Budget 2024 Expectations Live Updates: Prime Minister Narendra Modi is set to engage with prominent economists and sectoral experts. A senior government official disclosed that the meeting aims to gather insights and recommendations for the 2024-25 Budget, which Union Finance Minister Nirmala Sitharaman will present in the Lok Sabha on July 23.
This Budget is poised to be a critical economic blueprint for the Modi 3.0 administration, outlining key fiscal policies and initiatives. The consultation will see the participation of Niti Aayog Vice Chairman Suman Bery, along with other distinguished members, as the government seeks to integrate diverse expert perspectives into its financial planning.
Budget 2024 Expectations Live: Just six months after it crossed the historic ₹50 lakh crore mark in December 2023, the net AUM
Just six months after it crossed the historic ₹50 lakh crore mark in December 2023, the net Asset under Management (AUM) of the Indian mutual fund industry surpassed the ₹60 lakh crore mark in June 2024. The net AUM increased by nearly 38 per cent (37.76 per cent) to touch ₹61.16 lakh crore in June 2024, up from ₹44.39 lakh crore in June 2023. On a month-on-month basis, the net AUM increased by nearly 4 per cent (3.82 per cent) from ₹58.91 lakh crore in May 2024. After two successive months of higher inflows, the mutual fund industry witnessed net outflows to the tune of ₹43,637 crore for the first time since the beginning of this financial year.
Equity mutual funds witnessed a whopping 370 per cent rise in inflows at ₹40,608.19 crore in June 2024, as against ₹8637.49 crore in June 2023. “Domestic equity markets witnessed some initial volatility ahead of the outcome of the general elections. However, markets rebounded sharply on hopes of political stability and policy continuity. Gains were extended after India’s GDP growth came better than expectations and stood at 7.8% in the fourth quarter of FY24. Market sentiments were further boosted after the Reserve Bank of India upgraded the GDP growth rate of the domestic economy to 7.2% from 7.0% for FY25 even though it kept the key policy repo rate unchanged,” Ashwini Kumar, Senior Vice President and Head Market Data, ICRA Analytics, said.
Budget 2024 Expectations Live: Healthcare expert calls for enhanced incentives for research and development
Shishir Gupta, CEO of Riot Labz, said, “As we approach the upcoming budget, RIOT LABZ hopes for increased government support for the electronics manufacturing sector. Enhanced incentives for research and development, along with subsidies for sustainable manufacturing practices, would significantly bolster our efforts to innovate and remain competitive globally. Additionally, streamlined regulatory processes and tax benefits for export-oriented units would facilitate smoother operations and expansion into international markets. We believe these measures will drive growth, foster technological advancements, and create more job opportunities within the industry. Furthermore, specific allocations for the development of skilled labour and upskilling programs would help bridge the talent gap, ensuring a steady pipeline of proficient workers to support our advanced manufacturing processes. We also hope for increased funding for infrastructure development in industrial hubs, which would improve logistics and reduce operational costs, enhancing overall productivity.”
Budget 2024 Expectations Live Updates: Expert expects a significant increase in budget allocation for mental health initiatives
We expect a significant increase in budget allocation for mental health initiatives, particularly in awareness campaigns, accessibility improvements, and affordability measures.
Our hopes include integrating mental health services into primary healthcare, substantial investments in digital mental health solutions, and incentives for startups innovating in this space. We advocate for measures addressing the shortage of mental health professionals through targeted skill development programs and promotion of tele-mental health services. Policies mandating mental health coverage in insurance plans, increased funding for mental health research, and the establishment of a national mental health database are also key expectations.
We particularly emphasize the need for increased funding to support early diagnosis and intervention programs for children with autism and neurodevelopmental delays. Additionally, we hope the government will expand the number of seats and courses in universities, ensuring the generation of more high-quality therapists to meet the growing demand.
We also anticipate initiatives to integrate mental health education into school curriculums and workplace wellness programs. Prioritizing these aspects in the budget will enable India to make notable strides in building a mentally healthier society, fostering innovation, and improving care delivery across the nation….– said Mr. Krishna Veer Singh, Co-Founder, & CEO Lissun
Budget 2024 Expectations Live Updates: Pre-budget deliberations are crucial for focusing on smart financial planning, especially regarding taxes, says expert
Jyoti Bhandari, Founder and CEO, Lovak Capital, said, “Delving into economic echoes and navigating past trends to forecast future fiscal terrain with insightful reflections is crucial. Pre-budget deliberations are crucial for focusing on smart financial planning, especially regarding taxes. With potential new tax regulations on the horizon, individuals and businesses need to adjust their financial strategies proactively. To continue the current momentum and enthusiasm amongst investors, the MFI association has suggested bringing uniform tax slabs in the various asset classes. For instance, they have advised removing the tax element for the switch transaction, bringing uniformity in taxation for investments in gold funds and physical gold, and making PMS and AIFs more tax-efficient for investors. We believe the pre-budget season goes beyond numbers; it’s about creating a personalized financial plan for sustainable growth. Through a thorough analysis of possible fiscal changes and strategic adjustments, we are dedicated to guiding our clients toward a future strengthened by financial prudence. By implementing effective tax management strategies tailored to the Indian context, we help our clients optimize their finances while reducing tax burdens. We are committed to supporting our clients through this important phase, setting them up for success in the upcoming fiscal year.”
Budget 2024 Expectations Live: Healthcare experts calls for exemptions focused on mental health
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. This will encourage SMEs to invest in employee health, leading to a healthier workforce and reducing the overall healthcare burden. Additionally, the healthcare sector needs a significant upgrade in its skilled workforce. Increasing funds and incentives for the training of nurses and other paramedical staff is essential to improve healthcare delivery and meet the growing demand for skilled professionals.”