Tag Finance Minister Nirmala Sitharaman

With the announcement of Budget 2024 now behind us, industry experts are sharing their initial thoughts on the proposed economic measures. This year’s budget has generated a spectrum of reactions from leaders across different sectors, each providing valuable viewpoints on its anticipated effects. In this roundup of expert quotes, we highlight their analyses and predictions, offering a glimpse into how the budget might shape the business landscape and economic outlook for the year ahead.

Viswanath PS, MD & CEO, Randstad India:

“The sharp focus on employment in this year’s budget, particularly through the Employment Linked Incentive Schemes, is a transformative step for job creation in our country. By investing in skilling and bridging the talent demand-supply gap, the budget paves the way for a more robust and future-ready workforce. The provision for internships with top 500 companies, coupled with an internship allowance, will empower our youth with the necessary skills and experience for the ever-evolving job market. Furthermore, the creation of industrial parks in 100 new cities along with the establishment of dormitories and women’s hostels will ensure that companies have access to the right talent, while also enhancing women’s participation in the workforce. The decision to allow companies to use their CSR funds for training and internships is a commendable move, reinforcing the commitment to fostering a skilled and employable generation. All in all, there are a lot of positive takeaways for both employers and the talent community from the announcements made in this budget. It is indeed a significant milestone in driving employment-led growth and shaping a prosperous future for India.”

Anirban Aditya, Chairman, Aditya Group:

“The Union Budget 2024 marking a significant step forward for education and skill development, with Rs 1.48 lakh crore allocated for education and a plan to skill 20 lakh youth over the next five years. Initiatives like financial support for higher education, the e-voucher system, and direct benefit transfers for first-time employees enhance accessibility and formal employment opportunities. The Rs 3 lakh crore allocated for women-led schemes, including hostels for working women, is commendable. With a 30% increase in the budget for education, skilling, and employment, we at Aditya Group with Aditya Group of Schools, are enthusiastic about contributing to this transformative journey.”

Mr. Sanjay Dighe, CEO of Krystal Integrated Limited Services:

“The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman outlines a comprehensive vision for India’s growth, with a strong emphasis on job creation, skill development, and social justice. The government’s focus on employment generation and upskilling initiatives is particularly encouraging for the facility management and staffing sector.

The introduction of three key schemes under the Prime Minister’s package is a significant step towards boosting the job market. The government’s commitment to support 210 lakh first-time employees, incentivize job creation in the manufacturing sector, and reimburse employers for additional hires will undoubtedly stimulate employment opportunities. The plans to upgrade 1,000 Industrial Training Institutes and the new centrally sponsored scheme to skill 20 lakh youth over five years are welcome moves. These initiatives, coupled with the focus on women’s participation in the workforce through working women hostels and specific skilling programs, will foster a more inclusive and skilled labour force. These progressive measures lay a strong foundation for building a more prosperous and skilled India.”

Mahankali Srinivas Rao (MSR), CEO, T-Hub:

“Budget 2024 marks a significant milestone for the Indian startup ecosystem, with initiatives that will undeniably foster innovation and growth. The abolition of the Angel Tax for all classes of investors is a pivotal move that will create a more supportive environment for angel investments, ultimately benefiting startups and paving the way for India to become a global innovation hub. The establishment of a ₹1,000 crore venture capital fund dedicated to boosting the space sector is another forward-thinking initiative. This substantial investment will propel growth in the space economy by supporting innovative startups and groundbreaking research, positioning India at the forefront of space technology and exploration.

Moreover, the introduction of the Anusandhan National Research Fund and a financing pool of ₹1 lakh crore to spur private sector-driven research and innovation is a game-changer. This fund will power basic research and prototype development, driving commercial-scale innovation and enabling startups to bring cutting-edge solutions to the market.

At T-Hub, we are excited about these developments and the positive impact they will have on our vibrant startup ecosystem. These initiatives will provide startups with the necessary resources and support to thrive, innovate, and contribute significantly to India’s economic growth and technological advancement.”

Mr. Niranjan Kirloskar, Managing Director, Fleetguard Filters Private Limited:

The Union Budget presented today aligns well with the Government’s vision of a Viksit Bharat. The budget highlights several positives aimed at boosting economic growth, employment, sustainability, and inclusive development.

Special focus and reiteration of skilling, employment, manufacturing, strong infrastructure development, agriculture, and R&D, among other mentions, should positively reassure companies to focus on investing in all levels of its employees – especially newer ones, and also concentrate on becoming future-proof, by investing in rigorous research and development.

In addition to the above, proposing a climate taxonomy or climate finance to encourage greener businesses and, in turn, create a greener economy in the long run, signifies the important role of Indian companies in the fight against global climate change and aligns with global ESG goals which can make Indian companies attractive for FDI. Overall the government aims to balance economic growth with sustainability and inclusivity ensuring long-term benefits across various sectors.“

Mr. Amar Ambani, Executive Director, YES SECURITIES:

“Barring the capital gains tax dampener for the investor community and removal of indexation benefit, the Union Budget was balanced and consistent in policy. Brushing aside concerns around more populism, the target set for the fiscal deficit at 4.9% is a huge positive. Agriculture package of Rs1.5 lakh crores is along expected lines and will help provide a fillip to the rural economy. The slight relaxation in personal income tax slabs helps on the consumption front as well. There has been a material push in uplifting the financial health and borrowing ability of MSMEs. The capital expenditure outlay of the government of 3.4% as a percentage of GDP is also robust and in line with their policy. Notably, the government is focusing on further digitizing the economy with land and house registry. I sense an even better budget next year, with the finance minister mentioning about a comprehensive review of the Income Tax Act to simplify taxation and reduce disputes, as well as a customs duty rate structure overhaul to correct inverted duty structures.”

Mr. Priyam Patel, MD, NK Proteins Pvt Ltd (Tirupati Edible Oils):

“The Union government has maintained a strong focus on enhancing agricultural productivity and resilience. The substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors underscores this commitment. Initiatives for self-sufficiency in pulses and oilseeds, particularly groundnut, sesame, and sunflower, are pivotal for Atmanirbharta in the edible oil sector. The emphasis on digital crop surveys and strengthening storage and marketing infrastructure will greatly benefit farmers, ensuring a robust and stable agricultural sector. These measures will significantly support the growth and stability of our industry, fostering sustainable development and economic growth.”

Mr. Priyam Patel, MD, NK Proteins Pvt Ltd (Tirupati Edible Oils):

“The Union government has maintained a strong focus on enhancing agricultural productivity and resilience. The substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors underscores this commitment. Initiatives for self-sufficiency in pulses and oilseeds, particularly groundnut, sesame, and sunflower, are pivotal for Atmanirbharta in the edible oil sector. The emphasis on digital crop surveys and strengthening storage and marketing infrastructure will greatly benefit farmers, ensuring a robust and stable agricultural sector. These measures will significantly support the growth and stability of our industry, fostering sustainable development and economic growth.”

July 22, 2024 – Finance Minister Nirmala Sitharaman is set to present the  Union Budget 2024 on Tuesday, July 23, 2024. This budget, the first for the newly elected government, comes at a crucial time when India continues to hold its long-term growth promise amidst global uncertainties. Key economic indicators, such as a fiscal deficit target of 5.1% of GDP for FY25 and a robust macroeconomic scenario, position India as one of the fastest-growing large economies.

Key Highlights to Watch For:

Tax Reforms: Taxpayers are eagerly awaiting significant tax reliefs. Expectations are high for a hike in the standard deduction limit and tweaks to the income tax slabs to ease the financial burden on the middle class.

Economic Projections: The budget will likely reaffirm the fiscal deficit target of 5.1% of GDP for FY25, aiming to achieve 4.5% of GDP in FY26.

Current Account Deficit: With crude prices remaining range-bound, the current account deficit is expected to remain around 1% of GDP. Robust services exports might even turn the deficit positive in some quarters.

Inflation Management: While core inflation has come down, food inflation remains elevated. The budget is expected to address measures to control food inflation, with a focus on the impact of climate change on crop yields and input costs for farmers.

Infrastructure and Investment: Anticipate significant announcements in infrastructure development and investment to bolster economic growth and create job opportunities.

Social Welfare and Agricultural Support: Measures to support the agricultural sector and social welfare programs will likely be highlighted, especially considering the uneven weather patterns affecting crop yields.

Finance Minister Sitharaman’s presentation tomorrow will be closely watched for how it balances growth aspirations with fiscal prudence, aiming to sustain India’s economic momentum in a globally uncertain environment.

Rajarshi Bhattacharyya, Co-Founder, Chairman and Managing Director, ProcessIT Global:

“Cybersecurity is one of the biggest risks we face today, and it is crucial to encourage and incentivize both private and public enterprises to invest more in cybersecurity technologies. To achieve this, we need the government to support cybersecurity service providers with accessible loans and tax incentives which will boost overall investment in this critical domain. Additionally, startups and SMEs require assistance in implementing cybersecurity measures and solutions. Government agencies should prioritize investing in digital infrastructure development, focusing on high-speed internet and 5G networks to ensure a secure and resilient digital future. These measures should be a key focus in the upcoming union budget.”

Chetan Jain, Founding Executive Director, and Managing Director, Inspira Enterprise

“As we approach the Union Budget announcement, it is imperative that we focus on fortifying India’s digital infrastructure across critical sectors with increased budgetary allocations, prioritizing cutting-edge technologies and robust infrastructure development. In alignment with the Digital Personal Data Protection Act (DPDPA), this budget should promote the design and implementation of comprehensive cybersecurity programs, reinforcing the legal framework for data privacy. Furthermore, tax incentives for organizations investing in cybersecurity are crucial to strengthening our defense mechanisms. Additionally, significant support is needed to cultivate cybersecurity talent through targeted skill development initiatives. The budget should also enable further impetus with policies that support innovation in Generative AI (GenAI), particularly in transforming the cybersecurity landscape”

Mr. Manikanth Challa, Founder & CEO, Workruit

As the Union Budget 2024 approaches, the recruitment and startup ecosystem eagerly anticipates further advancements in technology and innovation. In recent years, the integration of AI and machine learning has revolutionized the hiring process, making it more efficient, inclusive, and accessible. Our expectations from this budget are centered on continued support for digital infrastructure and technology-driven solutions that can streamline recruitment and foster entrepreneurial growth.

Reflecting on last year’s budget, which laid a solid foundation for digital transformation by allocating funds for AI research and promoting startup ecosystems, we hope this year’s budget will build upon those initiatives. Specifically, we are looking for increased investment in AI research and development, enhancing talent acquisition, and matching candidates with the right opportunities more accurately.

However, it is evident that many colleges and educational institutions are still lacking in technology, infrastructure, and resources. For instance, several institutions struggle with outdated computer labs, limited access to high-speed internet, and insufficient training programs for both students and faculty. These gaps hinder the ability of institutions to adequately prepare students for a tech-driven job market. Last year’s budget did not allocate sufficient funds to address these critical areas, leaving a significant portion of our educational infrastructure under-equipped for the future.

We believe that the upcoming budget should prioritize substantial investments in educational technology and infrastructure. This includes upgrading computer labs, ensuring widespread access to high-speed internet, and providing robust training programs for digital skills. By doing so, we can better prepare our future workforce to meet the demands of a rapidly evolving job market.

Harry Bajaj, Founder and CEO, Mobec

“As we approach the upcoming Union Budget, India’s electric vehicle (EV) sector stands at a pivotal juncture. The sector has grown remarkably over the last year thanks to 100% FDI, new manufacturing hubs, improved charging infrastructure, and advantageous laws and incentives. The government’s proactive stance, particularly through the production-linked incentive (PLI) scheme, has significantly boosted the manufacturing of EVs, components, and batteries.

According to a study by the Centre for Energy Finance (CEEW-CEF), the Indian EV market is poised to become a $206 billion opportunity by 2030. This highlights the importance of continued government support to ensure sustainable and rapid growth. The FAME II scheme was instrumental in setting the foundation for EV adoption in India. With its conclusion in March 2024, the interim EMPS scheme’s reduced subsidies have posed challenges for the industry. As a result, we are looking forward to the introduction of FAME III, which will provide subsidies comparable to FAME II, to revitalise the industry and develop charging infrastructure nationally.

Furthermore, the future budget should prioritize incentivizing firms to use EVs for last-mile delivery operations. Developing robust manufacturing capacity to fulfil expanding demand is equally important. Although progressing, India’s EV ecosystem is still in its early phases and requires a competent workforce for production and after-sales services. Large-scale upskilling and reskilling programs are required to provide the workforce with the skills needed for this changing business. We expect that the budget will include considerable funding for these programs, allowing India to continue to lead in the global transition to clean mobility. The government can help unleash the full potential of the EV industry by supporting innovation and infrastructure development, which drive economic growth and environmental sustainability.

Sustainability must remain at the heart of this growth. By championing EV adoption and bolstering the necessary infrastructure, we not only reduce our carbon footprint but also set the stage for a greener, more sustainable future. The upcoming budget is a critical opportunity to solidify India’s position as a leader in the global transition to clean mobility.”

Prasun Sikdar, MD & CEO, ManipalCigna Health Insurance

“Right to Health is a part and parcel of Right to Life under Indian Constitution. The government has two primary objectives (a) ensure wider access to healthcare services at affordable prices and adequate quality (b) Reduce the out-of- pocket expenditure. Keeping this in mind, the National Health Policy has proposed an increase in public expenditure to 2.5% of GDP by 2025. Despite some progress over the years, India’s healthcare spending is still low compared to the global average, necessitating a substantial boost in healthcare spends. Thus, in the upcoming union budget, we expect the Finance Minister to announce higher allocation of funds for healthcare compared to what was proposed in interim budget to meet the targets of the National Health Policy.

Addressing the second objective, reducing out-of-pocket expenses, is equally critical. Currently, these expenses are still high relative to global standards, indicating a considerable protection gap. Private health insurance is vital in bridging this gap. The insurance regulator, IRDAI has also set a vision of achieving Insurance for All by 2047, marking a century of India’s independence. Thus, our sincere submission to government is to reduce the current 18% GST rate on essential service like Health Insurance. Further, specific segment considerations are also required especially for middle-income and senior citizen segments who are struggling to meet the rising healthcare costs. Lowering the GST burden on the health insurance premiums will be a huge respite for missing middle and senior citizens to get access to quality healthcare they need and help to significantly boost insurance penetration across India by driving affordability.”

Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance

Over the past decade, India has achieved remarkable economic growth, with GDP consistently exceeding 6% and surpassing many global economies. As we approach this budget, we anticipate measures that will sustain and simultaneously accelerate this long-term growth, benefiting individuals and businesses alike, with a strong emphasis on job creation. Addressing inflation is crucial for securing a robust financial future for individuals, as it will enable them to have more money in hand, towards savings and investments for their long-term goals and financial security.

With increased earning power and disposable income, Indian citizens will be able to invest in versatile life insurance products for their peace of mind and financial goals. Given the under penetration of life insurance in the country, there is substantial room for sectoral growth.

As an industry, some of our budget expectations from the finance ministry is to consider lower GST on life insurance products. Additionally, in the pension products category, with the objective of securing post-retirement financial needs of the individuals, we urge the government to align life insurance annuity or pension products with the National Pension Scheme (NPS) and allow the similar additional deduction of Rs. 50,000 or more for life insurance annuity or pension products under Income Tax.

We also request the ministry to introduce Long Term Capital Gain taxability for all high value traditional life insurance plans (more than Rs.5 lakhs aggregate annual premium), in line with high value ULIPs. This will bring in uniformity and tax efficiency for insurance customers at par with other similar financial products in the market.

Mr. Praveen Jaipuriar, CEO of Continental Coffee Limited

“In the forthcoming Union Budget 2024, we expect initiatives that will promote sustainable and inclusive growth while tackling inflation in the country. According to a consumer industry analysis report, India is one of the largest retail markets in the world, expected to grow to US$1.41 trillion by 2026. Despite the growing purchasing power in the country, there remains a significant disparity between urban and rural consumption patterns. To address this difference in the FMCG sector, the Government can work towards improving infrastructure, promoting employment generation, and increasing financial inclusion. These efforts will help revitalize the economy.

The FMCG sector anticipates the rationalization of GST. Lowering GST on products like packaged foods would not only make goods more affordable but also boost consumption, leading to higher sales volumes. Additionally, the coffee manufacturing Industry expects the government to help boost consumption by adopting measures like lowering the GST on Instant Coffee, decreasing the import duty on green beans, and last but not least, adopting measures to increase green bean acreage and throughput. These strategies will help to produce more coffee beans, both in quantity and quality, to meet market demand and potentially improve the sustainability and profitability of coffee production,”

Devyani Jaipuria Pro-Vice Chairperson of Delhi Public School

Given the current economic climate and the pressing need for educational reform, we eagerly anticipate the upcoming budget to prioritize substantial increases in funding for education. We urge the government to aim for a significant allocation boost, especially for higher education institutions. Enhancing infrastructure, bolstering research capabilities, and ensuring overall educational quality are pivotal for our nation’s growth trajectory. We hope to see a commitment towards achieving the optimal allocation of 6% of GDP to education, paving the way for transformative reforms and the establishment of new educational institutions, particularly in the K-12 segment.”

Ajay Singh – School Principal – The Scindia School

“Education goes beyond imparting knowledge; it’s about equipping students with the skills needed to excel in an ever-changing world. As we approach the Budget 2024 announcement, we have high hopes for increased funding in the education sector, particularly in areas that foster skill development and innovative learning methods.

We believe that substantial investment in digital infrastructure, vocational training, and teacher development programs will significantly enhance the quality of education. Such initiatives are critical for preparing students to meet the demands of the future job market. Moreover, we support policies that encourage partnerships between educational institutions and industries. These collaborations can provide students with hands-on experience and practical skills that are crucial for their professional success. I am optimistic that the upcoming budget will prioritize education and skill development, ensuring that the students are well-prepared to contribute meaningfully to society and the economy.”

Siddharth Chaturvedi -Director at AISECT

As we approach this year’s budget, it is crucial to prioritize investments in skill development and education. The rapidly evolving job market demands a workforce equipped with contemporary skills and practical knowledge. By allocating substantial resources to vocational training, digital literacy programs, and industry-academia partnerships, we can empower the youth and drive inclusive growth. Key areas of focus should include expanding government-sponsored programs in future skills, increasing opportunities for apprenticeships, and allocating funds for the integration of the National Education Policy (NEP) in Higher Education Institutions (HEI) and expanding vocational education in schools. Additionally, linking entrepreneurship programs with loan facilities, promoting research with government grants and reducing GST on online courses will further strengthen the educational framework.

This budget should highlight an ecosystem where education and skill training go hand in hand ensuring that students are not just degree holders but also industry-ready professionals.

NS Satish, President, Haier Appliances India.

“As the Union Budget approaches, the consumer durables industry is optimistic about increased infrastructure spending and the extension of PLI schemes to boost economic growth. The durables segment is currently under-penetrated, presenting a significant opportunity for demand generation. The industry is also hopeful that the government’s emphasis on ‘Make in India’ and ‘Digital India’ initiatives will align with the growing consumer preference for locally manufactured products. Such focus will not only enhance global competitiveness for Indian players but also significantly boost employment.

At Haier India, we look forward to a budget that creates a stable and growth-oriented environment, facilitating ease of doing business and driving economic activity and demand generation. These measures will provide the much-needed impetus for sustained growth in the consumer durables sector.”

July 11, 2024, _ Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget for the Financial Year 2024-2025 on July 23, marking the first full budget of the Modi 3.0 government. Speculations abound regarding significant expenditure allocations towards welfare initiatives without compromising capital expenditure, buoyed by higher-than-expected dividend transfers from the Reserve Bank of India (RBI).

The upcoming budget is anticipated to outline a comprehensive framework for India’s public finance, focusing on themes such as public debt sustainability and green finance. Sources suggest that India may target a fiscal deficit of 5.1% of GDP for FY25, reflecting a long-term economic policy aimed at fostering job creation through labour-intensive manufacturing and supporting MSMEs with enhanced credit access. The budget presentation is expected to provide a roadmap towards 2047, underscoring the government’s commitment to sustainable economic growth and inclusive development.

Industry experts have commented on what to expect from the Union budget.

Dr. Sheetal Jindal- MBBS, MD OBG, EPHM (IIM Kolkata) Senior Consultant and Medical Director_Director at Medical Genetics Program_Jindal IVF Chandigarh

“While allocations for conditions such as sickle cell anaemia and thalassemia in the previous budgets are commendable, Jindal IVF stresses the need for Budget 2024-25 to broaden its scope. We urge the Government of India to integrate preventive strategies like Preimplantation Genetic Testing (PGT) for genetic disorders into national healthcare frameworks. Additionally, there is a critical need for increased funding towards assisted reproductive technologies, specifically IVF. We also advocate for public-private partnerships to ensure equitable access to essential reproductive treatments, particularly for the lower middle class. Furthermore, we propose tax incentives for private healthcare providers who offer discounted fertility treatments to economically disadvantaged patients. Moreover, we call for comprehensive insurance coverage for fertility treatments, addressing a critical gap in current healthcare policies. This should include coverage for multiple IVF cycles, as success often requires repeated attempts. Importantly, we recommend the implementation of a nationwide awareness campaign to educate the public about fertility issues and available treatments, reducing stigma and encouraging early intervention. Prioritizing these reforms in Budget 2024-25 can significantly enhance healthcare inclusivity and affordability across India, especially in the area of reproductive health and fertility treatments”

Mr. Sanjeev Srivastva, Chairman & Founder of Assotech Group, a leading real estate company.

“As we approach Union Budget 2024, the real estate sector stands at a pivotal juncture, poised for significant developments and poised to continue its trajectory of growth and resilience. The past year has been a testament to the sector’s adaptability and resilience, marked by a remarkable rebound across various segments. This resurgence has been driven by robust demand in residential, commercial, and industrial real estate, underpinned by favorable macroeconomic indicators, stable lending rates, and an optimistic job market outlook. Looking forward, the industry’s expectations are centered around several key themes that are crucial for sustaining this momentum and fostering inclusive growth. At the forefront of these expectations is the urgent need to rejuvenate the affordable housing segment. Affordable housing not only addresses the critical need for housing among the lower-income groups but also serves as a catalyst for broader economic stability and social equity. The sector has seen a decline in sales in this segment, exacerbated by the aftermath of the pandemic and rising construction costs. To revitalize affordable housing, it is imperative for the government to reinstate incentives like the Credit-linked Subsidy Scheme (CLSS) and introduce targeted tax breaks. These measures will not only stimulate demand but also incentivize developers to undertake projects that cater to this underserved segment of the market. Furthermore, the grant of industry status to the real estate sector remains a longstanding demand that continues to garner industry-wide support. Recognizing real estate as an industry will not only enhance its access to institutional financing but also streamline regulatory processes and foster investor confidence. Coupled with this, initiatives such as a streamlined single-window clearance system and rationalization of Goods and Services Tax (GST) on real estate transactions are crucial steps toward reducing bureaucratic hurdles and enhancing operational efficiencies across the value chain.

At Assotech Group, we are deeply committed to advancing India’s urban development agenda through sustainable and innovative real estate projects. Our journey over the years has been marked by a steadfast dedication to quality, integrity, and customer-centricity. We have consistently strived to deliver projects that not only meet but exceed the evolving expectations of our customers while contributing meaningfully to the nation’s economic landscape.

As we navigate through dynamic economic landscapes and anticipate forthcoming policy reforms, Assotech Group stands ready to play a proactive role in shaping a vibrant and resilient real estate ecosystem. Our focus remains on leveraging our expertise and experience to pioneer transformative projects that not only enhance the built environment but also create lasting value for all stakeholders involved. We are committed to embracing sustainability as a core principle, ensuring that our developments not only meet current needs but also contribute positively to the environmental and social fabric of the communities we serve.

In conclusion, the upcoming Union Budget presents a crucial opportunity to chart a course for sustainable growth and development in the real estate sector. By addressing the sector’s key priorities such as affordable housing, industry status, and regulatory reforms, the government can unleash the full potential of real estate as a key driver of economic growth, employment generation, and social progress. Assotech Group stands ready to collaborate with policymakers, industry peers, and stakeholders to realize this vision and contribute to India’s journey towards becoming a global leader in real estate innovation and sustainability.”
This expanded quote not only outlines the sector’s expectations but also underscores Assotech Group’s strategic priorities and commitment to driving positive change in urban development through innovative and sustainable real estate solutions.”

Mr. D. S. Negi, CEO, Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC)

“As we look forward to the 2024 Budget, the focus on reforming cancer care in India is crucial. It’s important to prioritize funding for advanced treatments like immunotherapy and personalized medicine, ensuring more patients can access these cutting-edge therapies. Extending Ayushman Bharat to those aged above 70 will be highly beneficial for senior citizens. However, the current coverage limit of Rs. 5 lakh may not be sufficient for critical illnesses such as cancer, where treatment costs can range from Rs. 15-20 lakhs. Therefore, it is essential to consider increasing the coverage limit for critical illnesses like cancer to ensure adequate financial support for cancer patients.

Expanding screening programs for cancers like cervical, breast, and colorectal can catch diseases earlier, improving the chances of successful treatment. Building more specialized cancer treatment centers and supporting healthcare workers with better training are essential steps. Public awareness campaigns about prevention and symptoms will also play a key role in fighting cancer effectively. These efforts, alongside international collaborations and incentives for new cancer treatments, can bring significant improvements to cancer care across the country.”

Dr. Harshit Jain, Founder & Global CEO, Doceree II Healthcare

”Budget 2024 is a defining moment for the pharmaceutical sector in India. We look forward to robust support toward R&D and innovation through higher fiscal incentives and reduced GST on critical inputs to spur growth, foster technological advancement, and further fortify India’s leadership in global healthcare.”

Mr Gaurav Mittal, Director & CEO, Antarctica Equipment Private Limited.

As we approach the 2024 budget, it’s time for the Government to recognize the essential role that cafes, bakeries, confectioneries, sweet shops, bakery cafes, and ice cream parlours play in our hospitality industry.
To support these businesses in delivering top-notch services and high food quality, they need help setting up the right infrastructure. Given the ongoing recovery from the pandemic, a 15% capital subsidy on essential machinery, equipment, and temperature-controlled cabinets would greatly enhance food safety and quality.
Lowering the GST from 18% to 10-12% would provide much-needed relief. Financial support programs, including low-interest loans and microfinance options, are vital for helping small and medium enterprises expand and innovate.
Simplifying regulatory processes and offering compliance assistance will further encourage growth and ensure food safety. Streamlined processes could significantly increase compliance rates and improve food safety standards.
These measures will drive growth in the cafe, bakery, Sweetshops, confectionary and ice cream industries, fostering innovation and enhancing customer satisfaction. Supportive government policies can create a thriving ecosystem for these businesses, ensuring their continued contribution to the Indian economy.

Mr. Nikhel Bothra, Director, EPACK Prefab

“The government is armouring the infrastructure industry to achieve its goal of becoming a developed nation by 2047. It has allocated 3.3% of the economy’s GDP to this sector in the fiscal year 2024, exhibiting the government’s commitment towards the USD 204 billion industry. The India Infrastructure sector is growing at a CAGR of 9.57% and is expected to reach USD 322.27 billion by 2029. Additionally, the demand for green buildings is on a steady rise, more so in the Asia Pacific region. The World Bank’s recent $1.5 billion loan to India has also played a major role in advancing a low-carbon energy future. This funding, aimed at enhancing energy efficiency and integrating renewable energy, complements the rising demand for green buildings. This synergy between financial support and market demand highlights the essential role of Pre-Engineered Building (PEB) technologies. PEB solutions are poised to meet the rapid demand for green infrastructure, ensuring sustainable and efficient development in line with India’s ambitious goals.

As a country, we must become more adaptable to pre-engineered buildings and prefabricated structures, as they are more evolved versions of construction. These are sustainable solutions to the construction demands of the country. In doing so, we are committing to innovation as well as environment-friendly practices. Considerations such as a constructive regulatory framework would enhance the utilisation of PEBs within the industry, and lowering GST or incentivizing the use of Prefabricated Engineered Buildings (PEBs) in government infrastructure projects could be instrumental steps in this direction. Furthermore, subsiding/incentivising the use of PEBs and prefab structures; or introductions of new schemes like the regional-connectivity schemes – UDAN & PM Gati Shakti scheme could be instrumental in realising the true potential of the country as a developed nation.”

Mr Vivek Jalan – Partner – Tax Connect Advisory Services LLP

“As per recommendations of MSMEs, Section 43B(h) in Income Tax Act was introduced from AY 24-25. However, the alignment of the disallowance for payables u/s 43B(h) of The Income Tax Act has been made with MSME Act, which requires that payment has to be made to an SME within a maximum of 45 days. This is difficult in the present-day trade where 60-90 days credit period is the norm. In this budget it is expected that this provision will be relaxed/amended aligning the same with The CGST Act w.r.t. disallowance when payment to SMEs is not made within 180 days. Hence, in case a taxpayer does not pay an SME within 180 days, then the expense may be added back to his income.

It is also expected that New manufacturing domestic companies commencing manufacture after 1st April 2024 may be allowed to avail of the scheme for reduced tax rates of 15% Tax on income of new manufacturing under Section 115BAB.

In Income Tax, not only the tax itself, but the compliance burden also creates additional cost for the taxpayers. These may be relaxed in this budget 2024. For example, the age-old requirement to issue and maintain tax deducted at source (‘TDS’) and Tax collected (‘TCS’) certificates is outdated, and not in sync with current times where Form 26AS and AIS/TIS is already available. This requirement may be removed.

Introducing faceless assessment has advantages, but manual tax assessment by JAOs can be beneficial in cases needing a personalized, localized approach or involving complex businesses. Hence it was recommended before the Ministry of FInance to consider setting conditions where taxpayers can opt for JAO assessment (e.g. large taxpayers exceeding a prescribed revenue threshold), balancing the efficiency of faceless assessment with the need for personalized assessments in certain cases.”

Mr. Arun Poddar, CEO and Executive Director, Choice International Limited.

“As we anticipate the Budget 2024, we expect measures that will further propel India’s economic growth trajectory. We look forward to initiatives that will bolster the financial ecosystem, including banking, insurance, and capital markets. These sectors are the backbone of our economy, facilitating capital flow and risk management. We hope to see policies that enhance market depth, promote wider participation, and encourage technological innovation in financial services. Additionally, we anticipate a continued focus on disinvestment and an expansion of the Production Linked Incentive (PLI) scheme to include more sectors, providing further impetus to the manufacturing sector.

Key economic priorities should include infrastructure development, job creation, and attracting foreign investments. These steps will be vital in maintaining India’s position as one of the fastest-growing major economies. We also look forward to reforms that will simplify regulations and ease of doing business, particularly in the financial sector, to boost investor confidence and market stability. Lastly, potential adjustments to the tax structure for lower-income brackets could stimulate consumer spending and drive economic momentum, further reinforcing India’s growth narrative.”

Mr. Kamal Khetan, Chairman & Managing Director, Sunteck Realty ltd.

“To benefit home buyers, the Government of India should consider lowering GST rates to increase demand for under-construction developments. Additionally, reintroducing Input Credits would help developers reduce the tax burden and in turn benefit the customers, which further would also ensure a good supply of residential developments.   The sector is also hopeful that the long-awaited proposal for the digitization of land property records and implementation of a unique land identification number will be passed. These measures are seen as crucial for improving transparency and efficiency in real estate transactions.”

Mr. Amarendran Vummidi, Managing Partner, Vummidi Bangaru Jewellers

“The jewellery industry, a keystone of India’s economy, eagerly anticipates the upcoming budget. With gold exports being a significant contributor to the country’s revenue, we seek favorable government policies to enhance growth and sustainability. We look forward to incentives on gold jewellery exports to maintain its competitive edge. The industry also hopes for policies that will ensure affordable interest rates, enabling them to maintain liquidity and manage cash flows effectively. These measures will also be beneficial to create new jobs.”

 Mr Manish Aggarwal, Founder & CEO, E-Revbay Private Limited.

FINTECH

“The upcoming budget presents a significant opportunity for the fintech industry. We hope the government will incentivize start-ups through regulatory reforms that simplify complex compliances and enhance the ease of doing business. Additionally, customer-focused regulatory policies are needed to make it easier for small business owners and self-employed customers to access credit. One critical measure would be simplifying the process for Indian startups to access international funds. We also advocate for large-scale policy reforms, including the formation of policy advisory and oversight bodies with equal representation from the BFSI industry. Furthermore, intermediaries like Direct Selling Agents should have easier access to capital and policies that protect their interests.”

 PERSONAL FINANCE

“As the personal finance landscape evolves rapidly, our expectations from the upcoming budget are centered on sensible taxation and investment policies that benefit individual investors. With more people gaining financial access and opportunities, streamlined compliances and lower tax evasion can lead to higher disposable income for individuals. Investment policies should reward market investments and wealth creation rather than penalizing them. We hope the budget will reflect these priorities to foster a more financially inclusive and prosperous society.”

 BFSI

“Businesses always remain optimistic when it comes to policy. We hope the upcoming budget will protect the lakhs of people working in the BFSI distribution industry from fraudulent practices and formulate policies that safeguard intermediaries from unscrupulous players in the value chain. Additionally, we urge the government to ensure that crores of customers find it easier to access credit and business growth funds when they need them. Such measures will significantly contribute to the stability and growth of the sector.”

 LOANS

“Loans, whether personal, car, or home, are essential for many individuals. We foresee that changes in monetary policy by the RBI could significantly enhance access to easier credit. For customers with good credit history, simplifying the loan approval process is crucial. While short-term loans and credit cards are now easily accessible digitally, there is a pressing need to simplify the processes for home and car loans to ensure broader and easier access.”

Mr Ratish Pandey, Founder and Business Coach, Ethique Advisory.

“Given the slightly lower majority in the recent national elections, I anticipate that the current government will prioritize policies that support the masses. The upcoming Budget, in my view, will likely focus on continued support for infrastructure projects and the agricultural sector.

 With inflation under control, the Reserve Bank might adjust fiscal policy and interest rates. However, funding challenges remain prevalent in the start-up sector. The MSME sector, which contributes a healthy 30% to the national GDP, continues to face significant headwinds, especially in retail. In my daily interactions with MSME entrepreneurs, I observe two primary challenges: cash flow and ease of doing business.

 It would be beneficial if the upcoming Union Budget includes provisions to encourage improved IT infrastructure for MSMEs—perhaps offering “one-off” expense relief for IT hardware and software investments. This would enable MSMEs to utilize new tech tools like CRM, AI, and effective supply chain systems.

 On the ease of doing business front, improvements to GSTN systems, integration of e-invoicing and e-way bills, as well as the provision of softer loans or fiscal reliefs under income tax for investments in building plants and machinery, should be considered. Lastly, greater clarity on the policy regarding 45-day credit payouts to registered MSMEs would be a welcome step”