Budget 2024 expectations Highlights: Healthcare, auto, realty, agriculture and other sectors share their wishlist | Mint – Mint

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Pre-Budget 2024-25 Expectations: Union Budget 2024-25 is scheduled for February 1, with general elections looming on the horizon, this budget promises to be a delicate balancing act between fiscal prudence and populist measures. Various sectors including pharma, healthcare, auto, real estate have shared their wishlist from Budget 2024 with Livemint.

23 Jan 2024, 07:42:56 PM IST

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Budget 2024 expectations LIVE:  Tourism industry experts hoping for TCS standardisation this year

Ahead of the presentation of interim budget, travel and tourism industry experts are hoping for a reduction in income tax levels, and standardisation of tax collected at source (TCS) to boost the sector. 

“Reduced income tax levels to provide increased disposable income in the hands of the people which create a boost for travel & tourism spends,” said Madhavan Menon, Executive Chairman, Thomas Cook India Ltd.

‘’Coalesce the TCS rate on outbound tours into a single five per cent slab to reduce the significant advantage enjoyed by international competitors (exempt from this levy),” said Vishal Suri- Managing Director, SOTC Travel.

23 Jan 2024, 07:26:10 PM IST

Budget 2024 expectations LIVE: EV sector calls for the extension of FAME scheme subsidy

With the India’s booming EV sector achieving huge growth, EV industry experts are hoping for another extension of FAME scheme subsidy in the upcoming interim budget.t

Chakravarthi C., Managing Director of Quantum Energy, stressed the industry’s anticipation of crucial measures in the upcoming budget to sustain and enhance its growth. With the FAME II subsidy program set to expire in March 2024, stakeholders are collectively calling for its extension to ensure ongoing efforts to enhance the affordability and accessibility of EVs.

Chakravarthi C. pointed out that an extension would align with the government’s ambitious target of achieving 30% electric vehicles on Indian roads by 2030.

23 Jan 2024, 06:59:33 PM IST

Budget 2024 expectations LIVE: Saurabh Garg of NoBroker.com bats for rise in cap on affordable housing

The upcoming interim budget should increase the cap on affordable housing from 45 lakh to 65 lakh, making incentives more accessible, according to Saurabh Garg, Co-founder & Chief Business Officer, NoBroker.com. 

“Under the current HRA classification, employees residing in recognized metro cities such as Delhi, Mumbai, Kolkata, and Chennai are eligible for an HRA of 50% of their basic salary. But those residing in non-metro cities receive a reduced allowance of 40% of their basic salary. This classification fails to include major cities like Bangalore and Hyderabad, where rentals are extremely high. Therefore, we are anticipating that the upcoming budget will address this discrepancy and reassess the classification of cities,” Garg said.

23 Jan 2024, 06:11:19 PM IST

Budget 2024 expectations LIVE: Sandeep Runwal, President of NAREDCO Maharashtra calls for hike in interest rate deduction cap to ₹5 lakh

Sandeep Runwal, President of NAREDCO Maharashtra, called for a significant increase in the the the interest rate deduction cap to 5 lakh and a redefinition of affordable housing, particularly in metro cities.

He also emphasised the real estate industry’s anticipation of transformative changes in the upcoming Budget 2024-25. 

He also called for continued incentives for affordable rental housing, tax benefits for first-time homebuyers, and the reintroduction of GST with an input tax credit. Additional proposals encompassing tax reliefs, single window clearance, reduced home loan interest rates, and the revival of subvention schemes for homebuyers.

23 Jan 2024, 05:45:04 PM IST

Budget 2024 expectations LIVE: Policy direction and prerogatives to remain largely similar in the interim budget, according to Emkay Global

The policy diretion and prerogatives are likely to remain largely similar to that for the recent budgets, as the trade-offs remain between nurturing growth recovery, according to brokerage Emkay Global.

“We expect the policy direction and prerogatives to remain largely similar to that for the recent budgets, as the trade-offs remain between nurturing growth recovery and the diminishing fiscal space with challenging debt dynamics. Besides, the improving intersection of politics and economics implies that political capital is no longer as compromised around election cycles as perceived,” said brokerage Emkay Global in its report.

23 Jan 2024, 04:53:31 PM IST

Budget 2024 expectations LIVE: ‘Expect support for affordable housing, policy frameworks, tax incentives,’ says Shiwang Suraj, Director & Founder – InfraMantra

The upcoming interim budget can ensure enhanced support for affordable housing by amplifying policy frameworks, extending tax incentives, and providing fiscal backing to revitalize the segment and address the housing deficit, believes Shiwang  Suraj, Director and founder of InfraMantra.

“For Budget 2024, we expect the call for enhanced support for affordable housing. This includes amplifying policy frameworks, extending tax incentives, and providing fiscal backing to revitalize the segment and address the housing deficit. Acknowledging the sector’s contribution to GDP and its role as a significant employment generator, we echoe the sentiment for granting real estate the long-awaited industry status, complemented by streamlined project clearance and GST harmonization. Such reforms are expected to bolster demand and affordably ease regulatory constraints,” said Shiwang Suraj.

“Additionally, we also advocate for the elevation of the home loan interest rebate under Section 24, from the current 2 lakh to 5 lakh, to stimulate the market, particularly within the budget housing sector which experienced a downturn in sales due to the pandemic. This, coupled with tax holidays for developers and alternative funding avenues, could catalyze a more resilient housing market,” he added.

23 Jan 2024, 03:32:01 PM IST

Budget 2024 expectations LIVE: Vineet Agarwal, MD of Transport Corporation of India mentions prioritisation of physical & digital infra, skilling initiatives to boost logistics sector

To boost India’s logistics sector, the upcoming interim budget requires a special focus on “building physical and digital infrastructure, incentivizing multimodal logistics for carbon reduction, and robust skilling initiatives for the 22 million employed in the sector,” believes Vineet Agarwal, Managing Director – Transport Corporation of India Ltd.

“As we await the release of the Interim Union Budget, the logistics sector stands poised for transformative measures that will fuel our journey to a USD 5 trillion economy. The forthcoming budget presents a significant opportunity to reinforce our commitment to enhance the ease of doing business.

India’s logistics cost, as highlighted by DPIIT, is encouraging, but our gaze must extend beyond mere cost considerations. A strategic allocation of resources towards infrastructure, competence, and traceability is essential for sustained progress. Ranked 38th in the World Bank’s Logistics Performance Index, India has shown considerable improvement, yet our focus must deepen on the drivers of performance and productivity. To boost EXIM trade and improve competitiveness, we need to maintain the momentum in investments and digitalization. With this approach, we’ll be able to move fast towards a more resilient and sustainable transport and logistics ecosystem for India.” he said.

23 Jan 2024, 02:49:24 PM IST

Budget 2024 expectations LIVE: Saurabh Saith, CEO, Orion India asks for rationalizing IT slabs to give more disposable income

“In particular, I would like to bring back government’s focus on PLI in food processing sector, this will help give encouragement to food companies like us to invest more Capex and plan more greenfield projects. This initiative is pivotal for fostering growth and innovation within the FMCG industry,” Saurabh Saith, CEO, Orion India, said.

“Rationalizing IT slabs to give more disposable income in hand and hence more consumption by the large middle class may help not just Food Companies, FMCG but almost all consumption led industries will benefit. We look forward to a budget that not only addresses current challenges but also propels the FMCG sector towards sustained growth and facilitates new investment,” he added.

23 Jan 2024, 01:36:26 PM IST

Budget 2024 expectations LIVE: Allowance of GST credit on capital goods and immovable property, and removal of credit restrictions on employee-related expenses

Key requirements for GCCs include the allowance of GST credits paid on capital goods and credits related to immovable property. Additionally, the removal of credit restrictions on employee-related expenses remains a subject of ongoing representations to the government. Allowing credits on such expenses would help ease working capital commitments of captive GCCs and align with the government’s objective to export taxes, shared Deloitte in its expectations.

23 Jan 2024, 01:24:04 PM IST

Budget 2024 expectations LIVE: Relief in children’s education, hostel allowances, and boosted home loan deduction

“The 2024 budget for India, amidst global recession and a 6.4% fiscal deficit, demands a nuanced approach from the Finance Minister. Balancing economic growth, tax concerns, and citizen relief is crucial. While hopes for a new 25% high-income tax slab are slim, expectations include increased basic exemption, standard deduction, and higher limits for 80C & 80D. Additional relief in children’s education, hostel allowances, and boosted home loan deductions could alleviate burdens. Though fulfilling every wish may be challenging, strategic concessions might be the key to navigating these challenging times,” S Ravi, Founder, Ravi Rajan & Co, said.

“The budget also prioritizes sustaining economic growth through increased infrastructure spending, alongside social welfare boosts for farmers, rural workers, and the elderly. Education and healthcare are likely to receive more funding, complemented by initiatives for clean energy, pollution reduction, and sustainable agriculture. Anticipated tax changes, industry-specific incentives, and support for sectors like gems & jewellery, MedTech, and IT underline the budget’s goal of balancing fiscal prudence with populist measures, paving the way for a greener, more inclusive future,” Rajan added.

23 Jan 2024, 01:17:49 PM IST

Budget 2024 expectations LIVE: Healthcare sector seeks allocation of resources to enhance infrastructure, technology

“As we approach the upcoming budget, the diagnostic industry is poised for a pivotal moment that could shape the future of healthcare in our nation. We anticipate a visionary budget that recognizes the indispensable role of diagnostics in the healthcare ecosystem. Our expectation is for policymakers to prioritize strategic investments, fostering innovation, accessibility, and the highest standards of diagnostic services,” Maneesh Bagai, Chief Operating Officer, Ampath Labs, expressed.

“The diagnostic industry is at the forefront of preventive healthcare, playing a crucial role in early detection and disease management. We hope for a budget that acknowledges the pivotal contribution of diagnostics and allocates resources to enhance infrastructure, technology, and skilled personnel in this sector. Our anticipation extends to a budget that not only addresses immediate needs but also lays the foundation for a robust and resilient healthcare system. Investments in cutting-edge technologies, research, and training will not only elevate diagnostic capabilities but also contribute to the overall efficiency and effectiveness of healthcare delivery,” Bagai added.

23 Jan 2024, 12:01:30 PM IST

Budget 2024 expectations LIVE: Healthcare emphasizes preventive initiatives

“Embracing a vision for a healthier India, we must recognize the pivotal role of healthcare in our nation’s prosperity. The Economic Survey 2023 underscores the need for a substantial increase in healthcare expenditure, projecting a rise from 2.1% to over 2.5% of GDP by 2025. As we chart the course for Budget FY24, I advocate a holistic approach that transcends traditional boundaries. In the journey towards a robust and inclusive healthcare system, alternative healthcare sectors play a crucial role. Alternative medicine, with its holistic approach, emphasizes preventive healthcare. It targets holistic well-being, stresses prevention through lifestyle changes, adopts an individualized approach, and employs stress reduction, natural therapies, and healthy habit promotion. Patient empowerment encourages proactive well-being,” Mukesh Batra, founder of Dr Batra’s® Group of companies, said.

23 Jan 2024, 11:26:41 AM IST

Budget 2024 expectations LIVE: Focus on expanding Public Private Partnerships, says Deepak Sharma, MD, CEO & Zone President, Schneider Electric

“India’s economy is projected to grow at 7.3% in the ongoing financial year, a testament to the country’s resilience amidst global uncertainties. The upbeat industry sentiment is fueled by strong domestic demand, robust capex cycle, and growing exports. As we await the upcoming budget, we are excited to see initiatives that bolster India’s sustainable development, with a key focus on laying the foundation for a new energy landscape. Continued focus on expanding Public Private Partnerships will further enable accelerating India’s infrastructure growth and ambitions,” Deepak Sharma, MD, CEO & Zone President, Greater India, Schneider Electric, said

23 Jan 2024, 11:24:50 AM IST

Budget 2024 expectations LIVE: Framework for a grid system, like solar, to allow CBG production in one location, wishes Mahesh Girdhar, MD and CEO, EverEnviro Resource Management

“A framework for a grid system, like solar, would allow CBG production in one location and off-take in another, while maintaining the green properties of the molecule. This approach has the potential to be a game-changer. Offering green credits for industrial use and implementing taxes for those using fossil fuel-based molecules can further encourage the adoption of green energy,” Mahesh Girdhar, MD and CEO, EverEnviro Resource Management Pvt Ltd, said.

“We also believe that emphasizing carbon credit trading will attract additional investments for CBG projects, bringing much-needed cash flow into the sector. A faster implementation of Green Credit Programme will support the development of the sector which will not only reduce carbon emissions but will also enable making soil healthier from organic matter rich Fermented Organic Manure (FOM) Liquid fermented Organic Manure (LFOM). Like CBG CGD Synchronization, a CBG Fertilizer Synchronization scheme for the mandatory consumption of CBG by fertilizer units would tremendously assist the industry,” Girdhar, added. 

23 Jan 2024, 11:21:19 AM IST

Budget 2024 expectations LIVE: Fintech leader wishes for implementation of a standardized KYC framework across all financial services

“In the Union budget 2024-25, the government should further push for initiatives that will focus on boosting adoption of digital payments in tier 2 and beyond regions. Policies should incentivise creation of a fertile environment for fintech startups to innovate and build products and solutions that will be more inclusive, adaptable for both consumers and businesses. I also expect the introduction of regulatory frameworks that will help curb digital fraud and build a safer and more secure digital payment environment, reinforcing the trust of users in digital transactions. There is a call for the implementation of a standardized KYC framework across all financial services, aiming to enhance efficiency and promote financial inclusion, in a secure way. Overall, the budget should also announce some provisions to ease financial burden on fintechs and provide tax saving benefits to startups in the sector,” Akash Sinha, CEO & Co-Founder, Cashfree Payments, said.

23 Jan 2024, 11:11:14 AM IST

Budget 2024 expectations LIVE: Healthcare sector bats for dedicated policy and regulatory support from the government

“Dedicated policy and regulatory support from the government have driven substantial growth in the Indian healthcare sector. With the upcoming interim Union Budget 2024–25 on the horizon, we eagerly await a roadmap that addresses universal healthcare (UHC). This roadmap should emphasize long-term infrastructure financing, the expansion of medical and nursing colleges, and the implementation of fiscal reforms in the health insurance sector. Recognizing the imperative for a dedicated regulator in the hospital sector, leveraging organizations like the National Accreditation Board for Hospitals & Healthcare Providers (NABH) could streamline compliance and enhance transparency,” Girdhar Gyani, Founder Director, Association of Healthcare Providers (AHPI), said.

“The Union Budget should prioritize elevating research and development infrastructure, implementing tax rationalization, and preparing for a $50 billion MedTech economy. Expectations from the MedTech industry include advocating for reduced import duties which would create a win-win situation for manufacturers and large hospitals, ultimately benefiting patients. We advocate for a boost in healthcare spending to 2.5 percent of GDP, envisioning a healthcare landscape that effortlessly integrates technology, prioritizes sustainability, and ensures widespread accessibility. The union budget should resonate with this vision, allocating significant resources to innovative initiatives that enhance our nation’s preparedness against health emergencies. To address the escalating burden of non-communicable diseases (NCDs), we urge the implementation of comprehensive screening and diagnostics programs, coupled with the expansion of skilling courses for health professionals,” Gyani added.

23 Jan 2024, 10:30:46 AM IST

Budget 2024 expectations LIVE: Healthcare sectors eyes increased budget allocation

“Anticipating the upcoming budget, we expect the Government to increase budget allocation on health to 2.5% of the GDP, besides the focus on elevating healthcare in Bharat and Rural India. In addition, we expect a rationalization of the GST framework and a reinforced healthcare value chain. One of the most important features of GST is to boost the competitiveness of businesses by ensuring the free flow of input tax credits across the value chain. However, we would expect further GST rationalization for the availability of input credit. Apart from that, it is imperative to prioritize capacity building and the training of healthcare professionals to effectively address the escalating demands within our nation. We also expect the budget to touch on certain key aspects like enhancing healthcare infrastructure in Tier 2 and 3 cities by granting it infrastructure status for private sector investment and ensuring low-cost funding and tax benefits. Apart from that, there is a need to emphasize sustained liquidity incentives, particularly for Rural India’s emergency healthcare. Encouraging private investment in medical colleges through measures like land allotment, subsidies, and loan moratoriums is expected as well. There is a need for mandating doctor rotations and incentivizing specialists in Tier 2 and 3 cities as well to aim for equitable medical expertise distribution. We also propose budgetary allocation for primary care, higher tax exemptions, and Primary Health Centre (PHC) expansion via public-private partnerships (PPPs). In digital infrastructure, the integration of government schemes under the National Health Authority is recommended for a unified digital platform, enhancing efficiency and expediting payments for private healthcare providers. Overall, we advocate a comprehensive approach, addressing infrastructure, manpower, patient support, and digitalization for a resilient and accessible healthcare system,” Probal Ghosal ,Executive Chairman,Ujala Cygnus Group of Hospitals, said.

23 Jan 2024, 10:04:49 AM IST

Budget 2024 expectations LIVE: Johnson Controls India wishes for momentum of the Green Growth initiative

“In today’s global context, the question of climate change and decarbonisation looms large, and has unanimously emerged as the top priority among all nations, demanding strategic leadership at all levels. With buildings globally contributing to 40% of carbon emissions, the opportunity for transformative change in this domain is significant, particularly in a developing nation like India. As we approach this year’s Union Budget announcement, there is an expectation that the momentum of the Green Growth initiative from the previous year will strengthen, reflecting a sustainability-first approach,” Arun Awasthy, President & Managing Director, Johnson Controls India, shared.

“Strategic investments in sustainable practices can act as a catalyst, propelling India towards decarbonization. This requires a more multi-dimensional approach, including greater incentivisation of green and smart building practices and certifications, encouraging the adoption of energy- efficient designs, and advancing skilling efforts in green and smart building technologies,” he added.

23 Jan 2024, 10:02:27 AM IST

Budget 2024 expectations LIVE: Green energy sector seeks policy support

“Looking ahead, policy stability and continued emphasis on spurring investment and infrastructure development will not only further enhance country’s global competitiveness but also lead to growth of the manufacturing and service sector, improve supply chain efficiencies and generate higher employment thereby leading to social gains. We remain confident that the Government will continue its push towards shifting the economy and transportation sector to a greener future that is less dependent on fossil fuels and include cleaner energy options that are best suited for our country’s requirements at scale and in the fastest possible manner. This includes policy support to various technologies that utilizes natural and indigenous energy sources such as solar, wind energy, biofuels like ethanol and biogas that will help in the creation of economic wealth within the country there by minimizing our import dependency and arresting economic vulnerability,” Swapnesh R Maru, Deputy Managing Director – Corporate Planning, Finance & Administration and Manufacturing, TKM, shared.

23 Jan 2024, 09:29:12 AM IST

Budget 2024 expectations LIVE: Healthcare sector seeks changes in GST tariff

“Government may allocate more funds and announce more schemes that boost manufacturing of medical equipment in India. Import may be discouraged. We are expecting some changes in the GST tariff and services covered under healthcare.There may be strengthening of import regulations to reduce the influx of imported medical equipment. This budget may create a conducive environment for local manufacturers to thrive and contribute to the “Make in India” initiative and boost employment opportunities and enhance the quality of healthcare services. Surprise packages may be announced for health tech and artificial intelligence (AI) in revolutionizing the healthcare sector. Overall it is expected that there will be some boost in past initiatives,” Joy Shah, Founder of Beagle Lasers, said.

23 Jan 2024, 09:27:21 AM IST

Budget 2024 expectations LIVE: Tech sector demands AI integration in education to align with the National Education Policy (NEP) 2020

“In the Union Budget 2024, the Indian government must prioritize AI integration in education to align with the National Education Policy (NEP) 2020. NEP’s goal of 6% GDP allocation to education is a step towards educational revolution, but true transformation lies in embracing AI. AI can personalize learning, making it inclusive and effective. Strategic funding should support AI-driven educational models, digital infrastructure, and AI literacy. Such initiatives must extend beyond conventional classrooms, ensuring equitable access across socio-economic strata,” Vineet Nayar Former CEO of HCL Technologies and Founder, Chairman of Sampark Foundation shared.

“Investments in AI research, especially in educational applications, are vital. Collaboration between educational institutions and industry can accelerate AI solutions for educational needs. Teacher training in AI, developing AI-enabled learning tools, and democratizing technology access are essential for an AI-ready generation,” Nayar added.

23 Jan 2024, 09:25:16 AM IST

Budget 2024 expectations LIVE: Renewable energy eyes policy for mandatory use of Green M15 fuel

“We expect that a quota should be mandated for the use of green hydrogen, ammonia and methanol in sectors like fertilizers, chemicals, steel, refineries, etc. Besides, the government should also consider implementing a nationwide policy mandating the use of Green M15 fuel i.e. mixing 15% green methanol with petrol, in transportation and other applicable sectors, supported by incentives for producers and consumers to adopt this fuel. It will help in demand creation and reducing production cost, Vineet Mittal, Chairperson of Avaada Group shared.

“Besides, the government should also consider extending Section 115BAB of Income Tax up to 2030 for setting up of new manufacturing units for solar modules, electrolyzer and green hydrogen production,” he added.

23 Jan 2024, 09:23:00 AM IST

Budget 2024 expectations LIVE: Realty sector bats for amendment to the CGST Act

“REITs and InvITs have made a significant contribution to the growth of the real estate and infrastructure sectors. To further help these instruments grow, certain long-standing tax asks aligning these instruments with listed equity shares is imperative. The recent SEZ rule amendment is a progressive policy reform which will help REITs and other commercial real estate companies unlock vacant spaces in the IT/ITeS Parks, while adding to employment creation and boosting economic activity. An amendment to the CGST Act, enabling real estate players to avail input credit during the construction phase, will also help reducing costs and support the growth of this asset class,” Ramesh Nair, CEO| Mindspace Business Parks REIT

23 Jan 2024, 09:20:54 AM IST

Budget 2024 expectations LIVE: Godrej & Boyce wishes for continued support on capex led projects, infrastructure improvements, PLIs

“We expect the Government to continue its support to capex led projects, infrastructure improvements and PLIs, as budgeted. Further, the Government must take steps to accelerate the growth of its rural economy by providing suitable enablers. Additionally, the spends on targeted welfare measures for the underprivileged need to continue. India needs to grow across all segments and strata of society,” said, Anil G Verma, CEO and Executive Director, Godrej & Boyce.

23 Jan 2024, 09:18:57 AM IST

Budget 2024 expectations LIVE: Anish Bafna, CEO & MD, Healthium Medtech seeks increase in export incentives under RoDTEP and more

“As we gear up for the Union Budget of FY 2024-25, the industry will look forward collectively to a phased out approach on custom duties, facilitation of single window clearances for local manufacturers, increase in export incentives under RoDTEP (Remission of Duties and Taxes on Export Products Scheme) along with broadening the scopes of schemes like PLI. A separate law provision and an inclusive regulatory framework, will enable faster access to innovation, keep up our relentless spirit of ‘AtmaNirbhar Bharat’ and eventually help accelerate better clinical outcomes. The opportunity and vision for India as a medtech hub remains within our collective grasp; how successfully we will seize it will define the industry outlook and status,” Anish Bafna, CEO & MD, Healthium Medtech, said.

23 Jan 2024, 09:05:55 AM IST

Pre-Budget 2024-25 Expectations: Siddharth Singhal, Co-founder and CEO of VIBCARE PHARMA calls for focus on advanced R&D

“The budget’s emphasis on research and development offers us an exceptional chance to innovate. We hope to see increased government backing in areas vital to us, such as regulatory reforms and more healthcare funding. This support is crucial for us to address the dynamic healthcare needs of India. By focusing on advanced R&D, we aim to introduce better and more cost-effective medicines, benefiting both Vibcare Pharma and the community at large,” Siddharth Singhal, Co-founder and CEO of VIBCARE PHARMA, said.

“Furthermore, this budget’s healthcare focus aligns with our mission, promising growth opportunities and reinforcing our dedication to providing accessible healthcare solutions,” he added.

“Looking ahead, we’re excited about the prospects this budget holds for our sector, ready to harness these opportunities for continuous growth and innovation. Our pre-budget expectations include government support in critical areas like R&D funding, streamlined regulations, and domestic manufacturing promotion, which will empower our growth and contribute to making healthcare more accessible and affordable in India,” Singhal said.

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