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

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.

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

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."

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.

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.

"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.

"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. 

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.

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.

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.

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."

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.