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PremiumBudget 2024 Expectations Live: With the new government's full Union Budget 2024 set to be announced on July 23, expectation are soaring. The focus remains on potential tax reforms that could impact individuals and businesses. Key anticipated changes include an increase in the basic exemption limit. There is also speculation about raising the standard deduction limit. We take a look at what India's middle class and corporate class expect from Finance Minister Nirmala Sitharaman.
“As the upcoming budget approaches, we have high expectations for policies that will support the growth of the skincare and beauty aesthetics industry in India. The demand for superior skincare solutions and non-invasive aesthetic treatments is on the rise, driven by an increasing awareness of personal care and well-being," said Amit Shukla, General Manager Alma Lasers, India.
“We urge the government to consider reducing import duties on high-quality medical and aesthetic equipment, which would make advanced technology more accessible to both practitioners and consumers. Additionally, we hope for incentives that encourage local manufacturing and innovation in the sector. This would not only boost the industry but also generate employment opportunities and foster skill development," he said.
“By prioritizing these measures, the government can help the beauty aesthetics industry reach its full potential, contributing significantly to the economy and enhancing the quality of life for countless individuals," said Shukla.
“In the upcoming Union Budget 2024-25, Agro and Sustainable tourism are anticipated to receive support through GST concessions for village homestays in Uttarakhand's hilly regions, initial subsidies to strengthen finances, and initiatives to facilitate direct interactions between buyers and sellers of organic farm produce, thereby supporting local vendors," said Jagmohan Singh, Founder of Riohills Hospitality.
“Sustainable tourism is a vital element of responsible travel, demanding an integrated approach that addresses economic, social, and environmental factors. By embracing sustainable tourism practices, we can reduce adverse impacts, enhance positive outcomes, and ensure tourism benefits the well-being of destinations and their communities," he said.
“As we look towards the Union Budget 2024, the hospitality industry is set for transformative changes. Reclassifying hotels as infrastructure and offering tax incentives for sustainable practices will significantly boost investment appeal. Reduced GST for the tourism sector and streamlined single-window clearances will make travel more affordable and business operations smoother," said Saurabh Gahoi, Senior Vice president at Ramee Group of Hotels.
By supporting spiritual and business tourism, especially in tier 2 and tier 3 cities, we can unlock immense potential for economic growth and job creation. The right government policies can drive the hospitality sector to new heights, making India a global leader in tourism," he said.
“The government must continue on the path of fiscal consolidation and increase infrastructure spending while bringing in a new focus on MSME and employment. Urban employment guarantee scheme if introduced could be a game changer. Hotels must be granted infrastructure status which will propel private investments," said Vijay Dewan, Managing Director of Apeejay Surrendra Park Hotels Ltd.
“A new incentive scheme needs to be announced for additional job creation in the labour intensive sectors. Visa free arrival for travellers from top source markets will make India emerge as a leader in the tourism industry. Tax rates need to be rationalised and reduced in lower income group to boost consumption. Overall expect economy to grow at 8%," he said.
“Given the increasing threat to crops because of adverse weather conditions arising from climate change, one looks forward to a robust rise in the R&D outlays so that both private and government institutes are motivated to develop climate-resistant crop varieties," said SK Chaudhary, Founder Director, Safex Chemicals Ltd.
“The crop rotation system should also be incentivised, whereby more farmers are encouraged to adopt this strategy. Training and awareness programmes can be launched so the farming community realises the importance of rotating crops, which can help in conserving the water table, enhancing soil fertility and minimising erosion. Moreover, crop rotation will be useful in raising the overall per-acre productivity of farmland," he said.
“The GST rate of 18% on plant protection chemicals must also be lowered to 12% at the least, although a minimal rate of 5% would be more beneficial for the agri sector and consumers at large as it will reduce cost to grow crops," said Chaudhary.
“Since climate change challenges are only growing worse by the day, we believe the Budget should look at across-the-board measures that will help in combatting the menace on every front. Therefore, the Finance Minister should focus on steps that promote climate-resilient farming practices and crop rotation to improve overall agri yields. Besides diversifying the income source of farmers, it will help the economy at large through the additional revenue generated," he said.
“In the past decade, the Government has embarked on a transformative journey, introducing major reforms and initiatives in education and skill development. As we aspire to realize our vision of a $5 trillion economy, it is crucial that education, health, and skill development remain at the forefront of our national agenda in the upcoming budget," said Akshay Munjal, Founder and CEO of Hero Vired.
“Developing a strong tech infrastructure is critical for fueling growth and job creation in high-demand sectors like AI, cybersecurity, and big data. Our policies must equip our workforce with essential digital skills and technologies, enabling India to spearhead global advancements. By embracing research-driven skill development tailored to job creation, we can elevate the effectiveness of our education sector," said Munjal.
“Implementing a regulatory framework for EdTech should also be evaluated as it can bring organization, transparency, and efficiency to the sector, benefiting all stakeholders involved. By adopting these measures, we can strengthen our education system holistically and position India as a global leader in digital skills, knowledge and technological innovation," he said.
“Following from the Interim Budget earlier this year and the challenges of the economy in the recent past, the upcoming full budget is expected to focus on employment, infrastructure and innovation. We expect the government to double down on initiatives relating to upskilling of youth to improve employability," said Gaurav Jalan, Founder & CEO of mPokket.
“Alongside this, increasing jobs is expected to be the core government agenda. We expect this to be through a dual approach of easing credit access to small and medium businesses to catalyse their growth and through incentives on research and investments from the private sector. We expect the government to also focus on the disposable income of the middle class by revisiting direct taxation rates," he said.
“This shall drive a sustained domestic consumption-led growth for the economy. Additionally, we believe the government shall continue to view positively the contribution of fintechs as a key driver of easy access to credit and their potential to create employment. We therefore expect a favourable approach to investments in the sector and clarity on the open regulatory discussions to propel India towards becoming a global fintech hub," said Jalan.
“This Union Budget should be focused on adding higher disposable incomes in the hands of consumers, driving consumption and reducing the cost of operations for businesses," said Nitya Sharma, Founder and CEO, Simpl.
“Additionally, it should help create a level playing field for homegrown brands through simpler financing options, offering a boost to their manufacturing capabilities by providing sops to establish units within specialised manufacturing zones and further simplify the ease of doing business," he said.
“These interventions, if applied, will help strengthen the fast-growing internet commerce sector in India, which includes e-commerce and quick commerce, and have a ripple effect on private investments, employment generation and increase the sector's contribution to the country's GDP," said Sharma.
“While the gold loan NBFCs look forward to receiving the priority sector status which is of paramount significance, we also expect the government to look at risk weight in gold loans. The risk weight may be treated at par with banks or similar to home loans as both have LTVs regulated by the Central Bank," said Shaji Varghese, CEO of Muthoot FinCorp Limited.
“Gold loan certainly serves a larger purpose of financial inclusion and can help enhance supply of credit aiding to the economic growth. We hope to see new initiatives for enhancing access to credit among MSMEs especially in the rural areas in this upcoming budget. More liquidity assistance to NBFCs and credit guarantee to MSME lending can help enhance supply of credit," he said.
“We anticipate continued budget allocations towards digital initiatives and technologies. Financial inclusion is a significant enabler for Viksit Bharat 2047 and while NBFCs are focused on the same, we expect the government to take some measures to increase credit supply there by enabling the SMEs and rural business development too," said Varghese.
“As we approach the Union Budget 2024-25, the cement industry is optimistic about significant allocations to housing and infrastructure, which account for over 80% of the demand for cement. The Interim Budget in February showed the government's commitment with an 11.1% increase in infrastructure capital expenditure, totalling ₹11.11 lakh crore, or 3.4% of the GDP," said Neeraj Akhoury, MD Shree Cement Ltd.
“We expect further spending on highways, roads, bridges, and urban development, alongside more funds for projects. The announcement of a cement corridor in the Interim Budget has been encouraging, and we hope for more steps to enhance transport integration, making the movement of cement and related materials more efficient," he said.
“The upcoming Union Budget 2024-25 presents an opportunity for transformative changes in the cement industry. By addressing these key areas, the government can support sustainable growth, boost infrastructure development and enhance the global competitiveness of the Indian cement sector. We look forward to a budget that supports these initiatives and drives our industry toward a more prosperous future," said Akhoury.
“India's economy is projected to grow at ~6.8% in FY25, surpassing other major global economies. This is a testament to the country's resilience amidst global uncertainties. With the upcoming union budget, we expect the government to harness the potential of manufacturing, create copious employment opportunities, and expand economic activity that will give further impetus to the current growth momentum," said Deepak Sharma, MD & CEO, Zone President, Greater India, Schneider Electric.
“By focusing on self-reliance and resilience in global value chains, India can accelerate its growth trajectory towards being a Global Hub for Manufacturing and Innovation, thereby propelling the nation towards becoming a $7 trillion economy by 2030. Continued emphasis on infrastructure development—including roads, railways, ports, and digital infrastructure—will be crucial to enhancing connectivity while also stimulating economic progress across the country," he said.
“Additionally, we look forward to initiatives that will bolster the new energy landscape including green hydrogen, solar technologies, microgrids, and electric vehicles. We also expect the budget to introduce policies incentivizing energy-efficient practices among companies. This will not only transform India's energy landscape but also contribute significantly towards achieving the country's net-zero goals and climate targets," said Sharma.
“The upcoming budget is a pivotal moment for financial inclusion and literacy in India. We're anticipating comprehensive initiatives that go beyond traditional approaches, like allocation for a nationwide digital financial literacy program, where fintech companies can contribute in creating interactive, mobile-first educational content," said Vikkas Goyal, Founder of Rupee112.
“We're particularly interested in policies that would allow us to partner with local governments to set up 'Digital Finance Kiosks' in rural areas, providing hands-on guidance to those new to digital banking. With rising access to digital-financial tools, there is a strong need to review the cybersecurity front. We're looking for substantial investments – perhaps a dedicated fund for fintech cybersecurity upgrades – that would strengthen the ecosystem and enable us to implement advanced encryption and fraud detection systems, ensuring our customers' data remains secure as we expand our services," he said.
“The potential for green financing incentives can also be a marvelous move. This budget has the potential to transform India into a nation where financial savvy is the norm, not the exception, and we're ready to play our part in this financial revolution," said Goyal.
“We're eagerly anticipating the new government's budget, hoping it will catalyze unprecedented growth in India's fintech sector. We're looking for concrete measures like targeted grants and tax incentives that will empower us to develop and roll out innovative loan products tailored to diverse needs across India," said Amit Bansal, Founder of BharatLoan.
“With government support, there is a strong possibility to introduce AI-powered credit scoring models that assess alternative data, enabling us to serve the underbanked population more effectively. We're also keen on seeing substantial investments in digital infrastructure, particularly in tier-2 and tier-3 cities, which would allow NBFCs to expand the paperless loan processes to these untapped markets. We expect this budget to transform India's financial landscape and make cutting-edge financial services accessible even in the most remote corners of our nation," he said.
"As the Union Budget approaches, the real estate industry holds high expectations for initiatives aimed at enhancing urban infrastructure and improving connectivity. Such initiatives can spur demand for residential and commercial properties, building on the unprecedented growth seen in 2023 despite challenges like surging prices and the highest interest rates in six years. The success of the housing market, with record-breaking residential property sales in volume and value, is anticipated to continue into 2024. However, the pace may slow, driven by high economic growth and a hopeful decrease in home loan interest rates. Annually, the real estate sector presents an ambitious wish list to the Finance Ministry, including industry status for housing and single-window clearance for projects. Key requests this year remain unchanged, highlighting their ongoing urgency. Notably, increasing the Section 24 tax rebate from ₹2 lakh to at least ₹5 lakh could invigorate the budget homes market. Reviving and extending expired benefits for developers and consumers is imperative to encourage affordable housing construction and acquisition. The government must also consider adjusting qualifying costs within cities’ affordable housing segments to meet current market realities."
"India faces a severe issue with inadequate insurance. When a family's primary earner passes away, the money left for the survivors to live and settle debts is usually less than nine percent of what's actually needed[1] .
· Separating Savings for Life and Health: Changing tax sections 80C and 80D to provide separate tax breaks for the life-threatening risk part of term life plans could help close the gap in death risk coverage and enhance social security.
· Complete Deduction for Life Insurance Premiums: Permitting individuals to deduct the entire amount paid for Term life insurance premiums from their taxable income, without any decrease due to claims made under other sections, such as 80C, will encourage more people to buy insurance. This means they get the full tax benefit for their insurance premiums, making insurance more financially appealing."
"As we look forward to the government’s upcoming budget announcement, our expectations are rooted in the need for sustaining retail credit growth, increasing the pace of adoption of digital financial services, and extending the policies that have been pivotal in driving the banking sector’s growth. We are optimistic that the Modi 3.0 government will introduce broad measures to further support credit growth, facilitate speedy extension of financial services to the unbanked, and push further digital enablement of financial services.
We anticipate policies that simplify the compliance framework to enable startups to focus more on innovation and sustainability. Additionally, we hope for incentives that encourage widespread adoption of advanced technologies such as AI and machine learning, which can significantly improve efficiency and accuracy in debt management.
Moreover, strengthening the cybersecurity ecosystem is crucial to providing a secure environment for both lenders and borrowers. It will bolster consumer trust in digital financial services while ensuring the stability and security of digital transactions.
We are optimistic that the forthcoming budget will prioritize fintech sector’s growth, support technological advancements in financial services, and ensure a balanced regulatory environment. Such measures will not only benefit startups but also bolster the broader financial system’s resilience and adaptability."
1. Insurance for All: The Govt's push towards insurance inclusiveness has already started penetrating into the Tier II and III cities and we expect this to further move towards the rural areas. We expect all the large Insurance players playing an important role towards this mission
2. Affordable Housing: In the last two terms the government has been promoting and pushing for affordable housing under the Pradhan Mantri Aavas Yojna. The Banks and NBFCs have played a critical role towards making this a reality. Now the Financial sector is expecting Tax reliefs and other stimulus measures for them to carry with the Govt Mission and reach the far flung of the country
3. Reduced regulatory burden: The Financial sector expects the Govt to reduce regulatory burdens which will allow them to focus more on their core business of lending and providing financial services
4. Increased Infrastructure Spending: Banks are also expecting an increased spending in the Infrastructure this budget. This would create opportunities for them to finance new projects
5. Greater Push towards Financial Inclusion: The Financial sector is expecting a greater push towards Financial Inclusion by promoting Microfinancing and Digital Banking Infrastructure across the country.
"Section 80LA provides for a deduction in respect of the income of International Financial Service Centre [IFSC] Units/ its investors in accordance with the provisions of this section. There has been plethora of regulatory changes introduced which have made it a lucrative investment destination. The income-tax holiday available to units in IFSC can be extended to make it attractive for foreign players, as the current tax holiday is for a very short-term period. For instance, Dubai International Financial Centre provides tax holiday for 50 years. Likewise, extending the tax holiday for another 5 to 10 years to IFSC units would surely make IFSC competitive with other global financial hubs, resulting in increase in India’s GDP, employment opportunities, an increase in forex reserves, and related economic benefits."
"The expectations from the upcoming Union Budget under the new government center around the possibility of increased deductions for home loans, particularly aiming to provide a substantial boost to affordable housing initiatives. The sector looks forward to supportive policies that not only facilitate homebuyers but also stimulate growth in the real estate market. The budget presents a crucial opportunity to implement measures that can catalyze the sector's revival and contribute significantly to India's economic resurgence. It is imperative to revive and extend significant benefits, such as tax breaks, to encourage developers to construct more affordable housing and to make it possible for customers to acquire such homes. The government needs to take a hard look at adjusting the qualifying cost of properties within cities’ affordable housing segment."
"Many Indians don't save enough for retirement, and the gap between needed and available retirement funds is expected to reach $85 trillion by 2050. To help close this gap, consider these steps:
· Investing in pension and annuity products is crucial for income after retirement. Making taxes simpler or removing them for these products will encourage more people to invest in these important financial protections.
· Pension policies, like the NPS, provide a steady income in retirement. It's important to lessen the tax load for people receiving pensions from the National Pension System (NPS), as the retirement fund gap is expected to increase a lot. The current ₹50,000 tax exemption for NPS under Section 80CCD(1B) should also apply to pension and annuity plans provided by life insurance companies to encourage more people to use them."
"As we move into the new fiscal year, with continuation of same government which has a development agenda as mandate, we anticipate significant developments in the architecture, engineering, and construction (AEC) sectors. Our budget expectations are shaped by the continued urbanization and infrastructural advancements across India. The government’s push for smart cities and sustainable development has created a favorable environment for growth in the AEC industry. We foresee increased allocation towards technology-driven solutions that enhance efficiency and precision in project execution. This includes investments in Digital Construction Technology, digital twin technologies, and integrated project delivery systems. Nemetschek is poised to support these initiatives by providing advanced software solutions tailored to the unique needs of the Indian market. We expect the budget for construction projects to reflect a higher percentage of spending on digital transformation, aiming to reduce costs and time overruns while improving quality and safety. Moreover, the emphasis on green buildings and sustainable construction practices will likely see a rise in funds directed towards environmentally friendly materials and energy-efficient designs. This shift is in line with global trends and regulatory frameworks pushing for a more sustainable future. We are optimistic about the budget outlook and ready to contribute to the AEC sector’s growth through innovation and collaboration."
“I have high hopes for the upcoming budget to strengthen the deep tech ecosystem in India. The government has made encouraging statements about supporting this sector, and I believe it is crucial to provide more backing at the seed stage. Deep tech startups often require significant research and development, which may not attract early-stage investment from the private sector. A dedicated fund of funds to support investors who are willing to take the plunge into deep tech is vital," said Manoj Agarwal, Co-founder and Managing Partner of Seafund.
“Additionally, simplifying the taxation framework for startups, ESOPs, and investors is essential. In many European countries, investors receive tax benefits for investing in startups, either directly or through funds. Similar provisions in India could stimulate more domestic investment. Moreover, we need to address the issue of 'reverse flipping' for businesses built in India but headquartered abroad," he said.
“Facilitating an efficient and tax-effective way for these businesses to return to India could significantly benefit our economy and the government’s revenue in the long run. As we address these concerns, a simplified GST tax regime for the funds and doing away with angel tax will free up a lot of domestic capital towards early-stage funding, which is needed today more than ever as we see funding winter thawing at a snail’s pace," said Agarwal.
“Government should give serious consideration to boost the Indian Gold Recycling Sector in order to reduce India’s over dependence on imports. There is huge stock of unused Gold amongst Indian households that has not yet been successfully tapped in a sustainable manner," said Keyur Shah, CEO of Precious Metals Business, Muthoot Pappachan Group.
“Incentivizing Organized Sector Players (for a level playing field in a largely unorganized marketplace), removing Capital Gains Tax at a Consumer level on sale of their old Gold to encourage them to bring it out of the lockers, fixing the long pending executional challenges in the Gold Monetising Scheme and so on, are few steps that should be considered," he said.
“The Union Budget for 2024-2025 should focus on financial incentives in a number of critical industries, including regulatory framework improvements and innovation. This will boast innovation and industrial growth in the personal care, e-commerce, pharmaceutical, and cosmetic industries," said Ajay Kakar, CEO of Salve Pharmaceuticals.
“We need to invest more in R&D to encourage businesses to adopt new technologies and develop innovative products. Policies in the pharmaceutical industry that speed up the approval processes while also providing financial incentives for drug development are significant. The shift towards using the natural raw materials strengthens the practice of organic farming, which benefits the personal care industry while encouraging the use of sustainable resources," he said.
“Together, these improvements will create a more supportive and efficient environment for exporters, enabling them to focus on expanding their markets and increasing their competitiveness globally," said Kakar.
“As we near Union Budget 2024-2025, we look forward to a substantial increase in budgetary allocation for education and skill development to about 6% of the GDP which will be vital to reach the full potential of NEP 2020," said Pankaj Jathar, CEO of NIIT Ltd.
“We appreciate the government's dedication to promoting education and skilling and hope the upcoming budget will build upon these initiatives to create even more opportunities," he said.
“We anticipate policies that support public-private partnerships, enhancing the reach and impact of our skilling efforts. A focus on sustainable employment opportunities will not only uplift individuals but also drive the economic growth of our nation," said Jathar.
“The allocation of Rs. 11.11 lakh crore towards the infrastructure sector in the Interim Budget 2024 is a testament to the sector as a growth driver for achieving a $7 trillion economy by 2030. The refractory industry in India will play a crucial role in this infrastructure growth, and any budgetary allocation in the Union Budget 2024 for the refractory industry will go a long way in acknowledging the crucial role that this industry will continue to play in the country's economic growth," said Parmod Sagar, Managing Director and CEO of RHI Magnesita India Ltd.
“Policy initiatives like the PLI scheme, formulated to leverage the potential of ‘Make-in-India,’ are the need of the hour for the refractory industry. Such initiatives will support the enhancement of localization in sourcing and manufacturing, augment domestic capacity, and galvanize the creation of the infrastructure sector in line with the philosophy of ‘Atma Nirbhar Bharat," he said.
“To align with the NDC goals and mitigate the carbon footprint of the construction sector, the government should introduce financial incentives for the production and utilization of green building materials like green cement, concrete, steel, plywood, paints and others. This could manifest through reduced GST rates, tax credits, or grants for companies manufacturing and supplying environmentally friendly construction materials," said Annu Talreja, Founder & CEO at Accacia.
“Along similar lines, tax incentives and reduced GST rates for devices that help optimize energy & water consumption like heat pumps, BMS systems should be carved out. I also hope the government can launch a special program to fund startups to foster R&D and innovation in the sustainability space," she said.
“As we look ahead to the Union Budget 2024-25, the emphasis on sustainable development is paramount. The built environment is responsible for nearly 40% of global greenhouse gas (GHG) emissions coming from buildings and, if left unchecked, they're set to double by 2050, highlighting the urgent need for sustainable practices," said Talreja.
“We look forward to policies that bolster the retail industry and boost domestic consumption. We hope to see measures that make it easier to do business, fostering a more favourable environment for companies to thrive. Such policies will not only support the industry but also play a significant role in driving the nation's economic resurgence," said Abhinav Kumar, full-time director and chief executive officer of Brand Concepts Limited.
“We are particularly focused on the needs of salaried individuals and taxpayers, whose increased purchasing power can significantly boost consumption. Additionally, schemes aimed at enhancing rural consumption are critical. Our emphasis is on expanding our presence in Tier 2 and Tier 3 cities, where we see tremendous growth potential," he said.
“Moreover, it is imperative for the government to consider incentives such as tax breaks or subsidies for businesses adopting sustainable and eco-friendly practices. The upcoming budget must also accelerate the tourism agenda, positioning Indian hospitality as a key driver of economic growth. This, in turn, supports the travel gear and accessories industry, contributing to GDP growth and employment opportunities. By addressing these areas, we can ensure a thriving retail sector and a more prosperous nation," said Kumar
“As we approach the Union Budget 2024, it is crucial to recognize the potential of waste management within the circular economy, especially in transforming waste into alternative resources and energy. The government's focus on 'green growth,' through substantial investments in biogas and bio-CNG plants, highlights a strategic approach to reducing carbon emissions and creating sustainable employment," said Prashant Singh, Co-Founder & CEO at Blue Planet Environmental Solutions.
“Integrating waste-to-energy solutions, such as converting agricultural and urban waste into bio-CNG, not only mitigates the waste crisis but also supports the clean energy transition by producing greener fuels and reducing landfill use," he said.
“This aligns with COP priorities, including transition financing, reinforcing India's commitment to climate action and a resilient, low-carbon future. We remain optimistic that the upcoming Union Budget 2024 will spotlight these critical changes, driving both environmental sustainability and economic growth in India. With the help of a supportive policy environment, the waste management sector can significantly boost India's GDP, proving that economic growth and environmental sustainability can advance together," said Singh.
“Meesho remains optimistic about the government's commitment to fortifying India's growing startup ecosystem. Acknowledging the pivotal role startups play in steering India towards a 5 trillion-dollar economy, we recognize the need for sustained government support," said Dhiresh Bansal, Chief Financial Officer (CFO) at Meesho.
“India's technological contribution to GDP is growing but remains in its early stages compared to other nations. The government's involvement in encouraging venture capital and angel investment is commendable, and we believe that further emphasis on these initiatives will gradually elevate the number of startups in India," he said.
“To foster continuous expansion, we advocate for an all-encompassing strategy. Moreover, simplifying the processes associated with tax compliance and lowering tax rates, especially during the initial operational years, will ease the financial strain on startups, cultivating a more advantageous business environment," said Bansal.
“Lastly, with regard to talent attraction, a reduction in taxes related to Employee Stock Ownership Plans (ESOPs), presently standing at around 40%, will heighten the attractiveness of startups to skilled professionals, thereby contributing to the development of our vibrant ecosystem. This multifaceted approach aims to establish a conducive environment for startups, nurturing innovation, job generation, and sustainable economic development," he said.
Budget 2024 Expectations Live: Founder and CEO at GlobalGyan Leadership Academy, Srinivasa Addepalli, giving his wishlist from the upcoming Union Budget said, “ Government support in incentivizing internships and apprenticeships will be pivotal in equipping our workforce with practical experience and readiness for employment upon graduation."
He added, “Encouraging investments in skill certifications and leadership development programs through tax relief measures can significantly boost individual and enterprise readiness for future challenges."
Budget 2024 Expectations Live: CEO at Officenet, Sonali Chowdhry listed expectations of the manufacturing sector from the Union Budget and said, "We anticipate policies and interventions that will encourage the adoption of cutting-edge technologies, including advanced Human Resource Management Systems (HRMS).
She highlighted that Government support in facilitating the adoption of latest technologies is crucial, as it will not only improve productivity but also ensure the sector's global competitiveness. She added, "We look forward to initiatives that propel the manufacturing industry towards a new era of growth and sustainability, making India a formidable player on the world stage."
Budget 2024 Expectations Live: Partner at JSA Advocates & Solicitors, Poonam Sen Gupta unveiled expectations of the Indian aviation industry from the upcoming Union Budget, highlighting that there is a need for substantial budget allocation to upgrade airport facilities and manage rising footfalls.
Pointing to overburdened airports she emphasised that they require urgent infrastructure improvements, including additional runways, enhanced non-aeronautical facilities, and AI-powered systems for smoother passenger experiences.
She said, “The government must introduce policies to enhance Pilot Training Institutes and establish new training facilities, including flight simulation centers through private investment."
Some key issues are:
Budget 2024 Expectations Live: Co-Founder and CEO, Biz2Credit and Biz2X, Rohit Arora giving his wishlist for the Fintech sector from the upcoming Union Budget said, “Measures such as simplified regulatory procedures and reduced compliance burdens can empower startups and MSMEs."
He emphasised that we need to address the current challenges in Fintech that include policy inconsistencies and frequent regulatory changes, to ensure long-term stability and growth. He added, “Targeted efforts to create jobs in Tier 2 and Tier 3 cities will address employment gaps and stimulate economic development across the country."
Some other key points in his wishlist are as under:
Agrawal does not expect significant “overhauls" in the income tax regime in the upcoming Union Budget 2024, but does anticipate announcements aimed at consolidating the tax system for stability, and progressing towards the implementation of the Direct Tax Code. Drawing parallels with the GST's impact on indirect taxation, Agrawal expects the Direct Tax Code to simplify the tax structure and alleviate the tax burden.
He advocates for enhancing the I-T slab limits to alleviate tax liabilities for the middle class; and views raising the rebate limit as a “strategic move" to encourage taxpayers to transition to the new regime.
