Union Budget 2024: Finance Minister Nirmala Sitharaman is set to reveal the new budget in July, although the exact date is still under wraps. As we inch closer to this significant event, the air is thick with anticipation and speculation. Experts and analysts from various sectors are sharing their predictions, expectations, and concerns, fueling the excitement surrounding the forthcoming financial plan. Economists are keenly watching for measures that address pressing issues such as inflation control, job creation, and economic growth. Industry leaders are hoping for policies that will boost investment and drive innovation, while social sector advocates are calling for increased spending on health, education, and social welfare programs. The agricultural community is also eager to see how the budget will address their needs, with hopes for better support and infrastructure development. Stay with us as we navigate through the intricacies of the budget and unpack what it means for the nation’s financial future.
Budget 2024 Live Updates: As we cover the Budget 2024 announcement in real-time, our live blog will bring you the latest updates, expert opinions, and in-depth analyses here
The Karnataka government on Friday pushed hard for setting up a dedicated Central Business District, inspired by Gujarat’s GIFT City in Ahmedabad. They also called for quicker approval on various projects across different sectors. With the Union Budget presentation around the corner, Karnataka’s IT&BT Minister Priyank Kharge wrote to Union Finance Minister Nirmala Sitharaman and Union IT, Electronics, and I&B Minister Ashwini Vaishnaw, sharing a “wishlist” and asking for the Centre’s support
It was a promising interim budget! Honourable Finance Minister has provided a balanced outlook towards growth and promoting sustainability.
The invaluable focus on “Garib, Mahilayen, Yuva and Annadata” is a testimony to the government’s focus on protecting, uplifting, and promoting at the grassroots. Prima facie the tax rates have remained constant but the initiative to support tech-led youth and startup economy is remarkable. The PM Mudra Yojana that has sanctioned as many as 43 crore loans amounting to a whopping Rs. 22.5 lakh crore will build consensus with the ideology that is at the core of Viksit Bharat @2047. Although this budget has only earmarked major fund allocations, it is sure to boost confidence in the market and the market’s trust in the economy. – Siba Panda, Founder and Managing Partner, ValuAble
It is crucial to extend these benefits to entrepreneurs who are not from elite institutions like IITs and IIMs. By democratizing access to resources, we can unlock the potential of a broader talent pool. Government initiatives should focus on providing equal opportunities to all aspiring entrepreneurs, ensuring that innovation is not limited to a select few. – Ajay Goyal, Founder and CEO, Erekrut
Government-Funded Infrastructure for Startups: Like China and other developed countries, we expect the government to fund infrastructure that provides all basic facilities to handhold startups during their initial period. Creating startup hubs with state-of-the-art facilities, co-working spaces, and access to essential services can significantly reduce operational costs and provide a nurturing environment for innovation and growth. – Ajay Goyal, Founder and CEO, Erekrut
Suchita Vishnoi, co-founder & CMO at GatewAI says, “As India gears up for the upcoming budget, the tech industry anticipates a transformative phase that could set new benchmarks for innovation and growth. Expectations are high for increased allocations towards digital infrastructure, artificial intelligence, and cybersecurity, aiming to bolster India’s position as a global tech hub. Industry leaders are hopeful for incentives to spur investments in startups and emerging technologies, furthering the vision of a digitally empowered society. Streamlined regulatory frameworks and policies promoting ease of doing business are anticipated to foster a thriving entrepreneurial ecosystem, driving sustainable growth and business innovation.”
” The upcoming budget under Modi 3.0 is poised to transform the education landscape in India. With an emphasis on digital literacy, vocational training, and research innovation, this budget aims to bridge the urban-rural divide and ensure equitable access to quality education for all. The integration of advanced technologies and the promotion of STEM education are set to equip the youth with the tools necessary to thrive in a competitive global economy. Furthermore, the focus on public-private partnerships will enhance the quality and reach of educational services. Under Modi’s visionary leadership, this budget promises to lay a strong foundation for a knowledgeable and skilled India, ready to face future challenges with confidence and resilience,” says Ankur Goel, CEO and Founder of Skillible.
Jyoti Bhandari, Founder and CEO, Lovak Capital, says, “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.”
The Maharashtra government presented the budget for 2024-25 on Friday. Here are the key highlights:
– Slashing value-added tax (VAT) on fuel in the Mumbai Metropolitan Region.
– Waiving electricity bill dues for 44 lakh farmers.
– Providing a monthly allowance of ₹1,500 to women aged 21 to 60.
– Offering three free LPG cylinders annually for a family of five.
– Introducing a stipend of ₹10,000 per month for youth undergoing skill training.
– Announcing a policy tailored for the third gender.
Deputy Chief Minister Ajit Pawar, who’s also the Finance Minister, dropped the final Budget on Friday before the Assembly election for the BJP-Shiv Sena-NCP government. He laid out a total spending plan of Rs 6,12,293 crore but noted a revenue deficit of ₹20,051 crore. This marks Pawar’s tenth go at presenting the Budget.
Welcome to our live coverage of Budget 2024. Here we will keep you posted on everything related to the budget announcement, official date and time of the announcement, expert analysis, industry expectations, and much more! Stay tuned.