Budget 2024 Expectations in INDIA

25 Jan 2024, 07:19:59 PM IST

Budget 2024 Expectations Live: Crypto industry players want 1% TDS to be slashed

Ashish Singhal, Co-founder and Group CEO, PeepalCo believes that the current TDS rate of one percent on crypto transactions should be slashed to 0.01 percent, besides the permission to offset losses from sale of virtual digital assets (VDAs), and treating income from cryptos on par with other capital assets.

“India introduced its tax provisions for VDAs during the 2022 Budget. While the industry welcomed the inclusion of VDAs in the tax law, certain provisions, such as the high TDS rate have led many users to move to non-compliant foreign exchanges to trade, putting themselves at risk of losing their investment and breaking the law. It also led to lesser tax revenues for the exchequer,” says Singhal.

Vikram Subburaj, CEO of Giottus, concurs with the argument. “The 30% tax on profits and the 1% TDS, announced in the 2022 Budget, have taken away a chunk of Indian investors to foreign exchanges who are inherently non-compliant with Indian regulations. We believe this drain can be prevented if taxation is rationalised.”

25 Jan 2024, 06:59:53 PM IST

Budget 2024 Expectations Live: Healthcare industry wants govt to reconsider GST levied on hospital room rents

“The healthcare industry anticipates a reconsideration of the GST levied on hospital room rents exceeding Rs. 5,000/-, as it significantly increases the cost of the healthcare for patients, coupled with substantial amount of record keeping requirements for the hospitals,” Rajitha Boorugu, Partner, Indirect Tax, BDO India, said.

“Additionally, under GST regulations, inter-state movement of medicines and equipments to another hospitals is subject to GST. As recipients cannot claim Input Tax Credit due to provision of exempt supplies, such movements of medicines and equipments should be exempted from GST,” Boorugu said

“Currently, the income from medical tourism, where the residents of foreign countries come to India for specific treatments are also treated as exempt services, despite the hospitals recovering its charges in foreign exchange. However, such revenue should be treated as a zer- rated revenue (i.e. export of services), enabling the hospitals to claim ITC on various expenses incurred and claim refund of such ITC,” he added.

25 Jan 2024, 06:38:09 PM IST

Budget 2024 Expectations Live: Personal finance industry seeks rationalisation of tax slabs and rates

“Given the current mood, we do not anticipate any populism in the budget. We do not expect that the Government will go for major announcements in an “interim budget”, before the elections. They may signal their intent on continuing on the path of pragmatic fiscal management with a continued focus on infra spending and spending on social infrastructure. One area where we may expect some positive relief is on personal income tax. There may be some rationalisation of tax slabs and rates. A budget which broadly reflects the past trends while laying down the big picture for the way ahead, may be welcomed by the market and be supportive of the economy”, Satish Ramanathan,CIO–Equity, JM Financial Asset Management Ltd, said.

25 Jan 2024, 05:51:16 PM IST

Budget 2024 Expectations Live: Logistic industry seeks inclusion of diesel under the GST ambit

“ The logistic industry is a crucial driver of economic efficiency, and we look for some transformative measures from the budget to bring innovation and inclusivity in the sector. We urge the government to address the logistics sector’s unique needs by enhancing the strategic allocations toward infrastructure development, tax reforms, and other governance policies. Besides this, the importance of digitally advanced processes through cutting-edge technologies including artificial intelligence, machine learning, IoT, and big data are also required,” Aneel Gambhir, Chief Financial Officer, DTDC Express, said.

“The inclusion of diesel under the GST ambit is a critical move that we hope the government will consider in this budget. With India aiming to reduce its logistics costs and become more competitive in the international market, this will help the logistics players to regulate costs by cutting on the tax outflow,” Gambhir said

“Last but not least, facilitating a strong policy framework is essential to reduce expenditure, improve transportation, and warehouse facilities to continue the growth achieved by the industry. Further strengthening the National Logistics Policy (NLP) can bring a massive change and streamline operation for the industry in the future,” he added.

25 Jan 2024, 05:30:23 PM IST

Budget 2024 Expectations Live: Oil and gas industry seeking reforms to boost natural gas consumption and support renewable energy adoption

“The energy sector is eagerly anticipating the interim Union Budget with a focus on achieving a cleaner and sustainable future. Hopes are high for a spotlight on green hydrogen and natural gas, with the oil and gas industry seeking reforms to boost natural gas consumption and support renewable energy adoption,” Kunal Gala, Partner, Deal Value Creation, BDO India said.

Meanwhile, Hemant Sood, Managing Director of Findoc, said that emphasis is likely to be placed on renewable energy sources like solar, wind, and green hydrogen, with increased allocation for research, development, and deployment of these technologies.

25 Jan 2024, 04:38:42 PM IST

Budget 2024 Expectations Live: Logistics industry seeks incentives in terms of tax benefits to attract private investments in warehousing infra, transportation networks

“As the country’s economic growth is gaining accelerated momentum and the key sectors are witnessing strong domestic and global demands, the logistics industry requires a robust infrastructure and policy push from the interim budget to build superior operational and efficiency to meet the growing demand and enhance overall competitiveness in the global logistics landscape. As the country is making significant progress towards becoming a global manufacturing hub, the logistics industry has an enabling role to play to catalyse the rise. In addition, an efficient logistics infrastructure and operational framework will eventually strengthen the ease of doing business narrative, ” Sandeep Kulkarni, Chief Operating Officer, Allcargo Gati Limited, said.

“Apart from continuing the capex push for multimodal transport infrastructure development consistent with National Logistics Policy, the budget needs to propose incentives in terms of tax benefits to attract private sector investments to strengthen last-mile connectivity in the form of building warehousing and transportation networks,” Kulkarni said

“As the growth of the digital economy is driving e-commerce progress, the budget should propose measures, provisions or policy support which will encourage new-age data-driven technology adoption to enhance supply chain agility, responsiveness and resilience.”

“With environmental sustainability emerging as a dominant theme in the logistics and supply chain industry and more and more logistics companies adopting the principles of green logistics, the interim budget needs to propose incentives to encourage renewable energy adoption, EV deployment, etc,” he added.

25 Jan 2024, 04:22:49 PM IST

Budget 2024 Expectations Live: Power, Utilities, and Renewables are expected to receive further support on February 1, says Axis Securities

Power, Utilities, and Renewables are expected to receive further support on February 1, According to Axis Securities. Companies in the Railway, Infrastructure, and Capital Goods sectors will be given special attention, and FMCG and Autos are anticipated to benefit from increased rural spending. According to the brokerage, the government should provide Production-Linked Incentive (PLI) incentives to battery producers and other players in the electric power manufacturing and storage industry, considering the growing popularity of electric vehicles (EVs).

25 Jan 2024, 04:12:04 PM IST

Budget 2024 Expectations Live: NBFCs seek regulations fostering collaboration between traditional banks and digital lenders for accessible loans

“We anticipate the Interim Budget 2024 to align with the government’s mission of uplifting the underprivileged and urge the government to introduce beneficiary schemes, especially as the General Sabha election approaches, focusing on the socio-economic empowerment of the marginalized. Acknowledging the FinTech and tech-based gold loan industry’s pivotal role in reshaping financial services, we hope for policies supporting our growth, particularly in Tier 2, 3, and 4 cities, aiming to integrate rural communities into the formal banking system. Incentivizing FinTech dedicated to empowering SMEs through financial and technical interventions would mark a significant stride. Addressing loan disbursement including loans against gold/jewellery, we recommend regulations fostering collaboration between traditional banks and digital lenders for accessible loans. With the budget on the horizon, SahiBandhu Gold Loans, the largest gold loan aggregator platform eagerly anticipates a budget that propels innovation and inclusion in the rapidly evolving FinTech and gold-tech landscape,” Anuj Arora, Co-founder & COO, SahiBandhu Gold Loans said

25 Jan 2024, 03:26:44 PM IST

Budget 2024 Expectations Live: Pharma industry calls for policies that promote improved drug manufacturing quality, regulations to aid new drug discoveries

“The Pharmaceutical Industry in India has seen unprecedented growth in recent years and has to be prepared for increased growth in the coming years. It will be necessary to improve manufacturing quality while reducing costs. Innovation is essential to industry growth; therefore, the adoption of novel technologies to discover drugs from new chemical entities needs to be incentivized. In this upcoming budget, the government could advance policies that promote improved drug manufacturing quality and modernize regulations to aid new drug discoveries”, Dr. Anil Gulati, Chairman and CEO, Pharmazz, said

25 Jan 2024, 02:40:49 PM IST

Budget 2024 Expectations Live: Fiscal discipline is expected to remain a priority

Budget 202 4 Expectations Live: The fiscal deficit for FY24 is projected to be lower than the previous year’s target of 5.9 per cent of GDP, and estimates for FY25 range between 5.4-5.5 per cent of GDP, contingent on increased revenue and controlled subsidy provisions.

With an anticipated economic growth surge, the Interim Budget may forecast higher direct tax collections in FY25, targeting overall tax collection growth at 12-13 per cent, compared to 14 per cent in FY24.

25 Jan 2024, 01:54:44 PM IST

Budget 2024 Expectations Live: Logistics player calls for strategic allocations toward infrastructure development, tax reforms, and other governance policies

“The logistic industry is a crucial driver of economic efficiency, and we look for some transformative measures from the budget to bring innovation and inclusivity in the sector. We urge the government to address the logistics sector’s unique needs by enhancing the strategic allocations toward infrastructure development, tax reforms, and other governance policies. Besides this, the importance of digitally advanced processes through cutting-edge technologies including artificial intelligence, machine learning, IoT, and big data are also required,” Aneel Gambhir, Chief Financial Officer, DTDC Express, said.

“Additionally, the inclusion of diesel under the GST ambit is a critical move that we hope the government will consider in this budget. With India aiming to reduce its logistics costs and become more competitive in the international market, this will help the logistics players to regulate costs by cutting on the tax outflow,” Gambhir added.

“Last but not least, facilitating a strong policy framework is essential to reduce expenditure, improve transportation, and warehouse facilities to continue the growth achieved by the industry. Further strengthening the National Logistics Policy (NLP) can bring a massive change and streamline operation for the industry in the future,” as per Gambhir.

25 Jan 2024, 01:51:53 PM IST

Budget 2024 Expectations Live:  VC calls for streamlining procedures of claiming refunds on GST paid for raw materials and components

“One key proposal is the refunding of Goods and Services Tax (GST) paid on inputs used in the production of exported sanitaryware. Retailers emphasize the necessity of streamlining procedures to facilitate the seamless claiming of refunds on GST paid for raw materials and components. This, they argue, would alleviate financial burdens on manufacturers and enhance the global appeal of domestically produced sanitaryware.Additionally, retailers are urging the negotiation of Free Trade Agreements (FTAs) with key markets to reduce tariffs and create new avenues for export. They underscore the potential of such agreements to unlock opportunities for domestic manufacturers in international markets, fostering growth and sustainability,” Vinay Gupta Chairman Of ACQUAVIVA INDIA Pvt Ltd, said.

25 Jan 2024, 01:49:43 PM IST

Budget 2024 Expectations Live: Semiconductor expert calls for further Design Linked Incentive

“Semiconductors and electronics are heavily globalized industries, but the events of the last few years – including COVID and other disruptions – have underscored the importance of each country having internal capabilities and a broad set of sources for crucial components. In this context, India can play a global role and emerge as a semiconductor powerhouse – in both design and production. Initiatives like Design Linked Incentive (DLI) and Production Linked Incentive (PLI) schemes are commendable first steps. Increasing the DLI scheme from $200 million to a more ambitious figure will significantly empower fabless startups in the sector, enabling them to reach higher goals and contribute meaningfully to the industry’s evolution. Moreover, within this framework, startups are eligible for a reimbursement limit of up to Rs. 15 Cr for which they can submit applications – Enhancing this threshold would support the entry of more players into the ecosystem. Moreover, it is crucial also to introduce nuanced policies that foster a robust design talent ecosystem. It is estimated that an additional 12 lakh skilled workforce are required, of which 2.75 lakh experts are required solely for design (as per a report by the Semicon India Future Skills Talent Committee). Accelerating the development of skilled talent is crucial for the industry’s expansion, and there needs to be concerted efforts from the government. Allocating funds towards initiatives that can achieve the goal of creating a skilled semiconductor workforce will be needed.” says Shashwath T R., Co-founder and CEO of Mindgrove Technologies

25 Jan 2024, 01:42:56 PM IST

Budget 2024 Expectations Live: Expansion of Production Linked Incentive (PLI) schemes, says, Rakesh Kaul, Livpure

“As we approach the Union Budget 2024, the retail industry eagerly anticipates a budget that acknowledges its pivotal role and provides essential incentives for growth. We hope for reduced taxes to alleviate financial burdens, relaxation of compliance requirements to streamline operations. We are looking forward to expansion of Production Linked Incentive (PLI) schemes that would further boost manufacturing and innovation. Additionally, a pivotal reduction in logistics costs, ensuring seamless goods movement, is anticipated to greatly amplify operational efficiency. We look forward to a budget that fosters a conducive environment for the retail sector’s sustained development and competitiveness,” Rakesh Kaul, Managing Director, Livpure, said.

25 Jan 2024, 01:41:43 PM IST

Budget 2024 Expectations Live: Gaming player calls for bifurcation in taxes on online gaming

“Bifurcation of taxes is an important aspect to focus on as one cannot club anything which revolves around gaming in one particular basket. There has to be something for real money gaming, casino types of games and gaming industry in general which can involve playing video games. Along with that, the budget should focus on startup scenario in general, we keep talking about how India is a startup friendly country and India Startup programmes but though still lack awareness and penetration from the incubation and government . In lot of developed and developing countries there are several grants from the government whether it is investment or ease of doing business or modification of laws for early stage companies. I hope it gets a little softer especially when it comes to an early stage startup like ourselves rather than keeping taxation from income slab point it should be from growth journey or incubation time frame of a company. Those are the few things I expect from the budget along with a lot of investment from govt stand point going the industry or boosting the gaming industry as it is growing exponentially as we all know,” Soham Thacker,Founder,Gamerji.

25 Jan 2024, 12:43:00 PM IST

Budget 2024 Expectations Live: Realty expert shares wishlist

“With the upcoming 2024 central election, expectations are high for a well-balanced budget that combines growth-focused measures with populist initiatives. The government’s commitment to growth strategies, evident in improved road connectivity, enhanced rail infrastructure, and initiatives such as localizing imports and developing value chains for electronics or electric vehicles, is anticipated to persist in the upcoming budget. This continuity will reflect the government’s clear vision and approach towards fostering economic development. To continue momentum for the residential sector, a cut in tax rates is crucial as it will provide an impetus to homebuyers’ purchasing ability,” Lucy Roychoudhury, Head of Sales, Marketing, and CRM of Runwal Group, opined.

25 Jan 2024, 12:22:50 PM IST

Budget 2024 Expectations Live: Additionally, tax breaks and a review of Goods and Services Tax (GST) rates to make affordable housing, says expert

“We anticipate a strong emphasis on policy measures that encourage sustainable development, smart cities, and digitisation within the real estate landscape. A reduction in home loan interest rates and repo rates, coupled with special bank and EMI discounts, will be key to supporting continued growth. Recognising millennials as the driving force in the property market, revising the price cap for affordable and mid-segment homes can invigorate their homebuying spirit. A hike in the tax rebate on home loan interest under Section 24 of the Income Tax Act, from Rs. 2 lakh to Rs. 5 lakh, will also catalyse housing demand,” Aditya Virwani, COO, Embassy Group, said.

“Additionally, tax breaks and a review of Goods and Services Tax (GST) rates will make affordable housing more accessible and enhance the financial viability of such projects. Considering Bengaluru as a Metro will offer higher HRA benefits to individuals as well as attract more talent to the city since there will be tax relief amidst the loan burden on house property,” Virwani added

“Further, in alignment with the global shift towards sustainability, we look forward to incentives or subsidies for green building certifications and renewable energy installations in commercial real estate projects. We propose bringing REIT units in parity with listed equity. Reducing the holding period for long-term capital gain benefits from 36 months to 12 months would make REITs more attractive to investors. For SEZs, we are seeking simplified compliance through a single window clearance system, concessional tax rates or tax breaks for both developers and SEZ units, and to ease the denotification process. This would streamline processes, making SEZs more attractive for investment,”

25 Jan 2024, 12:13:02 PM IST

Budget 2024 Expectations Live: EV expert calls for FAME incentives, robust infrastructure investments

“As we anticipate the union budget for the fiscal year 2024, Odysse, as an electric vehicle (EV) manufacturer, looks forward to a comprehensive and forward-thinking fiscal policy. The electric mobility sector stands at the forefront of transformative change, and we anticipate economic support that reflects the government’s commitment to accelerating this transition. Our expectations include continuation of FAME incentives, robust infrastructure investments, reduced interest rates for EV customers, Dedicated percentage of reserved fund by banks for EV financing and a continued focus on research and development to further propel the growth of the EV industry. A visionary budget can not only drive economic revitalization but also play a pivotal role in creating a sustainable and eco-friendly future,” Nemin Vora, CEO, Odysse Electric Vehicles, said.

25 Jan 2024, 12:10:09 PM IST

Budget 2024 Expectations Live: HR and Staffing experts share their wishlist

“As skilling in the new and emerging technologies becomes the need of the hour for various industries, we expect the Union Budget 2024 to allocate more funds into a structured and comprehensive skilling programme. With the employment landscape evolving quickly, bringing in fundamental changes to the skilling system are necessary. The financial outlay must increase to stay up with the rate of technological advancement and the people’s ability to learn new skills. Simultaneously, encouraging deductions for training courses will promote professional development and lifelong learning, enhancing individual career growth and overall workforce competitiveness,” Puneet Arora, Managing Partner, Biz Staffing Comrade Pvt Ltd opined.

25 Jan 2024, 11:28:53 AM IST

Budget 2024 Expectations Live: Salaried class wishes on HRA, Income tax, tax slabs, and ITR

“Being the election year, the salaried class would have high expectations from the Budget. 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. Income Tax Returns could be simplified for Employees who have not other source of income other than salary, the submission by Employer along with TDS as applicable must be considered as auto filing of returns,” Mahesh Krishnamoorthy, Managing Director, Core Integra, said.

25 Jan 2024, 11:24:28 AM IST

Budget 2024 Expectations Live: PHD Chamber of Commerce and Industry calls for rationalization of tax rates

“Firms and partnerships are subject to tax at a flat rate of 30% (plus applicable surcharge and cess). While companies are subject to tax at rates varying from 25-30% (plus applicable surcharge and cess), they also have an option to pay tax at an effective rate of 25.17% under section 115BAA (or 17.16% under section 115BAB of IT Act). The flat 30% rate applicable to firms compares unfavourable to the rate applicable to companies under the optional regimes. The Government has introduced concessional and alternative tax regimes for domestic companies, individuals, Hindu undivided family (“HUF”), and cooperative societies. However, partnership firms and LLPs are still taxable at a flat rate of 30%,” Sanjeev Agrawal, President of PHD Chamber of Commerce and Industry, said.

Suggestion:

It is suggested that optional concessional tax regimes may be introduced for firms/ Limited Liability partnerships (“LLPs”) on lines of Section 115BAA/115BAB.

25 Jan 2024, 11:22:54 AM IST

Budget 2024 Expectations Live: FMCG sector remains optimistic

“The FMCG sector is optimistic and looks forward to a market that is less volatile in 2024. The expectations from the upcoming Union Budget 2024 continue to be progressive, as we eagerly anticipate many transformative measures from it. The annual budget also offers a timely opportunity to set the direction for sustainable growth and empowerment, especially in the rural sector. Rural demand has been slower than expected. Inflation has hit consumption. With the higher expectation of the Rabi crop harvest, we anticipate rural demand to pick up. We recognise the vital role rural economies play in India’s economic growth and emphasize the need to introduce measures that would further boost consumption in these areas. New policies are anticipated that safeguard the interests of oilseed farmers and the oleochemical industry while effectively addressing challenges faced by rural communities. This, in turn, will have a positive ripple effect on industries connected with rural landscapes. The thrust on capital expenditure would be welcomed, as it not only spurs economic growth but also ensures inclusive development,” Anghsu Mallick, Managing Director and CEO, Adani Wilmar, said.

“A level playing field for manufacturers could be achieved by categorizing imports like palm oil, stearic acid, soap noodles, oleic acid, and refined glycerin under the restricted-items list or implementing a 25% import duty on finished products as opposed to raw materials. Additionally, the suggestion is to grant duty-free import privileges for raw materials to entities equipped with processing facilities. This move is expected to stimulate innovation and boost competitiveness, thus promoting the Make in India movement,” Mallick added.

“The proposed focus on bolstering investments in the Open Network for Digital Commerce (ONDC) and digital public infrastructure aligns with the ever-evolving landscape of consumer behavior, ensuring our industry stays ahead in the digital age,” Mallick added.

“Adani Wilmar is eager for outcomes in the budget, nurturing a vision to establish a comprehensive framework that fosters growth and long-term sustainability in the edible oils and FMCG industries,” Mallick said.

25 Jan 2024, 11:19:46 AM IST

Budget 2024 Expectations Live: Increase in rebate to offer boon for all salaried classes

“It is important to mention that any increase in rebate will be an additional boon to all the salaried classes. It will be important for the taxpayers to get exemptions adjusted to inflation. If the rates are changed in the old tax regime, we may also see changes in the new regime to make it lucrative,” Chintan Ghelani, Associate Partner, N.A. Shah Associates, said.

25 Jan 2024, 11:06:55 AM IST

Budget 2024 Expectations Live: Healthcare sector calls for advocacy of Finance Bill, specifically focusing on the revamping of the GST framework for medical equipment and drugs

“In the pursuit of a healthier nation, the Union Budget 2024 must heed the healthcare sector’s plea to elevate public health expenditure to 3% of GDP. This involves enhancing social insurance, boosting infrastructure, promoting domestic innovation, and rolling out swift digital health services across the nation. Additionally, raising the deduction limit for medical insurance premiums under Section 80D will foster greater investment in health coverage amidst rising costs,” M.I Sahadulla, Chairman and Managing Director, KIMSHEALTH, said.

“Simultaneously, a strategic reform agenda within the Finance Bill should be advocated, specifically focusing on the revamping of the GST framework for medical equipment and drugs. This may involve a reduction in rates and addressing embedded tax issues, thereby significantly reducing healthcare costs,” Sahadulla, said.

25 Jan 2024, 11:01:11 AM IST

Budget 2024 Expectations Live: Agriculture demands for AI-driven analytics investment

“The Agriculture Accelerator Fund in the previous union budget provided significant support to AgTech startups. In anticipation of the upcoming budget, we are hopeful for policies that not only streamline regulatory processes but also encourage cross-border collaborations, fostering a global, collaborative approach. The key to advancing our agricultural sector lies in government initiatives that incentivize cutting-edge technologies, encompassing sustainable and precision farming, AI-driven analytics, and smart irrigation systems. By nurturing innovation, sustainability, and digitalization, the budget has the potential to propel agriculture into a future marked by resilience and efficiency,” Sanjay Borkar, CEO & Co Founder, FarmERP, said.

25 Jan 2024, 11:24:54 AM IST

Budget 2024 Expectations Live: MediBuddy demands for increased service standards

“ This year’s interim budget focuses on recognizing the crucial role that health tech startups can play in seamlessly incorporating digital solutions into our healthcare system. There is a strong emphasis on the need for substantial incentives and resource allocation to ensure high-quality standards, particularly in bridging the digital gap in rural areas. The goal is to maintain and elevate healthcare service standards, encouraging active involvement from health tech startups,” Satish Kannan, Co-founder & CEO, MediBuddy, said.

“It is essential to prioritize increased budgetary allocation for the healthcare sector, specifically addressing preventive care, mental health, and non-communicable diseases. The overarching objective is to improve the accessibility and affordability of quality healthcare in rural areas while addressing contemporary health risk factors. Additionally, immediate attention is required for preventive healthcare measures, including resource allocation for awareness campaigns, vaccination drives, and disease prevention programs. This proactive approach not only results in a healthier population but also reduces the burden on the healthcare system,” Kannan added.

“Fundamental to achieving the vision of universal healthcare coverage in India is building regional capacity and investment in healthcare workforce training. Skill development initiatives for allied healthcare professionals through public-private partnerships can significantly support overstretched metropolitan health systems,” Kannan said.

25 Jan 2024, 11:24:54 AM IST

Budget 2024 Expectations Live: NBFC sector asks for policy measures and fiscal initiatives to continue for orientation with infrastructure development

“As India anticipates the upcoming Union Budget, it is noteworthy to recognize the direct link between government-led infra spending and a flourishing commercial vehicle ecosystem. The demand for commercial vehicles is a crucial metric, reflecting the pulse of the nation’s infrastructure development and driving growth for CV financiers, manufacturers, and OEMs. Policy measures and fiscal initiatives needs to continue to orient with infrastructure development, alongside ensuring robust capitalization in NBFC sector. As NBFCs are emerging as frontrunners in pivoting the nation’s economic trajectory, the upcoming budget requires to maintain a strategic outlook for NBFCs, particularly accounting their reach, technological advances, and capabilities in understanding the financial needs of the unbanked and underserved populations to fully tap the entrepreneurial aspirations of India Inc,” Anand Bang, COO – Sales & Marketing, Tata Motors Finance, said.

25 Jan 2024, 10:24:32 AM IST

Budget 2024 Expectations Live: Precious metal sector calls for reduction in the import duty on gold

“The organized jewelry retail segment is growing at a steady pace, thanks to regulatory reforms such as the mandatory hallmarking of gold jewelry and GST. However, to unlock the potential of the organized jewelry retail segment, the budget needs to propose a reduction in the import duty on gold. A higher gold import duty is detrimental to the growth of the organized jewelry retail sector, as it indirectly promotes gold smuggling and unauthorized grey market transactions. The budget also needs to propose measures to control unaccounted business practices by implementing effective tax compliance and transparency mechanisms. The interim budget should also propose measures to create a broader pathway for growth for the organized jewelry retail segment,” M. P. Ahammed, Chairman, Malabar Gold & Diamonds, said.

25 Jan 2024, 09:12:05 AM IST

Budget 2024 Expectations Live: Healthcare expert calls for prioritising sector status to healthcare, increase public healthcare spending to 2.5% of GDP in budget

“As per Indian Union Budget estimates for financial year 2023, the health sector in India was allocated 2.26 percent of the total union budget expenditure. This was a decrease from 2022’s revised estimates of 2.35 percent. In Budget 2023 health sector was allocated ₹89,155 crore a hike of around 13 per cent as against ₹79,145 crore allocated in 2022. Since 2020 the share of the health sector as a % of total union budget expenditure has continuously decreased. While the interim budget may only be directional, the key question from the sector is whether the Govt considers healthcare as a priority sector which is a driver of GDP growth or a social enabler. A robust healthcare system drives GDP growth in the presence of adequate investments and a conducive environment by not only acting as a productivity and employment generator, but also as a sector that attracts FDI and provides opportunities for innovation and entrepreneurship. A better healthcare ecosystem is essential for achieving India’s vision of being a developed nation and it needs a paradigm shift and exponential change in budgetary outlay. Thus the finance minister should accord priority sector status to healthcare and increase public healthcare spending to 2.5% of GDP in budget 2024,” Vishal Bali, Executive Chairman, Asia Healthcare Holdings (AHH), said.

25 Jan 2024, 07:50:24 AM IST

Budget 2024 Expectations Live: EV sector calls for encouragement for potential investors

“As the electric vehicle (EV) industry gears up for substantial growth in the coming years, it is imperative for the government to foster a supportive ecosystem. To stimulate investment opportunities, there should be encouragement for potential investors, coupled with essential reductions in GST rates for electric vehicles and charging stations. Additionally, easing the burden on the industry can be achieved through a decrease in import duties on electronic components. The industry is particularly hopeful for a significant GST reduction, aiming to bring it down from 18% to 5% specifically for lithium-ion battery packs and cells, given their pivotal role in the EV sector. A concerted effort in the budget towards enhancing the ease of doing business and facilitating the entry of local players into the market is crucial. Addressing aspects like component localization and ensuring easy access to necessary components will empower Indian companies, both large and small, to develop competitive products at competitive prices, further solidifying the sector’s growth potential,” Dinesh Arjun- Co founder and CEO at Raptee Energy, said.