Union Budget 2024 Expectations LIVE: Will FM Sitharaman Announce Income Tax Relief? – News18

Budget 2024 Expectations on Manufacturing

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

To further R&D, direct funding or grants to industry is necessary, rather than through universities. Industry needs to be able to control and drive new investments in research. Energy circularity needs to be promoted by giving incentives to industry and commercial infrastructure that are able to significantly demonstrate reuse of energy. Just like being done for reuse of water. This will grow major segments like thermal energy storage, that is gaining prevalence in Europe but not yet in India, he added.

Budget 2024 Likely To Push Districts As Economic Hubs

Budget 2024 Expectations LIVE: “The strategy for the upcoming Union Budget 2024-25 should be to extend focus Districts as Economic Hubs, Rural Development, MSMEs, Manufacturing, Exports, Housing, Infrastructure and Skill Development so that quality earning opportunities can be ensured and earnings can be improved leading to higher growth rate of consumption and consequent higher private investments,” said Sandeep Vempati, an economist with BJP.

Budget 2024 Expectations LIVE: Govt May Impose 20% TCS on Forex Spending Via Credit Cards

Union Budget may impose a 20% tax collected at source (TCS) on overseas credit card spending above Rs 7 lakh to curb forex outflows. This will aim to curb large foreign exchange outflows.

Under the Reserve Bank of India’s (RBI) LRS scheme, an Indian resident can transfer up to USD 250,000 abroad in a financial year.

Budget 2024 Expectations from Housing Finance industry

Budget 2024 Expectations LIVE: “Affordable housing should be one of the most important long-term agendas for the country. Significant changes in socio-economic and urbanisation indicators necessitate a re-alignment of affordable housing definition in many of the cities and towns. There is also a need to appropriately incentivise developers to increase the supply of affordable green housing. Given the success of earlier PMAY scheme, we eagerly await the revised contours of the PMAY-U 2.0 scheme which promises to focus on improved targeting of beneficiaries and provide timely disbursement to completed homes. We hope that the Union Budget for 2024-25 would provide directions to consolidate efforts towards ‘Housing for All’ initiative across all strata,” said Deepak Patkar, MD & CEO, SMFG Grihashakti.

Budget 2024 Live Updates: Taxation of market-linked debentures

Jayesh H, Co-founder, Juris Corp Advocates and Solicitors, said, “Hoping that the taxation of market-linked debentures is rethought. They have killed a good product (which was helping in the growth of bond markets) in their wanting to plug tax loopholes.”

Jayesh added that it would help if there is a comprehensive redesign of capital gains across various classes of financial assets including when held directly and when held through MFs and when held through other collective schemes.

And a relook at the definition of Virtual Digital Asset is a must. In their zeal to dissuade investments in cryptocurrencies and NFTs, they are killing the usage of blockchain technology in the mainstream financial markets, Jayesh urged.

Budget 2024 Expectations on HRA, Income Tax, Tax Slabs and ITR

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

Budget 2024 Expectations from Consumer Pharma, Health Sectors

Budget 2024 Expectations LIVE: “The pharmaceutical industry needs more investment, and the government must incentivize and fund cutting-edge drug research and development. Streamlining regulations to speed up approvals for new treatments and investing in educating a workforce skilled in pharmaceutical innovation are crucial. Simultaneously, authorities need to weed out players that don’t conform to high-quality drug standards accepted globally, to become more credible and contribute to export earnings. These efforts will usher in a new era of Indian pharmaceutical leadership, characterized by path-breaking outcomes. The industry can then be part of India’s ambitious Viksit Bharat journey,” said Krishna Prasad Chigurupati, Chairman and Managing Director, Granules India.

He added that as an industry leader, Granules India exhorts the Union Government to aggressively pursue its ambitious renewable energy and green hydrogen projects. This will demonstrate the country’s commitment to sustainable development, economic growth, energy independence, and global leadership in reducing carbon emissions.

Apurve Mehra, CEO of Biogetica, said: “We commend the government’s commitment to advancing quality healthcare in India and are confident that the continued reforms and policies will bolster innovation and enhance regulatory efficiency. The government should focus on expanding the Ayush-based healthcare and wellness sector, which is projected to reach $70 billion by next year. As we stand at a critical juncture, the right support and guidance from the government are essential to leading a transformative impact on holistic health practices in India. We urge the Government and Finance Minister to introduce a special package to bolster the Ayush sector in the upcoming budget. This will significantly improve Ayush infrastructure, research, and accessibility. Additionally, we hope Ayush products will receive subsidies and that incentives will be provided to support Ayush companies & startups.”

Budget 2024 Expectations from Consumer Electronics Sector

Budget 2023 Expectations Updates LIVE: “For the Union Budget 2024-25, there is a strong sense of optimism within the electronics industry. The Government’s Production-Linked Incentive (PLI) schemes have already demonstrated their potential, driving remarkable growth, attracting investments, and enhancing our manufacturing capabilities. We anticipate continued support in the upcoming budget. To elevate our industry to global standards, it is imperative to enhance support for exporting ‘Made in India’ products. As the budget approaches, we look forward to policies that reinforce domestic manufacturing, foster innovation, and enhance our global competitiveness. Sustained backing for the ‘Make in India’ initiative remains crucial to our trajectory,” said Ashok Rajpal -Managing Director – Ambrane India.

He added that critical investments in infrastructure and technology will be pivotal for the growth of the electronics manufacturing sector. Tax incentives and streamlined regulatory processes are essential for sustaining sectoral health. Emphasizing self-reliance in advanced technologies will further bolster local manufacturing efforts. “We await the budget with optimism, expecting policies that strengthen our foundation for growth, innovation, and sustainable practices in electronics manufacturing.”

Budget 2024 Live Updates: ‘Tax Exemption Limit Should Be Raised’

Mayank Bhatnagar, Co-founder and COO, FinEdge, said, “We expect a renewed focus on creating world-class infrastructure with higher allocation in sectors like Railways, Roadways, Renewable Power generation, Ports and Airports etc.”

Income Tax

On the personal income tax front, Bhatnagar said that he expects the basic limit of tax exemption to be increased from Rs. 3,00,000/- to 5,00,000/- under the new tax regime.

“We could also see an increase in the limit of standard deduction thereby increasing more money in the hands of the taxpayer. The government could also consider an increase in tax exemption limits under Section 80C and Section 80D,” he added.

To promote savings towards retirement, the government should provide additional tax deductions for investment in retirement benefit schemes like NPS (National Pension Scheme).

“We also expect to see initiatives for financial inclusion specifically for women. Special tax saving schemes for women and incentivising women to invest would be measures that could contribute to a more inclusive and diverse investment landscape,” Bhatnagar highlighted.

Budget 2024 Live Updates: R&D Fund For Research In Drone Segment

Rama Krishna, Co-founder & CEO, EndureAir, said, “As market demand accelerate, the industry is expecting the government to establish a separate R&D fund for research apart from the PLI Scheme in the Drone segment to keep industry players future-ready.”

“The allocation of funds towards research and development would be a significant step forward, as major orders come from the government and IA. We are optimistic that this budget will facilitate growth and position India as a global leader in UAV solutions.”

Budget 2024 Live Updates: MSME Demands Major Benefits

Tarun Singh, MD, Highbrow Securities, said, “I am optimistic about transformative reforms that will uplift the MSME sector, a cornerstone of our economy. I foresee significant initiatives aimed at investment in human capital, improved credit access, streamlined listing processes, extended moratoriums, lower interest rates, and interest subvention schemes.”

Singh added incentivizing MSMEs with tax benefits, subsidies, and support for technological upgrades will promote a focused approach on value creation. This will ultimately strengthen the overall economic framework, driving sustainable growth and development.

“As we look ahead, it is imperative that the budget reflects a deep commitment to bolstering the MSME sector, ensuring its resilience and growth in the face of global challenges.”

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Budget 2024 Live Updates: Push For Renewable Energy Investments

Nimish Trivedi, Founder & CEO, Evera, said, “We anticipate the upcoming budget to prioritize renewable energy investments and sustainable infrastructure, urging policymakers to bolster incentives for clean energy adoption, streamline regulatory processes, and enhance R&D funding in green technologies. This will accelerate India’s transition to a greener economy.”

Budget 2024 Live Updates: Boost PPP Model in Healthcare

Abhishek Aggarwal, Chief Business Officer, Birla Fertility & IVF, said, “Government initiatives like Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (PM-JAY) and the National Health Mission have helped connect millions of people to essential health services and insurance. However, given the size of our country, this requires more impetus, particularly through increased public-private partnerships.”

“In the infertility space, we hope to see a greater focus from the government. While India has the world’s largest population, falling fertility rates will have an impact in the next 25-30 years. Research Report published by The Lancet suggests that India’s total fertility rate (TFR) is irreversibly plunging to 1.29, and by 2050, one in five Indians will be a senior citizen.”

“The predictive scenario is alarming. We must not overlook the data and repeat the same oversights made by developed countries. Including fertility and IVF treatment under insurance coverage can make affordable healthcare a reality for all, bringing joy to many couples longing for parenthood. It will help build healthy families and secure the future of the nation.”

Budget Expectation Live Updates: Relief to salaried class

It is anticipated that Finance Minister Nirmala Sitharaman may provide some major relief to middle-class and salaried class for the first time in seven years after the Interim Budget 2024 failed to make any major tax or middle-class announcements.

Union Budget 2023 Expectation: Rohinton Sidhwa, Partner, Deloitte India on Direct tax collections

Budget 2024 Live Updates: “Stakeholders want govt to improve infrastructure investments for traditional medicine operations”

Budget 2024 Live Updates: ‘Real Estate Sector Should Be Granted Industry Status’

Hitesh Avhad, Managing Director, Avhad Group, said, “There is an urgent need for the sector to be granted industry status, which would facilitate access to lower-cost financing and tax benefits. High taxes on essential materials such as cement and steel, particularly the 28% GST on cement, are inflating project costs and must be addressed to sustain growth.”

Implementing a single-window clearance system would significantly streamline approval processes, accelerating project timelines and reducing costs. Additionally, enhancing tax benefits for homebuyers by raising the deduction limit for home loan interest payments and providing income tax relief on second homes would spur demand and make homeownership more attainable.

“The sector’s growth is vital not just for economic metrics but for improving the livelihoods of millions, particularly casual laborers. By addressing these pressing issues in the upcoming budget, the government can ensure sustained growth in the real estate sector, drive job creation and stimulate broader economic development.”

Union Budget 2024 LIVE: Modi 3.0 Budget On July 23

FM Nirmala Sitharaman to present the Union Budget in the Parliament on July 23.