Budget 2024 Expectations Highlights: Will Modi 3.0 see continued privatisation amid alliance pressures?

Budget 2024 Expectations Live: "We acknowledge and appreciate the government's commitment to advancing AI technology, including healthcare initiatives and the establishment of three 'Centres of Excellence' in top educational institutions, a key step toward realizing 'Make AI for India' and 'Make AI work for India' highlighted in announcement from the Union Budget 2023-2024. AI holds potential to transform disease diagnosis and treatment through faster, more accurate analysis of medical data and images. At NURA, India's AI-based health screening center inspired by Japanese models, we are trying to transform the imaging and screening industry with AI-assisted devices enabling intelligent scanning and predictions. By promoting the concept of early screening equals prevention, we advocates for proactive healthcare practices that significantly improve patient outcomes and reduce healthcare costs. Further, we support the government's focus on transforming healthcare models and encouraging critical research aligned to enhance healthcare accessibility and effectiveness in India through AI. We eagerly anticipate collaborative efforts driving innovation for cutting-edge healthcare solutions nationwide," said Dr.Bilal Thangal T M, MedicaL Lead, NURA.

Budget 2024 Expectations Live: "The government must address foundational issues that impact the broader economy and continue efforts to formalize informal employment. Initiatives such as the Karnataka Platform-Based Gig Workers (Social Security and Welfare) Bill, 2024, which aims to provide social security for gig workers, are commendable. More such legislation can help establish a formal financial structure, making formal financial services more accessible. Reforms concerning cooperative banks should be emphasized, and policies should be introduced to enable fintech's contribution to the ecosystem's growth. The Ministry of Cooperation should engage formally with fintechs to promote the digitalization of banking services," said Kunal Jhunjhunwala, Founder, airpay payment solutions.

Budget 2024 Expectations Live: “As we approach the Union Budget 2024-25, the real estate sector anticipates potential policy shifts that may have a substantial impact on its future. With a rising demand for housing, we are hopeful for adjustments in tax policies and incentives aimed at both homeowners and developers. With the current Modi 3.0 administration in power, industry optimism is buoyed by expectations of renewal of tax reliefs and increased infrastructure investments, which are expected to spur growth. Initiatives such as the Credit-Linked Subsidy Scheme (CLSS) under PMAY, which promotes affordable housing, show potential for increasing demand in both urban and rural areas. Additionally, reintroducing a 100% tax exemption for developers working on affordable housing developments can alleviate major supply shortages. As the budget approaches, the real estate industry seeks a comprehensive strategy that not only strengthens current efforts but also provides the framework for long-term and inclusive real estate development across the country," said Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory.

Budget 2024 Expectations Live: "For 2023–24, the government's budget deficit was 5.63 percent of GDP. The government set the fiscal deficit target for 2024–25 at 5.1%, or Rs 16.85 lakh crore of GDP. We expect that the government would reduce subsidies as a proportion of budgetary outlay to meet the fiscal deficit objective. However, lower subsidies may pressure rural demand due to obstacles like decreased agricultural output. It is expected that the government will redirect subsidy savings to spending that can sustain steady income growth for rural households, thereby increasing the disposable income of the rural sector. Increasing funding for rural infrastructure construction or offering incentives to enhance cash flow are two possible approaches. This strategic reallocation will not only balance fiscal responsibility but also drive rural economic stability and growth, addressing the critical needs of our agrarian communities," said Abhishek Gupta, Founder and Managing Partner, Pierag Consulting LLP.

The Halwa ceremony, marking the final stage of the Budget preparation process for Union Budget 2024, was held in North Block, today, in the presence of Union Finance & Corporate Affairs Minister Nirmala Sitharaman.

A customary Halwa ceremony is performed every year before the “lock-in” process of Budget preparation begins.

"The upcoming budget is an opportunity to further strengthen India's position as a global education powerhouse. The NEP 2020 has laid the groundwork with its focus on holistic development, multi-disciplinary learning, digital infrastructure, and skilling for the future. Today, in many areas, educational institutions and universities in India offer quality learning at par with their international counterparts. The paradigm of seeking quality education abroad has shifted. The time is right for our brightest minds and their parents to take notice and opt for higher studies in India. The last few years has seen a reversal of the brain drain as students increasingly choose to contribute their talents and expertise to our nation's growth story. To further boost this trend, the government should consider introducing incentives, such as tax breaks on education loans or scholarships for high-achieving students, for those pursuing higher education within India. This will not only make quality education more accessible but also solidify India's standing as a preferred destination for higher learning," said Siddharth Shahani, Executive President of Atlas SkillTech University.

Union Budget 2024 Live Updates: "As we look towards the Union Budget 2024, it is crucial to recognize the practical potential of AI in enhancing jobs and wages. AI, particularly generative AI (GenAI), is set to revolutionize the job market by augmenting human capabilities, driving productivity, and creating new job opportunities across various sectors. India's AI industry is poised for exponential growth, with estimates suggesting that AI could add $500 billion to the nation's GDP by 2025, as per TeamLease Digital. To harness this potential, robust regulation and ethical guidelines are imperative. Ethical guidelines and comprehensive regulatory frameworks, as underscored by recent NITI Aayog studies, are essential to ensure responsible AI deployment, safeguarding against biases and protecting data privacy. Prioritizing reskilling and upskilling initiatives is crucial to prepare the workforce for AI-driven changes. According to a World Economic Forum report, 50% of all employees will need reskilling by 2025 due to AI advancements. In the present scenario, these key investments are essential for comprehending the vision of Viksit Bharat. By establishing a strong AI ecosystem now, India can ensure inclusive growth, enhance global competitiveness, and improve the quality of life for its citizens. Such foresight in budget allocations will pave the way for a developed and prosperous nation, accomplishing the ambition of India@2047," said Lokesh Nigam, CEO and Co-Founder, Konverz.ai.

Union Budget 2024 Live: "The Government, in recent years, has strongly focused on an investment-led growth strategy, resulting in the development of quality infrastructure in the country. In the budget for 2023-24, the capital expenditure outlay of Rs. 10 lakh crore was nearly three times the outlay in 2019-20. Despite fiscal challenges, the Government has remained committed to infrastructure spending, allocating ₹11.1 lakh crore in the Interim Budget for 2024-25, up 11% from the previous year. This continued focus on infrastructure and productivity-oriented capacity has had a significant multiplier effect on economic growth and employment generation," said Akshat Seth, Managing Director and CEO at HIL Ltd.

Union Budget 2024 Live: "Great focus has been given by the ministry and government over the last years on expanding the adoption of clean technologies and also supporting the growth of startups as well as MSMEs. None of this will bear fruits, unless the government takes drastic steps to improve infrastructure and lower production costs for MSMEs. Power infrastructure has to be upgraded in all industrial areas. Further simplification of labour laws is necessary and reducing the compliance costs. Clearances for pollution control need to be streamlined and made simpler for organisations to adhere to," said Samit Jain, Managing Director, PLUSS Advanced Technologies.

Union Budget 2024 Live: "We urge the government to include petrol and diesel under GST in the upcoming budget session to address the significant price variations across states, which currently range up to ₹10 per liter for petrol and ₹8 for diesel. Uniform fuel pricing will benefit consumers and streamline the logistics sector. We commend the government's initiatives like the Unified Logistics Interface Platform (ULIP) and advancements in technology that have significantly improved logistics efficiency. Additionally, we request support for logistics startups through lower-cost financing from banks, fostering innovation and growth in this crucial industry," said Prasad Sreeram, CEO & Co-Founder, COGOS.

Union Budget 2024 Live: On pre-budget expectations, Mahesh Krishnamoorthy, Managing Director, Core Integra, said, "The salaried class has always kept high expectations from the budget, but the last few budgets have been quite disappointing in terms of opportunities to optimize tax and potential for long term savings with higher returns. Few asks could include raising the basic exemption slab to at least 5 lacs and simplifying the tax rates to 10%, 20% and maximum 30% along with eliminating the surcharge and cess. Sec. 80C limits could be enhanced to at least 3 lacs from the current 1.5 lacs. Interest limits on housing loans and principal repayments could be enhanced further. Income Tax Returns could be simplified for Employees who have no other source of income other than salary, the submission by Employer along with TDS as applicable must be considered as auto filing of returns.”

Union Budget 2024 Live News Updates: Harsha Solanki, VP GM Asia, Infobip, said "We are optimistic about the government's continued focus on digital transformation and technological advancement in India. The country’s digital revolution has gained significant momentum, with AI advancements paving the way for growth opportunities. As AI becomes increasingly embedded in our daily lives, government backing will be crucial in driving innovation across industries. From AI-powered communication to broader tech applications, both emerging startups and established companies must leverage these technologies to enhance customer experiences.

We expect to see increased allocation for technologies such as AI, IoT, and cloud computing, which are crucial for India's global competitiveness. Additionally, we hope for initiatives that will enhance digital infrastructure, particularly in rural areas, to bridge the digital divide and unlock the potential of the country’s vast talent pool. As a global leader in omnichannel communication, Infobip stands ready to contribute to the digital journey and believes that a tech-focused budget will pave the way for unprecedented growth and innovation in the country's IT landscape."

Union Budget 2024 Live News Updates: Shyam Prasad, CEO, Brand Studio Lifestyle said, "As we approach the upcoming budget announcement, we hope that the government will focus on boosting disposable income, especially for the salaried class, through tax benefits and dedicated rural community initiatives. The fashion segment being dynamic and highly responsive to changes in consumer behaviour, economic policies, and market trends. We hope the government will prioritise initiatives and investments to stimulate consumer spending, and also align with the ongoing infrastructure development initiatives."

"Moreover, the rise in rural spending provides a great opportunity to expand the consumer base in e-commerce, helping it grow and reach more people. Online shopping is becoming more popular among rural consumers, giving them access to a wider range of products and better deals. These strategic measures are primed to fuel not just economic growth but also pave the way for inclusive development and vibrant market opportunities across various sectors."

Union Budget 2024 Live News Updates: Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD & CEO - Shapoorji Pallonji Real Estate, said “As we approach Budget 2024, we are looking forward to policies that will stimulate economic activity. There is considerable excitement about potential tax relief and other measures that could boost market sentiment.

The government's ongoing initiatives to boost infrastructure projects have significantly benefited our sector. As the future of our industry depends on the continued flow of such projects to enhance urban living standards and develop new areas, we hope the government will announce further measures in this direction. Additionally, we hope for announcements that will attract capital investments and boost FDI inflows into India.

While acknowledging the government's efforts towards the real estate sector, we propose targeted measures in the upcoming Union Budget to unlock its full potential. Our primary request is a significant increase in the home loan cap from Rs 2 lakhs to Rs 5 lakhs annually. This would incentivise homebuyers and boost industry revenue. Additionally, we advocate for a reduction in long-term capital gains tax, the waiving of notional rent on second properties, and aligning the income tax rate with corporate rates at around 25 per cent. Expanding Section 80C limits for millennials and Gen-Z homebuyers would also align with changing investment dynamics. We further recommend redefining affordability, recognising that diverse locations demand different price caps rather than a uniform approach.

Granting 'industry status' to the housing sector could be a game-changer, driving growth and investment. Additionally, the long-pending single window clearance for the sector needs to be addressed in this year's budget. We anticipate these measures will be included, as they are essential for fostering long-term stability and encouraging investment, thereby creating a sustainable growth trajectory for the industry."

Union Budget 2024 Live News Updates: On fintech expectations Amit Bansal, Founder BharatLoan said, "We're eagerly anticipating the new government's budget, hoping it will catalyze unprecedented growth in India's fintech sector. We're looking for concrete measures like targeted grants and tax incentives that will empower us to develop and roll out innovative loan products tailored to diverse needs across India. With government support, there is a strong possibility to introduce AI-powered credit scoring models that assess alternative data, enabling us to serve the underbanked population more effectively."

​​Bansal added, "We're also keen on seeing substantial investments in digital infrastructure, particularly in tier-2 and tier-3 cities, which would allow NBFCs to expand the paperless loan processes to these untapped markets. We expect this budget to transform India's financial landscape and make cutting-edge financial services accessible even in the most remote corners of our nation."

Union Budget 2024 Live News Updates: Sayandeb Banerjee, Cofounder and CEO at MathCo, said "India is known to be the most preferred destination for Global capability centers. A recent report highlighted that India has over 50% of GCCs and most of the GCCs concentrate their efforts in driving AI/ ML and Data Analytics. This makes for a perfect playground for deep tech startups to innovate locally, tackle global challenges head-on, and build IPR in India.

"Given India's strength that lies in its young, highly capable, and skilled population spread across Tier 1, Tier 2, and Tier 3 cities, we are well-positioned to emerge as an innovative and frugal solutions hub for large global enterprises. Amidst this dynamic landscape, the National Deep Tech Startup Policy is a welcome step for the startup ecosystem."

Union Budget 2024 Live News Updates: Sandeep Jain, Chief Financial Officer, NDR InvIT Managers said, “The Government has implemented several measures to boost the infrastructure and logistics sectors. Initiatives like the National Logistics Policy (NLP) and Bharatmala Pariyojana are strengthening these sectors and enhancing connectivity. Each kilometer of road constructed improves connectivity, fueling the growth of the logistics sector. These initiatives are crucial for India to achieve its $5 trillion economy goal.

"In February, the Finance Minister of India unveiled a significant 11% increase in capital infrastructure spending for the upcoming fiscal year, raising the capital expenditure outlay to ₹11.11 lakh crore. We believe the upcoming budget will be focused on Viksit Bharat and it presents a critical opportunity for the government to further fortify India's infrastructure sector. Increased investment in infrastructure projects, particularly in renewable energy, transportation, and logistics, will not only drive economic growth but also create jobs and improve overall connectivity. While the government has taken various steps to strengthen India’s infrastructure and logistics sector, there is also a need for GST rationalization. Additionally, more emphasis on boosting consumption will further support the growth of these sectors. In the upcoming budget, measures like tax incentives for InvIT investments and streamlining regulatory processes will significantly enhance their ability to attract capital and contribute to India's long term infrastructural goals.”

Union Budget 2024 Live News Updates: Varun Puri, Managing Director, Green Power International said, “As we aim to achieve Net Zero emissions by 2070, we must accelerate our efforts and maintain a steadfast focus on our targets. Strategic planning is essential to meet these goals on time. The government has made significant strides in this direction, demonstrating its commitment to sustainable growth. From increasing budget allocations to supporting emerging technologies such as green hydrogen, each step drives us closer to our visionary goals. Investments are necessary to fund R&D to produce hydrogen with relatively coarse water quality, ideally close to seawater. This would allow the most efficient use of one of the most abundant natural resources i.e., water. To address carbon emissions, we must concentrate on other sectors that significantly contribute to emissions and promote sustainable development."

Puri added, "Incentivising carbon capture and utilisation is one viable approach, as carbon capture presents a powerful solution until hydrogen costs decrease with scaling. In this Union Budget, we anticipate a strong policy framework to facilitate efficient growth and subsidies to encourage businesses to adopt emerging eco-friendly practices.”

Union Budget 2024 Live News Updates: Roland Landers, CEO, All India Gaming Federation said, “AIGF is determined to implement the Prime Minister’s vision for the online gaming sector through the continued expansion and transformation of this industry in India. To make India a game development hub and take “Make in India” games to the world, we look forward to substantial budgetary allocations being made under the AVGC fund which are aligned with the recommendations of the AVGC Task Force. There is also a need to institute and promote skill building and educational programmes which will nurture the next generation of game developers and professionals. Additionally, we anticipate long-term clarity and a progressive taxation regime for the skill gaming industry. A clarity on the GST will help drive the next phase of growth, provide conducive business environment, and revive investor confidence in the sector. These moves will make gaming a cornerstone of Digital India and be the catalyst for India to achieve its goal of a trillion-dollar digital economy.”

Union Budget 2024 Live News Updates: Nandini Piramal, Chairperson, Piramal Pharma Ltd said, "As we approach the upcoming budget, we’d like to underscore how strengthening regulatory frameworks and fostering strategic public-private partnerships can go a long way in enhancing India's competitiveness on the global pharmaceutical landscape. Recognizing the pharmaceutical industry’s substantial contribution to India’s exports, we eagerly anticipate schemes that provide fiscal incentives to encourage such exports. These measures will empower pharmaceutical companies to further invest in creating/maintaining world class facilities, thereby significantly contributing to the nation’s economic growth. By streamlining regulatory processes and encouraging collaborative initiatives, we can accelerate the delivery of high-quality, affordable healthcare solutions worldwide."

Piramal added, "As we look forward, Pharma companies need to remain committed to advancing healthcare innovation on a global scale. The upcoming budget presents an opportunity to bolster our nation's capabilities in driving transformative healthcare solutions, reinforcing our position as a preferred partner for global pharma collaborations."

Union Budget 2024 Live News Updates: The private space sector has outlined several expectations from Finance Minister Nirmala Sitharaman as she prepares to present the Union Budget next week. These include import holidays, GST exemption for components used in launch vehicles, productivity-linked incentives (PLI), and the government acting as a major customer for their services.

Union Budget 2024 Live News Updates: Amfi, the industry body representing mutual funds, has urged the government to authorize mutual funds to introduce pension-focused schemes called Mutual Fund Linked Retirement Schemes (MFLRS) with tax benefits akin to those offered by the National Pension System (NPS). In its Budget recommendations to the Finance Ministry, Amfi has suggested aligning the tax treatment of NPS with retirement and pension-oriented schemes launched by mutual funds, proposing that these schemes also be included under Section 80CCD of the Income Tax Act, 1961.

Union Budget 2024 Live News Updates: India's infrastructure sector stands at the threshold of significant transformation. With ambitions to achieve a USD 40 trillion economy by 2047, the integration of advanced technologies becomes crucial in the management and expansion of infrastructure projects across the nation. GeoSpatial World, a leading think tank in the field of space, geospatial, and digital twin technologies, has unveiled a pivotal study revealing the urgent need for a National Digital Twin Policy that would not only augment ongoing deep tech strategies like space, geospatial, AI, and Deep Sea Mission, but would also amplify their collective impact towards productivity gains and through sustainable and resilient Indian infrastructure.

Union Budget 2024 Live News Updates: Apparel exporters called for fiscal incentives in the upcoming Budget to enhance outbound shipments from the sector. The Apparel Export Promotion Council (AEPC) recommended several measures, including a reduction in customs duties and financial support. Specifically, AEPC proposed increasing interest rates under the interest equalization scheme to 5% for all apparel exporters over a five-year period.

Union Budget 2024 Live News Updates: Finance Minister Nirmala Sitharaman is slated to present the Budget on July 23. This crucial annual event sets the financial agenda for the country, outlining government expenditures, revenue projections, and policy measures aimed at steering economic growth and addressing key challenges.