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Budget 2024 Expectations Highlights: Will FM Nirmala Sitharaman give income tax relief, bring changes in new tax regime? Capex push for roads, railways also in focus

Budget 2024 Expectations Highlights: Union Budget 2024, the first full Budget by the Modi 3.0 government, will be presented by Fin...

The Times of India | Jul 20, 2024, 22:52:51 IST

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22:52 (IST), Jul, 20

Budget 2024 Expectations Live: Introduce National Education Endowment Fund

“To make a transformative impact, the FM should introduce a “National Education Endowment Fund,” modeled after the endowment systems of top global universities. This fund could pool resources from government allocations, private sector contributions, and international grants. It would provide financial stability for top-ranked and young Indian institutes, enabling them to offer scholarships, fund research, and attract global talent. Additionally, universities demonstrating significant improvements in performance and innovation should be incentivized to receive increased endowment funds,” Suchindra Kumar, Partner - Education, PwC India tells TOI.

22:14 (IST), Jul, 20

Budget 2024 Expectations Live: Atishi demands Rs 10,000 cr for MCD in Budget

Delhi Finance Minister Atishi on Saturday demanded a budgetary allocation of Rs 10,000 crore for the MCD from the Centre, alleging the civic body does not get its share in the budget. In a joint press conference with Delhi Mayor Shelly Oberoi, they mentioned that Oberoi has written a letter to Union Finance Minister Nirmala Sitharaman in this regard.

"Delhi is among the highest tax paying states in the country. Last year they paid a total of Rs 2.32 lakh crore taxes to the Central government. However, still Delhi is the only state which does not get its share of allocation for maintenance of the city," Atishi said.

She demanded a five per cent allocation from the taxes paid by Delhi in the Central government's budget slated to be presented on July 23.

"The people of Delhi paid Rs 2.7 lakh crore to the Central government as income tax last year and also paid CGST of Rs 25,000 crores. In total people of Delhi paid Rs 2.32 lakh crore tax to the Central government last year," Atishi said.

"While every state in the country gets this money, Delhi is the only state which does not get a single penny neither for the state government nor for its local bodies," she added.

The minister claimed the Centre allocates Rs 13,432 crore to Uttar Pradesh, Rs 7,115 crore to Maharashtra and Rs 6,079 crore to Bihar annually for their local bodies.

"I want to ask the Central government if it can give money for cleaning Mumbai, Patna and Bhopal, then why can't it give money for cleaning Delhi? The people of Delhi are not asking for alms but their rightful money. They pay Rs 2.07 lakh crores as income tax," Atishi said.

"This time we are demanding a budget allocation of Rs 10,000 crore for the Municipal Corporation of Delhi from the central budget. This is only 5 per cent of the income tax paid by the people of Delhi," she added. (PTI)

22:12 (IST), Jul, 20

Budget 2024 Expectations Live: Under new tax regime, impose 30% tax on incomes above Rs 25 lakh

Budget 2024 income tax expectations: “Salaried taxpayers have not embraced the new tax regime fully. The new tax regime may still be good for income below 15 lakh INR. However, there is no inflation adjustment above Rs. 15 Lakh. Thus, taxpayers in the high-income bracket prefer the old regime over the new one. It would be helpful if a tax rate of 30% were imposed on incomes above 25 lakh INR. It will make the new tax regime attractive and at the same time propel consumption and savings,” says Prof. Sangita Dutta Gupta, Professor of Economics, BML Munjal University.

22:11 (IST), Jul, 20

Budget 2024 Expectations Live: Provide tax breaks for corporates looking to support quality in school education

Budget 2024 expectations: “Create an enabling regulatory environment to increase investment in education, raising it from 3% to 6% of GDP. This funding should support the effective implementation of the National Education Policy (NEP), enhance technological integration, and boost research and innovation.

Govt could look at providing incentives and tax breaks for corporates looking to support quality in school education, and better industry academia involvement for higher education involving academic collaboration and research. This would solve the problems of quality and job readiness if graduates, and allow India to truly reap the demographic dividend. Increased funding towards research and innovation (which is currently around 0.65% of GDP) would also support the "Make in India" focus,” Suchindra Kumar, Partner - Education, PwC India tells TOI.

20:33 (IST), Jul, 20

Budget 2024 Expectations Live: Logistics industry experts advocate embracing AI and IoT technologies

Emphasising the importance of integrating artificial intelligence (AI) and Internet of Things (IoT), iThink Logistics Co-founder Zaiba Sarang told PTI “For enhanced operations and transparency, embracing technology like AI and IoT needs incentives”. He added “Streamlining the GST system and encouraging sustainability by using electric cars and other eco-friendly activities is also essential”. Read full story here:

19:30 (IST), Jul, 20

Budget 2024 Expectations Live: ‘Bring Tax Reforms for telecom’

Telecom operators are seeking a special tax regime allowing them to carry forward and set off business losses for an extended period, beyond the current eight-year limit. Additionally, they are requesting exemptions on customs duty for telecom equipment to reduce costs. Read full story here:

18:22 (IST), Jul, 20

Budget 2024 Expectations Live: Experts outline expectations for skill-based education

This year, all eyes will be on the Central Government's plan to meet the rising demands of the education sector. We can expect a bigger push towards skill-based learning, technology, substantial reforms, and increased investments in school education. Read full story here:

17:34 (IST), Jul, 20

Budget 2024 Expectations Live: Tech Entrepreneurs Association of Mumbai seeks financial support for startups

In the upcoming budget, the Tech Entrepreneurs Association of Mumbai (TEAM) has appealed to the union government to boost financial support for startups. TEAM said: “As the Tech Entrepreneurs Association of Mumbai, we anticipate the upcoming union budget with the hope that it will significantly bolster our startup ecosystem. Maharashtra has the most number of startups registered with DPIIT (Department for Promotion of Industry and Internal Trade) in recent years, and government initiatives are key to achieving the state’s goal of a $1 trillion economy.” Read full story here:

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16:27 (IST), Jul, 20

Budget 2024 Expectations Live: ‘Include ATF in the GST framework’

“The aviation industry eagerly awaits tax rationalization, the inclusion of ATF in the GST framework, and incentives for domestic manufacturing in the upcoming budget for FY 2024-25 to be presented by Hon'ble Finance Minister. Aviation sector experts are hopeful for the government's focus on enhancing regional connectivity and expanding airport infrastructure to drive growth under PPP model. Despite the growth in passenger traffic and the number of aircraft operating with Indian carriers which is approximately 700 in number, the MRO sector has not kept pace due to restrictive government regulations and high taxation. TAX breaks in research & development & Inclusion of spare parts in the PLI scheme will boost local manufacturing of the aircraft components. Also I would like to thank GST council for implementing uniform 5% tax for all aircraft engine parts,” says Bhavana Yerrumreddy, Partner – Aviation, EY India.

16:25 (IST), Jul, 20

Budget 2024 Expectations Live: Declare Health Sector as a priority sector

“My biggest expectation is that the Health Sector will be declared a priority sector and thereby give it the opportunity for players to access financing and tax incentives. This will also facilitate the government's approach to engage with the private sector to collaborate on the creation of health infrastructure and more importantly on expanding the delivery of quality health services,” Kaustabh Basu, Partner - Social Sector, PwC India told TOI.

16:00 (IST), Jul, 20

Budget 2024 Expectations Live: ‘Bring aviation turbine fuel under GST’

“To promote ease of doing business, it is essential to alleviate tax pressure and compliance, whether it is company law, income tax, or GST. Currently, GST notices are issued nationwide by just seeing them in the portal and without any application of mind. The IATA president already mentioned in the public domain that foreign carriers may quit India due to tax (GST) issues. As GST is a relatively new law, it is suggested that no penalties be imposed for the initial three years of the new business, allowing citizens sufficient time to comprehend the law. Notably, the World Bank has acknowledged GST as the most complex law globally. We also must understand that due to COVID-19 for almost 3 years, it is important to consider that period with relaxation while doing tax assessments.

Within TDS, streamlining more than 36 rates is necessary to improve the business environment. Also, it is imperative to support MSMEs by considering a 20% increase in the GST threshold limit for services (from 20 lakhs) and goods (from 40 lakhs), factoring in inflation.

The company law department is imposing high penalties. However, the site doesn’t work many times. Already, GST collection crosses 2 lac crore monthly. The GST department will be collecting more and more revenue, and with the help of advanced technology, notices are issued. It is high time that aviation turbine fuel is bought under GST to create a level playing field between Indian carriers and foreign carriers who have the option to fill up their aircraft with cheaper ATF from outside the country,” says Mahesh Fogla, Executive Director, Patel Integrated Logistics.

15:36 (IST), Jul, 20

Budget 2024 Expectations Live: ‘Provide greater exemption for tuition fee under Section 80C’

“The National Education Policy (NEP 2020) has given a fillip to making education inclusive, and accessible, while also striving for educational equity. This is commendable. On these lines, the government must look at raising the tax exemption limit under Section 80(C) of the Income Tax Act from the current INR 1.5 Lakhs to INR 2 Lakhs; with a focus on allowing greater tax exemption for tuition fees.

“This potentially empowers parents to seek high-quality education for their wards in institutions of repute; whilst deriving enhanced tax benefits. This move could also positively impact the Urban aspirational class of parents; and children who could get better access to world-class educational facilities and become globally competent,” says Geeta Jayanth - Principal, Chaman Bhartiya School, Bengaluru.

15:30 (IST), Jul, 20

Budget 2024 Expectations Live: ‘Pivotal opportunity for apparel startups’

“The forthcoming budget presents a pivotal opportunity for apparel startups to reshape the industry's future through innovation and sustainability. We anticipate policies that encourage investments in AI, automation, and sustainable practices, which can drive significant growth and transformation. Simplifying compliance and offering tax incentives will be crucial in fostering a more conducive business environment.

Additionally, export incentives will be essential for taking India's products to the global market, thereby boosting export revenues and strengthening the economy. Given that the textile industry employs over 45 million people and contributes 5% to the GDP, this budget must address the unique challenges and opportunities faced by our sector. Lastly, we also expect the budget to address various logistics and sustainability challenges that the apparel industry is facing while boosting export ambitions,” says Ankit Jaipuria, Co-Founder of ZYOD.

14:35 (IST), Jul, 20

Budget 2024 Expectations Live: HR industry looks forward to focus skill development

"In the upcoming Indian Budget, the HR industry looks forward to significant focus on key areas like skill development, the impact of AI on workforces, and improved digital infrastructure access for SME and MSME sectors. For salaried employees, lower tax rates and increased exemption limits for tax benefits will be welcome by individuals, and will boost disposable income,” says Prashant Shah, Co-Founder and CMO, TeamNest.com.

13:50 (IST), Jul, 20

Budget 2024 Expectations Live: Budget expected to bring benefits for gems and jewellery sector

"The Indian Union Budget 2024 promises significant benefits for the gems and jewellery sector. Our key expectations include reducing import duty from 15% to 10% and providing a 0.5% duty benefit via the India International Bullion Exchange (IIBX). Establishing GST bonded warehouses and Electronic Gold Receipts (EGR) will streamline trading. Centralizing gold imports through IIBX, allowing consignment imports, and permitting bullion exports will enhance transparency. Proposals also include a jewellery export center at GIFT City, mandatory hallmarking, eliminating duty benefits for LDCs and FTAs, and transitioning to 100% bullion trade through exchanges. Additional measures such as EMI on jewellery, tax exemptions, and the establishment of a single regulator for the sector are anticipated to drive growth and efficiency,” says Aksha Kamboj, VP of India Bullion & Jewellers Association.

13:00 (IST), Jul, 20

Budget 2024 Expectations Live: Upskill human resources in healthcare sector

Budget 2024 expectations for healthcare: “While the government needs to continue to enhance its outlay on creating health infrastructure across primary, secondary and tertiary care, in order to improve the access to and quality of services, it should focus on two important aspects - the first is the upskilling of human resources from frontline health workers to technicians and nurses to clinicians/health professionals at the tertiary level. This should focus on continually equipping the human resources with the new and emerging skills and competencies, in additional to basic and core skills which may require a refresh, and not just focus on establishing medical colleges. The second is to leverage the considerable innovative capability in the country in areas such as medical technology and devices, pharma and life sciences, data sciences and digital technologies and embed these within the public health delivery system. This will call for innovative financing and partnership models specially with the start-up ecosystem, as well as changes to the care delivery models. This could be set up as a separate mission to expedite the whole process,” Kaustabh Basu, Partner - Social Sector, PwC India tells TOI.

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12:27 (IST), Jul, 20

Budget 2024 Expectations Live: Focus on rural development and job creation

“Government's upcoming budget is expected to walk a tightrope, balancing the need for inflation control with measures to stimulate consumption and foster inclusive economic growth. The budget is likely to focus on driving economic expansion through increased infrastructure investments, digital economy initiatives including incentives for modernisation of traditional retail businesses and support to MSMEs.

Expectations from the budget include a focus on rural development and job creation, with a significant increase in allocations for rural schemes, including housing, roads, and employment programs. The Government may seek to increase allocations under MGNREGS which coupled with investments in infrastructure such as roads, logistics is expected to reduce operational costs for FMCG companies and improve supply chain efficiency.

India inc would welcome introduction of PLI schemes for more sectors including wearables and hearables, toys and furniture. Also, allowing input tax credit for goods or services used in construction, renovation and repairs of retail stores would help in addressing the industry’s pain point. The retail industry also needs streamlining GST input tax credit in case of damaged or expired goods, refund of GST credit balance lying on the date of surrender of GST registration in case of closure of stores, etc.

Further, as we enter the 7th year of GST, the number of GST litigations is increasing with every day passing and there is an urgent requirement to constitute the GST Appellate Tribunal at the earliest,” says Paresh Parekh, National Tax and Regulatory Leader, Consumer and Retail Sector, EY India.

11:45 (IST), Jul, 20

Budget 2024 Expectations Live: ‘Refractory industry will play a crucial role infrastructure growth’

“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. 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,” says Parmod Sagar, Managing Director & CEO - RHI Magnesita India.

11:23 (IST), Jul, 20

Budget 2024 Expectations Live: ‘Expect export-driven strategy especially in television exports’

"The Indian electronics manufacturing sector is ready for significant growth. In the upcoming Union Budget, we hope for policies that will support an export-driven strategy, especially in television exports. To achieve this, a focus on boosting domestic production and empowering Indian manufacturers is essential. Streamlining supply chains and prioritizing the localization of components can reduce our dependence on overseas suppliers and strengthen our economy by building a strong local manufacturing ecosystem, creating jobs, and increasing foreign reserves. By creating a supportive environment that encourages innovation and simplifies business operations, we can enhance India’s position in global electronics manufacturing. Implementing these measures can help India become a key player in electronics manufacturing, serving both domestic and international markets,” says Sharan Maini, Director of Veira Group.

11:01 (IST), Jul, 20

Budget 2024 Expectations Live: Robust rise in R&D outlays for agriculture and climate change expected

“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.

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.

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.

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,” says SK Chaudhary, Founder Director, Safex Chemicals.

10:16 (IST), Jul, 20

Budget 2024 Expectations Live: ‘Government's initiatives will benefit hospitality industry’

Budget 2024 expectations: Mohit Kanwal expresses optimism about the government's initiatives to bolster tourism infrastructure and connectivity. "Courtyard by Marriott Gurugram is excited about the 2024 budget's focus on improving tourism infrastructure and connectivity. Read full story here:

09:54 (IST), Jul, 20

Budget 2024 Expectations Live: EV sector seeks comprehensive support and innovation boost

Madhumita Agrawal, Founder and CEO of Oben Electric, sees the Budget as a pivotal moment for the EV sector's growth. She says, “Currently, manufacturers face a significant cash flow squeeze due to the higher GST rates on raw materials (18-28%) compared to the lower GST rate on the final vehicle (5%). We hope the budget will address this disparity to reduce the burden on manufacturers, eventually transferring the cost benefit to the consumer.” Read full story here:

09:17 (IST), Jul, 20

Budget 2024 Expectations Live: What FM Sitharaman can do for digital payments

Mihir Gandhi, Partner and Leader - Payments Transformation, PwC India lists his Budget 2024 expectations to TOI:

1. Interchange pricing to be brought back for UPI transactions - P2M for high ticket transactions (above Rs 250) and also for larger merchants with annual revenues of Rs 25 lakhs and above. This will assist the players like banks and fintechs / bigtechs to make some money and invest more in product development and technology upgrade to ensure better performance and experience for the various stakeholders.

2. Bringing the digital financial services platforms under regulatory ambit and regulating them (like Jupiter, Google pay, Phone Pe). These platforms offer strong front end platforms with superior UI / UX and provide multiple financial services products choice to the customers. NBFCs too are launching their financial services app which consolidates and provides multiple group company products which can be brought into regulatory ambit (Adani One, Aditya Birla Capital Digital, Tata Neu)

3. Incentivise the set up of central fintech hub in Maharashtra or B’lore or Gujarat - subsidised land, lower taxes, favourable policies (instant licensing, seamless compliance reporting) etc - this is as per PM’s announcement recently during his trip to Mumbai.

4. Incentivise lending to the fintechs and their customers akin to the priority sector lending - with lower rates and higher fund flows. Check areas like credit assessment, collection mechanisms, business models and target customers of the fintech and put limit caps to such disbursements

08:43 (IST), Jul, 20

Budget 2024 Expectations Live: Improved infrastructure will undoubtedly boost our tourism potential’

Speaking on the topic of budget 2024 and the expectations related to them, Suman Gahlawat, General Manager of Le Meridien Gurgaon, Delhi NCR stated, "We wholeheartedly support the government’s 2024 budget for the tourism sector, recognizing that promoting local destinations will invigorate our industry. This initiative will undoubtedly enrich the sector, driving sustainable growth and community prosperity." Read full story here:

07:58 (IST), Jul, 20

Budget 2024 Expectations Live: Take NEP recommendation of increasing education's allocation to 6%

“India has among the highest number of schools in the world -- close to 1.5 million. And yet, we have a fairly low allocation -- under 3% -- of the total budget to education. My hope is that we start following the lead of OECD countries and take the NEP recommendation of increasing education's allocation to 6%. I believe that in this era of acute unemployment and unprecedented proliferation of technology making many jobs obsolete, investing in new-age, skill-based education across all stratas of society is paramount to make kids future-ready. World Bank's research says that with every additional year of schooling, there is a corresponding 9% average increase in hourly earnings. I believe this metric is crucial for developing, human-capital intensive countries like India. Education lies at the heart of this global shift towards a more learned workforce, which is why I hope that all future budgets invest deeply in: 1) Updating the curricula to include 21st century subjects like financial literacy, communications, entrepreneurship, AI, etc, 2) Improving means of delivery to make learning more tech-friendly and individualised so its impact is greater, and 3) Fostering strong public-private partnerships so that the know-how of startups and experts can be utilised to accelerate change for the masses and not just a select few,” says Ravi Bhushan, Founder & CEO, BrightCHAMPS.

07:02 (IST), Jul, 20

Budget 2024 Expectations Live: Designate digital infrastructure as an essential service

"The upcoming Union Budget presents a critical juncture to catalyze India's economic growth and competitiveness. For MSMEs, it is important to preserve favorable payment terms. The quicker receipt of accounts receivable is beneficial and can be further explored & accelerated. It is essential to implement measures that enhance the MSME ecosystem by extending credit facilities and increasing the overall credit available relative to the company’s net worth.

Given India's ongoing development and investment in digital infrastructure like payment gateways, it would be good to have policies designating digital infrastructure as an essential service to accelerate digital transformation. This would help reduce barriers to deploying mobile internet or fixed lines, such as exorbitant rentals for public or private property, and ensure affordable internet access for all.

Additionally, targeted incentives for sustainable practices in the power-intensive telecom sector and a more favorable tax regime for ESOPs are essential to foster innovation and attract top talent,” says Subash Vasudevan, CBO and Co-founder, iBUS Networks.

06:00 (IST), Jul, 20

Budget 2024 Expectations Live: Global trade is looking at India as an important destination for manufacturing

“The Union Budget 2024 is anticipated to further establish the groundwork and provide a strategic plan to guide the economy over the subsequent five years. The newly instated NDA government, which assumed office in June, will present its Union Budget with an expected focus on measures that benefit the common man, creation of infrastructure, support employment generation and value creation.

Since the implementation of GST, the Union Budget has largely been confined to amendments in the GST Act, with the crux of GST modifications and clarifications being addressed in GST Council meetings. The 53rd GST Council meeting has suggested alterations in the CGST and IGST Acts, and these proposed amendments are likely to be part of the Union Budget.

The Production Linked Incentive (PLI) scheme, introduced in the last five years across various sectors to realize the vision of Atma Nirbhar Bharat, has received a positive response. With the strengthening of the China+1 strategy to de-risk supply chains, global trade is looking at India as an important destination for manufacturing. To stimulate manufacturing and growth, the Government may consider augmenting the budget allocation for such schemes and extending this initiative to other sectors,” says KPMG in India.

05:09 (IST), Jul, 20

Budget 2024 Expectations Live: Modernizing India's agriculture will require a multi-pronged strategy

“NITI Aayog has called for a paradigm shift in India's agriculture approach, emphasizing the need for a facilitating regulatory environment to enable private and corporate investments in new technologies, infrastructure, and producer linkages. This is crucial as public sector R&D is constrained, leading to a widening gap with global innovations. Investments in post-harvest infrastructure and private sector participation in exports can boost farmer incomes and integrate them with global markets. The private sector can play a pivotal role in this, along with delivering knowledge, skills, and services to help farmers manage risks and increase productivity. However, a balanced approach is needed, combining modern technology with targeted government schemes to ensure inclusive and sustainable growth. Overall, modernizing India's agriculture will require a multi-pronged strategy - one that harnesses the strengths of the private sector in areas like research, infrastructure, and exports, while also leveraging digital solutions and government support to drive inclusive and sustainable growth in the sector,” says Amit Vatsyayan, Leader GPS-Agriculture, Livelihood, Social and Skills, EY India.

04:00 (IST), Jul, 20

Budget 2024 Expectations Live: Opportunity to boost growth of MSME sector

"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,” says Divyesh Dalal, MD & Head – Global Transaction Services, SME & Institutional Liability Business, DBS Bank India.

03:00 (IST), Jul, 20

Budget 2024 Expectations Live: Expect to see the promotion of Indian exports

"We’re thrilled to see the recent budget’s focus on the 'Make in India' initiative. It's a game-changer for turning India into a global manufacturing leader. By creating jobs and attracting investments, we’re setting the stage for sustainable growth and prosperity. The increased funding for R&D, especially in Industry 5.0, will drive future innovation and ensure we remain at the cutting edge of technology and manufacturing processes. This will encourage more entrepreneurs to enter the market and help existing businesses to expand. We expect to see the promotion of Indian exports through new and revised policies which will enhance our global presence, ensuring that products developed in India reach markets worldwide and showcase our manufacturing excellence,” says Sriram Kanuri, CEO and Founder of Arteria Technologies.

02:41 (IST), Jul, 20

Budget 2024 Expectations Live: Thrust on infrastructure will continue over the next 5 years

Anil Bansal, Senior Director – Urban Infrastructure & Tourism, IPE Global lists his Budget 2024 expectations for infrastructure:

In the interim budget in February, it was announced that the outlay for infrastructure has reached 3.4% of GDP at Rs 11.11 lakh crore, topping the previous high of Rs 10 lakh crore during fiscal 2023-24. With the elections behind us and the continuation of the NDA government for its third term, it is now certain that this thrust on infrastructure will continue over the next 5 years, with special emphasis on sustainable cities and sustainable tourism.

We expect substantial budgetary commitments to the urban sector in line with pre-election announcements.

Major allocations to the housing sub-sector shall continue, considering the proposed expansion of the PMAY mission and slum re-developments.
The mobility sub-sector will also receive major outlays. Apart from metro rail and multi-modal transport facility projects, the re-development of several railway stations and provision of e-buses in major cities will require increased financing.
Allocation to the urban water sub-sector is not expected to increase by much. Major initiatives such as AMRUT 2.0, SBM 2.0, NMCG have been progressing steadily over the last few years, and annual fund requirements of states and UTs are already known. As of now, there are no major programmes in pipeline that could necessitate additional budgets.

Apart from this, we expect to witness renewed focus on waste management, especially on managing open dumpsites and landfills, bio-mining, bio-methanation, etc. under the waste-to-wealth mission, all of which ideally requires higher capital commitments.

There was major increase in the tourism sector allocation in the Interim Budget, mainly due to the Swadesh Darshan (SD 2.0) and PRASHAD schemes. We expect similar allocations to reflect in the full budget, since the projects under SD 2.0 are moving towards the implementation stage this year.

With cities being recognized as engines of growth, it is imperative to transform how urban local bodies and other institutional stakeholders function. This is essential to improve management of infrastructure and improve coverage and quality of urban services. In this context, we would like this budget to finally focus also on a comprehensive set of urban reforms. which have been pending for decades, and which are critical for moving towards sustainable urban rejuvenation.

01:07 (IST), Jul, 20

Budget 2024 Expectations Live: Interest subsidy programs important to make home loans more affordable

"The real estate sector in India has high hopes for the Union Budget 2024-25, anticipating reforms to boost housing, office spaces, and commercial areas. Key expectations include interest subsidy programs to make home loans more affordable, strategic use of government land to lower project costs, and tax incentives to counter rising raw material and land prices. The industry also seeks the revival of the Credit-Linked Subsidy Scheme (CLSS) and reduced stamp duty to enhance affordability. Additionally, granting 'industry status' to the housing sector and incorporating real estate under GST with a simplified structure could spur growth and investment. The commercial real estate segment seeks tax credits and incentives for redeveloping older areas and digital transformation initiatives. Meeting these demands could revitalize affordable housing, stimulate job creation, and position the real estate industry as a key driver of economic growth,” says Anoop Bhargava, Director and CEO of Empire Centrum.

00:21 (IST), Jul, 20

Budget 2024 Expectations Live: Emphasize achieving self-reliance in telecom equipment

“Following the rapid deployment of 5G across the country, it is imperative to connect every household with high-speed broadband. This will drive holistic, inclusive, and economic development through the use of "Made in India" technologies. The recently announced Digital Bharat Nidhi (DBN) should be utilized to foster innovation among domestic telecom product and equipment manufacturers.

For the past two decades, the Union Budget has focused on "Atmanirbhar Bharat" (self-reliant India). This year, we expect the budget to emphasize achieving self-reliance in the telecom equipment segment due to its significant strategic and security implications.

The growth of economies will increasingly rely on the data flowing through telecom networks. Given the telecom sector's critical role in supporting new-age businesses, we must ensure data security for India's economic and strategic interests by fostering indigenous innovation and reducing our dependence on imports.

Allocating support for innovation in the budget will help expand our research and development capabilities within India and cultivate talent to meet the government's vision of a "Viksit Bharat" (Developed India) by 2047.

By fostering domestic intellectual property, we not only save on foreign royalties but also create numerous job opportunities for our skilled workforce. This strategic push will reduce our foreign exchange deficits and position India as a formidable player on the global telecom stage. Together, let us embrace this transformation and pave the way for a self-sufficient, technologically advanced, and globally competitive India,” says Paritosh Prajapati, CEO, GX Group.

23:29 (IST), Jul, 19

Budget 2024 Expectations Live: A plethora of jobs are expected to be generated’

As Budget 2024 approaches, stakeholders in the hospitality sector are keenly anticipating the government’s announcements, hoping for measures that will drive growth and innovation in this crucial industry. Vishal Vincent Tony, Managing Director at Ayatana Hospitality Pvt Ltd, has shared his insights on what the sector expects from the upcoming budget. Read full story here:

22:16 (IST), Jul, 19

Budget 2024 Expectations Live: Many changes expected in new income tax regime

Budget 2024 income tax expectations: “In recent years, the Government has focused on making the concessional tax regime (CTR) more appealing through various measures. Looking ahead, there are several anticipated changes aimed at further increasing its adoption. These include raising the basic exemption limit under the CTR from INR 3,00,000 to INR 5,00,000, potentially reducing tax rates or revising tax slabs within the CTR framework, and proposing an increase in the standard deduction from INR 50,000 to INR 1,00,000. The expectation for increasing the standard deduction applies to both the old tax regime and the CTR.

Additionally, recognizing the widespread use of home loans among taxpayers, the government should consider extending the deduction for interest paid on housing loans for self-occupied properties to the CTR, currently available only under the old tax regime. These enhancements are expected to broaden the appeal and utilization of the CTR, providing taxpayers with greater flexibility and benefits,” says Surabhi Marwah, Tax Partner, EY India.

21:57 (IST), Jul, 19

Budget 2024 Expectations Live: Key policy measures Auto Inc hopes to see from upcoming Union Budget

The upcoming budget is expected to play a pivotal role in shaping the future of the automotive landscape in India. As the nation aims to become a global manufacturing hub and reduce its carbon footprint, industry leaders are seeking clarity on government incentives, infrastructure development, and tax reforms. Read full story here:

20:38 (IST), Jul, 19

Budget 2024 Expectations Live: Incentives for sectors, customs reforms expected

India will almost certainly become the third-largest economy before the end of this decade and Prime Minister Modi has set the goal for India to join the ranks of developed nations by 2047. In addition to incentivising investments and implementing PLI schemes to drive ‘local value addition’ in the manufacturing ecosystem across supply chains, a comprehensive revamp of import tariffs will have a deep impact on India’s manufacturing capabilities and overall competitiveness. Read full story here:

19:22 (IST), Jul, 19

Budget 2024 Expectations Live: What Modi government can do to promote sustainable & affordable living through green housing

Budget 2024 is expected to focus on providing financial incentives and subsidies to promote the development and purchase of environment-friendly homes and buildings. Read full story here:

18:23 (IST), Jul, 19

Budget 2024 Expectations Live: Strong focus on financial inclusion particularly for women expected

"As India unveils the 2024 Union Budget, Women’s World Banking anticipates a strong focus on financial inclusion, particularly for women. Central to this strategy are women agents who will play a pivotal role in delivering accessible and personalized financial services. Strengthening the social infrastructure of finance—following the successful creation of the digital public infrastructure (DPI)—is critical. We may witness budgetary support, such as soft loans or seed capital, especially for women agents as they establish their banking businesses. Additionally, there could be reductions in GST rates for agents and investments in capacity building through financial training institutes,” says Kalpana Ajayan, Regional Head for South Asia at WWB

16:38 (IST), Jul, 19

Budget 2024 Expectations Live: BSE Sensex plummets over 700 points, ends below 81,000; Nifty50 above 24,500

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, experienced a significant decline on Friday as investors opted to book profits following a four-day record-breaking rally and weak global market trends. The fall in blue-chip Reliance Industries also contributed to the lower performance of the benchmarks. Read full story here:

16:29 (IST), Jul, 19

Budget 2024 Expectations Live: Robust infrastructure framework can reduce overall logistics cost of transportation

The burgeoning inland cruise shipping sector presents an opportunity for growth as there is a need to develop ports to accommodate large cruise vessels and build terminals with modern infrastructure to enhance passenger experience. Read full story here:

15:57 (IST), Jul, 19

Budget 2024 Expectations Live: Need for schemes to boost rural consumption

“The FMCG sector remains optimistic and anticipates a more stable market in 2024. With the upcoming Union Budget 2024, our expectations are high for progressive and transformative measures. We seek solutions to immediate economic challenges and initiatives for sustainable growth, including proactive measures to control inflation, stimulate overall consumption, create rural jobs, and incentivize capital expenditure, innovation, research, and development. Recognizing the importance of rural economies, we emphasize the need for schemes to boost rural consumption, fostering a stable market in 2024. We also anticipate policies to protect oilseed farmers and the oleochemical industry. Additionally, we expect the government's focus on capital expenditure and private-sector manufacturing and services to drive income generation and economic activity. Increasing funding for the agriculture accelerator fund is crucial for improving farming practices through new technology and better storage solutions, benefiting both farmers and the FMCG sector,” says Manish Aggarwal, Director, Bikano, Bikanervala Foods

15:26 (IST), Jul, 19

Budget 2024 Expectations Live: Lay groundwork for more inclusive, dynamic financial ecosystem for MSMEs

"There is an increasing demand for financial products in rural markets, fueled by the penetration of the internet and an entrepreneurial mindset. Government schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY), Mudra Yojana, and Stand-Up India have created a backbone for NBFCs in these markets. In this digital-first world, technology has played a key role in driving the growth of NBFCs. By bolstering technological capabilities, NBFCs are uniquely positioned to serve the unbanked and underserved segments of our population.

As we advance towards the ambitious $5 trillion economy milestone, we look forward to continued support for policies that enhance digital infrastructure, particularly in the banking and fintech sectors, to strengthen the economy. Over the years, the borrowing prospects of MSMEs have improved, and this budget should lay the groundwork for a more inclusive, resilient, and dynamic financial ecosystem for MSMEs. Implementation of these measures will not only benefit the NBFC sector but also contribute significantly to the rural economy and the financial well-being of BHARAT,” says Karthik Srinivasan, Chief Business Officer, at HDB Financial Services, an HDFC Bank subsidiary.

14:57 (IST), Jul, 19

Budget 2024 Expectations Live: Prioritize preventive healthcare initiatives

“India has witnessed a significant shift in focus towards holistic health and wellbeing, aligning with the Government's vision for a healthier nation. We urge the union budget to prioritize preventive healthcare initiatives, especially given the rise in lifestyle diseases and the need for robust preventive healthcare initiatives under the Swasth Bharat Mission. As a leading FMCG direct-selling company focused on health and wellbeing, Amway shares this vision and expects Budget 2024 to facilitate widespread access to wellness.

Towards this end, we hope the Government rationalizes GST on dietary supplements from the current 18% in the upcoming Union Budget 2024. This will be a welcome move, considering a holistic healthcare system combined with nutraceuticals and health supplements provides significant economic value and will play a vital role in contributing to reviving the Indian economy. We also propose the expansion of GST exemptions, including input tax credits, to cover dietary health and wellness products, including Ayurvedic preparations. This would enable more people to embrace wellness practices, paving the way for a healthier India.

We urge the government to consider lowering income tax slabs for direct sellers who are sole proprietors or small businesses. This adjustment would support entrepreneurship and contribute to overall economic growth. Furthermore, lowering taxes would improve spending power, allowing more people to invest in their health. We also advocate incentivizing research and innovation by providing fiscal incentives to support R&D initiatives, thereby fostering an environment for technological advancement and enhancing our nation's competitiveness in the global market,” says Katrina Almario, Vice President - Finance, Amway India.

14:22 (IST), Jul, 19

Budget 2024 Expectations Live: Initiatives in defence, railways expected to enhance investor confidence

“Market analysts predict a potential 20% gain, with the NSE Nifty 50 Index possibly reaching up to 26,000 points by year-end, building on its already significant 12% rise this year. The forthcoming budget is anticipated to boost consumer spending and infrastructure development. Government initiatives in sectors like defence and railways are expected to enhance investor confidence,” says Vinnaayak Mehta, Founder, The Infinity Group.

13:25 (IST), Jul, 19

Budget 2024 income tax expectations: Raise basic exemption limit, standard deduction and NPS benefits for taxpayers

Foremost among the anticipated reforms is the rationalization of the basic exemption limit under the simplified and old tax regimes. Currently, the limit is set at Rs 3 lakhs and 2.5 lakhs respectively, leading to confusion amongst taxpayers. Read full story here:

12:34 (IST), Jul, 19

Budget 2024 Expectations Live: India at the brink of a renewables revolution

"India stands poised at the brink of a renewables revolution, harnessing the power of its abundant solar and wind resources to lead a sustainable future. To tap its full potential, it is crucial to strengthen the manufacturing ecosystem for clean energy components, provide robust financing support to new technologies, establish new trade agreements with key global regions, and capitalize on the opportunity for India to become a global hub for RE technology, Green Hydrogen & related services.

With the upcoming budget, we request the government to prioritize three measures – a package of production and export promotion incentives to our export-oriented sectors like green hydrogen and solar components manufacturing; the launch of a new Carbon Mission to synergise our current efforts, and classification of renewable energy projects with a capacity of more than 50 MW as projects of national importance under the PM Gati Shakti. Furthermore, we request for a uniform GST rate of 5% on Battery Energy Storage Systems (BESS) and related components and a reduction in customs duty on batteries for utility storage purposes.

These measures will significantly support the growth of the renewable energy sector in the country. The industry is committed to supporting the government in achieving these goals, driving India's growth, and establishing the country as a leader in renewable energy. With bold initiatives and innovation, India is sure to transform into a global leader in clean energy,” says Sumant Sinha, Chairman & CEO, ReNew.

12:06 (IST), Jul, 19

Budget 2024 Expectations Live: Provide further support to innovation and competitiveness in the auto industry

"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. 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 contributions by Auto-tech startups and encourage the government to remove the 'Angel Tax' and address dual taxation on ESOPs.

We hope that this Union Budget 2024 clears all roadblocks and provides rocket fuel to accelerate our leap towards Viksit Bharat,” says Neelesh Talathi, CFO, CarDekho Group.

11:27 (IST), Jul, 19

Budget 2024 Expectations Live: Agritech industry is set for a transformative leap

“Under the Modi 3.0 government, the agritech industry is set for a transformative leap, with significant investments poised to revolutionize Indian agriculture. To support the deepening of drone penetration at the grassroots level, government subsidies will play a crucial role. Additionally, increased curbs on foreign-made drones and their parts will benefit Indian drone manufacturers under the Make in India initiative. Innovations in precision farming, data analytics, and smart irrigation systems will enhance productivity and sustainability. Leveraging AI and IoT, farmers can make data-driven decisions, optimize resource use, and reduce environmental impact. The ease of documentation and faster file processing and approvals under the Agriculture Infrastructure Fund (AIF) scheme are expected to further drive this transformation. These advancements will improve yield quality and quantity while empowering farmers with better market access and financial stability. The Modi government may introduce a Rs 750-crore Agri-SURE fund for agri-startups and accelerate the AIF and the Integrated Scheme for Agricultural Marketing. A robust agritech ecosystem will boost food security, rural development, and overall agricultural growth, positioning India as a global leader in sustainable farming practices,” says Deepak Bhardwaj, Co-Founder and Director, of IoTechWorld Avigation.

10:50 (IST), Jul, 19

Budget 2024 Expectations Live: Extend airport model to ISBTs

“In line with the Govt's vision to boost road travel, we would request that the airport model be extended to create ISBT (Inter-State Bus Terminals) for both private and public inter-state buses across all states of India, which would give a tremendous boost to the adoption of shared transport across India. One of the biggest hurdles to bus travel continues to be the lack of basic amenities for safe boarding/de-boarding for passengers.  Establishing these terminals at strategic locations along national highways will enhance connectivity and accessibility, making it easier for passengers to transit between cities. These terminals should be equipped with modern amenities, including spacious waiting areas, clean restrooms, food courts, and information centers, similar to the facilities available at airports. This initiative would significantly enhance the travel experience for passengers, streamline operations, and improve efficiency for bus operators.  Tamil Nadu is a good example which has invested in building infrastructure for both public & private bus terminals stands - which has resulted in a rapid development of the private bus industry in the state. However, the model has not extended beyond, and this initiative would allow the benefit of India's massive highway networks to go beyond car owners and reach to all sections of the society.  Additionally, we request the government to clarify the regulations governing the movement of commercial cargo in passenger buses. This measure would eliminate wastage of unoccupied space and help reduce costs for consumers. Looking ahead to the 2024 budget, we anticipate continued momentum towards these transformative goals,” says Kapil Raizada, Co-founder, IntrCity SmartBus.

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Ulhas KulkarniMost Interacted

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P Chidambaram abolished the 40% income-tax slab. Exempted Senior Citizens from payment of Advance tax. So far Modi and his FMs ha...Read More

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Budget 2024 Expectations Highlights: Will FM Nirmala Sitharaman give income tax relief, bring changes in new tax regime? Capex push for roads, railways also in focus

Telecom operators are seeking a special tax regime allowing them to carry forward and set off business losses for an extended period, beyond the current eight-year limit. Additionally, they are requesting exemptions on customs duty for telecom equipment to reduce costs. Read full story here:

This year, all eyes will be on the Central Government's plan to meet the rising demands of the education sector. We can expect a bigger push towards skill-based learning, technology, substantial reforms, and increased investments in school education. Read full story here:

Budget 2024 expectations: Mohit Kanwal expresses optimism about the government's initiatives to bolster tourism infrastructure and connectivity. "Courtyard by Marriott Gurugram is excited about the 2024 budget's focus on improving tourism infrastructure and connectivity. Read full story here:

Budget 2024 is expected to focus on providing financial incentives and subsidies to promote the development and purchase of environment-friendly homes and buildings. Read full story here:

The burgeoning inland cruise shipping sector presents an opportunity for growth as there is a need to develop ports to accommodate large cruise vessels and build terminals with modern infrastructure to enhance passenger experience. Read full story here:

Foremost among the anticipated reforms is the rationalization of the basic exemption limit under the simplified and old tax regimes. Currently, the limit is set at Rs 3 lakhs and 2.5 lakhs respectively, leading to confusion amongst taxpayers. Read full story here:

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