03:07:37 PM IST, 15 Jul 2024
Budget 2024 Expectations Live: Healthcare sectors awaits increased budgetary allocations
Budget 2024 Expectations Live Updates: “Stakeholders advocate for increased budgetary allocations to healthcare, aiming for 2.5-3% of GDP to ensure comprehensive service coverage. The industry suggests enhanced budget allocations and increased private sector involvement in the Ayushman Bharat Scheme through public-private partnerships (PPPs). They propose tax reforms, such as zero percent rates for Input Tax Credit, to reduce healthcare expenses, ” said Jeetu Bairathi, Partner, Financial Due Diligence, BDO India.
02:51:33 PM IST, 15 Jul 2024
Budget 2024 Expectations Live: Shemaroo’s Hiren Gada shares expectations
Budget 2024 Expectations Live Updates: Hiren Gada, WTD & CEO, Shemaroo Entertainment Limited, said, “The growth of the media and entertainment industry relies on consumers’ ability to spend on leisure and entertainment. To increase disposable income, focusing on boosting employment through nationwide programs and reducing the tax burden to enhance discretionary spending are essential. Additionally, incentives for emerging industries, favorable tax policies, and support for tech and R&D can sustain a healthy start-up ecosystem.””Looking ahead to the Union Budget 2024-2025, we anticipate a budget that not only sustains our growth but propels us towards new horizons. The allocation of funds and providing financial incentives to stimulate research and development in technology, especially artificial intelligence, for the media and entertainment sector will be beneficial. This could include grants, tax credits, and subsidies for businesses engaged in innovative tech solutions,” he added.
02:29:33 PM IST, 15 Jul 2024
Budget 2024 Expectations Live: A call to focus on ‘underfunded sectors’
Budget 2024 Expectations Live Updates: “As we look ahead, the importance of directing substantial resources towards resilient community-based solutions cannot be overstated. The forthcoming budget is a critical moment for private philanthropy in India to step up and become more strategic, prioritizing underfunded sectors such as mental health, gender equity, disability support, climate action, and animal welfare. Strengthening partnerships with the government and civil society will be key to supporting those at the margins,” said Neera Nundy, Co-Founder of Dasra.
02:11:31 PM IST, 15 Jul 2024
Budget 2024 Expectations Live: A demand from EV industry
Budget 2024 Expectations Live Updates: Chakravarthi C. Managing Director, Quantum Energy, said that he is optimistic about the upcoming budget and anticipate favorable announcements and clear policy implementation. “We look forward to targeted incentives, like FAME 3.0, which could make electric two-wheelers more affordable for everyday commuters, thereby expanding our market presence. Additionally, reducing GST on EVs and offering higher purchase subsidies could remarkably boost consumer adoption. As an industry player, we anticipate more support for local battery production and innovation, which are critical for the sustainability and cost-effectiveness of EVs. Increased backing for the ‘Make in India’ initiative and the localized manufacturing of our electric two-wheelers could enable Indian EV manufacturers like us to create more efficient and sustainable mobility solutions that can compete with international brands and are accessible to a broader consumer segment,” he said.
01:59:13 PM IST, 15 Jul 2024
Budget 2024 Expectations Live: Mave Health’s Dhawal Jain on budget expectations for health sector
Budget 2024 Expectations Live Updates: Dhawal Jain, Co Founder of Mave Health, revealed his expectations from the budget this time around. Jain said, “As a leading mental health company, Mave Health eagerly anticipates the Union Budget 2024-25. We hope for an increased allocation of funds towards healthcare, particularly mental health initiatives, to enable greater access to quality mental health training and services across the country. Currently, India spends approximately 2% of its GDP on healthcare, which is significantly lower compared to developed countries that allocate around 10-17%. This disparity underscores the urgent need for enhanced funding and resources in the Indian healthcare sector, especially in mental health.””Increased funding will help bridge the gap in mental health services, allowing for the expansion of accessible, affordable, and high-quality care for all individuals, regardless of their socioeconomic status. We believe that a well-funded mental health sector can lead to improved diagnosis, treatment, and support for those suffering from mental health conditions. This, in turn, will reduce the stigma associated with mental health issues and encourage more individuals to seek help,” he added.
01:38:05 PM IST, 15 Jul 2024
Budget 2024 Expectations Live: Union Budget should be focused on adding higher disposable incomes, says Simpl CEO
Budget 2024 Expectations Live Updates: “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. 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. 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 Nitya Sharma, Founder and CEO, Simpl.
01:18:34 PM IST, 15 Jul 2024
Budget 2024 Expectations Live: A tax-related change likely?
Budget 2024 Expectations Live Updates: KPMG, while listing out its budget expectations, said, “With the objective to have more net disposable income which can either be spent on consumer goods or channelised as savings, it is a popular expectation that the basic tax exemption limit under the default new tax regime be increased to INR5 lakhs from INR3 lakhs.”
01:03:45 PM IST, 15 Jul 2024
Budget 2024 Expectations Live Updates: A push to ‘Make in India’ this time around?
Budget 2024 Expectations Live: “With the new Modi 3.0 government at the helm, the upcoming budget for 2024-25 is expected to reinforce India’s economic priorities, acknowledging that our journey of progress can leapfrog only if foundations are reinforced. The primary goal is to boost our global economic standing through strategic initiatives like the Make in India campaign, PLI scheme, Skill India Mission, and Digital India program. This includes strengthening domestic industries across manufacturing, tech, start-ups, services, and sunrise sectors and bolstering productive capacities by investing in capability building such as human capital, infrastructure, and education. However, we expect the government to focus not just on job creation but also on addressing skill gaps faced by industries, with intensified hiring expected amidst projected GDP growth exceeding 7%. The budget is expected to prioritize skill development and expand apprenticeship programs crucial for building a highly skilled workforce capable of advanced manufacturing and tech adoptions,” said Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship.
12:39:33 PM IST, 15 Jul 2024
Budget 2024 Expectations Live Updates: KPMG expects Sitharaman to provide impetus to housing sector
Budget 2024 Expectations Live: In line with the objective of the government of housing for all, it is widely expected that the government may consider some tax sops for the housing and funding cost for the middle and low income earners, said KPMG. “In the context of a self-occupied property, the new default tax regime disallows any deduction for interest on housing loans. Conversely, the old tax regime permits a deduction of up to only INR2 lakhs. This distinction is crucial as buying a home and securing a loan for self-occupation are substantial financial commitments, often spanning long periods. With recent hikes in interest rates and regulatory reforms there is mounting pressure on the real estate sector. To alleviate these challenges and foster home ownership, it is suggested that the government may reconsider allowing deductions for interest on self-occupied housing loans even under the new default tax regime or enhancing the deduction in the old tax regime to atleast INR3 lakhs,” it added.
12:21:07 PM IST, 15 Jul 2024
Budget 2024 Expectations Live Updates: Godrej Capital’s CEO on upcoming budget
Budget 2024 Expectations Live: Manish Shah, Godrej Capital’s CEO said, “The government has maintained a pro-MSME stance from a policy perspective, and there is anticipation for further encouragement in the upcoming Union Budget 2024. The budget is expected to strengthen initiatives that will further set the Indian economy on a path of steady growth. For the MSME sector, key focus areas may include fostering a favourable business environment to enhance the ‘ease of doing business.’ Some of these areas include facilitation of credit, streamlined GST processes, and regulatory changes. Furthermore, relaxed taxation policies that encourage entrepreneurship and innovation, along with incentives to drive R&D investments, would also be welcome.”
11:50:36 AM IST, 15 Jul 2024
Budget 2024 Expectations Live Updates: Income disparity and inflation- two key areas, says Mohit Khanna, Fund Manager at Purnartha One Strategy
Budget 2024 Expectations Live: Mohit Khanna, Fund Manager at Purnartha One Strategy, lauded government and said that it has done “an excellent job” in recent years in ironing out supply-side issues in the economy. He further said, “A little focus on the demand-side will add more value in the current situation, in my opinion.””The govt. has two primary issues to address – income disparity and inflation. A step to address both these issues will help demand creation. The RBI’s bonanza payout of Rs. 2.11 lakh crore to the government is more than enough to take care of any populist measure that the Govt. wants to undertake it,” he further added.” However, if the FM chooses to re-distribute a part of the interim budget spending allocations in favour of welfare spending and use RBI’s payout to lower fiscal deficit target even more, then it could be a shot-in-the-arm for the economy. This will mitigate potential increase in inflation (due to welfare spending) with lower fiscal deficit – a well-balanced fiscal policy!” said Khanna.
11:28:47 AM IST, 15 Jul 2024
Budget 2024 Expectations Live: Manufacturing sector demands more focus
Budget 2024 Expectations Live Updates: Ratan Singh Sehgal, Managing Director, Hybon Elevators and Escalators Pvt. Ltd, said, “The government should focus on key areas that will promote economic growth and sustainable development across the country in advance of the next union budget. In order to modernize public spaces and urban areas, large infrastructure investments are required. This will address fundamental deficiencies and increase demand for technology in important industries.””Micro, Small, and Medium-Sized Enterprises (MSMEs) require support. The government provides financial incentives, subsidies, and support for technology improvements to MSMEs, enabling them to increase productivity, access a wider audience, and promote innovation. Developing the MSME sector strengthens supply chains that are essential to many industries, including manufacturing and infrastructure, and increases economic activity,” he added.
10:45:50 AM IST, 15 Jul 2024
Budget 2024 Expectations Live: Budget to focus on employment, infra and innovation?
Budget 2024 Expectations Live Updates: Gaurav Jalan, Founder & CEO, mPokket, 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. 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. 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.”
10:28:17 AM IST, 15 Jul 2024
Budget 2024 Expectations Live: FMCG sector anticipates critical measures from Sitharaman’s Budget
Budget 2024 Expectations Live Updates: Joy Personal Care co-founder and chairman Sunil Agarwal said, “As the interim budget announcement approaches, the FMCG sector anticipates several critical measures to stimulate growth and consumer spending. Key expectations include a reduction in income tax slabs to boost consumer purchasing power, improved access to credit for businesses, and significant GST reforms to lower costs on branded food products. The FMCG sector’s remarkable adaptability to changing consumer behavior has been evident for years. While the upcoming budget is expected to prioritize education, employment, and healthcare, it is essential for other industries to receive a boost as well. Maintaining fiscal responsibility is crucial in this uncertain global environment, but addressing high GST rates on essential FMCG products and enhancing infrastructure development will be vital for long-term growth. Looking ahead, increased government spending and consumer-centric policies like tax reduction offer a promising path for market revival. Throughout the past year, our focus has been on strengthening our distribution channels, ensuring our presence across platforms, and being accessible to our customers.””There also has been a significant increase in demand for natural products and immunity-boosting products with natural ingredients, both for personal use and household well-being. We have always had a product portfolio of natural ingredients and ventured into personal hygiene products last year. We see this trend continuing this year and the years ahead. All in all, we look forward to carrying on with the momentum and achieving sustained revival across categories this financial year too,” said Agarwal.
09:47:55 AM IST, 15 Jul 2024
Union Budget 2024 Live Updates: Sitharaman holds meet with Oil Minister, initiates process to bring natural gas & ATF under GST, reports ET NOW
09:41:46 AM IST, 15 Jul 2024
Union Budget 2024 Live Updates: What childcare industry wants from Sitharaman
Union Budget 2024 Live Updates: “Childcare, being a vital cog for women’s participation in the workforce, requires multiple benefitsfrom a tax perspective, such as lowering GST on childcare to 5% and allowing childcare expenses tobe tax deductible. We hope for policies that support affordable childcare, improved educationalfacilities, and initiatives that close the skill gap, ensuring a robust foundation for India’s economicgrowth. These measures will not only foster greater employment opportunities but also contributeto the holistic development of our young population, essential for achieving a USD 5 trillioneconomy,” said Raj Singhal, CEO, Footprints Childcare.
08:59:02 AM IST, 15 Jul 2024
Union Budget 2024 Live Updates: Focus on workforce development and job creation for MSMEs
Union Budget 2024 Live News Updates: Mukul Goyal, Co-Founder of Stratefix Consulting said, “We anticipate that the Union Budget 2024 will introduce significant initiatives to assist workforce development and job creation for MSMEs in India. One crucial area is improved skill development. The budget should allocate significant funding for upskilling and reskilling programs, particularly in automation, artificial intelligence, and data analytics. Providing future-ready skills will enhance employability and foster creativity in MSME workforces.”
08:43:38 AM IST, 15 Jul 2024
Union Budget 2024 Live Updates: Govt may introduce insurance laws amendment bill
Union Budget 2024 Live Updates: The government plans to introduce a bill in the upcoming Budget session to amend the Insurance Act, 1938, with the aim of achieving ‘Insurance for All by 2047’. Proposed provisions may encompass a composite license, differential capital requirements, reduced solvency norms, introduction of captive licenses, revised investment regulations, streamlined registration for intermediaries, and authorization for insurers to distribute additional financial products, according to PTI sources familiar with the matter.
08:41:05 AM IST, 15 Jul 2024
Union Budget 2024 Live Updates: EV Industry seeks incentives, funds for infrastructure
Union Budget 2024 Live News Updates: The industry expects the government to launch FAME-3, invest in charging infrastructure, offer incentives for localizing EV components, integrate EVs with renewable energy, introduce a priority lending scheme, and lower GST on EV services, among other initiatives.
08:39:01 AM IST, 15 Jul 2024
Union Budget 2024 Live Updates: KPMG on double standard deduction
Union Budget 2024 Live News Updates: KPMG has outlined several key expectations for the 2024-25 Budget, set to be presented on July 23 in Parliament. These include doubling the standard deduction to Rs 1 lakh, increasing the tax break on housing loan interest, and streamlining the capital gains tax regime. It suggests increasing the standard deduction from the current Rs 50,000 to Rs 1 lakh.
08:24:08 AM IST, 15 Jul 2024
Union Budget 2024 Live Updates: “Continue 45-day MSME payment rule”
Union Budget 2024 Live News Updates: The SME Chamber of India has requested Finance Minister Nirmala Sitharaman to maintain the 45-day payment rule for MSMEs concerning corporates and other purchasers. Section 43B(h) of the Income Tax Act, established by the Finance Act 2023, stipulates that if a large company fails to pay an MSME within 45 days under a written agreement, it cannot claim that expense as a tax deduction, potentially resulting in increased taxes.
08:21:58 AM IST, 15 Jul 2024
Union Budget 2024 Live Updates: NBFC sector seeks more funds
Union Budget 2024 Live News Updates: Ahead of the Union Budget presentation on July 23, the Non-Banking Financial Company (NBFC) sector is anticipating measures to bolster financial inclusion and strengthen digitalization initiatives to maintain its growth trajectory. The Finance Industry Development Council (FIDC), which advocates for the industry, has recommended the creation of a specialized refinancing institution, similar to the National Housing Bank (NHB) established for housing finance companies.
