Tag Nirmala Sitharaman

15/07/2024- As India prepares for the upcoming Union Budget 2024, set to be presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on July 23, industry leaders, economists, and policymakers are sharing their insights and expectations. This highly anticipated budget has sectors across the board hopeful for beneficial outcomes. Pre-budget expectations are pouring in, with various industries outlining their demands and aspirations. Stakeholders are keenly watching to see how the budget will address key economic challenges, stimulate growth, and support sustainable development. As the budget unfolds, the nation anticipates strategic measures that will drive progress and prosperity in the financial year 2024-25.

Comments By Industry Leaders:

Akshat Seth, Managing Director & CEO at HIL Ltd.

“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. Considering the success of recent years, we expect the Government to sustain the push towards investments in housing, highways, and rail corridors. This will augment long-term income growth and sustain demand for home and building materials in the country and also promote innovation in the industry. We strongly believe this will catalyze advancements in construction materials, sustainable practices, and employment generation.”

Devyani Jaipuria, Pro– Vice Chairperson- DPS International Gurugram, DPS Sector 45 Gurugram & DPS Jaipur.

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

Khadim Batti, Co-Founder & CEO, Whatfix:

“India’s booming SaaS industry, fueled by the startup ecosystem, is a key driver of digitalization and has high expectations from the upcoming Union Budget 2024. Streamlining regulations, tax benefits for early-stage companies, and easier access to capital are anticipated by the industry. Robust digital infrastructure with high-speed internet and data centers are also critical for SaaS operations, and continued investment is essential to bolster the ecosystem.

Beyond infrastructure, talent acquisition and development are paramount. The budget should prioritize the expansion of the angel tax to foreign investors, as foreign investment is a significant driver of growth and innovation. We also expect revision in the ESOP taxation structure to reduce the burden on employees who exercise stock options, thereby attracting and retaining top talent. Additionally, aligning Long-Term Capital Gains (LTCG) tax treatment for unlisted companies (including both ESOPs and equity investments) with that of public companies would also incentivize greater investment in startups.

A significantly larger dedicated fund specifically for AI and other frontier technologies is critical. This ecosystem holds the key to propelling India towards its aspired $7 trillion economy by 2030. Incentives for adopting advanced technologies like AI and IoT are also advocated for, as they are vital for boosting efficiency and global competitiveness.

Skilling the workforce remains a top priority. The current gap in qualified AI professionals necessitates government initiatives to bridge the tech skill gap and encourage industry-academia collaboration. Prioritizing AI research empowers youth for a productive future in the 21st-century economy. Further investment in Skill India Digital can enhance workforce capabilities, fostering innovation in emerging technology and keeping India competitive globally.

I am confident that India can lead the global digital economy by fostering a robust digital ecosystem, enhancing the ease of doing business, and promoting continuous learning and innovation. By addressing these expectations, the budget can empower the Indian SaaS industry to become a global leader in innovation and solidify India’s position as a digital frontrunner.”

New Delhi February 3, 2024: Finance Minister Nirmala Sitharaman‘s sixth consecutive budget presentation, the last one before the General Elections, has concluded. Breaking down the complexities and deciphering the budget’s profound impact, the Times of India proudly introduces its annual flagship property, the Right to Excellence Budget Masterclass. The event will feature Amitabh Kant, former CEO of Niti Aayog, known for his insightful perspectives on economic matters.

Taking place on February 5, 2024, in Delhi, this masterclass is set to unite policymakers, experts, and finance gurus to decode the pivotal announcements made by the Finance Minister.

Prasad Sanyal, Business Head, Times of India Digital, said, “We hope this Budget masterclass helps people understand the impact of the announcements made by the Finance Minister. It’s essential for individuals and businesses to stay informed about the budget’s implications. Our Budget Masterclass will provide valuable insights and analysis to help people navigate the potential impact of the Union Budget on their personal and professional finances.”

• Here’s an overview of the sessions that will be part of the Masterclass:
•  Navigating Tax Changes: Understanding the implications of introduced tax changes and their impact on personal finances.
•  Fueling Growth: Exploring strategies outlined in the Budget to foster economic growth.
•  Sector Spotlight – Revolutionizing the Automobile Sector: Gaining Expert Insights on How the Budget Will Impact the Auto Industry.
•  Fireside Chat: Budget Planning for Businesses: Delving into how businesses can strategically plan decisions in alignment with fiscal policies.
•  Fireside Chat: Revolutionizing the Automobile Sector – Innovations, Sustainability, and Future Trends: An in-depth expert perspective on how the budget will shape the future of the automobile sector.

Shashank Srivastava, Sr. Executive Officer, Marketing and Sales at Maruti Suzuki India Ltd, one of the key panellists on the Masterclass, said, “I am very excited to be a part of TOI’s Right To Excellence Budget Masterclass. Today, I will be talking about the blueprint that the interim budget has provided the industry at large to sustain India’s economic growth. Furthermore, I will also discuss the budget’s impact on the auto sector, what measures need to be taken to continue the growth momentum in the sector, and future trends.”

Mr. Gaurav Jalan, Founder & CEO, mPokket

“In India’s dynamic fintech landscape, 2024 promises a revival of business growth and steadfast support for advanced technologies. As the interim Budget for the fiscal year 2024-25 approaches, scheduled to be presented by Union Finance Minister Nirmala Sitharaman on February 1, 2024, we anticipate that the Interim Budget will align with the industry’s expectation for continued momentum in financial inclusion and innovative lending solutions for MSMEs and the Indian youth.

Whether it was improving business fundamentals, adapting to revised regulatory norms, or braving the funding winter, fintechs have displayed tremendous agility and fortitude in managing these challenges. We are optimistic about the measures that will propel the growth of India’s fintech segment. Our primary hope revolves around a strategic focus on fostering financial inclusion, particularly in Tier 2, 3, and 4 cities, underpinned by the establishment of a robust trust-based lending ecosystem. We also await initiatives that will standardize lending practices and encourage collaboration between banks, notably Public Sector Banks and fintech firms.

The Budget is expected to highlight the importance of expanding digital public infrastructure, such as Account Aggregator and OCEN, to facilitate broader financial inclusion and unlock more data for intelligent lending practices.

Given the pivotal role of fintechs in driving the start-up ecosystem’s growth in the country, we look forward to a supportive fiscal policy approach that enhances the attractiveness of investments in this segment. Moreover, the Budget could create an enabling environment for sustained innovation and the digital delivery of services by the fintech industry, positioning it for the predicted dominance over traditional bank lending by 2030. Finally, we also anticipate a nuanced, supportive approach towards ESOP taxation and fostering talent retention.”