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PremiumBudget 2024 Expectations: India, currently the world’s fifth-largest economy, is anticipated to climb to the third rank in the coming years. FM Sitharaman’s Budget 2024 is expected to outline a roadmap for sustained economic growth. Past trends suggest that the Modi government will continue to emphasize high capital expenditure, particularly on infrastructure, to drive GDP growth. As in previous years, salaried taxpayers are hoping for significant income tax relief, including changes in the new income tax regime and adjustments to the standard deduction.
“As we expect the announcement of the 2024 budget, it is necessary to concentrate on innovative technologies to further improve the healthcare sector. The trend of AI and ML is capable of changing the dynamics of Healthcare sectors, especially in remote diagnostics," Deepak Sahni, Founder of Healthians.
“Telehealth and digital health solutions have been embraced at a faster rate because of the COVID-19 pandemic, showing that they can be used to bridge rural-urban healthcare divides. By nurturing this sector, the government not only bridges the urban-rural healthcare divide but also democratizes access to quality healthcare nationwide," he said.
“This proactive support ensures that every individual, regardless of location, can benefit from timely and effective medical care. Such strategic investments are not just about improving healthcare outcomes but also about future-proofing our healthcare infrastructure to meet the evolving needs of our society," said Sahni.
“We commend the government's commitment to innovation, as demonstrated by the 1 lakh crore rupees fund and 50-year interest-free loan announced in the Interim Union Budget. For the upcoming budget, we hope to see continued support for startups, particularly in the retail and packaging sectors," Amitt Nenwani, Co-founder of Wahter, an advertising and packaged drinking water brand.
“Key expectations include incentives for sustainable packaging materials, financing options for green initiatives, and digital transformation incentives. Simplifying GST processes will further support startups like us. We are optimistic and looking forward to a budget that supports sustainable business practices and promotes long-lasting, impactful growth in the retail industry," said Nenwani.
“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 Prashant Singh, Co-founder & CEO of Blue Planet Environmental Solutions.
“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," he said.
“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. This aligns with COP priorities, including transition financing, reinforcing India's commitment to climate action and a resilient, low-carbon future," said Singh.
“The direct-selling industry in India holds immense potential for nurturing entrepreneurship and driving economic advancement. We look forward to regulatory frameworks and policies that can strengthen ethical business practices and create more opportunities for rural India," Gautam Bali, MD and Founder, Vestige Marketing Pvt. Ltd.
“Additionally, we hope the government will introduce a social security scheme for gig workers, acknowledging their valuable contributions to the economy. The Government of India should highlight the potential of the direct-selling industry as a significant source of self-employment and encourage companies to offer quality products at fair prices in the interest of consumers," he said.
“Strengthening organised players in the industry can empower women and youth, helping them achieve their dreams and ambitions. With strategic support and impactful measures, we are confident that the direct-selling industry can become a key player in the global market. We eagerly anticipate the Union Budget 2024 to catalyse our nation's economic growth, provide essential support to the direct-selling sector, and align with our collective aspirations for a sustainable and ethical industry," said Bali.
“The upcoming budget must focus on healthcare infrastructure, innovation, skill development for medical professionals, and strengthening public-private partnerships to ensure improved access and quality across the nation. Prioritizing research and development will drive medical innovation and address emerging health challenges," said Abhay Soi, chairman and managing director at Max Healthcare Institute Limited.
“India has made significant strides toward becoming a global healthcare powerhouse and this has substantially contributed to GDP and job creation. As the nation progresses toward achieving a USD 5 trillion economy, providing quality healthcare for the entire population is a pre-requisite," he said.
“Addressing healthcare challenges will require an estimated 2 billion square feet of advanced healthcare infrastructure. To meet these needs, increasing GDP spending on healthcare to 2.5% is crucial for enhancing social insurance, expanding facilities in tier 2 and 3 cities, and advancing digital health services," said Soi.
“The waste management and recycling sector is critical for India's sustainable growth trajectory. We anticipate the Union Budget 2024 will accord it the requisite priority by classifying it as a priority sector, allowing CSR investments in waste management PPPs infrastructure creation, and enhancing credit accessibility through robust debt guarantees," said Sandeep Patel, CEO, Nepra Resource Management Private Limited.
“To stimulate and incentivise private investment, the introduction of outcome-linked tax incentives, including the promotion of Extended Producer Responsibility (EPR) and sustainability bonds, is crucial. Further, establishing a dedicated platform on the Social Stock Exchange for waste management and recycling initiatives can unlock significant capital. These measures, coupled with a dedicated Viability Gap Funding, will catalyze the sector's growth, create a circular economy, and address India's pressing waste management challenges," he said.
“To foster a circular economy and address India's waste management challenges, the Union Budget must prioritize the waste management and recycling sector. Given its capital-intensive nature and substantial labour requirements, akin to the textile industry, the sector necessitates significant policy support. Implementing incentives such as dedicated skill development programs, financial support for formalization through PF/ESI reimbursements, and replicating successful textile industry policies can catalyze growth, create employment opportunities, and drive India's transition towards a sustainable future," said Patel.
“As we approach Budget 2024, we have clear expectations for further support to innovation and competitiveness in the auto industry. Key focus areas include facilitating the creation of EV charging infrastructure, offering tax rebates on EV leasing, and mandating electrical vehicle procurement for government use," said Neelesh Talathi, Group CFO of CarDekho.
“Further, the industry looks forward to initiatives that will boost R&D investments, particularly in advanced technologies like AI, batteries, and connected infrastructure. We have witnessed significant contribution by Auto-tech startups and encourage the government to remove the 'Angel Tax' and address dual taxation on ESOPs," said Talathi.
Budget 2024 Expectations Live Updates: “Affordable housing should be one of the most important long-term agendas for the country. Significant changes in socio-economic and urbanisation indicators necessitate a re-alignment of affordable housing definition in many of the cities and towns. There is also a need to appropriately incentivise developers to increase the supply of affordable green housing. Given the success of earlier PMAY scheme, we eagerly await the revised contours of the PMAY-U 2.0 scheme which promises to focus on improved targeting of beneficiaries and provide timely disbursement to completed homes. We hope that the Union Budget for 2024-25 would provide directions to consolidate efforts towards 'Housing for All' initiative across all strata."
Budget 2024 Expectations Live Updates: "Building on the momentum of last year's budget, which prioritized green growth, the upcoming Union Budget presents a significant opportunity to further strengthen India's waste management infrastructure. However, significant challenges remain. Inadequate waste collection infrastructure and inefficient sorting and recycling systems continue to hinder progress. Valuable materials are still being discarded in landfills instead of being diverted for reuse.
To truly advance India's circular economy goals, the government must encourage and support waste management agencies that are diligently working in this field. Additionally, streamlining the supply chain for e-waste and plastic waste is essential. This will foster a robust ecosystem where manufacturers, industry players, and recyclers can collaborate more effectively. While Extended Producer Responsibility (EPR) and the Waste Management Rules of 2016 have had a positive impact, more impactful compliance is needed to achieve truly meaningful results."
Budget 2024 Expectations Live Updates: "Changes in import duty are the top priority. The market expects an Import duty cut in Gold from 15% to 10% and for Silver import duty to be at par with Gold under CEPA. Some refineries in India have been importing unrefined gold (gold dore) from LDCs under zero duty, so stopping Import Duty benefits from LDC and FTA countries is expected as it distorts a level playing field.
With IIBX at GIFT city emerging as a gateway to import bullion, bullion players want all import and export of gold to happen through IIBX. A special benefit of 0.5% should be given for importing gold. Market participants also like the setting of a Jewellery Export Center at GIFT City for domestic smaller traders.
Since the Gems and Jewellery market is regulated by SEBI, RBI, DGFT, Ministry of Finance, Ministry of Commerce, etc, market players want a single regulator in this market and also 100% bullion trade to be moved through Commodity Exchanges.
Sovereign Gold Bond has become very popular in India and gaining a lot of attraction. However, The interest earned from Sovereign Gold Bonds is subject to taxation as per the regulations, if redeemed before eight years. Market participants want the interest income on SGB to be made tax-free, to attract more investors in this scheme.
Other expectations are the establishment of GST bonded warehouses, mandatory hallmarking across India for all jewellers, permitting EMI on jewellery purchases and allowing lending and borrowing through commodity exchanges."
Budget 2024 Expectations Live Updates: "This will be a very important budget; it is time for the government to come in and continue the work. I would like the government to focus on:
inclusive growth – one of the seven pillars under the vision of Amrit Kaal. Expected to be tilted towards adopting a government strategy for the underprivileged, youth, farmers, and women, popularly terming it 'GYAN' (gareeb, yuva, annadata, naari), the budget is expected to reflect the government’s tried and tested formula of ‘guarantees’ by opting for income transfer policies and spending more on welfare schemes in government campaigns in India. Allocations for existing schemes such as 'Housing for All’, MGNREGA and health insurance for these sections of society are likely to see an increase while new schemes may be introduced.
Job creation – The biggest challenge, the country faces besides inflation is job creation. Prioritizing job creation and productivity improvement are crucial for the new government. We have the highest number of youth, and we should promote labor-intensive growth to generate employment opportunities for the country's youth.
The world is off track to achieve the Global Goals by 2030 and financing is at the heart of the problem. The annual SDG funding gap, which was USD 2.5 trillion before the pandemic, has increased to an estimated USD 4.2 trillion; urgent steps are needed to mobilize financing at scale. The latest report of SDGs shows slight improvement as per India’s concern, but we still stand at 109th position in the world. As per the report, 84% of Goals are off track, with 600 million people projected to face hunger by 2030. Continued and enhanced efforts are required to improve its overall performance and achieve the SDGs."
Budget 2024 Expectations Live Updates: "I am optimistic about this year's budget for the textile sector. Last year’s increased funding for key programs like the National Technical Textiles Mission and PM-MITRA demonstrates a strong commitment to industry growth and modernization for the Union Government. Emphasis on sustainable practices and green infrastructure aligns perfectly with our brand's values, and the enhanced support for MSMEs through schemes like the Production Linked Incentive is crucial for boosting exports and investments.
We hope for a reevaluation of customs duties on textile machinery to maintain our global competitiveness this year. Additionally, increased credit support and comprehensive workforce development programs are highly anticipated, alongside cluster-based approaches to enhance productivity in areas such as extra-long staple cotton. Overall, the budget should aim to create a robust and supportive environment for the textile industry's continued success, aligning with our general forward-looking vision of innovation and sustainability in fashion."
Budget 2024 Expectations Live Updates: "The upcoming Union Budget presents an opportunity to boost the growth of India's MSME sector. Measures like Production-Linked Incentives, Export promotion, Digital India campaign, simplification of tax structure and Skill development will bolster the global competitiveness of MSMEs. We are optimistic about the continued thrust on digital adoption, financial inclusion, green policies, market access and concerted efforts to foster entrepreneurship. These will help integrate MSMEs deeper into global value chains while incubating new ideas and sparking innovation. We hope to see measures that will augment enterprise resilience and cyber security, considering emerging external risks. As a trusted partner to this segment, we will continue to support MSMEs and help them maximise new opportunities that will emerge from the Budget."
Celcius Logistics CEO Swarup Bose, said, "At Celcius Logistics, we recognize the transformative potential of government support for the Indian logistics industry. With the country's current cold chain market size at US$35 billion and expected to reach US$50 billion by 2027, strategic investments are more critical than ever. Prioritizing cutting-edge cold chain warehousing and transportation solutions in the budget is essential. These investments will not only bolster key sectors such as agriculture, food and dairy, processed food, pharmaceuticals, and healthcare, but also help reduce losses and improve the hunger index.
By adopting advanced technologies like automation, AI-powered analytics, and blockchain, alongside a focus on environmentally conscious practices and regulatory compliance, we can enhance productivity, promote sustainability, and build resilience against supply chain disruptions. Furthermore, this strategic support will facilitate the growth of quick commerce, ensuring rapid and efficient delivery of goods. Celcius, in collaboration with the government, is dedicated to ensuring that the allocated resources unlock the full potential of our cold chain infrastructure, driving future efficiency and innovation in the industry."
Rajan Pental, said, As we approach the Union Budget 2024, there is strong anticipation for comprehensive measures to empower the MSME sector, crucial to India’s economic growth. We expect the government to focus on expanding the ecosystem for new-to-credit borrowers, particularly through provisions under Informal Micro Enterprises (IME). Digital transformation remains a key priority. Investments in digital infrastructure and incentives for MSMEs to adopt modern technologies will improve operational efficiencies and market reach. Government schemes like PM Vishwakarma, PMJDY, and PMMY are essential in supporting MSMEs, particularly those finding it difficult to access credit.
At YES BANK, we have grown significantly in our financing under CGTMSE and are committed to supporting financial inclusion for MSMEs. We are building an ecosystem where loans can be sanctioned and disbursed digitally to micro-entrepreneurs. Additionally, the surge in Udyam registrations, with nearly 25 million in the past year, highlights the growing support for smaller MSMEs. We believe that with the continued support from the government, MSMEs can drive India's economic growth and resilience, significantly contributing to a vibrant and sustainable business ecosystem.
“It is recommended that the Government introduces amendments with an effort to stimulate consumer spending - key expectations include raising the tax-free income threshold, reducing tax rates for middle-income earners, increasing the standard deductions for the salaried employees, enhanced limits for Section 80C (investment-related deductions), and higher deductions under Section 80D for health insurance premiums. These measures aim to boost disposable income, aligning with inflation rates and encouraging higher consumer expenditure to invigorate the economy."
Ankit Ratan, Co-founder & CEO, Signzy, said, “As the budget approaches, we strongly urge the Finance Minister to prioritize pivotal solutions such as enhancing digital infrastructure, financial literacy initiatives, and AI-powered credit assessments within financial institutions. The biggest backpain for India’s MSMEs is the massive credit gap of $530 billion, with only 14% of the 51 million MSMEs accessing formal credit, compared to 50% in the US and 37% in China. Traditional credit assessment methods severely disadvantage them due to small loan sizes and lack of documentation."
“To effectively address the MSME credit gap, we expect the finance minister to significantly strengthen digital infrastructure and financial literacy programs, focusing on government-backed credit schemes. Promoting AI-powered credit assessments will drastically improve lending decisions, while automating loan processes through AI tools will build essential trust between lenders and MSMEs. These measures will not only bridge the credit gap but also propel India toward its goal of becoming a $7 trillion economy by equipping MSMEs with critical business resources."
"By fully embracing AI solutions, India can unlock the immense potential of its MSME sector, driving vigorous economic growth powered by its entrepreneurial spirit."
Shashank Paranjape, Managing Director of Paranjape Schemes (Construction) Ltd, stated, "Among the other measures taken to boost the real estate markets, especially in non-metro markets, we believe further deductions in interest on home loans will create a conducive environment for all the real estate developers. An increase in deductions will allow potential home buyers to plan their budgets. Such positive changes in home loan interest will uplift market sentiment and increase sales volume as potential buyers will have more resources. This, in turn, means improved liquidity and cash flow, helping developers complete existing projects ahead of schedule. Overall, there will be sustainable growth and stability in the real estate market."
Budget 2024 Expectations Live Updates: In the run-up to the budget, the Material Recycling Association of India (MRAI) has urged the government to eliminate the import duty on aluminium scrap to promote sustainability within the industry.
MRAI highlights that recycling aluminium scrap results in significantly lower carbon emissions, producing only 0.3 million tonnes (MT) of CO2 per tonne of aluminium, compared to 14 tonnes of CO2 emitted per tonne of aluminium produced through the traditional smelter route, which relies on coal-based power capacities.
"Among the key challenges faced by the Indian aluminium recycling industry is the 2.5 percent import duty on aluminium scrap. It is a key raw material for aluminium recycling and the government should make it zero until the quality material (scrap) is available in sufficient quantity in the domestic market," MRAI said in a letter to Finance Minister Nirmala Sitharaman.
