Budget 2024 Highlights: Centre convenes all-party meeting ahead of budget

Krishna Vij, Business Head- TeamLease Digital says, "The upcoming Interim Budget 2024 is quite significant for the tech sector of our country. Key expectations for the sector from the budget revolve around addressing the cybersecurity issues, nurturing innovation, and developing talent, along with building a skilled workforce. Apart from this, giving priority to enhancing cybersecurity skills, strengthening critical infrastructure, and fostering awareness is paramount. The budget should also bolster the startup ecosystem, bridge the industry-academia gap, invest in transformative technologies like AI, blockchain, and emphasize digital literacy, reskilling, and STEM education. In order to attract global investments, it is crucial to simplify regulatory processes, boost infrastructure and offer tax incentives to companies. These focal points are of critical importance to unlock India’s potential to create a booming and secure digital ecosystem."

The Budget session of the Haryana Assembly will begin on February 20.

Haryana Education Minister Kanwar Pal, who also holds the parliamentary affairs portfolio, said, "The session will commence on February 20."

Amit Vasistha, Founder and CEO, GALF said, "India is taking the lead in the global economic resurgence, with MSMEs and startups playing an increasingly vital role in sustaining and propelling this growth. Past initiatives connected to Startup India and MSME development are yielding positive initial results. However, the scaling process and obstacles related to institutional funding continue to impede rapid progress. The tax environment, particularly burdensome for younger firms, is often perceived more as tax terrorism than a convenience. To foster the growth of startups and MSMEs, steps should include establishing uniform state-level programs aligned with central government objectives, avoiding duplication of paperwork and certifications between central and state levels. Providing clear preference and reservation for startups in government contracts and tenders up to 20 crores can significantly boost the local ecosystem. Additionally, offering a total GST waiver for companies with sales up to ₹2 crores and increasing spending to develop an ecosystem rewarding institutions investing or buying services from startups with up to 20 crores in sales is crucial. Liberalizing the usage of CSR funds and providing tax concessions for direct investment in impact-driven, nation-building, and ESG-linked startups further supports this initiative.”

“The industry eagerly anticipates long-term clarity and a progressive taxation regime from the upcoming financial budget. This clarity is crucial for driving the next phase of growth, as it will not only provide a conducive environment for businesses but also revive investor confidence in the sector. A progressive taxation regime will further incentivize investment, leading to the creation of more job opportunities for our talented youth,” says Namratha Swamy, COO, MPL.

Parag Khurana, Country Manager, Barracuda Networks (India) Pvt Ltd said, “In 2024, we will start to see the impact of attackers using AI to develop and launch cyberattacks. As a result, organisations will face more, faster, and increasingly sophisticated attacks – just at a time when many of them are investing heavily in digital transformation, increasing the potential attack surface available to threat actors. Cyber-resilience needs to be a key area of focus for India in 2024. The Union Finance Minister Nirmala Sitharaman is set to present the interim budget for the year 2024-25 on February 1, 2024. Allocation of budget towards cybersecurity and innovation in AI-based security measures could be a game-changer for India. In fact, any investments in cybersecurity, including in skills development, will help to safeguard the nation’s digital assets and protect against potential cyber threats. I am looking forward to seeing how the budget unfolds and its implications for the cybersecurity landscape in India.”

Indian funds, insurers and banks have increased their positions in longer-duration bonds in anticipation of the federal government's interim budget being fiscally conservative with no pre-election spending surprises. (Reuters)

Ahead of the Budget session of Parliament, Karnataka Chief Minister Siddaramaiah has urged the central government to allocate an All India Institute of Medical Science (AIIMS) in Raichur. (ANI)

It will be a short session this time, between January 31 and February 9, with Finance Minister Nirmala Sitharaman set to table an interim budget ahead of the Lok Sabha polls. The new government will present the full-fledged budget.

Floor leaders of various parties on Tuesday attended an all-party meeting convened by the government ahead of the Budget session of Parliament.

Finance minister is set to present the country's federal budget for 2024/25 on Feb.1, with expectations of the government reducing its fiscal deficit by at least 50 basis points (bps) and keeping its gross market borrowings flat in the range of 15-15.5 trillion rupees ($186.47 billion).

Amrit Acharya, CEO & Co founder at Zetwerk said, “India's manufacturing moment is now; and we need to seize it with a 25-year vision. We stand at a pivotal juncture for Indian manufacturing. With unprecedented tailwinds and favorable policy support received from the Government of India, the time is ripe to chart a bold 25-year vision. We must go beyond 'Make in India' and forge a self-reliant ecosystem through R&D investment, cutting-edge clean technologies, and robust skilling programs. We also feel that innovation isn't confined to age. To truly unlock our potential, we must bridge the gap between established manufacturers and new-age companies through a level playing field. By collaborating and leveraging their combined experience and agility, India can achieve higher growth in manufacturing and become a factory to the world, thus securing not just economic growth, but a brighter future for all.”

Indian shares were off to a muted start on Tuesday, following a sharp surge in the previous session, weighed by Bajaj Finance after the non-bank lender missed profit estimates.

The blue-chip NSE Nifty 50 index fell 0.06% to 21,723.15 points and the S&P BSE Sensex was down 0.12% at 71,876.73, as of 9:33 a.m. IST.

Parliamentary affairs minister Pralhad Joshi will hold a meeting with the floor leaders of political parties in both houses of Parliament before the start of the upcoming Budget Session.