Budget 2024 Highlights: Will FM Sitharaman Increase Healthcare Spend? – News18

Union Budget 2024 LIVE: Explore the key expectations from Budget 2024-25

Discover all the essential details about Budget 2024 alongwith real time updates and latest news here.

Budget 2024 Expectations on Taxation

Harsh Punjabee, founder and CEO of 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. This could involve incentives for digital payments and investments in technology infrastructure to make financial services more accessible. Citizens are looking forward to budget provisions that ease their financial burden. Expectations include higher tax deductions for essential expenses such as education, healthcare, and housing. These reforms will play a crucial role in helping people manage their finances more effectively, leading to a more stable and prosperous economic environment.”

Budget 2024 Expectations: YES Bank CEO Prashant Kumar Shares 8 Key Areas to Focus

Prashant Kumar, MD & CEO of YES Bank, said, “The Union Budget 2024 is expected to play a crucial role in shaping India’s economic future. This is especially true as the tax revenue collections have remained robust and the government is also armed with a bumper dividend from the RBI. The government is expected to remain committed to the reforms process and be focused on eight key areas: Sustainable growth, financial sector, infrastructure and investment, women, youth & farmers, last-mile connectivity, inclusive development, and economic expansion – all essential towards achieving ‘Viksit Bharat’ by 2047.”

The government has exhibited its commitment towards fiscal discipline, much necessary to signal economic stability and build investor confidence. However, the government is also expected to balance this objective together with the needs for economic growth and providing adequate outlays for key social sector programs, in an effort towards inclusive growth and ensure that the benefits of economic development reach all segments of society. In this context the government is likely to lay stress on ensuring skill developments, focus on enhancing the strength of the manufacturing sector via sharpening the PLI scheme and provide adequate support for small business to grow, he added.

“At YES BANK, we are prepared to support the government’s push for enhancing digital infrastructure and promoting financial inclusion. This aligns with our commitment to bringing advanced banking services to underserved regions and supporting initiatives in green mobility, affordable housing, healthcare, and education. These efforts will not only spur economic growth but also ensure holistic development,” Kumar said.

He also said he is particularly excited about growth in manufacturing and support for MSMEs, which are vital for job creation and economic dynamism.

Budget Expectations from Real Estate Sector

B K Malagi, COO at Experion Developers, said, “We believe that the forthcoming budget will address the main issues facing the real estate industry, especially by giving homebuyers tax relief and expanding the deduction for house loan interest. Reforms aimed at increasing the availability of affordable housing, such as better financing for housing projects and expedited approval procedures, are also essential. Further stimulating growth will be providing incentives for sustainable development and improving infrastructure in developing metropolitan areas. All things considered, these policies will not only stimulate the housing market but also increase the number of people who can become homeowners.”

Budget Expectations from Healthcare Sector

Girish Agarwal, co-founder of Zeno Health, said, “While the government has increased healthcare expenditure in recent years, it remains lower compared to neighboring countries like Bangladesh and Bhutan. According to the National Health Policy 2017, the government aims to raise healthcare spending to 2.5% of GDP by 2025. To achieve this, increased allocation toward technology integration in public healthcare systems is crucial. Given our large population, collaboration with organizations and startups can improve distribution and monitoring of healthcare services. These technological advancements can benefit services delivered through the ASHA network, government hospitals, primary health centers, ambulance services, and insurance delivery.”

Despite government schemes like the Pradhan Mantri Jan Aushadhi Yojana (PMJAY), access to generic medicines remains limited in India. Two factors contribute to this limitation: quality control at the source and the lack of prescription law enforcement. To address this, the government should enforce a law requiring doctors’ prescriptions to include drug names rather than specific brands. Such a change would enhance transparency and directly benefit consumers, he added.

“We hope that during the upcoming Budget session, the government will prioritize these initiatives, as they hold significant promise for future generations,” Agarwal added.

Budget 2024 Expectations from Hospitality Sector

Pranav Dangi, founder & CEO of The Hosteller, said, “As an Indian hostel chain owner, I am hopeful that the upcoming Union Budget will provide much-needed support and relief to the hospitality sector. Key expectations are:

* Tax incentives, such as reduced GST rates and investment-linked deductions, to help the industry recover from pandemic-induced losses.

* Easier access to affordable credit to facilitate infrastructure upgrades, expansion, and working capital requirements.

* Policies that boost domestic tourism, including incentives for young travellers and students to explore India, which can significantly benefit the hostel industry.

* Improved connectivity through investments in transportation infrastructure, enhancing accessibility to tourist destinations.

* Subsidies and incentives to encourage the adoption of sustainable practices, such as renewable energy and eco-friendly operations, in the hospitality sector.

Budget 2024 Expectations from Fintech Sector

Karan Desai, founder of Interface Ventures, said, “The Indian fintech industry is looking forward to a Union Budget that will continue building on the development of digital infrastructure across the entire financial services ecosystem. Digital India has been a pet project of the government and in their 3rd term, expectations are that even more investment will go into driving this revolution.”

Budget 2024 Expectations: Healthcare Need of Senior Citizens

Neha Sinha, Co-founder and CEO, Epoch Elder Care

The Budget for fiscal year 2024-25 is important for the health industry, especially for the overall health of our senior citizens, who deserve more dedicated attention as they strive for self-sufficiency, aiming to manage their daily lives independently and with dignity. We look forward to the proposed extension of Ayushman Bharat, wherein all the elderly above 70 years of age will also be covered and will get the benefit of free treatment under this Yojana. This proposed expansion will provide much-needed financial security and access to quality healthcare services for the elderly.

The budget should focus on addressing the shortage of healthcare professionals, and further incorporation of technology into healthcare services, with special emphasis on tele-medicines, which will give impetus to improving service delivery and accessibility, benefitting the seniors in our country. The budget should also look at allocating sufficient funds for care and counseling required for combating the rising health burdens of dementia, Parkinson’s, and other neurological diseases that are mostly prevalent among the elderly in India. As we await the budget announcement, we are hopeful that the government’s allocations will portray a comprehensive approach to providing the required support to senior citizens, including several components such as healthcare, social security, and mobility needs.

Budget 2024 Expectations on Cybersecurity Infra

Trishneet Arora, founder and CEO of TAC InfoSec, said, “As we approach the Indian Union pre-budget, it is crucial to bolster our cybersecurity infrastructure. The evolving digital threats demand robust support and incentives for the cybersecurity sector. I urge the government to prioritise investments in infrastructure, advanced training, and innovation in cybersecurity. Strengthening our cybersecurity framework will protect national interests and enhance India’s global reputation in digital security. Robust cybersecurity measures are essential for fostering cross-border trust, enabling secure international collaborations and trade. By positioning India as a leader in cybersecurity, we can build a resilient digital ecosystem that benefits both our nation and the global community.”

With the Union Budget 2024 on the horizon, we anticipate a strong government focus on cybersecurity, data privacy, and responsible AI development. The Data Protection Data Privacy (DPDP) Bill and new legislation on deep fakes are commendable steps forward, he added.

“We urge increased investment in cybersecurity infrastructure and human capital development. With cyber threats escalating, it’s vital to educate businesses and government entities about risks and provide cutting-edge cybersecurity solutions and skilled professionals. The budget should prioritize funding for educational and training programmes to build expertise in AI and cybersecurity,” Arora added.

Umesh Kumar Sahay, Managing Director NES Data, said, “With a stable union government in the saddle there are expectations for the budget to include incentives for creating critical infrastructure, such as data centres, which are crucial for national security. The rapid increase in the use of Artificial Intelligence and Cloud Computing technologies, is leading to a significant demand for server space and data centres. Budgetary support would help meet this industry demand more swiftly.”

Date and Timing of the Union Budget 2024-25 Presentations

The full Union Budget 2024-25 is going to be presented on July 23 in the Lok Sabha. Finance Minister Nirmala Sitharaman will start her Budget Speech at 11 am. This will be Sitharaman’s seventh Budget Speech in a row, making her India’s second finance minister to do so.

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Budget 2024 Expectations Live Updates: Healthcare Needs Attention

Dr. Sanjeev Singh, Medical Director, Amrita Hospital, Faridabad, said, “As the nation eagerly anticipates the upcoming budget, the health sector remains a focal point of discussion. The health sector is not just a critical component of public welfare but also a significant contributor to the nation’s GDP. Currently, the healthcare sector contributes approximately 1.7% to the GDP.”

“With strategic investments and reforms, this contribution can be significantly increased. The budget should aim to elevate the healthcare sector’s GDP contribution to around 5% over the next few years.”

Budget 2024 Expectations Live Updates: Gold Loan NBFCs Wishlist

Budget 2024 Expectations Live Updates: Amrit Kiran Singh On Online Gaming Sector

Increased GST on Online Games has created a huge tax arbitrage that is inadvertently giving the 500 million players a huge Indian market to foreign ( primarily Chinese) companies at the expense of Indian companies. Would expect FM to address the anomaly in the budget. First by announcing an in-depth study of the pros and cons of this industry and then determining the appropriate level of taxation. And secondly, in the interim, restoring taxes to pre-October levels to stop the hemorrhage of Indian companies. Addiction and other negatives can adequately be addressed through application of smart tech.

Union Budget 2024 Expectation: MSME Wishlist

Subash Vasudevan, CBO and Co-founder, iBUS Networks, “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. This would help reduce barriers to deploying mobile internet or fixed lines, such as exorbitant rentals for public or private property, and ensure affordable internet access for all.

Additionally, targeted incentives for sustainable practices in the power-intensive telecom sector and a more favorable tax regime for ESOPs are essential to foster innovation and attract top talent.”

Budget 2024 Expectations from Steel Sector

Budget 2024 Expectations LIVE: Ram Agarwal, CEO of Goodluck India Ltd, said, “Engineering steel products play a significant role in the Indian steel industry, driven by pivotal government projects that accelerate growth. As we enter Modi 3, sustaining the robust growth trajectory witnessed during Modi 1 & 2 is paramount. Crucial infrastructure projects in railways, roads, and cutting-edge advancements in Defence, aerospace, and space industries, coupled with investments in renewable energies like solar and green hydrogen, are imperative for our nation’s sustainable development.”

Our industry is prepared to work closely with the Government to capitalise on these opportunities. World is looking to us to partner in global projects like metro rails, and continents connecting projects as well, he added.

Budget 2024: 14 Provisions in IBC, Companies Act, Competition Act, May Be Decriminalised

Budget 2024 LIVE Updates: In Budget 2024, the government is likely to decriminalise 14 provisions of the Companies Act, 2013, Competition Act, 2002, and Insolvency and Bankruptcy Code (IBC), 2016. These Acts fall under the Ministry of Corporate Affairs.

“The Companies Act, IBC, and CCI Act under the Ministry of Corporate Affairs are being considered for decriminalisation of some provisions. Eight provisions have been identified at the department level, while six have been shortlisted by the inter-ministerial committee (IMC) for decriminalisation,” according to a Moneycontrol report citing an official.

Budget 2024 Live Updates: Utilise man power, technology to prevent backlog of audits, says PwC

Budget 2024 Expectations: Budget expectations from Prashant Kumar, MD & CEO, YES BANK

The Union Budget 2024 is expected to play a crucial role in shaping India’s economic future. This is especially as the tax revenue collections have remained robust and the government is also armed with a bumper dividend from the RBI. The government is expected to remain committed to the reforms process and be focused on eight key areas: sustainable growth, financial sector, infrastructure and investment, women, youth & farmers, last-mile connectivity, inclusive development, and economic expansion – all essential towards achieving ‘Viksit Bharat’ by 2047.The government has exhibited its commitment towards fiscal discipline, much necessary to signal economic stability and build investor confidence. However, the government is also expected to balance this objective together with the needs for economic growth and providing adequate outlays for key social sector programs, in an effort towards inclusive growth and ensure that the benefits of economic development reach all segments of society. In this context the government is likely to lay stress on ensuring skill developments, focus on enhancing the strength of the manufacturing sector via sharpening the PLI scheme and provide adequate support for small business to grow. At YES BANK, we are prepared to support the government’s push for enhancing digital infrastructure and promoting financial inclusion. This aligns with our commitment to bringing advanced banking services to underserved regions and supporting initiatives in green mobility, affordable housing, healthcare, and education. These efforts will not only spur economic growth but also ensure holistic development.We are particularly excited about growth in manufacturing and support for MSMEs, which are vital for job creation and economic dynamism. YES BANK stands ready to contribute to India’s journey towards becoming one of the world’s largest economies

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