Rajiv Sinha

Rajiv Sinha, cou-founder, Onlygood, said that the budget "should emphasize on a commitment to drive India’s sustainability journey forward." Sinha further said that the budget is expected to "highlight sustainability, carbon neutrality, recycling, environmental, social and governance (ESG) standards and a shift towards a circular economy reducing emissions."

17:11 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Urge the government reduce home loan interest to stimulate demand for luxury real estate sector,' Hansgrohe India CEO

Gaurav Malhotra, Managing Director, Hansgrohe India, urged the government for the rationalisation of GST and the reduction of home loan interest to stimulate demand and growth for the luxury real estate sector. "Additionally, we hope to see initiatives aimed at boosting local manufacturing capacity that can further strengthen the make-in-India initiative and also increase the availability of world-class products in the domestic market," Malhotra said.

17:01 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: FMCG sector anticipates the rationalization of GST, would lead to boost in consumption, says Continental Coffee Limited CEO

The FMCG sector expects the rationalisation of GST, Mr. Praveen Jaipuriar, CEO, Continental Coffee Limited said. He said the lowering of GST "on products like packaged foods would not only make goods more affordable but also boost consumption, leading to higher sales volumes." " Additionally, the coffee manufacturing Industry expects the government to help boost consumption by adopting measures like lowering the GST on Instant Coffee, decreasing the import duty on green beans, and last but not least, adopting measures to increase green bean acreage and throughput," Jaipuriar said.

16:53 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Logistics industry anticipates consistent policy, infrastructure-led reforms,' says Asia Shipping India CEO

Asia Shipping India CEO and Managing Director Amit Tandon said that the "the logistics industry anticipates consistent policy, technology, and infrastructure-led reforms from the newly formed NDA government." Tandon said that for India to become a $7 trillion economy by 2030, the logistics sector is poised to be a key growth catalyst. "Key areas of focus include significant infrastructural investments in multimodal logistics parks and freight corridors, tax reforms, and financial incentives for adopting cutting-edge technology like AI and IoT," Tandon added.

16:45 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: Govt must look towards allowing greater tax exemption for tuition fees, says Chaman Bhartiya School principal Geeta Jayanth

Geeta Jayanth, principal of Chaman Bhartiya School, Bengaluru, said that the government must look at raising the tax exemption limit under Section 80(C) of the Income Tax Act from the current Rs 1.5 Lakhs to Rs 2 Lakhs. Jayanth said that this should be done with a focus on allowing greater tax exemption for tuition fees.

"This potentially empowers parents to seek high-quality education for their wards in institutions of repute; whilst deriving enhanced tax benefits. This move could also positively impact the Urban aspirational class of parents; and children who could get better access to world-class educational facilities and become globally competent," Jayanth added.

16:40 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: Hoping strategies urging restaurants towards effective waste management, says chef Niharika Peri

Restaurant owner and head chef Niharika Peri said that she hopes that the Union Budget introduces strategies to encourage eateries to manage their waste more effectively. "Incentivizing effective waste management in restaurants can lead to significant environmental and economic benefits," she said. "The government can offer partnerships and collaborations with waste management companies and build a platform for restaurants to get discounts to do better waste practices," Peri added.

16:23 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'We expect to see the promotion of Indian exports through new and revised policies,' says Arteria Technologies CEO

Ahead of the Union Budget for FY 2024-25, Sriram Kanuri, CEO and Founder of Arteria Technologies, highlighted the expectation to see the promotion of Indian exports through new and revised policies. Kanuri said that doing so would "enhance our global presence, ensuring that products developed in India reach markets worldwide and showcase our manufacturing excellence." ""We’re thrilled to see the recent budget’s focus on the 'Make in India' initiative. It's a game-changer for turning India into a global manufacturing leader," Kanuri added.

15:47 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: Focus on economic reforms to continue, with expectations of higher capital expenditure and infrastructure spending, says Swastika Investmart MD

Sunil Nyati, Managing Director, Swastika Investmart Ltd, said that in the upcoming budget, focus would continue to remain on economic reforms, with expectations of higher capital expenditure and infrastructure spending, while maintaining fiscal discipline. " This is facilitated by the government's increased fiscal space, thanks to the RBI's substantial dividend and strong GST collection numbers," Sunil said. He added that apart from this, the budget is expected to focus on green energy, defense, railways, housing, and manufacturing sectors. " Additionally, measures targeting rural areas, such as rural infrastructure development and agricultural support, will be emphasized," he added.

15:40 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Strongly urge the government to collaborate with stakeholders to tackle prevailing educational challenges,' says Infinity Learn CEO

While stating that the re-election of the BJP-led NDA government reignites "reignites our collective aspiration for a progressive and enhanced education culture and infrastructure", Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya, urged the government to collaborate with stakeholders to tackle prevailing challenges in the sector. "Central to this endeavor is bridging the digital divide, a crucial initiative that requires fortifying the technological infrastructure of schools nationwide," Singh said. "By prioritizing these efforts, we can pave the way for a more inclusive and advanced educational system that empowers all learners," he added.

15:26 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Expect to see greater support for digital infrastructure in schools,' says Eupheus Learning co-founder

On the forthcoming Union Budget, Eupheus Learning co-founder Amit Kapoor said that the organisation expects to see greater support for digital infrastructure in schools and increased funding for innovative educational technologies. He further said that GST should be applicable on both print and digital solutions to facilitate efficiency in the ecosystem. "These are important for making education accessible, affordable and effective for millions of students,"

Kapoor said. He added that new policies in the education system should be aimed towards bridging the gap between in-class and at-home learning, providing every child with quality resources. "Using tools like STEM/STEAM kits and reading programs will enhance learning. Promoting activities like storytelling, Olympiads, and coding competitions will encourage creativity and critical thinking, empowering generations to be future ready," Kapoor said.

15:11 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: Hope for increased funding and support innovative educational solutions, says Aasoka MD Monica Kandhari

Speaking of the expectations from the Union Budget for 2024-25, Aasoka Managing Director, Monica Malhotra Kandhari, said she expects increased funding and support for innovative educational solutions. "By investing in technology-driven and blended learning models, we can transform the education landscape across India, Kandhari said.

"In a country with over 1.5 million schools and more than 250 million students, it is crucial to provide robust academic support and necessary resources. Enhanced funding can facilitate the integration of digital tools in classrooms, assist teachers in creating comprehensive lesson plans, and ensure that students from all backgrounds have access to quality education," the Aasoka MD added.

15:00 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Expect growth initiatives in service sector to be prioritised,' says Sanjay Dighe, Krystal Integrated Ltd

The budget this year has the power to significantly impact the service sector, with growth initiatives in priority, says Sanjay Dighe, CEO, Krystal Integrated Service Ltd. "There is clarity required on tax exemptions for services provided to government entities, particularly in healthcare sector. At a practical level, the point of taxation for manpower and security services needs to be changed from a billing system to a receipt-based system," Dighe said. He highlighted the need to streamline regulations and reduce compliance burden.

14:20 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Raising tax and non-tax revenues revenues likely to be priority', says Shlok Srivastav, Appreciate

Shlok Srivastav, Co-founder & COO, Appreciate, says: "The idea of ‘Viksit Bharat’ necessitates greater financial inclusion across all economic segments — and such deep financial access and education require robust digitalisation. The interim budget boded well on both these fronts, with greater projected spending (by 1.3%) in the finance sector as well as in the IT and telecom sector (by 0.3%). So cautious optimism is warranted for participants in these sectors.... As for the tax breaks several parties are keen to see: over the last four years, government capex has grown at a CAGR of around 29%, while revenue expenditure has only grown at a CAGR of around 10%. If this much-needed capex growth is to be sustained without further slowing down revenue spending, then raising tax and non-tax revenues is likely to be a priority. So, this is going to be a delicate balancing act."

13:29 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Emphasis to be on job creation through capital expenditure,' says Arvinder Singh Nanda, Master Capital Services Ltd

Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd, says: "The fiscal deficit target for FY25 is likely to stay at 5.1% of GDP as per the interim budget. Emphasis will be on job creation through capital expenditure, targeted social spending, and the 'Viksit Bharat' initiative. The budget may also outline a roadmap for fiscal consolidation beyond FY26. While no reduction in personal income tax rates is expected, there could be tax relief for middle-income taxpayers. Key sectors to watch include agriculture, start-ups, housing, railways, defence, electronics, and renewables. Changes in short-term capital gains tax rates are anticipated, but significant hikes in long-term capital gains tax rates are not expected."

13:23 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Anticipate introduction of tax neutrality and regulatory relaxations for startups', says legal expert

Ms. Garima Mitra, Co-Founder, Treelife says: "As the Full Union Budget 2024 approaches, we are hoping for policy reforms that would significantly elevate GIFT City's stature as a global financial center. Currently, any foreign remittances by Indians under the LRS route attract a TCS of 20%. Reducing the TCS rate for remittances to GIFT IFSC will make GIFT IFSC the default choice for global investment. Additionally, we anticipate the introduction of tax neutrality and regulatory relaxations for startups looking to relocate their holding company back to India in GIFT IFSC. Such reverse flips trigger adverse tax consequences for the startups and the investors, resulting in dry tax outflow, which acts as a hindrance for startups looking to move base to India”.

13:11 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'We anticipate govt to address the current funding crunch,' says Anshuman Das, LONGHOUSE Consulting

Anshuman Das, CEO & Founder, LONGHOUSE Consulting says: "In the upcoming budget, we anticipate measures to be taken for the startup industry to catalyse growth and innovation in this vital sector. We expect the government to address the current funding crunch, wherein incentivising domestic institutional investors to become significant Limited Partners (LPs) in local VC funds could be a game-changer. This would not only reduce fund-raising timelines but also inject much-needed capital into the ecosystem. We are looking forward to tax incentives that encourage investment in startups showing clear paths to profitability. A proposal to exempt the first 20% of profit on sale or transfer of holdings from the tax could significantly boost investor confidence. The budget should also focus on democratising access to resources, ensuring that innovation opportunities are available to a broader talent pool."

12:41 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: NAREDCO President underscores need for enhanced tax incentives for homebuyers

Mr. Prashant Sharma, President, NAREDCO Maharashtra underscores the need for enhanced tax incentives for homebuyers, advocating for increased limits on deductions under Section 80C and Section 24(b) to boost housing demand.

He also calls for a single window clearance system to streamline project approvals and incentives for affordable housing, including extending benefits under the PMAY and redefining affordable housing to include properties up to Rs. 1 crore in metro cities. Addressing liquidity issues by ensuring easier access to financing and expanding the SWAMIH stress fund is also crucial.

Simplifying land acquisition and promoting rental housing policies are essential for urban development. Mr. Sharma believes these measures will revitalize the sector and contribute significantly to economic growth.

12:17 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Budget should reflect commitment to building greener, more sustainable future', says AKVO atmospheric water system CEO

Mr. Navkaran Singh Bagga CEO & Founder, AKVO atmospheric water system India, says: "Anticipate Budget 2024 to prioritize sustainable development and innovative technologies. It’s crucial that the government increases funding for green initiatives, particularly in water sustainability, to address the pressing issue of water scarcity. Incentives for renewable energy integration within the water sector could drive substantial progress. This budget should reflect a commitment to building a greener, more sustainable future for India.”

11:43 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Urge govt to put a rationalization on GST and reduce home loan interest', says Gaurav Malhotra, hansgrohe India

Gaurav Malhotra, Managing Director, hansgrohe India, says: "Ahead of the interim budget, we are optimistic about the positive measures that will bolster the luxury real estate sector and enhance the overall market dynamics. This aligns with the growing aspirations towards a luxury lifestyle, where consumers seek high-quality, sophisticated home interior solutions. We urge the government to put a rationalization on GST and reduce home loan interest to stimulate demand and growth for the luxury real estate sector. Additionally, we hope to see initiatives aimed at boosting local manufacturing capacity that can further strengthen the make-in-India initiative and also increase the availability of world-class products in the domestic market."

11:14 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Upcoming Budget should be poised to eliminate inequalities', says Dr Pruthvinath Kancherla, Affordplan

Dr Pruthvinath Kancherla, Co-Founder Affordplan, says: "The disparity in access to quality healthcare between Tier I cities and Tier II & Tier III cities remains a significant challenge. The upcoming budget of 2024 should be poised to eliminate such inequalities. Increased healthcare spending will support infrastructure development, enabling the establishment of new medical facilities and upgrading existing ones. This is expected to improve access to quality healthcare, particularly in rural and underserved areas. Additionally, the emphasis on digital health initiatives through the National Data Governance Policy will enhance the efficiency and accessibility of healthcare services."

10:35 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: 'Urge policymakers to rationalize taxation across milk processing', says Vandana Tandan, SIG Group

Vandana Tandan, Head of Markets-India and Bangladesh, SIG Group says: “There is tremendous excitement and expectation surrounding the forthcoming Budget 2024. The packaging sector is growing at a CAGR of 11.06%, we expect greater emphasis to be given to align with global standards. At the same time, we also urge the policymakers to rationalize taxation across various milk processing and packaging. While fresh and pasteurized milk in the country is exempted from GST, UHT milk & value-added products, filled in our aseptic packages, attract a 5% GST, making it more expensive. Some relaxation in the GST levied can make the products more affordable, thereby benefiting both producers and consumers alike.”

09:58 (IST) 19 Jul 2024
Budget 2024 Expectations Live Update: ‘Expecting changes on streamlining indirect tax compliances,' says Saloni Roy, Partner, Deloitte India

The Goods and Services Tax (GST) was brought in to simplify the tax regime in India, and with the Union Budget 2024 set to be presented on July 23, it is expected that certain amendments will be made to the law, as recommended by the GST Council. Recommendations for trade facilitation, such as an amnesty scheme for the settlement of disputes for specified periods and a reduction in the amount of pre-deposit for appeals, were made before the Council at a recent meeting.

Customs is another area that generally sees amendments in every Union Budget. There is also an expectation that a new central excise law will be introduced to replace the 1944 law.

Read Saloni Roy's full article here.

09:01 (IST) 19 Jul 2024
Budget 2024 Expectations Live Updates: 'Significant scope to improve ease of doing business', says DHL Express MD R S Subramanian

Logistics industry experts are expecting steps that will further improve ease of doing business in the country, incentives and benefits for green initiatives in the sector, among others.

"There is significant scope to improve the ease of doing business by streamlining regulations and adopting digital processes. Simplifying and ensuring consistency in GST administration, greater clarity and standardisation in interpretation of customs procedures, and TDS regulations are crucial steps in this direction," said R S Subramanian, Senior Vice President & Managing Director, DHL Express India, reported PTI.

21:43 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Union Budget should focus on taming inflation, boosting growth: Yashwant Sinha

Former finance minister Yashwant Sinha on Thursday said the Union Budget should focus on taming inflation and accelerating economic growth.

Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 in the Lok Sabha on July 23.

Talking to PTI Videos, Sinha emphasised that GDP should grow at 8 per cent to eradicate poverty in the country.

"Budget should talk about addressing the issues of inflation and accelerating growth," said Sinha who was finance minister in the Vajpayee government.

Sinha also questioned the Modi government's claim of bringing 25 crore people out of poverty in the last 10 years by saying, "The question is that if there are only 5 crore poor why are we giving free food to 82 crore people and this is a major contradiction." He further said the Budget should focus on reducing government spending which in turn will reduce the Centre's market borrowings.

Sinha said that the opposition parties are continuously raising issues related to unemployment. PTI

21:15 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Climate and renewable energy sector seeks robust incentives, workforce training and innovation funding

"There has been a consistent big push by the government of India to achieve the Net Zero target by 2070, growing 24-hour renewable energy in India and promoting climate consciousness among the masses. But a little bit more is needed, especially on - introducing a 'Climate-Conscious Consumption' tax rebate, offering up to ₹25,000 annual tax deduction for individuals adopting certified energy-efficient appliances and renewable energy solutions, could be a game-changer, potentially significantly altering consumption patterns. The government should urgently launch a ₹1,000 crore 'Renewable Workforce Training Program' to train and support 100,000 workers in coal factories with skills that can make them employable across the renewable value chain. Allocate ₹500 crore for a 'Storage Innovation Fund' to support startups and research institutions developing next-generation storage technologies. Implement a 5-year tax holiday for new manufacturing units in the advanced chemistry cell (ACC) battery sector to boost the domestic battery industry. Increase investment in grid infrastructure and build storage capacity at the grid's end to ensure a must-run status for green plants and stabilize the grid." - Tanya Singhal, Founder, Mynzo Carbon & SolarArise

21:12 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Education sector expects budget measures to boost private participation and competitiveness

"Initiatives like NEP are a step in the right direction but need to be complimented with increased private sector participation to both increase the capital allocation to the sector without over burdening the government coffers as well as to increase competitiveness to enable best global standards at most affordable price. Providing impetus through tax alignments and easing the investment avenues in the sector will be the key pointers to look out for in this budget." - Jasmeet Singh Chhabra, Co-founder, JV Ventures

21:05 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Real estate sector seeks measures to revive residential segment and promote rental housing

“Given the significant forward and backward linkages that the real estate sector has with the economy, growth of the sector is extremely important from overall growth of the economy perspective. Key expectations from the Budget are that there should be a further impetus to the residential segment through the reintroduction of tax holidays for affordable housing with a tweak that the eligibility for affordable housing should be based on the size of the flat rather than value, the revival of the credit linked subsidy scheme which had expired in 2022 which shall enable EWS, LIG and MIG sections of society purchase houses or undertake modifications, need for increasing the interest tax deduction from Rs 2 lakh to at least 5 lakh and last but least tax incentive for rental housing which would enable meet the government’s objective of housing for all. To bring liquidity and diversified investors such as Exchange Traded Funds in the REIT market, the period of holding for long-term capital gains tax treatment for REIT units must be brought on par with listed equity shares.” - Gaurav Karnik, Partner and Real Estate National Leader, EY India

21:02 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: IT engineering sector anticipates tax reforms, incentive schemes, and skill development initiatives

"As we approach the Union Budget 2024, the IT sector anticipates the upcoming announcements. As the world rapidly progresses towards digitalization, we believe this sector has become key for India's economic prosperity. We expect further reductions in corporate tax rates and incentive schemes to promote IT services to make Indian IT companies more competitive globally. Simplified regulatory framework and compliance in both direct & indirect taxes. Also, increased allocation for skill development programs to address the talent gap in emerging technologies. There are also expectations on enhancements and tax reliefs, including a notable proposal to increase the 80C deduction under the old tax regime and increasing the deduction limit under Section 24 for interest repayments on home loans. From an investor perspective, we expect stable tax policies, simplified regulations, and clear FDI policies to enhance ease of doing business. Overall, investors desire clarity, stability, and growth-oriented policies to create a conducive environment for long-term investment" - Srinivas Dhulipala, Head Finance, Colruyt Group India

20:59 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Hospitality industry expects simplified taxation, streamlined regulations, and skill development initiatives

"The new government recognizing the hospitality sector as a formal industry is essential, considering its significant contributions to national GDP and employment. One key expectation is simplifying taxation with a uniform tax rate and reducing property taxes that will strengthen operational foundations and encourage strategic investments in infrastructure development." Mr. Nair, further added, "It becomes equally important to also streamline regulatory processes. By making it easier to navigate compliance requirements, the sector will reduce its external expenses, thereby lowering costs and speeding up expansion efforts. We also hope to see resources allocated towards training programs that enhance the skills of those entering the hospitality workforce. This will not only strengthen our industry but also ensure its long-term sustainability." - Aji Nair, Chief Advisor and Consultant at Mirah Hospitality

20:57 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Auto and EV sectors expect continued incentives and supportive policies

"We anticipate the upcoming budget to prioritize renewable energy investments and sustainable infrastructure, urging policymakers to bolster incentives for clean energy adoption, streamline regulatory processes, and enhance R&D funding in green technologies. This will accelerate India's transition to a greener economy. The government subsidies on electric vehicles under schemes like FAME-II led to a 48% increase in EV adoption in 2023, reflecting momentum expected to continue in the upcoming fiscal budget. It's imperative that FAME should be continued to further stimulate this growth. Additionally, central authorities should provide subsidies, foster partnerships, standardize regulations, and rationalize GST to enhance EV charging infrastructure. Stringent measures to meet NCAP (National Clean Air Programme) emission targets and initiatives like PAYD insurance plans for EVs are anticipated. The Startup20 Engagement Group and initiatives like FFS and CGSS demonstrate the government's commitment to supporting startups, ensuring a conducive environment for venture capital and global collaboration in technology and finance." - Nimish Trivedi, Founder & CEO, Evera

20:53 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Automotive sector expects tax distinction between ICE and hybrid vehicles to boost sustainability

"An important step towards achieving India's sustainability objectives involves establishing a tax distinction between Internal Combustion Engine (ICE) vehicles and hybrid vehicles. Lowering the cess from 15% on hybrids can accelerate adoption, paving the way for a cleaner automotive future. It's a crucial step towards transitioning to electric vehicles and green hydrogen technologies, aligning with India's sustainability goals. The GST compensation cess, a central levy, helps bridge the revenue gap for states after transitioning to GST. This allows the government to adjust cess rates without needing the GST Council's approval." - Saurabh Agarwal, Partner & Auto Tax Leader, EY India

20:45 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Smart cities and smart vehicular management sectors seek integrated policies

"Indian cities are evolving at a rapid rate- mass migration, infrastructure upgrades, increase in vehicular ownership penetration, and our pursuit to build 100 smart cities by 2024 has been a game changer. Having said that, for India to truly build smart cities, it is imperative that we also embed smart vehicular management systems within the current urban architecture. With over 45cr+ vehicles (4W, 3W, 2W) on Indian roads today, we need to ensure that real estate players, auto-tech startups, OEMs, local municipalities, and government bodies, work together to offer services to make Indian roads smart and safe. All stakeholders need to work together to provide safe/legal parking spots, unclog gridlocks, combat monsoon-triggered flooding, create smart traffic management systems, build EV charging stations, ensure better driving behavior, and reduce road accidents. I look forward to seeing the government promoting policies & launching initiatives to build smart cities of the future, which are safer, smarter, and livable." - Amit Lakhotia, Founder & CEO, Park+

20:43 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: A&M and technology sectors anticipate budget policies to boost digital infrastructure and AI/ML adoption

As India aims to solidify its position as a global digital leader, we eagerly anticipate budget policies that provide substantial support for setting up robust digital infrastructure. Key expectations include initiatives specifically targeted at businesses undergoing digital transformation, particularly in the areas of Machine Learning (ML) and Artificial Intelligence (AI). Such measures will not only drive innovation and enhance productivity within the country but also bolster India's competitiveness on the global stage. By facilitating access to advanced technology and ensuring affordability, the budget can play a pivotal role in empowering Indian businesses to excel in the digital age and contribute to the global digital economy." - Prasad Shejale, Founder and CEO LS Digital

20:37 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Lab-grown diamond industry expects sustained support to boost export activity

"When the FM first addressed the Lab-Grown Diamond industry in Budget 2023, reducing custom duty on the seeds for manufacturing LGDs, it gave a renewed fervor to the sector. 2023 became the year of lab-grown with a grant to IITs to facilitate the growth of LGDs in India. Speaking statistically too, India currently has 25% of the global market share in the production of lab-grown diamonds, where market size is projected to grow by 7-9% in FY25, clocking a ,192.3 million valuation by 2033. With the numbers in favour, the lab-grown diamond industry expects sustained support from the government, especially to boost export activity. We have the potential to cater to the demand worldwide, where policies that facilitate ease of global business will become critical to the growth of the industry. As India strives to be self-reliant in the entire diamond value chain, the LGD industry is looking up to create global footprints as market leaders." - Ricky Vasandani, CEO Solitario Diamonds.

20:17 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Human resource and AI sectors call for robust regulation and ethical guidelines

"As we look towards the Union Budget 2024, it is crucial to recognize the practical potential of AI in enhancing jobs and wages. AI, particularly generative AI (GenAI), is set to revolutionize the job market by augmenting human capabilities, driving productivity, and creating new job opportunities across various sectors. India's AI industry is poised for exponential growth, with estimates suggesting that AI could add $500 billion to the nation's GDP by 2025, as per TeamLease Digital. To harness this potential, robust regulation and ethical guidelines are imperative. Ethical guidelines and comprehensive regulatory frameworks, as underscored by recent NITI Aayog studies, are essential to ensure responsible AI deployment, safeguarding against biases, and protecting data privacy. Prioritizing reskilling and upskilling initiatives is crucial to prepare the workforce for AI-driven changes. According to a World Economic Forum report, 50% of all employees will need reskilling by 2025 due to AI advancements. In the present scenario, these key investments are essential for comprehending the vision of 'Viksit Bharat'. By establishing a strong AI ecosystem now, India can ensure inclusive growth, enhance global competitiveness, and improve the quality of life for its citizens. Such foresight in budget allocations will pave the way for a developed and prosperous nation, accomplishing the ambition of India@2047." - Lokesh Nigam, Co-founder and CEO, Konverz.ai

20:15 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Logistics sector expects continued support for technology, skill development and sustainable practices

"The Indian economy is projected to grow by 7.2 percent in FY25, driven by improving rural demand and decreasing inflation. We appreciate the government's strong focus on the logistics sector with initiatives like PM Gati Shakti, Sagarmala, Bharatmala, and the National Logistics Policy. The previous budget's emphasis on infrastructure improvement and regulatory streamlining, especially the announcement of railway economic corridors under the PM Gati Shakti initiative, marked a significant leap towards multi-modal connectivity and reduced logistics costs. This aligns with our industry's expectations and will accelerate India's GDP growth. Looking ahead, we expect continued support for technology-driven solutions, skill development, and strategic incentives. The anticipated union budget will enhance multimodal connectivity and improve efficiency in the logistics industry. We also foresee comprehensive policies promoting electric vehicles, alternative fuels, and sustainable practices. These measures will boost economic growth in the logistics sector, aligning with the goal of a $5-trillion economy and a 'Viksit Bharat' by 2047. A robust Capex Budget is crucial to sustain and enhance this growth trajectory, positioning India as a logistics powerhouse." - KK Agarwal, Chairman & Managing Director, CJ Darcl Logistics Ltd.

20:13 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Drone Technology Sector Anticipates Dedicated R&D Fund and PLI Scheme

"The new Union Budget comes with new expectations and developments in the Indian market. As the Industry have changed significantly, the stakeholders are looking forward to addressing certain bottlenecks in development. As market demand accelerates, the industry is expecting the government to establish a separate R&D fund for research apart from the PLI Scheme in the Drone segment to keep industry players future-ready. This budget not only reinforces the importance of indigenous manufacturing but also promises to boost the capabilities of the industry, paving the way for enhanced applications in logistics, surveillance, agriculture, inspection and other commercial sectors. We are optimistic that this budget will facilitate growth and position India as a global leader in UAV solutions."- Rama Krishna, Co-founder and CEO, EndureAir.

20:12 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: 'Hybrid vehicle adoption hinges on cess reduction, crucial for India's sustainability goals,' says Automation & Manufacturing

"As we approach Union Budget 2024, it is crucial to prioritize the manufacturing sector with a strong emphasis on robotics and automation. Investing in advanced manufacturing technologies can significantly enhance productivity, drive job creation, and mitigate unemployment challenges. India's economic resilience presents a prime opportunity to stimulate growth through strategic investments in automation and robotics. Encouraging the widespread adoption of these technologies will not only bolster operational efficiency but also foster the creation of high-quality jobs, cultivating a skilled workforce equipped for the future. To achieve this, the government should introduce policies that incentivize businesses to integrate automation solutions. Moreover, infrastructure development and targeted skill enhancement programs will play pivotal roles in facilitating this transition." Satish Shukla, Co-founder, Addverb.

19:11 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Renewable Energy Sector wants to accelerate towards Net Zero

“As we aim to achieve Net Zero emissions by 2070, we must accelerate our efforts and maintain a steadfast focus on our targets. Strategic planning is essential to meet these goals on time. The government has made significant strides in this direction, demonstrating its commitment to sustainable growth. From increasing budget allocations to supporting emerging technologies such as green hydrogen, each step drives us closer to our visionary goals. Investments are necessary to fund R&D to produce hydrogen with relatively coarse water quality, ideally close to seawater. This would allow the most efficient use of one of the most abundant natural resources i.e., water. To address carbon emissions, we must concentrate on other sectors that significantly contribute to emissions and promote sustainable development. Incentivising carbon capture and utilisation is one viable approach, as carbon capture presents a powerful solution until hydrogen costs decrease with scaling. In this Union Budget, we anticipate a strong policy framework to facilitate efficient growth and subsidies to encourage businesses to adopt emerging eco-friendly practices,” says Varun Puri, Managing Director, Green Power International.

18:47 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: 'Include fertility and IVF treatment under insurance coverage,' Abhishek Aggarwal, Chief Business Officer, Birla Fertility & IVF

"In recent years, there has been an increased focus on healthcare, and government initiatives like Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (PM-JAY) and the National Health Mission have helped connect millions of people to essential health services and insurance. However, given the size of our country, this requires more impetus, particularly through increased public-private partnerships. In the infertility space, we hope to see a greater focus from the government. While India has the world's largest population, falling fertility rates will have an impact in the next 25-30 years. Research Report published by The Lancet suggests that India’s total fertility rate (TFR) is irreversibly plunging to 1.29, and by 2050, one in five Indians will be a senior citizen. The predictive scenario is alarming. We must not overlook the data and repeat the same oversights made by developed countries. Including fertility and IVF treatment under insurance coverage can make affordable healthcare a reality for all, bringing joy to many couples longing for parenthood. It will help build healthy families and secure the future of the nation," says Abhishek Aggarwal, Chief Business Officer, Birla Fertility and IVF

17:39 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: FinTech sector wants clarity in regulatory environment for startups

The financial technology sector expects the 2024 budget to improve the regulatory environment for startups. SaveIn founder and CEO, said, "Ensuring clarity in regulatory environments is paramount for startups, particularly within the fast-evolving FinTech sector. The continuous flux in this landscape highlights the critical importance of stable and transparent policies. The introduction of targeted provisions within budgetary frameworks could substantially enhance the viability and growth prospects of startups. From an investment standpoint, creating an enabling policy environment is essential to attract foreign capital, thereby fortifying India's startup ecosystem and reinforcing its position on the global stage. The budget is likely to address financial inclusion as a critical aspect, with the announcement of a streamlined credit platform emphasising the Reserve Bank of India's commitment to facilitating easy access to credit for small businesses and individuals.”

16:40 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Lower the fiscal deficit target to 5% from 5.1%, says Himanshu Kohli, Co-founder, Client Associates

"We expect the government to maintain fiscal prudence by lowering the fiscal deficit target to 5% from 5.1%, as mentioned in the Interim budget. The RBI's decision to transfer a record Rs 2.11 trillion as a dividend to the government will assist the government in maintaining fiscal consolidation. We also expect the government to increase revenue expenditure through higher transfers to states for capital expenditure or by raising transfers to farmers through PM Kisan from Rs 6,000 to Rs 8,000 annually," says Himanshu Kohli, Co-founder, Client Associates, which provides financial services.

16:36 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Subside, incentivise use of PEBs and prefab structures, says Nikhel Bothra, director, EPACK Prefab

"As a country, we must become more adaptable to pre-engineered buildings and prefabricated structures, as they are more evolved versions of construction. These are sustainable solutions to the construction demands of the country. In doing so, we are committing to innovation as well as environment-friendly practices. Considerations such as a constructive regulatory framework would enhance the utilisation of PEBs within the industry, and lowering GST or incentivizing the use of Prefabricated Engineered Buildings (PEBs) in government infrastructure projects could be instrumental steps in this direction. Furthermore, subsiding and incentivising the use of PEBs and prefab structures; or introductions of new schemes like the regional-connectivity schemes - UDAN & PM Gati Shakti scheme could be instrumental in realising the true potential of the country as a developed nation," says Nikhel Bothra, director, EPACK Prefab.

16:31 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Budget offers PM chance to achieve 'Asli 400 paar' – nationwide minimum wage of Rs 400: Cong

Flagging the issue of "decline in real wages", the Congress on Thursday said Prime Minister Narendra Modi has been delivered a "stinging rebuke by voters" in his efforts to reach "400 paar" in the Lok Sabha but the Budget offers him the chance to achieve "Asli 400 paar" of a nationwide minimum wage of Rs 400 per day.

Congress general secretary in-charge communications Jairam Ramesh said multiple data sources, including the government's own official statistics, are unanimous in showing that workers can buy less today than they could 10 years ago.

"A combination of slow wage growth and back-breaking inflation has caused an unprecedented decline in real wages (wages adjusted for price rise)," he said in a statement. PTI

16:29 (IST) 18 Jul 2024
Budget 2024 Expectations Live Updates: Elderly NGOs seek major revisions in upcoming budget to support senior citizens

With the Union Budget announcement approaching, elderly NGOs across India are urging the government to address the pressing needs of the country's senior citizens.

Organisations like Agewell Foundation and HelpAge India have outlined comprehensive proposals to Finance Minister Nirmala Sitharaman, highlighting the urgent requirement for enhanced financial support, healthcare and social security for the elderly.

A significant demand is the revision of the central contribution to the old age pension under the National Social Assistance Program (NSAP).

The NGOs advocate increasing the pension amount from the current Rs 200-500 to at least Rs 1,000 per month for those aged over 60 years and Rs 1,500 per month for those aged over 80 years.

Combined with the state government contributions, this would set a national minimum pension of Rs 1,500 to Rs 3,000 per month, depending on the state's fiscal capacity. PTI

16:23 (IST) 18 Jul 2024
Revival of the Credit-Linked Subsidy Scheme will make homeownership more accessible: Madhusudan G, CMD, Sumadhura Group

The objective is to share views and highlight the organization's perspective on upcoming economic measures. We expect the Union Budget 2024-25 to introduce progressive reforms to meet rising demands for residential and commercial spaces. Our top priorities include tax breaks for affordable housing projects to boost stagnant sales in the sector. Also, a revival of the Credit-Linked Subsidy Scheme will make homeownership more accessible. We also expect tax incentives and infrastructure enhancements to boost urban living standards and drive growth in emerging areas. Simultaneously, we expect the government to grant industry status to real estate, a long-standing demand that could drive fresh investment and growth.

16:22 (IST) 18 Jul 2024
Essential to ensure a steady inflow of investments, particularly FDI: Vishal Goel, Managing Director, RX Propellant

The Indian life sciences sector has immense potential and has been drawing global players to not only leverage our strength in contract manufacturing but establishing global capability centres (GCCs). Being home to about one-third of the life sciences GCCs, Bangalore tops the chart, closely followed by Hyderabad. This is a significant move as it accelerates innovation in life sciences and shifts the focus to a more integrated approach. To maintain and amplify this momentum, it is essential to ensure a steady inflow of investments, particularly foreign direct investment (FDI) which brings capital, expertise, and advanced technologies. We are optimistic that the upcoming budget announcement will prioritize the life sciences sector, enhancing investment flows and fueling innovation and success in India.

16:22 (IST) 18 Jul 2024
Expect the government to continue focusing on more infrastructure development Mr. Bhavesh Kothari, Founder & CEO, Property First

We are optimistic and expect the upcoming budget to bring in massive transformations. We urge the Finance Minister to implement tax reliefs in terms of reduction in GST rate along with an input tax credit on under-construction properties. Besides, anticipation is high that home mortgage rates will drop considerably to pave the way for renewed growth. Granting industry status to the sector would be another significant step that would catalyse growth and contribute to the nation's economy. Also, we expect the government to continue focusing on more infrastructure development in highways, metro lines, planned satellite cities, etc as it will help drive housing demand across the country.

16:21 (IST) 18 Jul 2024
Lack of talent in the renewable industry is a pressing issue: Tanya Singhal, Founder, Mynzo Carbon & SolarArise

There has been a consistent big push by the government of India to achieve the Net Zero target by 2070, growing 24-hour renewable energy in India and promoting climate consciousness among the masses. But a little bit more is needed, especially on -

- Introduce a robust incentivization scheme to promote climate-conscious behavior among the masses. This could be a game-changer, potentially significantly altering consumption patterns. For instance, introducing a 'Climate-Conscious Consumption' tax rebate, offering up to ₹25,000 annual tax deduction for individuals adopting certified energy-efficient appliances and renewable energy solutions, could be a powerful motivator.

- The lack of talent in the renewable industry is a pressing issue, with coal still being chosen for employment reasons despite its lack of economic or reliability merits over 24-hour round-the-clock hybrid renewables with storage. To address this, the government should urgently launch a ₹1,000 crore 'Renewable Workforce Training Program'. This program is not just a solution, but a necessity, aiming to train and support 100,000 workers in coal factories with skills that can make them employable across the renewable value chain, especially during plant construction.

- Allocate ₹500 crore for a "Storage Innovation Fund" to support startups and research institutions developing next-generation storage technologies that will benefit the renewable and EV industries.

- Implement a 5-year tax holiday for new manufacturing units in the advanced chemistry cell (ACC) battery sector to boost the domestic battery industry.

- Increase investment in grid infrastructure and build storage capacity at the grid's end at various substations to ensure a must-run status for green plants and stabilize the grid.

15:29 (IST) 18 Jul 2024
Revise GST input tax credits in real estate sector: Angad Bedi, MD, BCD Group

The Indian real estate sector has shown great resilience on the back of a global economic slowdown and rising input costs, helping maintain the demand and supply scenario, said Angad Bedi, MD, BCD Group. However, he said, the sector needs to be rewarded for its contribution to economic growth, employment creation and creating a world class infrastructure through downward tax revisions, and revising the GST input tax credit rules in order to reduce property prices and accelerate demand across all asset classes.

Furthermore, the industry’s long-standing demand for according the industry status to the sector needs to be looked at on priority in order to achieve the government’s ambition of housing for all and becoming a $5 trillion economy by 2025, he said.

Additionally, the government should look at strengthening the regulations around the sector including RERA, single window clearances for all approvals and swifter resolution of stuck projects to accelerate the sector’s growth, Bedi said.

"These initiatives along with greater public and private investments in infrastructure, attracting higher foreign direct investment and promoting emerging sectors of real estate such as student and senior living will significantly contribute to the expansion of the sector. We are hopeful of the finance minister addressing the needs of this fast-growing industry and recognise its pivotal role in India’s growth saga," he said.

14:21 (IST) 18 Jul 2024
Remarks by Deepak Jasani, Head of Retail Research at HDFC securities, on Budget 2024

The forthcoming Union Budget due in July 2024 could continue the roadmap laid out in the previous Budgets barring a small course correction. It could largely retain the revenue and expenses projections made in the interim Budget (except for the windfall dividend from RBI).

This additional receipt from the RBI could be used to:

i) cut the fiscal deficit target to 5.0% for FY25 from 5.1% in the interim Budget thus reinforcing the inclination to stick to fiscal consolidation;

ii) make higher transfers to states for capex spend

iii) increase transfer under PM KISAN from Rs.6000 p.a. to Rs.7500 p.a.

iv) provide incentive to income tax payers to shift to the new tax regime by providing higher standard and other deductions/higher exemption limit/changes in tax slabs.

13:43 (IST) 18 Jul 2024
Views of Vijay Harsh Jha, founder and CEO, VS Realtors, on the upcoming 2024 Union Budget

As a result of massive infrastructure development and connectivity across India, tier 2 markets and peripheries of metro/tier 1 cities have witnessed strong demand for residential spaces.

Not just price of new launch projects but also prices in secondary market have seen a steep rise in the last few years. Going forward, several cities will witness availability of high-paying jobs which in turn may force job-seekers to move back to their hometown.

13:18 (IST) 18 Jul 2024
Sanket Sarkar, Founder of Zeron, shares his thoughts on the cybersecurity ecosystem, as the new government prepares to announce the Union Budget 2024

"As we approach the Union Budget 2024-2025, there is a palpable sense of anticipation within the cybersecurity sector. The government has consistently demonstrated its commitment to this critical industry through strategic investments and supportive policies. Reflecting on the past years, it's clear that our digital defenses have been significantly strengthened.

I am optimistic that this year’s budget will further amplify this focus, with substantial allocations to enhance our cybersecurity infrastructure.

As the founder of Zeron, I believe this continued prioritization of cyber resilience and innovation is crucial for defending against evolving threats and driving economic growth. This budget will not be merely a financial planning; it'll be a bold declaration of India's intent to become a global cybersecurity leader." 

13:02 (IST) 18 Jul 2024
Comments on the upcoming 2024 Union Budget by Suresh Rajagopalan, CEO of Wibmo, a PayU Company

"As we approach the upcoming budget, it is crucial to prioritize the growth of digital payments through enhanced security measures and the establishment of a fraud data consortium. With the rapid expansion of digital payments, substantial resources must be allocated to fortify security infrastructure, ensuring that consumers and businesses can engage in transactions with confidence. The creation of a fraud data consortium would enable financial institutions and payment service providers to share information about fraudulent activities, fostering a collaborative effort to combat fraud."

12:46 (IST) 18 Jul 2024
Comments on Budget 2024 from Saunak Saha, Partner, Climate Change and Sustainability Services, EY India on the ESG, Sustainability & Energy sector:

It is crucial for the government to prioritize ESG and sustainability initiatives to drive long-term economic growth and environmental resilience.

Enhanced incentives for green technologies, stricter regulations on carbon emissions, and increased funding for sustainable infrastructure projects are essential.

Our energy sector and transport sector would need to decarbonise which eventually would help other sectors as well on their decarbonisation agenda.

These measures will not only help India meet its climate commitments but also position the nation as a leader in sustainable development.

12:31 (IST) 18 Jul 2024
Remarks on budget 2024 from Mr. Shalya Gupta, CEO, PHF Leasing Limited

I am expecting the budget to be in sync with the people aspirations from the Government’s unprecedented third term win. The focus, I believe, will be on strengthening the existing policy framework, focus on ease of business and put in the building blocks for a “Vikasit Bharat” by 2047.

Liquidity is a challenge faced by the NBFC segment since public deposits and ECBs have been restricted and there is an appeal to the Government to ensure that systems are put in place for creating a refinancing body for the segment, so that the goal of financial inclusion of all can be met. The Government should also incentivise the NBFC segment for investment in tech, focus on serving the underserved communities and meet the final goal of easier access to credit by all.

In the eMobility space, we hope that Government enlarges the scope of Faster Adoption and Manufacturing of Electric Vehicles (FAME 2), to include smaller players too in the segment. eRickshaws and eLoaders have transformed the Informal Public Transportation Systems in the rural and urban spaces.

Today, we are witnessing a massive growth in the number of e-rickshaws, but not all of these are registered, especially those used for intra-business purposes. The Government should make EV registration and insurance a mandatory requirement. Lowering the registration cost as a policy will promote more people opting for registration.

The Govt needs to focus on creating policies that are the same across the country and promote a strong regulatory framework that ensures that the E-Mobility sector continues to grow and contribute significantly to the sustainability goals as well.

11:45 (IST) 18 Jul 2024
Mihir V. Shah, the Executive Director of Vipul Organics Limited, shared his insights ahead of the upcoming budget announcement

With the Government being sworn in for a straight third time, we expect a continuity of policy. We expect a renewed focus on infrastructure development, manufacturing and job-creation.

India aspires to be an export hub with the stated target of exports of Goods and Services worth $2 Trillion by 2030. This can be made possible by reducing the tariffs on imports of raw materials and ensuring that the right building blocks are in place, especially for the manufacturing sector. In addition, putting stringent anti-dumping measures will ensure that the domestic manufacturers have a level playing field.

We believe that the Budget will ensure that the Government’s commitment to the manufacturing sector as a whole and Chemicals sector in particular moves seamlessly.

Today Chemicals contribute around 7% to the GDP and India is the 6th largest producer of chemicals in the world. The Chemical sector is estimated to grow to $300 Bn by 2025 and $1 Tn by 2040.

We hope that the budget focuses on bringing PLI in the chemical & petrochemical sector so as to propel growth, for both existing and greenfield facilities. In addition, development of quality infrastructure and chemical hubs with centralized waste and effluent treatment systems will bring India at par with the other manufacturing hubs. This will ensure that the sector continues to be an important participant in the India growth story.

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