Interim Budget 2024 Expectations: Before the commencement of the upcoming Budget Session, Parliamentary Affairs Minister Pralhad Joshi is scheduled to conduct a meeting with the floor leaders of political parties in both houses of Parliament. The all-party meeting is set to take place this afternoon at the Parliament Library Building.
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The session will kick off with President Droupadi Murmu’s address on Wednesday. Following that, Finance Minister Nirmala Sitharaman is slated to present the interim union budget on Thursday. The interim budget generally addresses the fiscal requirements for the intervening period until a new government is formed after the Lok Sabha polls.
Interim Budget Expectations Live: India's first digital budget
The 2021-22 budget marked a historic moment for independent India as it became the first entirely digital budget, a response to the COVID-19 epidemic.
Interim Budget Expectations Live: Who gave the shortest budget speech?
In 1977, Hirubhai Mulljibhai Patel delivered the briefest budget speech on record, comprising a mere 800 words.
Interim Budget Expectations Live: Funding support for digital lenders?
Harshvardhan Lunia, founder & CEO, Lendingkart
“In the face of external headwinds India has only showcase resilience and an upward growth trajectory. We expect this momentum to continue. It will be essential that funding support to credit guarantee schemes to support the MSMEs is further strengthened with assurance of consistency and continuation. This will help ensure MSMEs get easier credits. Furthermore, government should continue to expand the digital infrastructure to support deep penetration of financial services which reduces the cost of delivery of services.
Another critical aspect is ONDC (Open Network for Digital Commerce and OCEN (Open Credit Enablement Network). It shall be supported to create incentives for investment in technology and R&D. The major investments of FinTech’s happen in technology. If some budgetary allocations can be made to provide some relief to FinTech's, it would help extend digital reach. Lending Fintech’s (especially those operating in MSME segment) borrow at high rates which in turn results in high-cost products for small businesses. If the government can provide some funding support to such digital lenders, it would help trickle down the benefit to small businesses.”
Interim Budget Expectations Live: What is the healthcare industry expecting?
Dr. Saarthak Bakshi, Healthcare Entrepreneur and CEO of RiSAA IVF
The upcoming budget presents a crucial opportunity to remedy the long-standing underinvestment in India's healthcare sector. With the COVID-19 pandemic exposing the vulnerabilities in our health infrastructure, budgetary allocations that expand healthcare access and delivery should now be the topmost priority. We expect the budget to provide a substantial boost in funding for primary healthcare, the backbone of India's public health system. Increased budgetary support is needed to strengthen health and wellness centers, ensure free essential drugs and diagnostics, and boost telemedicine services. Allocating more funds for COVID-19 vaccination drives and future pandemic preparedness through investments in disease surveillance systems and health infrastructure upgrades is equally critical. The budget must also incentivize indigenous manufacturing of medical equipment and supplies to end India's reliance on imports. We hope schemes like Ayushman Bharat will be expanded to widen health insurance coverage for economically weaker sections. Mental healthcare programs deserve special budgetary attention given the growing burden of mental health issues. Overall, the budget must recognize healthcare not just as a social sector but as a productive investment vital to India's growth and global standing. The government now has a historic opportunity to make quality healthcare accessible and affordable to all Indians through prudent budgetary allocations. This would be the best way to commemorate 75 years of independence.
Interim Budget Expectations Live: Focus on making affordable housing universally accessible
Himanshu Jain, VP - Sales, Marketing & CRM, Satellite Developers Private Limited (SDPL)
Following agriculture, the real estate sector stands as the second largest employer in India, contributing significantly to the nation's economy with approximately 9-10% of the total Gross Domestic Product (GDP). Acknowledging its vital role, both the Central and State Governments have been actively implementing measures to fortify this sector. Among the most pressing agendas is the mission to make affordable housing universally accessible, a priority echoed in the expectations for the upcoming Interim budget.
The industry is appealing for a robust government package aimed at alleviating the severe demand shortage. Their proposal includes relief measures for homebuyers, particularly in the pricing domain, to stimulate the market.
Key Proposals include:
Increase Tax Rebate Slabs: Enhancing tax benefits for homebuyers
Boost Consumption: Encouraging home buying activities
Social Infrastructure Development: To attract more buyers
Employment and Job Creation: Enhancing buying capacity
Realizing the 'Housing for All' Dream: Making affordable housing a reality
The Government's initial steps, notably the Pradhan Mantri Awas Yojana (PMAY), were directed at addressing the acute housing shortage, which has led to the proliferation of slums and shanties in urban and semi-urban areas. Presently, the Centre is considering proposals to reduce the costs of under-construction properties. This initiative aims to ensure developers pass on the benefits of input tax credits to homebuyers, a practice that has seen limited compliance despite governmental appeals.
The upcoming budget session is particularly significant, with the real estate sector keenly anticipating measures that will offer relief to potential homebuyers, especially in metropolitan cities like Mumbai.
Interim Budget Expectations Live: 'Crucial opportunity to propel real estate sector towards sustained growth'
Samyak Jain, Director, Siddha Group
In anticipation of the 2024-25 budget, there is a growing sentiment of optimism within the real estate sector, which is expected to be a significant benefactor of the new fiscal policies. After a year of remarkable performance, the industry emphasizes the need for additional support to maintain this growth trajectory.
A key focus is on enhancing the access of first-time homebuyers to affordable housing, particularly in metropolitan cities. The industry is hopeful for an upward revision of the cap in the credit link subsidy scheme, along with the introduction of tax benefits for first-time homebuyers. Such measures are seen as pivotal in sustaining the sector's momentum.
The government's efforts in promoting affordable housing have been acknowledged and appreciated. However, there is a need for further enhancements.
Moreover, increased budget allocation towards infrastructure development in Mumbai is also required. Improved infrastructure is expected not only to enhance connectivity and ease travel for residents but also to trigger a surge in housing demand across the city.
The sector also recognizes the shifting demographics, with a constant influx of people from smaller cities into metropolitan regions. This demographic change escalates housing demands, necessitating timely government intervention to capitalize on the projected upward trend in the real estate sector. The forthcoming budget is viewed as a crucial opportunity to address these needs and propel the sector towards sustained growth.
Interim Budget Expectations Live: Industry leaders suggest investment in green and traditional infrastructure
Rohan Khatau, Director, CCI Projects Private Limited
As the Interim Budget 2024-25 looms on the horizon, the real estate industry remains hopeful for continued support. This support is not just seen as a boon for the sector but as a catalyst for the broader national economy. Mentioned below are a several key expectations from the upcoming budget that have been outlined:
Tax Deduction Limit Increase: A major expectation is the increase in the tax deduction limit on home loan interest from the current Rs. 2 lacs to Rs. 5 lacs. This move is aimed at attracting a wider range of homebuyers, particularly those buying a home for the first time, by offering them significant tax relief.
Affordable Housing Price Cap Adjustment: Another critical demand is to raise the price cap of affordable housing from the existing Rs. 45 lacs. This revision is especially relevant in metropolitan areas where constructing houses below the current cap is challenging due to the high costs of land and construction.
Industry Status Recognition: The sector's long-standing request for recognition as an 'Industry' remains a focal point. This status could enable the sector to attract equity investments, restructure debts, and secure loans at more favorable interest rates.
Investment in Green and Traditional Infrastructure: Lastly, there is a strong emphasis on increasing investments in both green infrastructure, like renewable energy, and traditional infrastructure, such as roads, railways, and ports. These investments are seen as crucial for the growth of both the real estate sector and the overall economy.
In summary, the real estate sector, bolstered by previous government initiatives, looks towards the Interim Budget 2024-25 with optimism, hoping for measures that will sustain its growth and contribute positively to the nation's economic fabric.
Budget 2024 Expectations Live: Outlook for 2024 - A Robust Housing Demand
Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI
2023: A Year of Remarkable Growth
The real estate sector experienced a significant surge in 2023, recording exceptional property sales across various housing segments. Optimism runs high as the industry anticipates maintaining this momentum into 2024 as well.
Expectations from the Finance Ministry
A key aspiration for the coming year is the Finance Minister's response to the industry's request to increase the tax slab to Rs. 5 lakh per annum for interest rate deduction under section 24(b) of the Act, up from the current Rs 2 lakh.
Addressing Metro City Property Rates
With property prices in metro cities skyrocketing, the industry advocates for a revision of the cap in the credit link subsidy scheme. Raising the limit from Rs. 45 lakh to Rs. 1 crore for metro city home buyers will significantly benefit the affordable housing segment, making homes more accessible.
Incentives for First-Time Homebuyers and GST Revisions
The industry urges the government to introduce tax benefits for first-time homebuyers and reconsider the implementation of GST with an input tax credit on under-construction properties. Such measures are expected to lower property rates and stimulate demand.
Expanding the SWAMIH Fund
An expansion of the SWAMIH Fund is proposed to ensure the timely completion of stressed projects. This will not only assist developers but also reinforce homebuyer confidence by delivering projects on schedule.
Outlook for 2024: A Robust Housing Demand
The real estate sector is gearing up for another year of robust housing demand. Developers are hopeful for increased government support, believing that a thriving housing sector will play a crucial role in the overall economic growth and infrastructure development.
Budget 2024 Expectations Live: 'Industry anticipates continuation of incentives for affordable rental housing schemes'
Sandeep Runwal, President, NAREDCO Maharashtra
The real estate industry, a vital contributor to the economy and the second-largest employment generator, is poised on the brink of potentially transformative changes. The sector eagerly anticipates the 2024-25 budget announcements, which are expected to significantly influence its future.
In the previous year, the Central and State governments implemented a series of reforms and incentives to rejuvenate the economy. These efforts have been instrumental in sustaining the growth momentum of the real estate sector.
A major focal point for the Government continues to be affordable housing. We suggest an increase in the cap for interest rate deduction under section 24(b) from Rs. 2 lakh to Rs. 5 lakh per annum. Additionally, there's a call to redefine the definition of affordable housing, proposing an increase in the cap from Rs. 45 lakh to Rs. 1 crore, particularly in metro cities. This change is expected to significantly boost both affordable and mid-segment housing.
The industry also anticipates the continuation of incentives for affordable rental housing schemes. Tax reliefs for such projects could accelerate investment and aid in achieving the Government's ambitious 'Housing for All' goal. Further expectations include tax benefits for first-time homebuyers and the re-introduction of GST with an input tax credit on under-construction properties. These measures are anticipated to stimulate demand among homebuyers.
Other suggestions include tax reliefs to fuel significant growth in the real estate sector, single window clearance, and reduced home loan interest rates. The reintroduction of subvention schemes is also on the wish list, which would assist homebuyers in aligning their payments and encourage home buying decisions.
There's a call for an increase in the SWAMIH stress fund and the creation of a second tranche with a corpus of ₹50,000, aimed at completing stalled realty projects and ensuring adequate liquidity.
A long-standing demand of the sector has been the granting of ‘industry status’ to real estate. This year, there is a hopeful anticipation that the Government will address this issue.
In summary, the real estate sector expects the Government to take decisive actions in the upcoming budget to fortify not only the real estate market but the entire economy. These measures should aim at addressing critical issues, ensuring job creation, and sustaining growth momentum.
Budget 2024 Expectations Live: ' The fintech industry, as usual, will be the flag bearer of innovation'
Sarvjeet Virk, Co-founder & MD, Finvasia
As we approach Budget 2024, we anticipate a continued focus on advancing India's digital public infrastructure, a key pillar for realizing the $5 trillion economy dream. I look forward to enhanced government initiatives fostering financial inclusion benefiting Bharat, not just India. On the tech front, I hope to see further progress in establishing AI Centres of Excellence. I also expect more policies to enable public-private partnership to boost end-use-cases of generative and predictive AI and increase its adoption in India. The fintech industry, as usual, will be the flag bearer of innovation. Government support, both in terms of policies and funding, will be instrumental in propelling the fintech sector to new heights of success.
Budget 2024 Expectations Live: 'Continued government support is vital for the transition to sustainable mobility'
Rohan Shravan, Founder and CEO of Tresa Motors
The government’s commitment to sustainable mobility and emission reduction is commendable. The key focus is on the FAME scheme, which provides crucial subsidies for electric vehicles. With FAME II subsidies likely to be exhausted this year, the proposed INR 40,000 - 50,000 crore for FAME III to cover more EVs is a positive step. Continued government support is vital for the transition to sustainable mobility. As advocates for this industry, we align with the ministry’s direction and are dedicated to collaborating with the government to realize this vision. Our request would be to incorporate incentives for the EV Heavy Commercial Vehicle and EV component manufacturers as well.
Budget 2024 Expectations Live: 'Hope budget will addresses the primary concerns of the textile and clothing industry'
Manjula Gandhi, Chief Product Officer, Numero Uno
"The Indian government's decision last year to allot Rs. 4,389.34 crore for the textile sector in the 2023–24 budget demonstrated its dedication to promoting development and innovation in our fast-paced sector. “The government appeared to be taking a forward-thinking stance by investing more resources, recognising the critical role that technology plays in enhancing the competitiveness of our business on a worldwide scale.” said Manjula Gandhi, Chief Product Officer, Numero Uno.
According to Ms. Gandhi, Chief product officer at Numero Uno, "We hope that Budget 2024-2025 addresses the primary concerns of the textile and clothing industry and propels us into a future defined by sustainability and growth, as we stand at the intersection of innovation and resilience in the industry." We look to the government in high regard and expect policies that support environmentally friendly sustainable practices, encourage technical innovation, and guarantee a favorable atmosphere for skill development. We hope to have a budget that not only protects the interests of the clothing and garment sector but also creates a prosperous foundation for the country by combining these many strands of support."
Budget 2024 Expectations Live: 'Address rising input costs through GST rationalization'
Arun Shukla, President and Director, JK Lakshmi Cement
"Amidst robust infrastructure development, we anticipate strong cement demand, spurred by increased budgetary support for roads, railways, rural projects, and further boosted by initiatives like PMAY. I would like to draw govt’s attention to help address rising input costs through GST rationalization and easing import duties on key materials like coal and petcoke. Additionally, budgetary support for sustainable practices and manufacturing innovation is vital. These steps, alongside improved logistics and export policies, will stabilize costs and enhance our contribution to India's sustainable infrastructure growth, marking a significant stride in the development of the cement and infrastructure sector."
Budget 2024 Expectations Live: Who holds the record for longest budget speech?
Finance Minister Nirmala Sitharaman set a record for delivering the lengthiest budget speech, speaking for two hours and 42 minutes during the presentation of the Union Budget for the fiscal year 2020-21.
Budget 2024 Expectations Live: 'Opportunity to formulate policies that further unlock the potential of fintechs'
Nalin Negi, Chief Financial Officer & Interim CEO, BharatPe
“As India sets sight on becoming a US$ 5 trillion economy by 2025, the upcoming Interim Budget offers a timely opportunity to formulate policies that further unlock the potential of fintechs in enabling financial inclusion and powering their growth. I am hopeful that the government will announce measures to increase capital availability for fintechs operating in underserved domains like rural credit, digital payments, and digital lending. Regulations around digital banking, data governance and emerging technologies have fueled the building of sustainable fintech businesses over the last year or so, and I am hoping that the budget will introduce additional measures that can aid credit growth, financial inclusion and digital enablement of financial services.
It would also be good to see tax benefits and favourable initiatives for research, product innovation and skill development being introduced, so as to encourage indigenization that can help India emerge as the global innovation hub. Additionally, in order to nurture the blooming startup ecosystem, the Government should further broaden the eligibility criteria and look at providing tax reliefs to employees in start-ups around Employee Stock Ownership (ESOPs). I am optimistic that this budget will set the stage for enhanced collaboration between fintech innovators and policy makers to nurture an ecosystem that can equitably power India's digital economic aspirations.”
Budget 2024 Expectations Live: 'Expecting a significant expenditure in urban mobility solutions'
Shivdutt Das, Executive Director, Vishwa Samudra Group
"The Govt. of India has done significant progress in infrastructure development over last few years. I am expecting more focus on India’s coastline and a significant expenditure in urban mobility solutions. These are what will take India one step closer towards being an infra major country and add to the building blocks of being a superpower."
Budget 2024 Expectations Live: 'We expect the budget to support persistent efforts of the logistics industry'
Ravi Jakhar, Chief Strategy Officer, Allcargo Group
''As India is emerging as a viable alternative for the global multinational companies for diversifying their manufacturing base, the accelerated development of logistics infrastructure and favourable policy formulations will play an enabling role in helping the country garner a larger share in the global manufacturing value chain. Therefore, we expect the upcoming budget to propose a continued capex push for transportation, port and digital infrastructure development to boost logistics efficiency and competitiveness in line with the vision and goals of National Logistics Policy. We expect the budget to support persistent efforts of the logistics industry to develop last-mile connectivity to facilitate the transformative growth of the SMEs through effective local and global value chain integrations, as they are the key growth drivers of the economy. In addition, we expect the budget to propose incentives to drive large-scale green or renewable energy adoption so that the industry can play a pivotal role in achieving the country’s net zero target.''
Budget 2024 Expectations Live: 'No big-bang measures are likely'
Suraj Pratap Malik, Whole-Time Director, Infomerics Ratings
This is a budget with a difference since it is a 'Vote on Account'. India has been the fastest-growing major economy for the third successive year. We are confident that India’s high growth is here to stay because of a renewed capex cycle, a well-capitalized banking system, robust credit growth, the surging housing sector, rising domestic consumption, robust investment, growing services exports, and “digitalization-driven productivity gains”.
No big-bang measures are likely. But there could be an accent on fiscal prudence, greater capex, higher infrastructure allocation, and stress on PPP arrangements. Some pro-farmer measures, new initiatives to boost manufacturing, expansion of the PLI scheme, Make in India, ease of doing business, MSMEs, thrust on infrastructure, no income tax rebate, inclusion of a waiver of tax collected at source (TCS) on individual overseas credit and debit card expenditures up to ₹7 lakh per year are likely. There could also be some measures relating to enhanced deduction under the individual policy and senior citizen, climate concern, green growth and ESG, and incentivizing start-ups.
The banking and finance sector could be given an impetus by greater integration of new technologies, attracting more foreign investments, enhancing digital skills, creating productive employment, providing additional incentives for women borrowers, support for smaller sectors like MSMEs and microfinance, stronger regulatory framework for fintech industry and higher loan-to-value (LTV) ratios in identified areas. No major direct and indirect tax change is expected.
Budget 2024 Expectations Live: 'Hope for a comprehensive approach that supports logistics sector's journey toward a more resilient future'
Gurdeep Singh, Founder & Chairman, Jujhar Logistics
We expect an upward trajectory for the logistics industry in FY 24-25. The predicted growth is based on dynamic expectations, which are supported by increased expenditures in infrastructure, technology-driven equipment, and a competent workforce. These strategic expenditures are critical for increasing efficiency and meeting the shifting demands of the supply chain.After the National Logistics Policy came into the picture, India is not only striving to streamline operations but also emphasizing technology-driven solutions. Thus, with this year’s budget allocation, the growth in the sector might be foreseen to outpace the GDP expansion, with the logistics market expanding 1.5 times the size of the GDP. Our budget expectations revolve around a comprehensive approach that supports the entire logistics sector's journey toward a more resilient, flourishing future, with an added focus on aligning with the booming real estate opportunities in 2024.
Budget 2024 Expectations Live: 'Need to ensure access to digital infrastructure, and promote financial inclusion'
Roshan S Bisht, Co-Founder & CEO, Asort.com
“As we look forward to the upcoming budget, it is essential to focus on policies that can realise its potential for transformation. We need to prioritize innovation, ensure access to digital infrastructure, and promote financial inclusion. This approach will empower Co-Commerce entrepreneurs from different backgrounds, driving economic growth and societal progress.
Alternatively, a key focus should be on balancing regulations and encouraging collaboration to unleash the full potential of the growing Co-Commerce space. The budget should address regulatory uncertainties, simplify tax structures, and promote partnerships between platforms, logistics providers, and government agencies. This balanced approach will create a prosperous Co-Commerce ecosystem that benefits everyone involved.
Moreover, the budget should go beyond just financial aspects and prioritize skill development and infrastructure. Investing in training programs and digital infrastructure is crucial for Co-Commerce success, relying on a skilled workforce and seamless connectivity. By addressing these basic needs, the government can provide aspiring entrepreneurs with the tools they need to realise the economic potential of Co-Commerce across the nation.”
Budget 2024 Expectations Live: Why was the budget presentation time changed to 11 am from 5 pm?
Up until 1999, the Union Budget was presented at 5 pm on the last working day of February. However, in 1999, Yashwant Sinha, during his tenure as India's finance minister from 1998 to 2002 under the Atal Bihari Vajpayee-led government, implemented a change in the practice. He recommended that the Budget presentation time be shifted to 11 am, citing the benefit of providing ample time for thorough analysis of the financial figures. On February 27, 1999, Yashwant Sinha broke tradition by delivering the Budget presentation in India at 11 am for the first time. Subsequently, this time slot has been consistently maintained for Budget presentations.
Budget 2024 Expectations Live: 'Railway will be the most important plug in the logistic space'
Ashwini Shami, Smallcase Manager, EVP & Portfolio Manager, OmniScience Capital
“We believe spending on defence will continue. India is looking to become an exporting hub for defence. We already have attachés from more than 80 countries. It has become a significant part of the economy and the market over the last five years inspiring tremendous excitement.
Overall, expecting the Amrit Kaal theme to continue from the budget - it will cater to the masses. Continued focus on capital expenditure is expected, in addition to the other focus areas that the government had maintained last year. This will be done while maintaining the fiscal deficit. No big announcement expected for the start-ups ecosystem, but the government will definitely be doing right by start-ups in the longer horizon. The government has done well in building the start-up ecosystem with the introduction of building blocks for start-ups; Aadhar and UPI.
Gift City is a beautiful example of the government’s start-ups focus, riding on technology transformation. Railway will be the most important plug in the logistic space. Dedicated freight corridors operational by end of FY '25. Focus on infra will continue in line with previous policies. We are also bullish on financial services.
There will be a need for capital formation and servicing companies for the same. Then of course, we are all positive about IT. The project pipeline in IT is quite healthy.
As for the markets, we foresee no Immediate reaction with the budget announcement. The announcement comes soon after the Fed announcement on the 31st, hence the market reaction for the next few weeks will be from a combination of the budget and the Fed announcement.”
Budget 2024 Expectations Live: What is expected of the budget regarding cryptocurrency?
Devrath Banerjee, Director, TresVista
Since this is an election year, the budget is expected to provide continuity to the government's previous initiatives without initiating any drastic reforms/additions. With the forthcoming budget, the financial sector is seeking a more comprehensive policy on cryptocurrency regulation, and the government is expected to create a regulatory framework that increases the ICRA's participation in the crypto market. The industry expects the government to rationalize the tax rates levied on Indian and foreign banks. RBI, SEBI, and IRDAI Regulators have started working together to ensure that financial innovation does not come at the cost of financial stability. The 2024 Union Budget is expected to make accommodations toward regulating the crypto and fintech sectors by setting up a separate inter-regulatory cooperation framework. The government has also been nudging banks to settle their foreign transactions via Indian rupees since July last year. Launching international trade in the Indian currency could lead to savings of $30-36 billion annually, reducing the pressure on the exchange rate. A push toward the same in this year's budget can be anticipated with increased incentives for banks. The dividends tax is another area where markets will be hoping for a change. Currently, a firm pays taxes on its profits, but at the same time, the shareholders are also taxed on their dividends, resulting in double taxation. Changes to rectify this anomaly can be awaited, with reforms to make dividends tax-free for shareholders.
Daniel Mazon, Vice Chairman & Managing Director, Philips Indian Subcontinent:
India has made rapid strides in the adoption of digital technologies in healthcare in the wake of Covid 19 pandemic. We have built on those foundations and taken steps that will provide tier-2 and 3 cities with access to quality healthcare through technology interventions. Greater investments in healthcare, as a percentage of GDP, will not only lower the cost of access to care but will also strengthen collaborations between the public and private players. The healthcare manufacturing ecosystem in India has also witnessed good advances as a result of the Government’s schemes such as PLI. Building on similar initiatives, we see potential for India to become a part of global healthcare landscape through the Government’s support in setting up Research & Development, Component and Software Development centres in the country. We look forward to these measures that will strengthen the healthcare outlook as we anticipate the 2024 Budget.
Yoshiyuki Kato, Managing Director, PEWIN, Panasonic Life Solutions India:
The 2024 budget is expected to be a multifaceted economic plan, targeting infrastructure, clean energy, personal spending, and strategic initiatives to propel economic growth and achieve national goals. There is an expectation to increase spending on infrastructure to boost economic growth and PLI schemes that will focus on key industries. Taking into account the perspective of the manufacturing industry, the ‘Make in India’ initiative will continue to take the central stage in the 2024 budget. Along with this, the prioritizing of the clean energy sector development, in line with the Pradhan Mantri Suryoday Yojana will become a telling case for progress in the coming period. Relief in taxation will leave individuals with disposable cash, with a concentration on tier 2 and tier 3 cities as possible growth drivers. As we look forward to the budget, Panasonic seeks to align its commitment to expansion and continued investment in India with the vision of the nation.
Anurag Kedia, Co-Founder, Pilgrim:
As we approach the 2024 Union Budget, our focus shifts to critical issues impacting start-ups. Recent notices from the IT department to start-up investors highlight the importance of clearer guidelines and transparency. This is crucial to reassure investors and foster steadfast support for start-ups.
Simultaneously, we advocate for essential tax benefits, a driving force for the growth of start-ups. Lower interest rates from banks serve as a foundational pillar, strengthening the financial bedrock of start-ups. Additionally, we look forward to incentives crafted to foster innovation and research, recognizing their crucial role in maintaining the energy and resilience of start-ups.
Our expectations for the upcoming budget underscore the need for clear rules and support for investment and innovation. These measures are pivotal for Indian start-ups today and resonate with the collective spirit of resilience and success across the broader start-up community.
Rachana and Vishal Gupta, Founders of Gynoveda:
As entrepreneurs navigating the dynamic landscape of startups, we carefully examine the budgetary terrain for its impact on our ventures. The recent allocation of Rs 25,449 crore to the Ministry of Women and Child Development in the 2023-24 fiscal year, a commendable 6% increase over the revised estimates of 2022-23, highlights a growing commitment to advancing women's welfare. Noteworthy is the fact that nearly 99.8% of the Ministry's total expenditure is directed towards revenue, emphasising the prioritisation of ongoing initiatives and programs.
As we eagerly await the unveiling of the 2024 Budget, our hope is for continued momentum in resource allocation towards initiatives that empower women-led startups, foster innovation, and contribute to the sustainable development of our entrepreneurial ecosystem.
Harkunwar Singh, Co-founder & CEO, Novatr:
The 2023-24 budget's 33% increase in capital expenditure on infrastructure (Rs 10 lakh crore, or 3.3% of GDP) delivered on its promise of boosting the economy and employment. A key component was the "sustainable cities of tomorrow" initiative, with a massive Rs 16,000 crore allocation. This transformed multiple cities with seamless infrastructure, improved mobility, and enhanced urban sustainability. Investing in energy-efficient, sustainable, and tech-enabled infrastructure is the core of India’s Smart Cities Mission. We emphasize the need for strategic investments in the tier 2 & 3 segments to ensure the equitable distribution of economic benefits and fosters comprehensive development across the nation. The allocation of resources to smaller cities and towns will not only bridge the urban-rural divide but also stimulate local economies, creating a ripple effect of prosperity. Buildings and construction consume nearly 55% of global electricity, making green buildings and sustainable practices not just buzzwords, but essential cornerstones of every project. Technology like Digital Twin leveraging BIM, holds immense potential in achieving this vision. It offers a powerful tool for optimizing resource utilization, identifying environmental impacts, and designing innovative solutions for a more sustainable future. Initiatives like the National BIM Roadmap, mandating BIM for central infrastructure projects, are paving the way. We, at Novatr, hope for bolder policy changes and greater investments in infrastructure in the upcoming budget to truly realise the India@2047 dream.
Floor leaders of various parties on Tuesday attended an all-party meeting convened by the government ahead of the Budget session of Parliament.
Defence Minister and Deputy Leader in the Lok Sabha, Rajnath Singh, Parliamentary Affairs Minister Pralhad Joshi and his deputy Arjun Ram Meghwal represented the government at the meet.
Congress' K Suresh, TMC's Sudip Bandopadhyay, DMK's T R Baalu, Shiv Sena's Rahul Shewale, Samajwadi Party's S T Hasan, JD(U)'s Ram Nath Thakur and TDP's Jayadev Galla were among the leaders present at the meeting at the Parliament House complex.
While it is traditionally the finance minister’s responsibility to present the Union Budget annually, there have been instances where the prime minister took on this role. The first occurrence was in 1958 when Finance Minister TT Krishnamachari resigned amidst the Haridas Mundhra scandal, leading Prime Minister Pandit Jawaharlal Nehru to present the budget.
In 1970, Prime Minister Indira Gandhi presented the budget following Finance Minister Morarji Desai’s resignation over the unconsulted nationalization of fourteen Indian private banks. Additionally, in 1987-88, Prime Minister Rajiv Gandhi presented the budget after Finance Minister VP Singh’s resignation.