Budget 2024 Expectations Highlights: Nirmala Sitharaman may bring tax changes

Budget 2024 Expectations Live Updates: Srividya Kannan, Founder and CEO, Avaali Solutions, said, “Key recommendations for the Union Budget 2024 include enhancing export incentives, developing tier 2 locations, extending GIFT City benefits, fostering innovation, advancing skill development, revising safe harbor rules, and improving infrastructure and GST policies. Prioritizing cybersecurity, hyper-scale computing, and AI will position India as a preferred destination for IT staffing and sourcing solutions.”

Budget 2024 Expectations Live Updates: Rohit Arora, Co-Founder & CEO, Biz2Credit and Biz2X, said, “It's crucial to address the current challenges in Fintech, including policy inconsistencies and frequent regulatory changes, to ensure long-term stability and growth. We hope to see initiatives that reduce the cost of credit and increase its accessibility for MSMEs, possibly through innovative public-private partnerships. Furthermore, targeted efforts to create jobs in Tier 2 and Tier 3 cities will address employment gaps and stimulate economic development across the country.”

Budget 2024 Expectations Live Updates: Nishant Pitti, CEO and Co-Founder, EaseMyTrip, said, “One of the key areas of concern is the challenge startups face in raising capital. We are hopeful that the budget will include incentives for investors to support innovative ideas, particularly those with a clear path to profitability. There is a strong call for the government to incentivize Indian institutional investors to become significant limited partners in local VC funds, which would reduce the time taken for fundraising and bolster the startup ecosystem.”

Budget 2024 Expectations Live Updates: Vimal Kumar, Managing Director, Best Agrolife Ltd, said, “Our heavy reliance on imports from China highlights the need for implementing Production-Linked Incentive (PLI) benefits to boost local production. Additionally, increasing import duties on domestically produced raw materials can further encourage this growth. Lowering GST rates from the current 18% to 5% will reduce costs for farmers, thereby improving their income and the overall farm economy.”

Budget 2024 Expectations Live Updates: Nitya Sharma, Founder and CEO, Simpl, “This Union Budget should be focused on adding higher disposable incomes in the hands of consumers, driving consumption and reducing the cost of operations for businesses. Additionally, it should help create a level playing field for homegrown brands through simpler financing options, offering a boost to their manufacturing capabilities by providing sops to establish units within specialised manufacturing zones and further simplify the ease of doing business."

Budget 2024 Expectations Live Updates: Varun Tangri CEO and founder at QueueBuster POS said, "The upcoming budget buzzes with anticipation for its potential to propel India's "Viksit Bharat" vision, particularly for the burgeoning retail-tech sector. Anticipated investments in infrastructure development for Tier I and II cities could create a fertile ground for new retail businesses, fostering a symbiotic relationship with the retail-tech companies that serve them. Imagine a landscape ripe with innovative retail concepts, seamlessly supported by efficient logistics and data-driven solutions – all powered by a robust retail-tech backbone."

Budget 2024 Expectations Live Updates: Megha Gambhir, CEO and Co-founder of Stupa Sports Analytics, said, “As we aim to revolutionize the sports landscape in India, strategic investments in infrastructure and technology are paramount. Incentives for sports startups investing in innovative technologies are crucial for the startup ecosystem. Support for research and development, particularly in AI-driven solutions, will drive significant advancements and keep us competitive on a global scale. Addressing regulatory challenges, such as the angel tax, will also foster a favorable environment for this startup ecosystem and will help in gaining momentum for the sports tech startups."

Budget 2024 Expectations Live Updates: Abhay Agarwal, Founder and CEO of Clinics on Cloud, said, “It's important to focus on improving all aspects of healthcare, including prevention, diagnosis, treatment, and medical device production. Firstly, we should upgrade our primary health centers with new technologies like Health ATMs and kiosks. Secondly, expanding the government's free diagnostics project nationwide can ensure timely and accurate health checks for everyone, improving overall health outcomes. Thirdly, increasing funds for the Ayushman Bharat scheme will allow more people to get treated in a larger network of hospitals, reducing the financial burden on families.”

Budget 2024 Expectations Live Updates: Bhuvan Rustagi, Co-Founder and COO of Per Annum said that reducing tax and GST compliance for startups, coupled with tax breaks on initial profits, would catalyze innovation. He said, “Startups often prioritize growth over profitability in their early years, making tax relief crucial for sustaining operations and fostering innovation. Simplified compliance would alleviate financial strain, allowing startups to focus resources on scaling and product development. Tax breaks during initial profitable years would enable reinvestment for long-term sustainability and economic contribution.”

Budget 2024 Expectations Live Updates: Prabhat Srivastava, Co-Founder and Director, VitusCare Medlife, said that the following steps can be taken to make healthcare more affordable. These are: "a) Ease of approvals w.r.t. Ayushmaan empanelments for hospitals - delays in empanelment cause delay in delivery of healthcare as patients who may not be able to afford treatments stay away

b) Improving/ extending ayushman coverage for more Indians

c) Allowance on some proportion of GST input credit/ allowing a nominal GST on healthcare services - to further reduce the cost of healthcare on patients/ govt/ insurance companies

d) Government should promote Health insurance for those not covered in any health scheme by subsidising insurance premiums out of Heathcare budget allocation

e) Reducing TDS rate of medical claims being reimbursed under various healthcare schemes - would ease cash flow - thereby facilitating entry of more players in healthcare space"

Budget 2024 Expectations Live Updates: Gaurav Jalan, Founder & CEO, mPokket, said, “The upcoming Budget presents an excellent opportunity to promote sustainable growth in India’s vibrant start-up and MSME sectors. We look forward to a robust fiscal path that meets the aspirations of domestic entrepreneurs. Besides reforms in taxing ESOPs, we expect conducive tax policies that also have provisions for carrying forward losses. Apart from easing financial constraints, such steps could create an enabling environment that incentivizes talent retention, which is critical today. Given the rapid rise of the gig economy as an employment generator, we believe it is time for the government to enhance its potential through policies that explicitly support all gig workers, including white-collar ones."

Budget 2024 Expectations Live Updates: Akshay Munjal, Founder and CEO, Hero Vired said, “In the past decade, the Government has embarked on a transformative journey, introducing major reforms and initiatives in education and skill development. As we aspire to realize our vision of a $5 trillion economy, it is crucial that education, health, and skill development remain at the forefront of our national agenda in the upcoming budget. Developing a strong tech infrastructure is critical for fueling growth and job creation in high-demand sectors like AI, cybersecurity, and big data. Our policies must equip our workforce with essential digital skills and technologies, enabling India to spearhead global advancements."

Budget 2024 Expectations Live Updates: Amit Kapur, Joint Managing Partner at JSA Advocates and Solicitors, said, "With India poised to become the third-largest global economy, the FY 2024-25 Union Budget represents a critical opportunity to set a sustainable growth trajectory. It's essential for the government to focus on employment generation and strengthening MSMEs while leveraging the JAM trinity for effective direct benefit transfers. The Budget needs to reverse the capital and entrepreneurial flight seen in recent years by ensuring vibrant capital growth and attracting investments in long-term productive assets, including reliable infrastructure and a robust manufacturing base. These initiatives must integrate India’s supply strengths with global economic demands, effectively filling policy gaps and removing unnecessary barriers to harness FDI and shore up the global supply chain."

Budget 2024 Expectations Live Updates: Himanshu Chandel, Associate, Spice Route Legal said, “With the 2024-2025 interim budget showing a 13.8% increase in healthcare and pharmaceutical allocations, we can likely expect this trend to continue. This boost means more financial support for crucial areas like research and development, infrastructure improvements, and accessibility initiatives. The extra funding will not only enhance domestic research but also help establish world-class health infrastructure and promote exports. There should be a focus on increasing allocations for centrally sponsored schemes and initiatives by the Department of Health and Family Welfare."

Budget 2024 Expectations Live Updates: Subburathinam P, Chief Strategy Officer, TeamLease Services Limited said, "The Auto Industry expects the new government to enhance workforce participation through initiatives like the PLI Scheme. With strides made via the Automotive Mission Plan and NEMMP for growth and reduced emissions, the industry seeks more aggressive skill development for emerging technologies like electric vehicles and automation. The industry also desires increased R&D funding, updated curricula, streamlined policies to attract global talent, and infrastructure investments for advanced automotive technology to ensure a skilled, future-ready workforce."

Budget 2024 Expectations Live Updates: Ravi Machani - Co-Founder Investor, Tresa Motors, said, "India’s EV industry has high expectations from the upcoming budget. Under Prime Minister Narendra Modi's government, promoting green mobility through EVs has always been a key focus. In fact, in the previous budget, commendable steps were taken towards a greener future by supporting EV manufacturing and expanding charging infrastructure across the country. As the incumbent government begins its third term, the commitment to green mobility is expected to intensify further, with a strong emphasis on "Make in India" initiatives."

Budget 2024 Expectations Live Updates: Vineet Agarwal, MD of TCI Ltd, said, “As we approach the Union Budget 2024-25 announcement, TCI is optimistic about the government's commitment to bolstering the logistics sector. TCI remains committed to empower MSMEs with its seamless logistics solutions that streamline operations and open up new avenues for success in the remotest of India. Emphasis on infrastructure development, streamlined regulations, workforce upskilling, and enhanced investment in technology will drive efficiency and sustainability. We look forward to policies that support innovation and ease of doing business, ultimately contributing to the nation's economic resurgence.”

Budget 2024 Expectations Live Updates: Saurav Kasera, Co-founder and CEO, CLIRNET and DocTube, said, “As the burden of non-communicable diseases (NCDs) increases exponentially, the upcoming Union Budget must prioritize higher fund allocation and increase deductions for individual taxpayers for primary, preventative, and mental healthcare. Enhanced investment in these areas is crucial to reduce the overall healthcare burden and pressure on tertiary facilities. Furthermore, to incentivize SMEs to provide health insurance to all their employees, the government should offer an Input Tax Credit (ITC) on GST for health insurance expenses, which is currently not available to everyone.”

Budget 2024 Expectations Live Updates: Saloni Verma, Co-Founder and chairperson , Sunshine Corporate Creches, said, "The recent elections have given multiple indications that citizens want the Government to focus on their immediate needs, getting them jobs, which now seems to be even more important than handing out freebies or propagating their religion etc. There is a very simple option within the existing set of laws for the Government to:-

(i) create jobs in every single company that operates,

(ii) improve employee satisfaction due to work life balance,

(iii) increase the gender ratio in companies by ensuring women don’t drop out,

(iv) build better citizens tomorrow by ensuring better quality education during the important early learning phase of children under 8yrs of age."

Budget 2024 Expectations Live Updates: Subburathinam P, Chief Strategy Officer, TeamLease Services Limited, said, "The Telecom Industry in India expects the new government to build on the Telecom Act 2023, emphasising inclusion and growth. With an anticipated need for a 22 million skilled workforce by 2025, driven by 5G, IoT, and AI, the industry seeks more aggressive skill development initiatives. The government has already encouraged investment and reduced regulatory burdens, with the Union Budget 2023 focusing on upskilling youth and developing 5G applications. The industry also desires increased R&D funding and infrastructure investments to support the rapid deployment of next-generation telecom networks."

Real estate developers’ body the National Real Estate Development Council (NAREDCO) has suggested that the finance minister consider increasing the tax exemption on interest on self-occupied property loans to ₹5 lakh from the current limit of ₹2 lakh to augment housing demand and sought tax incentives from the government to boost supply of affordable housing stock. Read more

Budget 2024 Expectations Live Updates: Felina Das, Associate, Spice Route Legal, “One of the primary challenges in India’s agribusiness sector is low productivity of marginal and small-scale farmers, due to their limited access to finance and technology as well as insufficient storage facilities and inadequate transportation infrastructure, leading to substantial post-harvest losses. Currently, India experiences a food loss rate of approximately 4.5%, which has serious economic and environmental repercussions. To tackle these issues, the upcoming Union Budget for the fiscal year 2024-25 should focus on sustainability in post-harvest activities."

Kartik Narayan, CEO-Staffing, TeamLease Services Limited, said, “As we look forward to the upcoming budget, we expect the new government to demonstrate a solid commitment to formalising India's vast informal workforce. This is a critical step for building a robust economic foundation and ensuring sustainable livelihoods. Rapid implementation of labour codes and addressing the skills-jobs gap are imperative.”

Budget 2024 Expectations Live Updates: Subash Vasudevan, CBO and Co-founder, iBUS Networks, said, “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.”