Budget 2024 Expectations Highlights: Nirmala Sitharaman may bring tax changes
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![Budget 2024 Expectations Highlights: Union Finance Minister Nirmala Sitharaman addresses a press conference. Budget 2024 Expectations Highlights: Union Finance Minister Nirmala Sitharaman addresses a press conference.](https://images.hindustantimes.com/img/2024/07/18/550x309/Nirmala_Sitharaman_1719070825913_1721272147248.jpg)
Budget 2024 Expectations Highlights: Finance Minister Nirmala Sitharaman will present the Union Budget on July 23 which is expected to be full of major announcements for various sectors. Salaried taxpayers are anticipating some much-needed tax relief especially those earning less than ₹10 lakh per year, as per experts....Read More
Have there been tax changes in the last two budgets?
In the last two budgets there have been no major changes in the taxation policies except making new tax regime the default option and introducing the Standard Deduction feature. It is widely expected that the finance minister might announce some significant tax breaks for taxpayers in the Budget.
Budget 2024 Expectations Live Updates: Expectations of the IT Industry from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Srividya Kannan, Founder and CEO, Avaali Solutions, said, “Key recommendations for the Union Budget 2024 include enhancing export incentives, developing tier 2 locations, extending GIFT City benefits, fostering innovation, advancing skill development, revising safe harbor rules, and improving infrastructure and GST policies. Prioritizing cybersecurity, hyper-scale computing, and AI will position India as a preferred destination for IT staffing and sourcing solutions.”
Budget 2024 Expectations Live Updates: Challenges that fintech faces ahead of Budget
Budget 2024 Expectations Live Updates: Rohit Arora, Co-Founder & CEO, Biz2Credit and Biz2X, said, “It's crucial to address the current challenges in Fintech, including policy inconsistencies and frequent regulatory changes, to ensure long-term stability and growth. We hope to see initiatives that reduce the cost of credit and increase its accessibility for MSMEs, possibly through innovative public-private partnerships. Furthermore, targeted efforts to create jobs in Tier 2 and Tier 3 cities will address employment gaps and stimulate economic development across the country.”
Budget 2024 Expectations Live Updates: EaseMyTrip CEO on challenges that startups face
Budget 2024 Expectations Live Updates: Nishant Pitti, CEO and Co-Founder, EaseMyTrip, said, “One of the key areas of concern is the challenge startups face in raising capital. We are hopeful that the budget will include incentives for investors to support innovative ideas, particularly those with a clear path to profitability. There is a strong call for the government to incentivize Indian institutional investors to become significant limited partners in local VC funds, which would reduce the time taken for fundraising and bolster the startup ecosystem.”
Budget 2024 Expectations Live Updates: PLI benefits and what Nirmala Sitharaman could do about the same
Budget 2024 Expectations Live Updates: Vimal Kumar, Managing Director, Best Agrolife Ltd, said, “Our heavy reliance on imports from China highlights the need for implementing Production-Linked Incentive (PLI) benefits to boost local production. Additionally, increasing import duties on domestically produced raw materials can further encourage this growth. Lowering GST rates from the current 18% to 5% will reduce costs for farmers, thereby improving their income and the overall farm economy.”
Budget 2024 Expectations Live Updates: How Union Budget can create a level playing field for homegrown brands
Budget 2024 Expectations Live Updates: Nitya Sharma, Founder and CEO, Simpl, “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."
Budget 2024 Expectations Live Updates: How the Budget will propel ‘Viksit Bharat’ vision?
Budget 2024 Expectations Live Updates: Varun Tangri CEO and founder at QueueBuster POS said, "The upcoming budget buzzes with anticipation for its potential to propel India's "Viksit Bharat" vision, particularly for the burgeoning retail-tech sector. Anticipated investments in infrastructure development for Tier I and II cities could create a fertile ground for new retail businesses, fostering a symbiotic relationship with the retail-tech companies that serve them. Imagine a landscape ripe with innovative retail concepts, seamlessly supported by efficient logistics and data-driven solutions – all powered by a robust retail-tech backbone."
Budget 2024 Expectations Live Updates: Sports sector wants this from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Megha Gambhir, CEO and Co-founder of Stupa Sports Analytics, said, “As we aim to revolutionize the sports landscape in India, strategic investments in infrastructure and technology are paramount. Incentives for sports startups investing in innovative technologies are crucial for the startup ecosystem. Support for research and development, particularly in AI-driven solutions, will drive significant advancements and keep us competitive on a global scale. Addressing regulatory challenges, such as the angel tax, will also foster a favorable environment for this startup ecosystem and will help in gaining momentum for the sports tech startups."
Budget 2024 Expectations Live Updates: What healthcare sector wants from Union Budget
Budget 2024 Expectations Live Updates: Abhay Agarwal, Founder and CEO of Clinics on Cloud, said, “It's important to focus on improving all aspects of healthcare, including prevention, diagnosis, treatment, and medical device production. Firstly, we should upgrade our primary health centers with new technologies like Health ATMs and kiosks. Secondly, expanding the government's free diagnostics project nationwide can ensure timely and accurate health checks for everyone, improving overall health outcomes. Thirdly, increasing funds for the Ayushman Bharat scheme will allow more people to get treated in a larger network of hospitals, reducing the financial burden on families.”
Budget 2024 Expectations Live Updates: What startups want from Union Budget
Budget 2024 Expectations Live Updates: Bhuvan Rustagi, Co-Founder and COO of Per Annum said that reducing tax and GST compliance for startups, coupled with tax breaks on initial profits, would catalyze innovation. He said, “Startups often prioritize growth over profitability in their early years, making tax relief crucial for sustaining operations and fostering innovation. Simplified compliance would alleviate financial strain, allowing startups to focus resources on scaling and product development. Tax breaks during initial profitable years would enable reinvestment for long-term sustainability and economic contribution.”
Budget 2024 Expectations Live Updates: What steps can be taken in the Budget to make healthcare more affordable?
Budget 2024 Expectations Live Updates: Prabhat Srivastava, Co-Founder and Director, VitusCare Medlife, said that the following steps can be taken to make healthcare more affordable. These are: "a) Ease of approvals w.r.t. Ayushmaan empanelments for hospitals - delays in empanelment cause delay in delivery of healthcare as patients who may not be able to afford treatments stay away
b) Improving/ extending ayushman coverage for more Indians
c) Allowance on some proportion of GST input credit/ allowing a nominal GST on healthcare services - to further reduce the cost of healthcare on patients/ govt/ insurance companies
d) Government should promote Health insurance for those not covered in any health scheme by subsidising insurance premiums out of Heathcare budget allocation
e) Reducing TDS rate of medical claims being reimbursed under various healthcare schemes - would ease cash flow - thereby facilitating entry of more players in healthcare space"
Budget 2024 Expectations Live Updates: What MSMEs want from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Gaurav Jalan, Founder & CEO, mPokket, said, “The upcoming Budget presents an excellent opportunity to promote sustainable growth in India’s vibrant start-up and MSME sectors. We look forward to a robust fiscal path that meets the aspirations of domestic entrepreneurs. Besides reforms in taxing ESOPs, we expect conducive tax policies that also have provisions for carrying forward losses. Apart from easing financial constraints, such steps could create an enabling environment that incentivizes talent retention, which is critical today. Given the rapid rise of the gig economy as an employment generator, we believe it is time for the government to enhance its potential through policies that explicitly support all gig workers, including white-collar ones."
Budget 2024 Expectations Live Updates: Will Nirmala Sitharaman tackle the AI challenge in the Budget?
Budget 2024 Expectations Live Updates: Akshay Munjal, Founder and CEO, Hero Vired said, “In the past decade, the Government has embarked on a transformative journey, introducing major reforms and initiatives in education and skill development. As we aspire to realize our vision of a $5 trillion economy, it is crucial that education, health, and skill development remain at the forefront of our national agenda in the upcoming budget. Developing a strong tech infrastructure is critical for fueling growth and job creation in high-demand sectors like AI, cybersecurity, and big data. Our policies must equip our workforce with essential digital skills and technologies, enabling India to spearhead global advancements."
Budget 2024 Expectations Live Updates: What Budget will say on Indian economy
Budget 2024 Expectations Live Updates: Amit Kapur, Joint Managing Partner at JSA Advocates and Solicitors, said, "With India poised to become the third-largest global economy, the FY 2024-25 Union Budget represents a critical opportunity to set a sustainable growth trajectory. It's essential for the government to focus on employment generation and strengthening MSMEs while leveraging the JAM trinity for effective direct benefit transfers. The Budget needs to reverse the capital and entrepreneurial flight seen in recent years by ensuring vibrant capital growth and attracting investments in long-term productive assets, including reliable infrastructure and a robust manufacturing base. These initiatives must integrate India’s supply strengths with global economic demands, effectively filling policy gaps and removing unnecessary barriers to harness FDI and shore up the global supply chain."
Budget 2024 Expectations Live Updates: Healthcare sector wants this to be the focus of Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Himanshu Chandel, Associate, Spice Route Legal said, “With the 2024-2025 interim budget showing a 13.8% increase in healthcare and pharmaceutical allocations, we can likely expect this trend to continue. This boost means more financial support for crucial areas like research and development, infrastructure improvements, and accessibility initiatives. The extra funding will not only enhance domestic research but also help establish world-class health infrastructure and promote exports. There should be a focus on increasing allocations for centrally sponsored schemes and initiatives by the Department of Health and Family Welfare."
Budget 2024 Expectations Live Updates: What auto sector wants from the government
Budget 2024 Expectations Live Updates: Subburathinam P, Chief Strategy Officer, TeamLease Services Limited said, "The Auto Industry expects the new government to enhance workforce participation through initiatives like the PLI Scheme. With strides made via the Automotive Mission Plan and NEMMP for growth and reduced emissions, the industry seeks more aggressive skill development for emerging technologies like electric vehicles and automation. The industry also desires increased R&D funding, updated curricula, streamlined policies to attract global talent, and infrastructure investments for advanced automotive technology to ensure a skilled, future-ready workforce."
Budget 2024 Expectations Live Updates: Why EV sector wants Nirmala Sitharaman to focus more on green mobility
Budget 2024 Expectations Live Updates: Ravi Machani - Co-Founder Investor, Tresa Motors, said, "India’s EV industry has high expectations from the upcoming budget. Under Prime Minister Narendra Modi's government, promoting green mobility through EVs has always been a key focus. In fact, in the previous budget, commendable steps were taken towards a greener future by supporting EV manufacturing and expanding charging infrastructure across the country. As the incumbent government begins its third term, the commitment to green mobility is expected to intensify further, with a strong emphasis on "Make in India" initiatives."
Budget 2024 Expectations Live Updates: Expectations from Nirmala Sitharaman's July 23 speech
Budget 2024 Expectations Live Updates: Vineet Agarwal, MD of TCI Ltd, said, “As we approach the Union Budget 2024-25 announcement, TCI is optimistic about the government's commitment to bolstering the logistics sector. TCI remains committed to empower MSMEs with its seamless logistics solutions that streamline operations and open up new avenues for success in the remotest of India. Emphasis on infrastructure development, streamlined regulations, workforce upskilling, and enhanced investment in technology will drive efficiency and sustainability. We look forward to policies that support innovation and ease of doing business, ultimately contributing to the nation's economic resurgence.”
Budget 2024 Expectations Live Updates: What healthcare sector wants in the Budget
Budget 2024 Expectations Live Updates: Saurav Kasera, Co-founder and CEO, CLIRNET and DocTube, said, “As the burden of non-communicable diseases (NCDs) increases exponentially, the upcoming Union Budget must prioritize higher fund allocation and increase deductions for individual taxpayers for primary, preventative, and mental healthcare. Enhanced investment in these areas is crucial to reduce the overall healthcare burden and pressure on tertiary facilities. Furthermore, to incentivize SMEs to provide health insurance to all their employees, the government should offer an Input Tax Credit (ITC) on GST for health insurance expenses, which is currently not available to everyone.”
Budget 2024 Expectations Live Updates: More expectations from the Union Budget
Budget 2024 Expectations Live Updates: Saloni Verma, Co-Founder and chairperson , Sunshine Corporate Creches, said, "The recent elections have given multiple indications that citizens want the Government to focus on their immediate needs, getting them jobs, which now seems to be even more important than handing out freebies or propagating their religion etc. There is a very simple option within the existing set of laws for the Government to:-
(i) create jobs in every single company that operates,
(ii) improve employee satisfaction due to work life balance,
(iii) increase the gender ratio in companies by ensuring women don’t drop out,
(iv) build better citizens tomorrow by ensuring better quality education during the important early learning phase of children under 8yrs of age."
Budget 2024 Expectations Live Updates: HT Budget poll
Budget 2024 Expectations Live Updates: What telecom sector expects from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Subburathinam P, Chief Strategy Officer, TeamLease Services Limited, said, "The Telecom Industry in India expects the new government to build on the Telecom Act 2023, emphasising inclusion and growth. With an anticipated need for a 22 million skilled workforce by 2025, driven by 5G, IoT, and AI, the industry seeks more aggressive skill development initiatives. The government has already encouraged investment and reduced regulatory burdens, with the Union Budget 2023 focusing on upskilling youth and developing 5G applications. The industry also desires increased R&D funding and infrastructure investments to support the rapid deployment of next-generation telecom networks."
Budget 2024 expectations: Naredco proposes higher home loan deduction limit, SWAMIH 2.0 and more
Real estate developers’ body the National Real Estate Development Council (NAREDCO) has suggested that the finance minister consider increasing the tax exemption on interest on self-occupied property loans to ₹5 lakh from the current limit of ₹2 lakh to augment housing demand and sought tax incentives from the government to boost supply of affordable housing stock. Read more
Budget 2024 Expectations Live Updates: Food sector wants this from the Budget
Budget 2024 Expectations Live Updates: Felina Das, Associate, Spice Route Legal, “One of the primary challenges in India’s agribusiness sector is low productivity of marginal and small-scale farmers, due to their limited access to finance and technology as well as insufficient storage facilities and inadequate transportation infrastructure, leading to substantial post-harvest losses. Currently, India experiences a food loss rate of approximately 4.5%, which has serious economic and environmental repercussions. To tackle these issues, the upcoming Union Budget for the fiscal year 2024-25 should focus on sustainability in post-harvest activities."
Budget 2024 Expectations Live Updates: What are employment related expectations from the Budget
Kartik Narayan, CEO-Staffing, TeamLease Services Limited, said, “As we look forward to the upcoming budget, we expect the new government to demonstrate a solid commitment to formalising India's vast informal workforce. This is a critical step for building a robust economic foundation and ensuring sustainable livelihoods. Rapid implementation of labour codes and addressing the skills-jobs gap are imperative.”
Budget 2024 Expectations Live Updates: What MSME sector wants from the Budget?
Budget 2024 Expectations Live Updates: Subash Vasudevan, CBO and Co-founder, iBUS Networks, said, “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.”
Budget 2024 Expectations Live Updates: What are the tax reforms expected in the Budget?
Budget 2024 Expectations Live Updates: Harsh Punjabee, Founder & CEO, SMEST Capital, said, ''As the Union Budget 2024 approaches, we can anticipate significant tax reforms that simplify the current structure. Increasing the basic exemption limit and providing more tax-saving investment options will help individuals better manage their personal finances. Also, with the rise of digital finance, there is an expectation for the budget to promote digital financial inclusion."
Budget 2024 Expectations Live Updates: FMCG sector wants ‘thoughtful’ policy interventions
Ravi Kabra, Co-Founder of Skippi, said, “Our industry faces several challenges that require thoughtful policy interventions to overcome. Firstly, the current GST structure imposes significant burdens, particularly on essential FMCG products, particularly through potential reductions in GST rates for essential products currently burdened by high 18% taxes. Infrastructure development, especially for cold chain facilities and warehousing, is crucial to accommodate the growth in beverages and frozen goods.”
Budget 2024 Expectations Live Updates: Fintech industry wants this from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Roshan Shah, Co-Founder and CEO - VoloFin, said, “As the budget approaches, the fintech industry anticipates crucial support measures to foster innovation and enhance financial inclusion. We expect policies that streamline regulatory frameworks, making it easier for fintech startups to navigate compliance and accelerate growth. Increased access to capital, particularly for early-stage companies, will drive technological advancements and expand service offerings.”
Budget 2024 Expectations Live Updates: What startups expect from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Ajay Goyal, Founder and CEO, Erekrut, “We expect the government to fund infrastructure that provides all basic facilities to handhold startups during their initial period. Creating startup hubs with state-of-the-art facilities, co-working spaces, and access to essential services can significantly reduce operational costs and provide a nurturing environment for innovation and growth.”
Budget 2024 Expectations Live Updates: What MSME sector wants from Nirmala Sitharaman
Budget 2024 Expectations Live 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.”
Budget 2024 Expectations Live Updates: What auto sector wants from the Budget
Budget 2024 Expectations Live Updates: Niranjan Nayak, Managing Director, Delta Electronics India, said, “With a firm commitment to reducing pollution and addressing climate change, we anticipate the government will align its policies with the net-zero goal and sustainable development. The implementation of PLI schemes specifically for EV charging companies is crucial. Expanding EV infrastructure is essential for promoting widespread EV adoption in India, and financial incentives will significantly boost the growth of our charging network. ”
Hyder Khan, Director & CEO of Godawari Electric Motors, said, “We are looking for continued support and substantial policy enhancements to accelerate the transition to sustainable transportation. We urge the government to consider increased subsidies for electric two-wheelers and three-wheelers, as well as incentives for domestic manufacturing and R&D initiatives.”
Budget 2024 Expectations Live Updates: What EV sector wants
Budget 2024 Expectations Live Updates: Akash Gupta, Co-founder & CEO of Zypp Electric, said, “Recognizing last-mile delivery as a distinct sector under logistics policies is essential, given that one-third of shipments fall within this category. Establishing industry standards, supporting gig delivery partners with tailored schemes, and implementing standard operating procedures (SOPs) will enhance efficiency and foster growth in this vital but often overlooked segment of the logistics industry. An extension of the existing EMPS scheme will result in better stakeholder sentiment and investor confidence. With increased government support in driving localization to cut down costs, infrastructural advancements in terms of establishing a robust charging infrastructure, which will further aid in boosting customer awareness, and focusing on job creation will foster strong collaborations and necessitate substantive developments for the EV sector.”
Budget 2024 Expectations Live Updates: What agritech industry expects from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Deepak Bhardwaj, Co-Founder and Director, of IoTechWorld Avigation, said, “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.”
Budget 2024 Expectations Live Updates: What are the expectations from Nirmala Sitharaman of education sector
Budget 2024 Expectations Live Updates: Pankaj Jathar, CEO of NIIT Ltd said, “As we near Union Budget 2024-2025, we look forward to a substantial increase in budgetary allocation for education and skill development to about 6% of the GDP which will be vital to reach the full potential of NEP 2020. We appreciate the government's dedication to promoting education and skilling and hope the upcoming budget will build upon these initiatives to create even more opportunities. We anticipate policies that support public-private partnerships, enhancing the reach and impact of our skilling efforts. A focus on sustainable employment opportunities will not only uplift individuals but also drive the economic growth of our nation.”
Budget 2024 Expectations Live Updates: What are the expectations from Nirmala Sitharaman on cybersecurity
Budget 2024 Expectations Live Updates: Vineet Kumar, Global President and Founder of CyberPeace, said, “Over the last year, India has faced a significant influx of cyber assaults across various industries. As we approach the 2024 budget, a strategic necessity emerges for substantial investments in cybersecurity. Prudent budget allocations alone will not support the innovation-rich future envisioned by the Prime Minister. To empower both enterprises and individuals and strengthen our digital defenses, the budget should prioritize cybersecurity.”
Budget 2024 Expectations Live Updates: How Budget could drive compliance ease and digital infrastructure
Budget 2024 Expectations Live Updates: Rishi Agarwal, Co-founder and CEO of TeamLease RegTech, said, “The 2024 Union Budget will shape the next 5 years and lay down the groundwork for our $10 trillion GDP goal. Taking things forward from 2023, we can expect ease of compliance to stay on top of the finance minister’s priorities. Emerging areas, including the gig workers and AI will be on the agenda. In her previous budget speech, the Finance Minister alluded to leveraging PAN as a common business identifier and the introduction of Entity DigiLocker, propelling EoDB. I expect to see more announcements about its implementation. These reforms will lay down the plumbing for Digital Public Infrastructure (DPI) for corporates in the long run.”
Budget 2024 Expectations Live Updates: EV sector wants Nirmala Sitharaman to focus on FAME 3 subsidy
Abhinav Kalia, CEO and Co-Founder of ARC Electric “As we approach the upcoming budget, the EV industry is hopeful of significant support from the anticipated FAME 3 subsidy. The industry has high expectations that this substantial backing will accelerate the adoption of electric vehicles in India. An increase of approximately 50% in the budget for FAME III, from the Rs. 10,000 Crore outlay of FAME II, seems reasonable. This enhanced funding will be utilized for extending subsidies to both manufacturers and consumers, creating a favorable environment for EV growth. We also expect significant investments in charging infrastructure to address range anxiety and promote EV usage. The budget may also consider prioritizing developing indigenous battery technology and manufacturing capabilities, reducing import dependency, and fostering self-reliance.”
Budget 2024 Expectations Live Updates: What healthcare sector expects Nirmala Sitharaman to unveil on July 23
Dhiraj Jain, Founder & Chairman of Redcliffe Labs, said, “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."
Budget 2024 Expectations Live Updates: What aviation sector expects from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Kanika Tekriwal, Founder & CEO, JetSetGo, ‘’With an optimistic outlook for India in the global aviation market, we expect the newly formed government to provide a customs exemption for Non-Scheduled Operators, akin to the exemptions already available for scheduled air operations. This step would streamline the import process and level the playing field, allowing NSOs to operate more competitively and efficiently. The current tax structure on aviation fuel increases the overall operating cost for everybody in the aviation industry, particularly affecting NSOs operating on tighter margins than larger scheduled airlines."
Budget 2024 Expectations Live Updates: What e-commerce sector expects from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Dhiresh Bansal, Chief Financial Officer at Meesho, said, "To foster continuous expansion, we advocate for an all-encompassing strategy. Moreover, simplifying the processes associated with tax compliance and lowering tax rates, especially during the initial operational years, will ease the financial strain on startups, cultivating a more advantageous business environment. Lastly, with regard to talent attraction, a reduction in taxes related to Employee Stock Ownership Plans (ESOPs), presently standing at around 40%, will heighten the attractiveness of startups to skilled professionals, thereby contributing to the development of our vibrant ecosystem. This multifaceted approach aims to establish a conducive environment for startups, nurturing innovation, job generation, and sustainable economic development.”
Budget 2024 Expectations Live Updates: What education sector expects from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Supriya Paul, CEO & Co- Founder, Josh Talks, said, “The current 18% GST rate on educational expenses imposes a significant burden on low-income families, drastically reducing their disposable income. Exempting these families from GST on educational costs would foster greater educational equity. For instance, the Josh Talks English-Speaking Application offers courses at the price of a mobile recharge, but GST makes this more expensive. Lowering GST rates on online learning will ease financial burdens and make quality education more accessible in tier 2 and 3 cities. To bridge the urban-rural education divide, budget expectations include greater investment in digital infrastructure and tools for inclusive learning. This involves building reliable internet connections in rural areas, providing affordable devices, and developing digital educational content through increased AI penetration that meets diverse learning needs. Enhanced budgetary allocations can integrate digital tools in classrooms, building a stronger, more knowledgeable future generation ready to contribute to India's growth and development”.
Budget 2024 Expectations Live Updates: What is expected on fiscal deficit from Nirmala Sitharaman
Budget 2024 Expectations Live Updates: Anuj Bajpai, Co- Founder and CEO of Liquide, said, "With a massive ₹2.11 lakh crore dividend from the RBI, which far exceeds the anticipated ₹1.02 lakh crore—coupled with a strong 19% increase in tax revenues this fiscal year, the Modi administration is likely to maintain the fiscal deficit at 5.1% of GDP for FY25, or even reduce it further, in line with the objective of lowering it to 4.5% by FY26.
He told Hindustan Times, “The government is likely to maintain its capex plan of ₹11.1 lakh crore for FY25, as outlined in the interim budget. Investments are likely to increase in clean energy, defense, and railway modernization to boost indigenization, infrastructure development, and stimulate private sector capex and employment.”
Budget 2024 Expectations Live Updates: Welcome to Hindustan Times' live blog on Budget expectations
Budget 2024 Expectations Live Updates: The Union Budget will be presented on July 23 this year. This comes after the interim budget was presented on February 1 ahead of the Lok Sabha elections in which Prime Minister Narendra Modi-led NDA government returned to power for its third term.