Budget 2024 Expectations Highlights: India Inc, taxpayer, entrepreneurs share wishlist | Mint – Mint

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Budget 2024 Expectations Highlights: Union Finance Minister Nirmala Sitharaman, who has already presented five annual Budgets, will be unveiling an interim Budget for fiscal 2024-25 on February 1 in the Lok Sabha. It will be the last major economic document before the next general elections. From agriculture, infrastructure, and healthcare to education, finance, and manufacturing- a diverse array of sectors eagerly await Sitharaman’s announcements and fiscal policies that will shape their respective landscapes. 

India Inc has anticipated that FM Sitharaman will announces measures to boost manufacturing, earmark larger funds for infrastructure development, and accord more focus on social sector schemes, while giving relief on taxation front on 1 February.

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Check all the latest updates on Budget expectations 2024 here.

29 Jan 2024, 02:30:14 PM IST

Budget 2024 Expectations LIVE: Fintech sector seeks a symbiotic growth with MSME, banking

“As the Indian budget approaches, fintech companies are buzzing with anticipation. We envision a transformative Union Budget 2024 that can facilitate a symbiotic growth of the banking, MSME, and fintech sectors. A robust and resilient banking sector is the bedrock for a thriving MSME and fintech ecosystem. In alignment with this vision, we anticipate targeted budgetary measures to enhance the sector’s efficiency and resilience. These include further capital infusion and strategic technological upgradation initiatives. We further expect enhanced cooperation between fintechs and banks, resulting in hybrid models that capitalise on their respective advantages,” Gurjot Singh, Co-founder, Collekto, said.

28 Jan 2024, 09:33:05 PM IST

Budget 2024 Expectations LIVE: Biz2Credit CEO Rohit Arora on budget expectation for MSME sector

According to Rohit Arora, CEO and Co-founder of Biz2X and Biz2Credit, simplified regulatory procedures and reduced compliances burdens are the need of hour for startups and MSMEs.

“We anticipate a budget that prioritises financial inclusion and ease of doing business, fostering a conducive environment for growth. Measures such as simplified regulatory procedures and reduced compliance burdens can empower startups and MSMEs, promoting a more agile and competitive landscape,” said Rohit Arora.

28 Jan 2024, 08:53:12 PM IST

Budget 2024 Expectations LIVE: Fixderma CEO Shaily Mehrotra expects tax concessions and custom duty exemptions to boost ecommerce industry

Budget 2024 Expectations LIVE: With the presentation of interim budget, the government can introduce tax concessions and necessary custom duty exemptions to boost ecommerce industry, according to Shaily Mehrotra, CEO & Founder, Fixderma.

“Keeping the expected growth rate in mind, budget 2024 holds high hopes for Retail and Ecommerce brands of the country. Speaking of Ecommerce, our trajectory indicates that we can become the world’s second-largest by 2034, with an anticipated annual gross merchandise value of $350 billion by 2030 thanks to the increasing penetration of e-commerce in Tier-2 and Tier-3 cities. Majority of booming ecommerce brands are MSMEs and startups. Hence we expect tax concessions and necessary custom duty exemptions. I am also expecting leverages for EV and AI related ventures as it holds the future. In the retail segment, we expect budget 2024 to offer tax breaks and incentives to revive consumer spending and boost retail footfall, including raising personal income tax slabs and introducing temporary tax holidays.We can also expect selective incentives to promote sustainability and innovation,” said Shaily Mehrotra.

28 Jan 2024, 08:27:52 PM IST

Budget 2024 Expectations LIVE: Arun Misra, Chairman of the International Zinc Association urges the budget to look at consolidating DMF and CSR funds into a single entity

Chairman of the International Zinc Association, Arun Misra, urged the governmnent to look into consolidating DMF and CSR funds into a single entity for the simplification and maximisation of impact. 

“India’s Amrit Kaal presents a pivotal opportunity for sustainable growth. As industry leaders, we see potential in unlocking infrastructure development, industrial expansion, and a greener future. Optimizing mining holds key benefits. Exploration is crucial for sustainable development. The upcoming budget could encourage exploration by facilitating approvals and incentivizing experienced agencies as this segment holds huge potential for private industry to explore the mineral potential of India. Streamlining community development efforts is essential and for that, we urge the budget to look at consolidating DMF and CSR funds into a single entity that could simplify administration and maximize impact,” said Arun Misra.

28 Jan 2024, 08:14:08 PM IST

Budget 2024 Expectations LIVE: Anticipate GST reduction on electronics, tax incentives for angel investors, expansion of PLI scheme says Varun Gupta, Co-Founder, BOULT

Stressing the need for the much-needed support of the government for electronic goods manufacturing company, Varun Gupta, Co-Founder, of BOULT, said that the industry is expecting “some crucial policy reforms, such as the reduction of GST rates on electronics, which will not only fuel the industry’s fire but also make tech more accessible to the masses.”

“Tax incentives for angel investors can catalyze a surge in innovation, while extended tax rebates for startups like us are crucial for nurturing early-stage entrepreneurship,” Gupta added.

He also said that the government can announce reforms related to Production Linked Incentives (PLI) as the current scheme.

28 Jan 2024, 07:44:37 PM IST

Budget 2024 Expectations LIVE: ‘Hoping the budget to introduce measures to aid credit growth, financial inclusion, and digital enablement of financial services,’ says Bharat Pe CEO Nalin Negi

“As India sets sight on becoming a US$ 5 trillion economy by 2025, the upcoming Interim Budget offers a timely opportunity to formulate policies that further unlock the potential of fintechs in enabling financial inclusion and powering their growth. I am hopeful that the government will announce measures to increase capital availability for fintechs operating in underserved domains like rural credit, digital payments, and digital lending. Regulations around digital banking, data governance and emerging technologies have fueled the building of sustainable fintech businesses over the last year or so, and I am hoping that the budget will introduce additional measures that can aid credit growth, financial inclusion and digital enablement of financial services,” said Nalin Negi, Chief Financial Officer & Interim CEO, BharatPe.

“It would also be good to see tax benefits and favourable initiatives for research, product innovation and skill development being introduced, so as to encourage indigenization that can help India emerge as the global innovation hub. Additionally, in order to nurture the blooming startup ecosystem, the Government should further broaden the eligibility criteria and look at providing tax reliefs to employees in start-ups around Employee Stock Ownership (ESOPs). I am optimistic that this budget will set the stage for enhanced collaboration between fintech innovators and policy makers to nurture an ecosystem that can equitably power India’s digital economic aspirations,” Negi added.

28 Jan 2024, 07:25:49 PM IST

Budget 2024 Expectations LIVE: Digital infrastructure should ake top priority with improved incentives for research, innovation hubs, says Insight Enterprise’s Mohan Subrahmanya

Calling for the need of a wider focus on research and development and boost to digital infrastructure, Mohan Subrahmanya, Country Leader, Insight Enterprise, said, “This year, we are eagerly looking forward to a strategic distribution of resources with digital infrastructure taking top priority and improved incentives for research, upskilling, and creation of innovation hubs. While the imminent data protection bill looms, the upcoming budget announcement will be seen as a pivotal moment to enhance the stance on securing sensitive information. I anticipate increased funds for crucial aspects such as cybersecurity, along with robust support for emerging technologies in the realm of 5G, AI, and the Internet of Things, accompanied by tax revisions aimed at stimulating IT exports. Alongside, monetary advancements in research, development, and AI will accelerate growth overall for the country and be a steady move towards strengthening our position in the global arena.”

28 Jan 2024, 07:04:09 PM IST

Budget 2024 Expectations LIVE: GALF CEO Amit Vasistha on Budget expectations

“India is taking the lead in the global economic resurgence, with MSMEs and startups playing an increasingly vital role in sustaining and propelling this growth. Past initiatives connected to Startup India and MSME development are yielding positive initial results. However, the scaling process and obstacles related to institutional funding continue to impede rapid progress. The tax environment, particularly burdensome for younger firms, is often perceived more as tax terrorism than a convenience. To foster the growth of startups and MSMEs, steps should include establishing uniform state-level programs aligned with central government objectives, avoiding duplication of paperwork and certifications between central and state levels,” said Amit Vasistha, Founder and CEO, GALF, a wellness-tech platform for corporates.

“Providing clear preference and reservation for startups in government contracts and tenders up to 20 crores can significantly boost the local ecosystem. Additionally, offering a total GST waiver for companies with sales up to 2 crores and increasing spending to develop an ecosystem rewarding institutions investing or buying services from startups with up to 20 crores in sales is crucial. Liberalizing the usage of CSR funds and providing tax concessions for direct investment in impact,” Vasistha added.

28 Jan 2024, 06:36:13 PM IST

Budget 2024 Expectations LIVE: We support industry status to residential sector, says Venkatesh Gopalakrishnan of Shapoorji Pallonji Real Estate

Calling for the need of recognisition of the residential sector as a separate ‘industry’, Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD & CEO – Shapoorji Pallonji Real Estate, said, “We support the industry-wide call for granting “industry status” to the residential sector, aligning with the government’s vision of “housing for all.”

Venkatesh Gopalakrishnan also advocated for the need of supportive measures, including NAREDCO’s request for a 50,000-crore fund.

“The budget is a chance to redefine affordability as the diverse locations demand different price caps instead of uniformity. Recognising changing investment dynamics, we suggest expanding Section 80C limits for millennials and Gen-Z homebuyers,” Gopalakrishnan added.

28 Jan 2024, 06:22:23 PM IST

Budget 2024 Expectations LIVE: Pritam Chivukula of Tridhaatu Realty calls for revision of the cap in the credit link subsidy scheme in real estate

With rising prices of residential properties in metro cities, Pritam Chivukula advocates for the the revision of the cap in the credit link subsity scheme. Chivukula also calls for increasing the limit from 45 lakh to 1 crore for metro city home buyers

“With property prices in metro cities skyrocketing, the industry advocates for a revision of the cap in the credit link subsidy scheme. Raising the limit from 45 lakh to 1 crore for metro city home buyers will significantly benefit the affordable housing segment, making homes more accessible,” said Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, of CREDAI-MCHI 2023.

28 Jan 2024, 05:51:16 PM IST

Budget 2024 Expectations LIVE: IT industry is facing hurdles inprocessing of refunds, expect the govt to set up additional machinery for speedy redressal, says Payal Thaker of BDO India

Highlighting the vast amount of challenges faced by the IT industry related to processing of refunds, Payal Thaker, Partner, Indirect Tax, BDO India, calls for the establishment of a separate machinery to take up the matters quickly.

“The IT Industry is grappling with significant challenges concerning the processing of refunds, particularly in cases pending at the Appellate level due to backlog of the Pre – GST cases. This situation imposes unwarranted financial hardships on companies, leading to cash blockage and reduced liquidity. Consequently, quick processing of matters and disbursement of refunds by setting up additional machinery to take up the matters quickly will be welcomed by the industry,” said Payal Thaker.

28 Jan 2024, 05:24:20 PM IST

Budget 2024 Expectations LIVE: Healthcare industry seeking increased budget allocation, PPP model implementation for Ayushman Bharat Scheme, says Jeetu Bairathi of BDO India

“The industry is seeking for an increased allocation in the budget. Increased participation of private sector in the Ayushman Bharat Scheme through PPP model is to make affordable healthcare accessible for 500 million people. On the tax front, Input tax credit (ITC) is a cost for this industry, hence moving to Zero% Tax from exempted category will help the sector to claim ITC and this will improve affordability of healthcare. 100% Foreign Direct Investment (FDI) in both Health Insurance and Retail Pharmacy sectors would help in further expanding healthcare access. An import ban on select medical equipments and expansion of the PLI scheme for manufacturing of such medical equipment will attract FDI in manufacturing in this sector, which is currently dominated by other services,” said Jeetu Bairathi, Partner, Financial Due Diligence, BDO India.

28 Jan 2024, 04:46:22 PM IST

Budget 2024 Expectations LIVE: Rajitha Boorugu, Partner of BDO India on what the healthcare sector expects from FM Nirmala Sitharaman

The interim budget is an opportunity for the government to deal with a lot of tax and and GST regulatios for the benefit of healthcare industry. 

According to Rajitha Boorugu, Partner, Indirect Tax, BDO India, “ The healthcare industry anticipates a reconsideration of the GST levied on hospital room rents exceeding Rs. 5,000/-, as it significantly increases the cost of the healthcare for patients, coupled with substantial amount of record keeping requirements for the hospitals.”

Rajitha Boorugu also advocates the exemption of medicines and equipment from GST.

“Under GST regulations, inter-state movement of medicines and equipments to another hospitals is subject to GST. As recipients cannot claim Input Tax Credit due to provision of exempt supplies, such movements of medicines and equipments should be exempted from GST. Currently, the income from medical tourism, where the residents of foreign countries come to India for specific treatments are also treated as exempt services, despite the hospitals recovering its charges in foreign exchange. However, such revenue should be treated as a zer- rated revenue (i.e. export of services), enabling the hospitals to claim ITC on various expenses incurred and claim refund of such ITC,” said Boorugu.

28 Jan 2024, 04:28:11 PM IST

Budget 2024 Expectations LIVE: ‘EV industry looking for FAME extension, tax clarity on EV charging, ITC eligibility,’ says Gyanendra Tripath of BDO India

Pointing out towards the lack of clarity on tax treatment of EV charging, Gyanendra Tripathi, Partner & Leader, Western Region, Indirect Tax, BDO India said, “ he EV industry is also looking for an extension of FAME subsidies, clarity of tax treatment on EV charging, eligibility of ITC on setting up of the charging stations, and a GST rate reduction on entry-level two-wheelers.”

“The auto component manufacturers are looking for a uniform tax rate on the parts, ideally 18%, to avoid the disputes arising from differential rates of tax,” he added.

The automotive sector currently has the most complex tax structure with multiple customs duties (ranging from 7.5 pr cent to 100 per cent basic customs; GST ranging from 12 to 28 per cent and Compensation cess ranging from 0 to 22 per cent). Some level of rate rationalization is expected to reduce the interpretative issues and litigations. The Electric Vehicles (EVs) industry has been representing for a reduction in the GST rate on parts/ components used in the manufacture of EVs (attracting GST @ 18% / 28%) as well as on batteries (leviable to 18% GST) to 5%.

28 Jan 2024, 04:03:03 PM IST

Budget 2024 Expectations LIVE: Chulamas Jipatima of MQDC India hopes for tax incentives for startups

“We eagerly await Budget 2024, hoping for policies that not only promote economic resilience and innovation but also streamline the ease of doing business. Co-working spaces have played an important role in molding the modern workforce, and we look forward to efforts that encourage the expansion of collaborative ecosystems.

We anticipate a future where workspaces are not only dynamic and inclusive but also supported by a reduction in the number of compliances, providing a more conducive environment for startups and entrepreneurs to thrive. As advocates for the entrepreneurial spirit, we hope for tax incentives and announcements that actively encourage startups to set up offices, fostering a culture of innovation and growth. There is a need for a budget that acknowledges the critical role flexible workspaces play in promoting economic development, and fostering the entrepreneurial spirit and well-being of the users. We are hopeful about Budget 2024’s beneficial impact on the co-working scene. We believe that a budget aligned with these principles will not only drive economic development but also contribute significantly to the overall well-being and success of our users,” said Chulamas Jipatima (Amy), Country Director, MQDC India.

28 Jan 2024, 03:24:02 PM IST

Budget 2024 Expectations LIVE: ARENQ’s VG Anil hopes for a boost to innovation, R&D, infrastructure in renewable energy

The upcoming interim budget is anticipated to include policies that support green initiatives and renewable energy. A budget that looks forward to the future could encourage research and developmen, improve electric mobility infrastructure, and make it easier for people to use sustainable power solutions, according to VG Anil, CEO, ARENQ.

“We are a major manufacturer that focuses on making UPS, Solar, and EV batteries. We are excited about the upcoming budget and hope it includes policies that support green initiatives and renewable energy. A budget that looks forward to the future could encourage research and development, improve electric mobility infrastructure, and make it easier for people to use sustainable power solutions. We want the budget to promote innovation, reduce our reliance on traditional energy sources, and help the country become more environmentally friendly and resilient. We at Arenq are committed to making high-quality batteries that are good for the environment, and we hope the budget supports our goal of creating a sustainable and energy-efficient world,” VG Anil said.

28 Jan 2024, 02:54:52 PM IST

Budget 2024 Expectations LIVE: Snap E Cabs CEO Mayank Bindal expects reduction of GST on the Li-ion batteries

To encourage the use and production of electric vehicles in the country, the government should continue its FAME scheme subsidy and should also think of reducing the GST on the Li-ion batteries, said Mayank Bindal, Founder & CEO, Snap E Cabs.

“One of the most anticipated schemes to be continued is the FAME II subsidy (Faster Adoption & Manufacturing Electric Vehicles). This subsidy was announced in 2019 having a validity for 3 years. It is expected that the govt will continue this for the next few years in response to decarbonising the environment and achieve the targets of net 0 goals.

ALong with this, there is a proposal to reduce the GST on the Li-ion batteries from 18% to 5% overall, reducing the cost of acquiring EV’s. Since batteries are a major cost component in EV’s, the move to reduce the cost of batteries will make the product more lucrative for buyers,” said Mayank Bindal.

28 Jan 2024, 02:26:35 PM IST

Budget 2024 Expectations LIVE: Arun Sreyas, Co-Founder, RACE Energy

“The infusion of funds within the FAME scheme highlights the government’s dedication to promoting the widespread adoption of EVs. However, it’s crucial to acknowledge battery swapping’s pivotal role in this growth. Presently, a notable disparity exists in the GST rates between EVs sold with fixed batteries (taxed at 5%) and the lithium-ion batteries utilised for swapping purposes (taxed at 18% when sold separately). With the Interim Budget announcement in February, we’re also expecting GST parity for EV batteries used in swapping—crucial for competitive pricing—and they should hopefully align with the 5% bracket to fortify the EV landscape. We also hope that the registration process and subsidy mechanism for battery swapping vehicles will be defined under the guidelines of the FAME scheme,” Arun Sreyas said.

28 Jan 2024, 02:16:22 PM IST

Budget 2024 Expectations LIVE: Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD & CEO – Shapoorji Pallonji Real Estate

“As we approach 2024, the real estate sector is at a crucial point, anticipating opportunities beyond conventional boundaries. With signs of pre-pandemic stability, the industry is poised for sustained growth. While acknowledging the government’s efforts, we propose targeted measures in the upcoming Union Budget to unlock the sector’s full potential. We urge the government to consider our primary request, which is a significant increase in the home loan cap from 2 lakhs to 5 lakhs annually. This would not only incentivise homebuyers but also boost industry revenue. We advocate for a reduction in long-term capital gains tax, waiving notional rent on second properties, and aligning the income tax rate with corporate rates at around 25 per cent. In order to revive the sector, the government should focus on affordable housing. We propose to reduce GST rates and interest subventions for affordable housing. Single window clearance for the sector has been pending for a long time. We hope to see it granted in this year’s budget,” Venkatesh Gopalakrishnan said.

28 Jan 2024, 02:02:42 PM IST

Budget 2024 Expectations LIVE: Munira Loliwala, AVP- Strategy and Growth, TeamLease Digital on Infra and Energy

“Sector opportunities across the infrastructure sector will be at forefront in the upcoming budget with implementation of long-term plans to scale regional air/road/railway connectivity, improve energy supplies, achieve renewable targets, and upgrade transportation networks. PLI schemes & policies in Retail infrastructure will benefit logistics & warehousing given the decentralization of supply chains, similarly promoting State of Art sustainable ‘A’ grade offices and Digital Public Infrastructure connecting citizens to governance & government should take centre stage this Budget. Higher capital expenditure for renewable energy and measures to boost hydrogen competitiveness will create more job opportunities and diverse platforms to the existing workforce within the solar & wind energy segments.

Budget plans should promote indigenous development, facilitate technology transfer, and incentivise localised manufacturing initiatives to conserve foreign exchange. Proactive measures in incentives to boost manufacturing & R&D hubs, reduction of GST rates to remain few key expectations,” Loliwala said.

28 Jan 2024, 02:00:14 PM IST

Budget 2024 Expectations LIVE: Mohan Subrahmanya, Country Leader, Insight Enterprise on technology

“India is positioning itself at the forefront globally on various frontiers, most notably the technology industry. As the IT industry eagerly awaits the 2024 Union Budget, I look forward to seeing a budgetary plan that aligns with this ever-evolving technological landscape.”

“With breakthroughs in digital transformation and talent at the heart of it, India is becoming a global force to be reckoned with. This year, we are eagerly looking forward to a strategic distribution of resources with digital infrastructure taking top priority and improved incentives for research, upskilling, and creation of innovation hubs. While the imminent data protection bill looms, the upcoming budget announcement will be seen as a pivotal moment to enhance the stance on securing sensitive information. I anticipate increased funds for crucial aspects such as cybersecurity, along with robust support for emerging technologies in the realm of 5G, AI, and the Internet of Things, accompanied by tax revisions aimed at stimulating IT exports. Alongside, monetary advancements in research, development, and AI will accelerate growth overall for the country and be a steady move towards strengthening our position in the global arena,” Subrahmanya said.

28 Jan 2024, 01:58:33 PM IST

Budget 2024 Expectations LIVE: S K Narvar, Group Chairman, Trident Realty

“The budget should include a fiscal stimulus and personal tax relief by increasing the tax rebate on home loan interest rates from Rs. 2 lakh to Rs. 5 lakh. This will be a significant boost for millions of first-time homebuyers. Another key area for the government to consider is to continue focusing on Tier 2 & Tier 3 cities and to provide more infra-development funds to ensure that a larger number of projects in these cities benefit. Furthermore, the government should consider revising the definition of affordable housing, both in terms of value and size, to cater to a large population that has returned to their hometown and to boost housing demand in new markets,” S K Narvar said.

28 Jan 2024, 01:41:02 PM IST

Budget 2024 Expectations LIVE: Santosh Agarwal, Executive Director and CFO, Alphacorp

“We are anticipating a growth-oriented budget where real estate thrives as a cornerstone of progress with policies that nurture sustainable development, incentivize innovation, and foster the housing segment with significant tax breaks. The Indian real estate industry rose massively in 2023 with a slew of projects be it residential or commercial. Maintaining similar optimism, we await the Union Budget with the provisions for the single window clearance system for greater transparency and efficiency. We would also like the administration to grant the most awaited ‘Industry’ status to the real estate sector,” Santosh Agarwal said.

28 Jan 2024, 01:17:36 PM IST

Budget 2024 Expectations LIVE: Rajeev Kapur, President helmet Manufacturer Association & MD, Steelbird Hi-tech India on road safety

“According to a recent report, it has come to light that India is dealing with a serious situation as road accidents are causing a huge loss of 3.14% in the country’s GDP, which has called for holistic measures to address this worrying situation. Said to the purported. My first proposal is to reduce the Goods and Services Tax (GST) on helmets to 5% from the current 18%. This step is considered necessary, as helmets are being seen as a life-saving device, with the aim of making them economically accessible to the general public and resulting in increasing the overall compliance of helmet use. Second, I suggest that 1% of the Corporate Social Responsibility (CSR) fund be allocated to road safety aspects. Third, only 8 states currently have mandatory helmet use rules, which requires this specific practice to be promoted across the country to ensure uniform road safety practices across the country. Also, to speed up the testing process of helmets, I suggest that the testing process of helmets should be completed quickly by authorizing recognized institutions and NGOs, this will ensure that safe helmets reach the market quickly.  Along with this, it is also necessary that there is mandatory compliance of helmet usage rules nationwide, so that positive results can be achieved in fighting the road safety situation,” Rajeev Kapur said.

28 Jan 2024, 01:05:17 PM IST

Budget 2024 Expectations LIVE: FM Nirmala Sitharaman second finance minister to present budget 6 times in a row

Finance Minister Nirmala Sitharaman will set a record by presenting the sixth Budget in a row — 5 annual Budgets and one interim — a feat achieved so far only by former Prime Minister Morarji Desai. Desai, as Finance Minister, had presented five annual Budgets and one interim Budget between 1959-1964.

By presenting the Budget on 1 Feb 2024, Sitharaman will surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented five budgets in a row.

28 Jan 2024, 12:52:55 PM IST

Budget 2024 Expectations LIVE: Automakers seek continued push to green mobility, infra development

  • Toyota Kirloskar Motor Deputy Managing Director (Corporate Planning, Finance & Administration and Manufacturing) Swapnesh R Maru said the automaker remains 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. “Looking ahead, policy stability and continued emphasis on spurring investment and infrastructure development will not only further enhance the country’s global competitiveness but also lead to growth of the manufacturing and service sector,” he added.
  • JK Tyre & Industries Chairman & Managing Director Raghupati Singhania said that consistent automotive policies would propel sectoral expansion. “A robust budget is vital for India’s journey to become the third-largest global economy,” he noted.
  • Mahindra Last Mile Mobility MD & CEO Suman Mishra said that by driving inclusive income generation, electric three-wheelers and commercial vehicles pave the way for financial upliftment of many. “We call upon the Union Budget 2024 to prioritise this segment through continued FAME support, fostering economic empowerment for the most deserving and environmental well-being for all,” she noted.
  • CarDekho Group CFO Mayank Gupta hoped that the government would look into GST anomalies in self-drive cars. “The government can consider addressing GST anomalies in self-drive cars, contemplating a personal tax rate cap of 30 per cent through surcharge reductions, and extending long-term capital gains benefits to employee stock ownership plans (ESOP)”.
28 Jan 2024, 12:43:56 PM IST

Budget 2024 Expectations LIVE: ‘Policy push for green mobility should remain a key focus,’ says Santosh Iyer

Santosh Iyer, MD & CEO of Mercedes-Benz India has sought a policy push to boost green mobility in the country in the upcoming Budget 2024.

Iyer added, ” The luxury car industry has a significant value contribution to GDP, and our wish for a rationalised duty structure and GST stays on priority”.

28 Jan 2024, 12:30:28 PM IST

Budget 2024 Expectations LIVE: Watch investor Vijay Kedia communicate with FM Sitharaman with his singing talent

Ace investor Vijay Kedia with his musical talent on Sunday communicated with FM Nirmala Sitharaman ahead of Interim Budget 2024 on the X platform. Kedia raised some vital questions such as a tax on dividends, and job cuts among other issues by singing in a melody of the hit Bollywood song “Kehna hai aaj tumse pehli baar….”. Watch video.

28 Jan 2024, 12:17:25 PM IST

Budget 2024 Expectations LIVE: Devyani Jaipuria, Pro-Vice Chairperson DPS International on education sector

“We need to allocate funds towards establishing AR/VR labs and Robotics facilities in schools, enhancing the learning experience through technology. The budget should actively support digital education initiatives by offering tax incentives and forming partnerships with tech companies to improve online learning platforms. To foster a future-ready workforce, there is a need to integrate subjects like analytics into the school curriculum, ensuring that students are equipped with essential skills early on, aligning with the evolving demands of the digital age. Remote learning has emerged as a powerful tool, democratizing education by breaking down geographical barriers and providing access to quality learning experiences for students, irrespective of their location.

Therefore, the 2024 education budget should reflect our dedication to innovation, collaboration, and preparing the next generation for the challenges of the future as well as taking a step towards building a more egalitarian society.”

28 Jan 2024, 12:13:44 PM IST

Budget 2024 Expectations LIVE: Rahul Kapoor, Founder & MD, RKA Corporate Advisory on new tax regime

“The taxation slabs should be rationalized to just three slabs. Currently, there are five slabs starting from 5% going up to 30%. This is very complicated and unnecessary. There should be only three slabs. Further, the tax rate of 30% should start at a much higher threshold as it’s unfair to take away nearly ⅓ (income tax plus surcharge and cess) of a person’s income when the person’s income is barely enough to support the high cost of living like housing, travel, children’s education, basic sustenance etc. They should consider making the highest tax slab of 30% plus surcharge and cess applicable beyond 25 lakhs of income. The minimum income tax threshold should be raised so that people who are barely making ends meet in cities don’t have to pay income tax. Also, the old tax regime should be removed and in the new regime the government should introduce deductions like 80C, HRA etc. to rationalize the taxation on person’s paying house rents and making such tax saving investments as opposed to those who are not.

Separately, the GST rates applicable to many essential services like insurance should be reduced and GST on life insurance should be done away with completely. GST has been around for nearly 7 years now and it’s high time the government brings petrol, diesel and liquor under the GST regime. “

28 Jan 2024, 12:12:20 PM IST

Budget 2024 Expectations LIVE: Samudragupta Talukdar, Founder & CEO of Relata on housing schemes

“Over the past few years, housing schemes such as PM Awas Yojana have ensured that more and more citizens get a roof over their head. We expect the upcoming budget to expand such affordable housing schemes to further strategic locations and regions, on the lines of how CIDCO is planning over 67,000 homes under both PMAY as well as non-PMAY schemes. The other key expectation from the Union Budget is a focus on enhancing the infrastructure to connect newer regions and areas to open up newer markets and bring pace. Initiatives such as Atal Setu, which has drastically reduced the commute time between Mumbai and Navi Mumbai to expand the real estate market in the region, need to be implemented across India.

In the wake of some industry giants pointing that nearly 45% of today’s prices for homes is going towards taxes and levies, there is an urgent need for tax incentives in real estate, especially with regard to GST on raw materials, land acquisitions and inventory sales. The budget ahead must also look at expanding the frameworks and implementations of Next Generation concepts like Real Estate Investment Trusts (REITs) and fractional ownerships. Furthermore, there is a need to improve and strengthen financing options available to home buyers through incentives and policy measures. Traditional bank home loan financing schemes and RBI’s NBFC-powered home financing alternatives shall also contribute in further incentivizing the sector.”

28 Jan 2024, 12:10:27 PM IST

Budget 2024 Expectations LIVE: Pradeep Yadlapati, Senior Vice President, India Country Head & APAC SBU Head for Innova Solutions

“As India emerges as a digital innovation hub, the technology industry poised for a transformative journey, eagerly anticipates key developments in the upcoming Interim Union Budget. We must assume a leadership position in building & deploying AI on the world map. Thus implore the government to consider incentives for establishing innovation centres around AI, Cyber Security, Phygital, extend tax breaks for upskilling and reskilling programs offering to boost workforce development in these critical digital skills. What is required is a well thought out policy framework.

Government must encourage more capital flow into the startup ecosystem to create impetus for differentiation and value creation. Only a supportive fiscal environment will empower startups to invest boldly in cutting-edge technologies, leading to job creation and global competitiveness.

AI integration in education in alignment with the NEP 2020 should also be prioritized. NEP’s goal of 6 per cent GDP allocation to education marks a significant stride toward an educational revolution. Targeted funding should be directed towards supporting educational models driven by AI, bolstering digital infrastructure, and enhancing AI literacy.

All these measures would ensure the industry’s collective commitment to maintaining a leading position in innovation and inclusive growth across diverse geographical landscapes.”

28 Jan 2024, 12:00:09 PM IST

Budget 2024 Expectations LIVE: Lovak Capital founder Jyoti Bhandari on women economic development

“The previous year’s budget highlighted the importance of women’s economic empowerment, recognizing their significant role in fostering a dynamic economy. Budget 2024 should prioritize skill training, especially for young women in Bharat, offering vocational programs after class 12. Further it should meet its promise to encourage the evolution of “Lakhpati Mahilas” from Women’s Self Help Groups. This shift would not only catalyze rural economic growth but also secure the substantial growth in SHG networks. The growth of successful women entrepreneurs from these groups must also be encouraged by aiding the transition of their enterprises into larger value chain-focused producer organizations. Focusing on the role of women in agriculture and exploring their potential contribution to various non-farm sectors will also empower women across Bharat, contributing to India’s goal of becoming a global economic force. Budget 2024 holds the potential to create a more inclusive and prosperous future for women in the country.”

28 Jan 2024, 11:57:11 AM IST

Budget 2024 Expectations LIVE: Skye AIR CEO Ankit Kumar on drone startups

“In anticipation of the upcoming budget, the drone startup community is eagerly eyeing key expectations that could revolutionize the industry. Foremost among these is the call for a Production-Linked Incentive (PLI) exclusively tailored for the service sector. Such a scheme would not only attract investments but also catalyze job creation, fostering a rapid integration of drones in critical domains like healthcare and agriculture.

The healthcare and agriculture sectors stand to gain immensely from the swift implementation of drone delivery services. Picture a scenario where remote patients receive life-saving medical supplies within minutes or farmers efficiently protect their crops through precision spraying. The government’s commitment to initiatives promoting drone adoption in these sectors would undoubtedly be a game-changer, shaping the success of vital industries.

As we look ahead to 2024, the drone industry envisions this year as the dawn of widespread drone delivery. To transform this vision into reality, we seek clear policies, streamlined approvals, and dedicated infrastructure. With regulations easing and technology advancing, the government has the opportunity to propel us into a future where drones seamlessly deliver essentials right to our doorsteps.

Yet, with the soaring number of drones, safety becomes paramount. To secure the skies and prevent collisions, we advocate for the adoption of robust Unmanned Traffic Management (UTM) systems like Skye UTM. Government investment in such technologies is crucial to fostering a responsible and thriving drone ecosystem.”

28 Jan 2024, 11:52:31 AM IST

Budget 2024 Expectations LIVE: Auto cos seek continued push to green mobility, infra development

The government needs to continue with favourable policies to promote green mobility while also focussing on infrastructure development at a robust pace in the upcoming Budget, according to some leading firms in the automobile space.

The Union government is all set to present the interim budget on February 1.

28 Jan 2024, 11:48:05 AM IST

Budget 2024 Expectations LIVE: Mahesh Gupta, Chairman of Kent RO Systems

“As the budget approaches, the Consumer Durables industry expresses key expectations for policy considerations. Urging a reduction in GST on essential and aspirational appliances to 12% or 5%, the industry seeks to enhance affordability and drive growth across income levels. Emphasizing the need for reinforced support to the Production-Linked Incentive (PLI) scheme and the Make in India initiative, tax breaks for raw materials, components, and machinery upgrades are highlighted to fortify domestic manufacturing and generate employment opportunities.

Infrastructure development is a critical aspect, with a call for resources to ensure a reliable power supply and efficient logistics networks. Encouraging the use of automation is seen as pivotal for reducing costs and improving competitiveness in the business environment.

Innovation takes center stage, with the industry calling for substantial funds for research and development (R&D) in energy efficiency, smart features, and sustainability to secure global market leadership. Addressing human capital needs, there’s an emphasis on skill development initiatives and industry-academia partnerships to upskill the workforce.

Additionally, the industry advocates for regulatory streamlining to lower transaction costs and enhance the ease of doing business. Lastly, there’s a plea for tax incentives promoting sustainable practices, aligning with global environmental goals and making sustainability a competitive advantage. These expectations collectively aim to create a conducive and sustainable environment for the CDIT industry’s growth,” Mahesh Gupta said.

28 Jan 2024, 11:41:30 AM IST

Budget 2024 Expectations LIVE: Nikhil Tiwari and Nishant Garg, Founders of Millet Superfood on PLI scheme for millet-based products

“Last year, The UN’s declaration of 2023 as the International Year of Millets underscores the government’s commitment to promoting these nutritious grains. Throughout the year, numerous awareness programs on millets have been implemented. The 2023 budget, featuring Shree Anna and designating the Indian Institute of Millet Research (Hyderabad) as a center of excellence for research and technology advancements, signifies a significant stride in this direction. To further bolster this momentum, increasing the budget for the PLI scheme for millet-based products, introducing new financial incentives for farmers and exporters, and formulating advisories for institutions to include millets in canteens can be explored. Additionally, rallying environmental and social activists and influencers to leverage modern platforms for millet advocacy will educate and inspire the younger generation to embrace millets,” Nikhil Tiwari and Nishant Garg said.

28 Jan 2024, 11:33:27 AM IST

Budget 2024 Expectations LIVE: Uday Chawla, Managing Partner at TRANSEARCH India on tax burden for salaried professionals

“In 2024, significant salary increases are being planned for employees by Indian companies, despite the global economic slowdown. An approximately 9.8% salary bump is expected for employees, building on the noteworthy 10% increase observed in 2023.

However, the optimistic outlook for salaried leaders is met with a challenge due to the high-income tax policies in India. Personal income tax, ranging from 5% to 37%, and additional charges contribute to a notable tax burden. In contrast, countries like Hong Kong (15%), Sri Lanka (18%), and Singapore (22%) feature more favourable tax systems, rendering them attractive for top-tier talent. As we now transition to remote working and the globalization of businesses, there is a tangible threat that senior talent may be attracted to relocate to countries that offer the most efficient tax structures and a superior work-life quality and balance.

As India strives to position itself as a global powerhouse, there is a recognized necessity for policies aimed at mitigating the tax burden on salaried employees, particularly senior leaders. The pressing requirement of the hour lies in the meticulous crafting of policies that transcend mere attraction, emphasizing the importance of nurturing and retaining top-tier talent. This strategic approach stands as an indispensable element in fortifying the nation’s competitive edge on the global stage.

While major announcements may be postponed until after the 2024 General Elections, the interim Union Budget presents a significant opportunity to address ongoing concerns and establish a foundation for future economic growth,” Uday Chawla said.

28 Jan 2024, 11:20:59 AM IST

Budget 2024 Expectations LIVE: Hardika Shah, Founder & CEO, Kinara Capital on MSMEs

“Building on our recent economic performance, and creating a strong roadmap to accelerate the growth should be the topmost priority for the government in the upcoming interim budget. This will require fortifying the MSME sector, a critical pillar of the economy, accounting for over 29% of GDP and serving as the second-largest source of employment in the country. Some of the key areas that require immediate attention and can have a profound impact on the MSME sector are: Reinstating the tax rebate for Foreign Portfolio Investors (FPIs); Removing the cap on the CGTMSE Scheme to enable last-mile MSME financial inclusion, and providing greater encouragement to Gender Lens investing,” Hardika Shah, Founder & CEO, Kinara Capital on MSME sector.

28 Jan 2024, 11:16:12 AM IST

Budget 2024 Expectations LIVE: Gaurav Jalan, Founder & CEO, mPokket

“We anticipate that the Interim Budget will align with the industry’s expectation for continued momentum in financial inclusion and innovative lending solutions for MSMEs and the Indian youth.

Whether it was improving business fundamentals, adapting to revised regulatory norms, or braving the funding winter, fintechs have displayed tremendous agility and fortitude in managing these challenges. We are optimistic about the measures that will propel the growth of India’s fintech segment. Our primary hope revolves around a strategic focus on fostering financial inclusion, particularly in Tier 2, 3, and 4 cities, underpinned by the establishment of a robust trust-based lending ecosystem. We also await initiatives that will standardize lending practices and encourage collaboration between banks, notably Public Sector Banks and fintech firms,” Gaurav Jalan, Founder & CEO, mPokket said.

28 Jan 2024, 11:09:04 AM IST

Budget 2024 Expectations LIVE: Beas Dev Ralhan, CEO, Next Education

“In the forthcoming budget, we anticipate a targeted increase in the education budget with a specific focus on EdTech initiatives. This might involve allocating funds for the development of digital infrastructure, content creation, and training programs for educators in technology integration. Additionally, we hope to see tax incentives for EdTech startups, aiming to foster growth and innovation within the sector.

To enhance both quality and accessibility, we look forward to the government establishing a comprehensive framework for evaluating and certifying EdTech content. This could include the implementation of national standards and the creation of accreditation bodies to ensure quality and prevent misinformation. Bridging the digital divide is another crucial aspect, where increased funding for rural broadband connectivity, affordable digital devices, and digital literacy programs will contribute to making online learning accessible to all.

Furthermore, we expect a proactive approach to fostering collaborations. Public-Private Partnerships (PPPs) between EdTech companies and educational institutions should be actively encouraged, leveraging expertise and resources for developing innovative solutions. Additionally, funding for research and development in EdTech, coupled with industry-academia collaboration, can be instrumental in driving innovation and elevating the overall quality of educational offerings,” Beas Dev Ralhan, CEO, Next Education said.

28 Jan 2024, 11:04:49 AM IST

Budget 2024 Expectations LIVE: Nishant Pitti, CEO, EaseMyTrip on tourism sector

“In expectation of the Union Budget 2024, we earnestly expect crucial reforms to strengthen and revitalize the tourism sector. We expect the Government to allow GST input on holiday businesses, a strategic reduction in income tax to catalyze growth in the country’s tourism industry, and the streamlining of the TCS structure to a more favourable 5 per cent slab. Additionally, we expect a comprehensive overhaul of tax exemption policies related to Leave Travel Allowance (LTA), urging the Government to consider an annual allowance and the inclusive coverage of the entire tour package cost under LTA, surpassing the limitation to only flight expenses,” Nishant Pitti, CEO and Co-founder of EaseMyTrip said.

Pitti urged the Government to consider introducing an annual allowance and expanding the coverage of the entire tour package cost under LTA, surpassing the current limitation to only flight expenses.

Pitti highlighted the underleveraged potential of India’s waterways, including sea and river cruising opportunities, urging the Government to undertake necessary measures for the development of this sector.

28 Jan 2024, 10:59:15 AM IST

Budget 2024 Expectations LIVE: Akshat Khetan, Founder, AU Corporate and Legal Advisory Services Limited (AUCL)

Akshat Khetan said tourism promotion, Digital India push, and housing for all are expected to receive increased allocations.

These would be balanced with more proactive fiscal deficit control measures as well as targeted reforms augmenting demand in the e-commerce space.

“Certain measures can also be expected to address India’s increasing influence with regard to key global conversations, leveraging trade and cultural legacy as a key bulwark towards enabling a more holistic discourse in terms of both economic development and social well-being,” Khetan said.

28 Jan 2024, 10:49:42 AM IST

Budget 2024 Expectations LIVE: Pavan Choudary, Chairman of Medical Technology Association of India (MTaI) on import of medical device

Pavan Choudary said India’s current tariff duty structure on medical device imports is very high. He said the high customs duty regime adversely impacts the costs of medical devices which contradicts the government’s efforts to provide low-cost healthcare available to the masses through schemes like Ayushman Bharat (PMJAY).

“Therefore, we request the government that for products where the ability to import substitutes is still some time away, the customs duty rate should be reduced,” Choudary added.

28 Jan 2024, 10:38:07 AM IST

Budget Expectations LIVE: CII suggests PLIs for apparel, toys, footwear sectors

Industry body CII has made a case for expanding PLIs to labour-intensive sectors, such as apparel, toys, footwear for boosting employment generation, and to sectors with large imports but domestic capability, like capital goods, chemicals, to reduce import dependence.

It has also suggested launch of ‘National Mission for Advanced Manufacturing’ to enhance quality and productivity in manufacturing.

“The mission should strengthen the ecosystem for building a technologically advanced manufacturing industry and accelerate the adoption of transformative technologies in the manufacturing sector,” it said.

28 Jan 2024, 10:22:05 AM IST

Budget 2024 Expectations LIVE: India Inc awaits FM’s Feb 1 Budget for growth boosting measures

India Inc wants Finance Minister Nirmala Sitharaman to announce more measures in her interim Budget to boost manufacturing, earmark larger funds for infrastructure development, and accord more focus on social sector schemes, while giving relief on taxation front.

Industry says that it is imperative for the government to take measures to boost economic growth in the country as India marches towards becoming the third largest economy in the coming years.

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