Budget 2024 Expectations Live: With the new government’s full Union Budget 2024 set to be announced on July 23, expectation are soaring. The focus remains on potential tax reforms that could impact individuals and businesses. Key anticipated changes include an increase in the basic exemption limit. There is also speculation about raising the standard deduction limit. We take a look at what India’s middle class and corporate class expect from Finance Minister Nirmala Sitharaman.
Budget 2024 Expectations Live: Manoj Agarwal, Co-founder and Managing Partner, Seafund says high hopes for the budget to strengthen the Deep Tech ecosystem in India.
“I have high hopes for the upcoming budget to strengthen the deep tech ecosystem in India. The government has made encouraging statements about supporting this sector, and I believe it is crucial to provide more backing at the seed stage. Deep tech startups often require significant research and development, which may not attract early-stage investment from the private sector. A dedicated fund of funds to support investors who are willing to take the plunge into deep tech is vital,” said Manoj Agarwal, Co-founder and Managing Partner of Seafund.
“Additionally, simplifying the taxation framework for startups, ESOPs, and investors is essential. In many European countries, investors receive tax benefits for investing in startups, either directly or through funds. Similar provisions in India could stimulate more domestic investment. Moreover, we need to address the issue of ‘reverse flipping’ for businesses built in India but headquartered abroad,” he said.
“Facilitating an efficient and tax-effective way for these businesses to return to India could significantly benefit our economy and the government’s revenue in the long run. As we address these concerns, a simplified GST tax regime for the funds and doing away with angel tax will free up a lot of domestic capital towards early-stage funding, which is needed today more than ever as we see funding winter thawing at a snail’s pace,” said Agarwal.
Budget 2024 Expectations Live: Keyur Shah, CEO of Precious Metals Business, Muthoot Pappachan Group says the government should give serious consideration to boosting the Gold Recycling sector in India.
“Government should give serious consideration to boost the Indian Gold Recycling Sector in order to reduce India’s over dependence on imports. There is huge stock of unused Gold amongst Indian households that has not yet been successfully tapped in a sustainable manner,” said Keyur Shah, CEO of Precious Metals Business, Muthoot Pappachan Group.
“Incentivizing Organized Sector Players (for a level playing field in a largely unorganized marketplace), removing Capital Gains Tax at a Consumer level on sale of their old Gold to encourage them to bring it out of the lockers, fixing the long pending executional challenges in the Gold Monetising Scheme and so on, are few steps that should be considered,” he said.
Budget 2024 Expectations Live: Ajay Kakar, CEO of Salve Pharmaceuticals says the government should focus on financial incentives in critical industries like personal care, e-commerce, pharmaceutical, and cosmetic industries.
“The Union Budget for 2024-2025 should focus on financial incentives in a number of critical industries, including regulatory framework improvements and innovation. This will boast innovation and industrial growth in the personal care, e-commerce, pharmaceutical, and cosmetic industries,” said Ajay Kakar, CEO of Salve Pharmaceuticals.
“We need to invest more in R&D to encourage businesses to adopt new technologies and develop innovative products. Policies in the pharmaceutical industry that speed up the approval processes while also providing financial incentives for drug development are significant. The shift towards using the natural raw materials strengthens the practice of organic farming, which benefits the personal care industry while encouraging the use of sustainable resources,” he said.
“Together, these improvements will create a more supportive and efficient environment for exporters, enabling them to focus on expanding their markets and increasing their competitiveness globally,” said Kakar.
Budget 2024 Expectations Live: Pankaj Jathar, CEO of NIIT Ltd, looks forward to a substantial increase in budgetary allocation for education and skill development to about 6% of the GDP.
“As we near Union Budget 2024-2025, we look forward to a substantial increase in budgetary allocation for education and skill development to about 6% of the GDP which will be vital to reach the full potential of NEP 2020,” said Pankaj Jathar, CEO of NIIT Ltd.
“We appreciate the government’s dedication to promoting education and skilling and hope the upcoming budget will build upon these initiatives to create even more opportunities,” he said.
“We anticipate policies that support public-private partnerships, enhancing the reach and impact of our skilling efforts. A focus on sustainable employment opportunities will not only uplift individuals but also drive the economic growth of our nation,” said Jathar.
Budget 2024 Expectations Live: Parmod Sagar, Managing Director and CEO of RHI Magnesita India Ltd says the refractory industry in India will play a crucial role in this infrastructure growth.
“The allocation of Rs. 11.11 lakh crore towards the infrastructure sector in the Interim Budget 2024 is a testament to the sector as a growth driver for achieving a $7 trillion economy by 2030. The refractory industry in India will play a crucial role in this infrastructure growth, and any budgetary allocation in the Union Budget 2024 for the refractory industry will go a long way in acknowledging the crucial role that this industry will continue to play in the country’s economic growth,” said Parmod Sagar, Managing Director and CEO of RHI Magnesita India Ltd.
“Policy initiatives like the PLI scheme, formulated to leverage the potential of ‘Make-in-India,’ are the need of the hour for the refractory industry. Such initiatives will support the enhancement of localization in sourcing and manufacturing, augment domestic capacity, and galvanize the creation of the infrastructure sector in line with the philosophy of ‘Atma Nirbhar Bharat,” he said.
Budget 2024 Expectations Live: Annu Talreja, Founder & CEO at Accacia says the government should introduce financial incentives for the production and utilization of green building materials.
“To align with the NDC goals and mitigate the carbon footprint of the construction sector, the government should introduce financial incentives for the production and utilization of green building materials like green cement, concrete, steel, plywood, paints and others. This could manifest through reduced GST rates, tax credits, or grants for companies manufacturing and supplying environmentally friendly construction materials,” said Annu Talreja, Founder & CEO at Accacia.
“Along similar lines, tax incentives and reduced GST rates for devices that help optimize energy & water consumption like heat pumps, BMS systems should be carved out. I also hope the government can launch a special program to fund startups to foster R&D and innovation in the sustainability space,” she said.
“As we look ahead to the Union Budget 2024-25, the emphasis on sustainable development is paramount. The built environment is responsible for nearly 40% of global greenhouse gas (GHG) emissions coming from buildings and, if left unchecked, they’re set to double by 2050, highlighting the urgent need for sustainable practices,” said Talreja.
Budget 2024 Expectations Live: Abhinav Kumar, full-time director and chief executive officer of Brand Concepts Limited expects policies to boost domestic consumption and the retail industry.
“We look forward to policies that bolster the retail industry and boost domestic consumption. We hope to see measures that make it easier to do business, fostering a more favourable environment for companies to thrive. Such policies will not only support the industry but also play a significant role in driving the nation’s economic resurgence,” said Abhinav Kumar, full-time director and chief executive officer of Brand Concepts Limited.
“We are particularly focused on the needs of salaried individuals and taxpayers, whose increased purchasing power can significantly boost consumption. Additionally, schemes aimed at enhancing rural consumption are critical. Our emphasis is on expanding our presence in Tier 2 and Tier 3 cities, where we see tremendous growth potential,” he said.
“Moreover, it is imperative for the government to consider incentives such as tax breaks or subsidies for businesses adopting sustainable and eco-friendly practices. The upcoming budget must also accelerate the tourism agenda, positioning Indian hospitality as a key driver of economic growth. This, in turn, supports the travel gear and accessories industry, contributing to GDP growth and employment opportunities. By addressing these areas, we can ensure a thriving retail sector and a more prosperous nation,” said Kumar
Budget 2024 Expectations Live: Prashant Singh, Co-Founder & CEO at Blue Planet Environmental Solutions says the government’s focus highlights a strategic approach to reducing carbon emissions.
“As we approach the Union Budget 2024, it is crucial to recognize the potential of waste management within the circular economy, especially in transforming waste into alternative resources and energy. The government’s focus on ‘green growth,’ through substantial investments in biogas and bio-CNG plants, highlights a strategic approach to reducing carbon emissions and creating sustainable employment,” said Prashant Singh, Co-Founder & CEO at Blue Planet Environmental Solutions.
“Integrating waste-to-energy solutions, such as converting agricultural and urban waste into bio-CNG, not only mitigates the waste crisis but also supports the clean energy transition by producing greener fuels and reducing landfill use,” he said.
“This aligns with COP priorities, including transition financing, reinforcing India’s commitment to climate action and a resilient, low-carbon future. We remain optimistic that the upcoming Union Budget 2024 will spotlight these critical changes, driving both environmental sustainability and economic growth in India. With the help of a supportive policy environment, the waste management sector can significantly boost India’s GDP, proving that economic growth and environmental sustainability can advance together,” said Singh.
Budget 2024 Expectations Live: Dhiresh Bansal, Chief Financial Officer (CFO) at Meesho remains optimistic about the government’s focus on growing the start-up ecosystem.
“Meesho remains optimistic about the government’s commitment to fortifying India’s growing startup ecosystem. Acknowledging the pivotal role startups play in steering India towards a 5 trillion-dollar economy, we recognize the need for sustained government support,” said Dhiresh Bansal, Chief Financial Officer (CFO) at Meesho.
“India’s technological contribution to GDP is growing but remains in its early stages compared to other nations. The government’s involvement in encouraging venture capital and angel investment is commendable, and we believe that further emphasis on these initiatives will gradually elevate the number of startups in India,” he said.
“To foster continuous expansion, we advocate for an all-encompassing strategy. Moreover, simplifying the processes associated with tax compliance and lowering tax rates, especially during the initial operational years, will ease the financial strain on startups, cultivating a more advantageous business environment,” said Bansal.
“Lastly, with regard to talent attraction, a reduction in taxes related to Employee Stock Ownership Plans (ESOPs), presently standing at around 40%, will heighten the attractiveness of startups to skilled professionals, thereby contributing to the development of our vibrant ecosystem. This multifaceted approach aims to establish a conducive environment for startups, nurturing innovation, job generation, and sustainable economic development,” he said.
Budget 2024 Expectations Live: ‘Investments in skill certifications and…,’ says GlobalGyan Leadership Academy CEO
Budget 2024 Expectations Live: Founder and CEO at GlobalGyan Leadership Academy, Srinivasa Addepalli, giving his wishlist from the upcoming Union Budget said, “ Government support in incentivizing internships and apprenticeships will be pivotal in equipping our workforce with practical experience and readiness for employment upon graduation.”
He added, “Encouraging investments in skill certifications and leadership development programs through tax relief measures can significantly boost individual and enterprise readiness for future challenges.”
Budget 2024 Expectations Live: ‘We anticipate policies and interventions that will…,’ says Officenet CEO
Budget 2024 Expectations Live: CEO at Officenet, Sonali Chowdhry listed expectations of the manufacturing sector from the Union Budget and said, “We anticipate policies and interventions that will encourage the adoption of cutting-edge technologies, including advanced Human Resource Management Systems (HRMS).
She highlighted that Government support in facilitating the adoption of latest technologies is crucial, as it will not only improve productivity but also ensure the sector’s global competitiveness. She added, “We look forward to initiatives that propel the manufacturing industry towards a new era of growth and sustainability, making India a formidable player on the world stage.”
Budget 2024 Expectations Live: JSA Advocates & Solicitors’ official urges ‘Inclusion of Air Turbine Fuel in the GST regime’
Budget 2024 Expectations Live: Partner at JSA Advocates & Solicitors, Poonam Sen Gupta unveiled expectations of the Indian aviation industry from the upcoming Union Budget, highlighting that there is a need for substantial budget allocation to upgrade airport facilities and manage rising footfalls.
Pointing to overburdened airports she emphasised that they require urgent infrastructure improvements, including additional runways, enhanced non-aeronautical facilities, and AI-powered systems for smoother passenger experiences.
She said, “The government must introduce policies to enhance Pilot Training Institutes and establish new training facilities, including flight simulation centers through private investment.”
Some key issues are:
- Priority sector lending and a sectoral fund to prevent airline closures due to bad debt.
- Enhancing domestic maintenance, Repair, and Overhaul (MRO) capabilities.
- Reduced royalties and eased customs duties on aircraft parts to boost local MRO activities.
- Inclusion of Air Turbine Fuel (ATF) in the GST regime to lower costs.
- Passing of the Draft Protection and Enforcement of Interests in Aircraft Objects Bill 2022 for consistency with international laws.
- Amendments to the Open Sky Policy to remove barriers for Indian cargo operators.
Budget 2024 Expectations Live: ‘Reduce compliance burdens,’ says Co-Founder and CEO, Biz2Credit and Biz2X, Rohit Arora
Budget 2024 Expectations Live: Co-Founder and CEO, Biz2Credit and Biz2X, Rohit Arora giving his wishlist for the Fintech sector from the upcoming Union Budget said, “Measures such as simplified regulatory procedures and reduced compliance burdens can empower startups and MSMEs.”
He emphasised that we need to address the current challenges in Fintech that include policy inconsistencies and frequent regulatory changes, to ensure long-term stability and growth. He added, “Targeted efforts to create jobs in Tier 2 and Tier 3 cities will address employment gaps and stimulate economic development across the country.”
Some other key points in his wishlist are as under:
- Promote Global Capability Centers (GCCs) with incentives for high-end job creation and upskilling will position India as a global leader in technology and innovation.
- Enhancing digital infrastructure, expand financial inclusion, and bridge the digital divide.
Budget 2024 Expectations Live: Sandeep Agrawal, Director and Co-Founder of Teamlease Regtech
Agrawal does not expect significant “overhauls” in the income tax regime in the upcoming Union Budget 2024, but does anticipate announcements aimed at consolidating the tax system for stability, and progressing towards the implementation of the Direct Tax Code. Drawing parallels with the GST’s impact on indirect taxation, Agrawal expects the Direct Tax Code to simplify the tax structure and alleviate the tax burden.
He advocates for enhancing the I-T slab limits to alleviate tax liabilities for the middle class; and views raising the rebate limit as a “strategic move” to encourage taxpayers to transition to the new regime.