Budget 2024 Expectations Live Updates: The full budget by Narendra Modi 3.0 government will be presented by Union Finance Minister Nirmala Sitharaman on July 23, 2024. The Budget session for the current year will begin from July 22nd and will continue till August 12. All eyes are on Budget 2024 to offer income tax relief salaried and individual tax payers. Meanwhile, experts are also expecting a surge in the allocation of government schemes such as PM-Kisan that could drive the rural economy.
Also, Indians are eyeing measures that will give impetus to job creation and provide a path that will help India becoming a $5 trillion economy. Additionally, expectations of bringing petrol, diesel, LPG and other oil & gas products under GST have taken rounds.
In the upcoming Budget 2024, experts have been anticipating that the government might increase income tax exemption limit under the new tax regime from the current Rs 3 lakh to Rs 5 lakh. Previous year budget witnessed substantial modifications in the new tax regime designed at encouraging taxpayer participation. Meanwhile, a complete tax rebate was launched for taxable incomes up to Rs 7 lakh. This year, there is expectation for an extension of this rebate threshold to Rs 7.5 lakh. The adjustment is expected to provide huge relief to middle-income taxpayers.
Meanwhile, industry players expect the government would come out with measures to enhance the rural economy and earmark adequate funds for agri-infrastructure development.
Pre-budget expectations have started pouring in from various sectors and industries with their demands from this highly anticipated Budget, which President Droupadi Murmu had said will be a "historic" one.
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Jul 20, 2024, 5:00 pm IST
Budget 2024 Live Updates: Dr Girdhar Gyani, director general of Association of Healthcare Providers - India
"Increased government spending is necessary to address emerging health threats and achieve universal health coverage. Public health institutes should be professionalised under autonomous state boards, and the Ayushman Bharat Yojana needs restructuring to include all SECC-2011 beneficiaries.”
Jul 20, 2024, 4:49 pm IST
Budget 2024 Live Updates: Sachin Sharma, Founder and Director - GEM Enviro Management Limited
"Building on the momentum of last year's budget, which prioritized green growth, the upcoming Union Budget presents a significant opportunity to further strengthen India's waste management infrastructure. However, significant challenges remain. Inadequate waste collection infrastructure and inefficient sorting and recycling systems continue to hinder progress. Valuable materials are still being discarded in landfills instead of being diverted for reuse.”
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. This will foster a robust ecosystem where manufacturers, industry players, and recyclers can collaborate more effectively. While Extended Producer Responsibility (EPR) and the Waste Management Rules of 2016 have had a positive impact, more impactful compliance is needed to achieve truly meaningful results, added Sachin Sharma.
Jul 20, 2024, 3:05 pm IST
Budget 2024 Live Updates: Healthcare & Ayurveda Sector Expectations From Upcoming Budget
Shrawan Daga, CEO of Krishna’s Herbal & Ayurveda said, “the global market for Ayurvedic products is growing rapidly. Countries around the world are increasingly recognizing the benefits of traditional medicine and holistic health approaches. Therefore, we anticipate the 2024 union budget to focus on the registration and promotion of AYUSH products internationally. This will help India position itself as a leader in holistic health and wellness. Also, this will open up new opportunities and markets for Indian exporters and will enhance the credibility and acceptance of AYUSH products all across the globe.”
Jul 20, 2024, 2:35 pm IST
Budget 2024 Live Updates: Girish Kousgi, MD & CEO PNB Housing Finance
“We applaud the government's continued commitment to affordable housing, particularly through the Pradhan Mantri Awas Yojana (PMAY), as highlighted in the interim budget of February 2024. Its ambitious initiative to facilitate the construction of 3 crore homes across both rural and urban areas under the PMAY scheme underscores the dedication to ensuring 'Housing for All,” said Girish Kousgi, MD & CEO PNB Housing Finance.
It is imperative that the government consider further expansion of this scheme to facilitate the construction of more houses and bring millions of consumers within the gamut of homebuying. This crucial measure will not only fulfil the home ownership dreams of citizens, but also provide a conducive environment for the development of real estate, housing finance and ancillary industries, thereby contributing to the overall goal of Viksit Bharat. We are hopeful that the upcoming budget for FY25 will support the growth of housing finance companies, and leverage their strengths, owing to a geographically diverse portfolio, deep distribution focus, niche customer segments and unique consumer propositions, added Girish Kousgi.
PNB Housing supports the Government's mission and unique initiatives towards developing the housing sector in India. Our dedicated offering for the affordable housing finance sector – Roshni, provides specialised services to meet the unique needs of this important and growing market. Further, we also carved out separate segment termed emerging markets to cater to tier 2 and 3 cities. With an expansive retail experience and a robust distribution network of 300 dedicated branches across the country, we are poised to become one of the fastest-growing players in the segment, emphasized Girish Kousgi.
Jul 20, 2024, 12:31 pm IST
Budget 2024 Live Updates: Agritech Industry Lists Expectations From Upcoming Budget 2024
Sanjay Borkar, CEO & Co Founder, FarmERP said, “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.”
Establishing additional research and development centers focused on agricultural technology will foster innovations and provide practical solutions for farmers and agribusinesses. The industry also urges the government to enhance digital infrastructure in rural areas, recognizing reliable internet connectivity as crucial for farmers to access modern agricultural tools and platforms. Introducing policies that promote sustainable farming practices and climate-resilient technologies is imperative for achieving long-term environmental and economic benefits, added Sanjay Borkar.
These measures will not only support the Agritech industry's growth but also contribute to a more sustainable and resilient agricultural sector, benefiting both the agriculture industry and the broader economy."
Jul 20, 2024, 12:26 pm IST
Budget 2024 Live Updates: Mutual Fund Industry Expectations From Upcoming Budget 2024
Nitin Chaudhary, founder of NC Financial Advisory Services (NCFAS) emphasized on increase in tax-free long-term capital gain limit. The current tax-free limit of Rs 1 lakh should be revisited and increased to encourage long-term investments.
From an investor’s perspective, the government should consider increasing the remittance limit under the Liberalized Remittance Scheme (LRS) from .5 lakh for investment purposes, thereby promoting greater flexibility and opportunities for investors. To reward patient investors, Nitin suggests implementing a lower LTCG tax rate for investments held for more than five years. He proposes reducing the tax rate to 5% or even 0% for these long-term investments.
Jul 20, 2024, 12:14 pm IST
Budget 2024 Live Updates: Fintech Industry Lists Expectations From Budget 2024
Budget 2024 Live Updates: Fintech Industry Lists Expectations From Budget 2024
Deepak Chand Thakur, Co-Founder and CEO NPST said, “while budgets are typically short-term, the government's approach to fintech needs a long-term perspective. A clear five-year vision and increased funding would allow fintech companies to plan effectively, build sustainable businesses, and drive innovation. Uncertainty about the future hinders both innovation and investment.
MeitY's initiatives have significantly boosted digital adoption. Increased funding for these programs would further encourage innovation and new applications. However, delays in receiving these benefits are currently a pain point. Clear guidelines and timely disbursements are crucial to support non-bank players and fintech companies.
The zero-fee policy on UPI has been instrumental in its widespread adoption. However, the government should consider a tiered fee structure for higher-value transactions. This would incentivize small and medium banks and fintech companies to invest further in payment infrastructure, particularly acquiring services. This approach would ensure low-value everyday transactions remain affordable while enabling the payment ecosystem to grow and sustain itself, emphasized Deepak Chand Thakur.
A dedicated regulatory helpdesk from the RBI would be a game-changer for emerging fintech companies. Navigating the evolving regulatory landscape can be challenging. Such a helpdesk could provide invaluable guidance on compliance and encourage innovation by fostering a continuous dialogue between policymakers and the industry.
Fraud is a growing concern with the rise of digital payments. The RBI's proposed digital intelligence layer is a positive step, but its effectiveness depends on granting fintech and non-bank players access to relevant data. This access would allow them to strengthen their AI-powered security systems, develop robust fraud prevention tools, and protect consumers while safeguarding the financial system, added Deepak Chand Thakur.
Jul 20, 2024, 10:42 am IST
Budget 2024 Live Updates: What Solar Industry Expects From Budget 2024?
Mr. N.P Ramesh, COO and Co-Founder of Orb Energy said, "As we approach the Union Budget, the solar industry eagerly anticipates 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. This can be considered instead of current subsidy of Rs.78,000. For commercial and industrial (C&I) sectors, increasing depreciation benefits to 60-80% from the current 40% will incentivize substantial investments in solar installations, bolstering sustainability efforts across businesses.”
The removal of anti-dumping duties on raw materials for solar modules is crucial to enhancing manufacturing competitiveness and reducing dependency on imports. Additionally, a proposed 7-year tax holiday for investments in PV module or solar cell production will stimulate domestic manufacturing capabilities, fostering job creation and economic growth, added N.P Ramesh.
These strategic measures not only strengthen India's position in renewable energy but also pave the way for a sustainable and resilient energy future. They underscore our commitment to innovation and sustainability, ensuring a greener and more prosperous tomorrow for all, said N.P Ramesh.
Jul 20, 2024, 10:35 am IST
Budget 2024 Live Updates: Dr. Prof Anand Achari, Principal, VES College of Architecture
"As we eagerly await the Union Budget, it is clear that prioritizing education is fundamental to shaping our nation's future. Allocating 8% of GDP to education reflects a strong commitment to cultivating a knowledgeable society capable of driving innovation and progress. By extending research grants to private institutes alongside government colleges, we stimulate innovation across diverse fields such as Architecture, ensuring that all educational institutions contribute to our research ecosystem.
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. This approach not only bridges the gap between urban and rural education but also enhances accessibility to educational resources for all learners, regardless of their background."
Jul 20, 2024, 8:49 am IST
Budget 2024 Live Updates: FMCG Sector Expectations From Budget 2024
Shammi Agarwal, Director at Pansari Group said, “Our expectations from the upcoming 2024 Union Budget is to allocate more grants to support the FMCG industry, with a major focus on Micro, Small, and Medium Enterprises. MSMEs are the backbone of the economy which drives growth, employment and entrepreneurship. Additionally, we anticipate certain changes in taxation. Simplifying and reducing tax burdens for MSMEs can enhance their profitability and encourage reinvestment into business growth. The 2024 Interim Budget put a major emphasis on achieving Atmanirbharta for oilseeds, including sesame, sunflower, and mustard. This ensured food security and opened avenues for sustainable farming practices that benefited both farmers and consumers. We strongly believe that supporting MSMEs in the agriculture and FMCG sectors can lead to more sustainable and inclusive growth. Lastly, we hope that this Union budget will rationalise export and import duties on food items.”
Jul 20, 2024, 8:44 am IST
Budget 2024 Live Updates: What FMCG Sector Expects From Union Budget 2024?
Shammi Agarwal, Director at Pansari Group said, “Talking about India's consumer industry, over the years the entire sector has grown exponentially. The major credit behind this goes to the continuously growing young population of the country and the growing progressive purchasing power. However, there is a huge gap in consumption between urban and rural areas. This gap can be filled if the union budget emphasizes rural job creation, incentivize capital expenditure, and promotion of innovation. Furthermore, significant resources should be dedicated to supporting exports and job creation in both rural and urban areas. This will boost local production and create a resilient and inclusive economy." Also, increasing employment generation programs and skill development initiatives for the rural youth can diversify income sources, reduce dependency on agriculture, and increase the overall purchasing power, added Shammi Agarwal.
Jul 20, 2024, 8:41 am IST
Budget 2024 Live Updates: IT Industry Expectations From Upcoming Budget
One Point One Solutions MD, founder and chairman Akshay Chhabra said, “There have been reductions in corporate taxes in recent years, some more incentives or tax rebates for startups and MSMEs could provide a much-needed boost to the sector. Simplification of the GST structure, especially concerning software services, and easing the process of claiming input tax credit would help in the ease of doing business for the sector.”
Innovation is key for surviving sustainably in this ever-changing world and the IT industry is particularly vulnerable to the fast developments in technological advancements, especially with the advent of Artificial Intelligence (AI). In this context, enhanced tax incentives for research and development in the upcoming Budget would encourage innovation in the sector, added Akshay Chhabra.
Jul 20, 2024, 8:05 am IST
Budget 2024 Live Updates: Sharan Maini, Director of Veira Group
"The Indian electronics manufacturing sector is ready for significant growth. In the upcoming Union Budget, we hope for policies that will support an export-driven strategy, especially in television exports. To achieve this, a focus on boosting domestic production and empowering Indian manufacturers is essential. 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. By creating a supportive environment that encourages innovation and simplifies business operations, we can enhance India’s position in global electronics manufacturing. Implementing these measures can help India become a key player in electronics manufacturing, serving both domestic and international markets."
Jul 20, 2024, 7:59 am IST
Budget 2024 Live Updates: Shreeram Bagla, MD of Annapurna Swadisht
"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."
“Affordable housing should be one of the most important long-term agendas for the country. Significant changes in socio-economic and urbanisation indicators necessitate a re-alignment of affordable housing definition in many of the cities and towns. There is also a need to appropriately incentivise developers to increase the supply of affordable green housing. Given the success of earlier PMAY scheme, we eagerly await the revised contours of the PMAY-U 2.0 scheme which promises to focus on improved targeting of beneficiaries and provide timely disbursement to completed homes. We hope that the Union Budget for 2024-25 would provide directions to consolidate efforts towards 'Housing for All' initiative across all strata.”
Jul 20, 2024, 7:52 am IST
Budget 2024 Live Updates: Anurag Mittal, Head - Fixed Income, UTI AMC
"The bond market is expecting the Government to largely maintain its fiscal deficit target of 5.1% for FY25 compared to the pre-election expectation of significant reduction in borrowing. The government is expected to utilize higher than expected RBI dividend to introduce measures to boost consumption and increase outlay on rural schemes. The capex run rate is likely to be maintained. The constructive bond demand is largely priced in the yield curve and further progress on monsoon/food inflation & global central bank actions are likely to drive bond market in the near term."
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