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: “It is crucial for the government to prioritize ESG and sustainability initiatives to drive long-term economic growth and environmental resilience. Enhanced incentives for green technologies, stricter regulations on carbon emissions, and increased funding for sustainable infrastructure projects are essential. Our energy sector and transport sector would need to decarbonise which eventually would help other sectors as well on their decarbonisation agenda. These measures will not only help India meet its climate commitments but also position the nation as a leader in sustainable development,” Saunak Saha, Partner, Climate Change and Sustainability Services, EY India tells TOI.

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red on Friday. While BSE Sensex dipped below 81,300, Nifty50 was near 24,750 levels.

“It is good to observe India progressing under their leadership, and hopefully, we will see a developed Bharat by 2047, which is the dream of every Indian now. As a contributor to the healthcare sector, I look forward to the Indian Union Budget's strong commitment to transforming it, with accessibility and affordability at its core. India’s healthcare sector had a remarkable year in 2023, with significant mergers and acquisitions, consolidation, significant private equity investments, a notable upswing in stock prices, and improved financial performance. This growth, culminating in a valuation of $372 billion, was not solely the result of the private sector's dynamism but also the government's strategic initiative, which played a crucial role in the sector's triumph. This success story should serve as a compelling case for further investment and commitment in the healthcare sector, highlighting the government's significant influence on the sector's success.

Looking ahead to the post-pandemic era, it is crucial to bolster the economy by strengthening and preparing the healthcare infrastructure. This is not just a matter of ensuring people have improved access to quality and critical healthcare services, but also a strategic move to secure a brighter future. The Union Budget 2023-2024, with its potential to ignite innovation, drive R&D, and boost healthcare expenditures, could be a pivotal investment into future human capital, which will be the foundation for an efficient and resilient healthcare sector. The urgency and necessity of this investment are paramount and cannot be overstated. Also, it is a request to the government, and all the stakeholders in the healthcare sector would agree that there should be zero-rating GST on healthcare services. Implementing this change will further ensure eligibility for input tax credits and also help to reduce the cost of essential services.

Healthcare providers can pass the services to patients at lower prices leading to better health outcomes for the underserved. This will help in expanding the services to Tier 2 and Tier 3 cities apart from urban areas, and most importantly shift the focus of the public from curative care to preventive care which is necessary for a Healthier Bharat,” said Dhiraj Jain, Founder & Chairman of Redcliffe Labs.

Budget 2024 income tax expectations: “There are changes in the work culture such as work from home, hybrid work, work from anywhere for salaried employees where employee incur higher work-related personal expenditure (like higher electricity, air conditioning, food etc.). Further, there has been a significant rise in medical expenses, fuel costs and the overall inflation. Keeping in mind the increase in personal expenditure it is popularly expected to enhance the standard deduction to Rs 1 lakh from the existing limit of Rs 50,000,” says KPMG in India.