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Business News/ Budget / Budget Expectations/  Budget 2024 Expectations Highlights: Here is what tourism, real estate, fintech, EV and other sectors demand from FM
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Budget 2024 Expectations Highlights: Here is what tourism, real estate, fintech, EV and other sectors demand from FM

Budget 2024 Expectations Highlights: FM Nirmala Sitharaman will present the budget on 1 Feb. Despite being an interim budget, various sectors including tourism, auto, FMCG, fintech, etc are hoping for major announcements. Catch latest updates on Budget 2024 expectations on LiveMint. 

Union Budget 2024 Highlights: Finance Minister Nirmala Sitharaman will present the last full-fledged budget of the Modi government before the 2024 Lok Sabha elections. (Ayush Sharma)Premium
Union Budget 2024 Highlights: Finance Minister Nirmala Sitharaman will present the last full-fledged budget of the Modi government before the 2024 Lok Sabha elections. (Ayush Sharma)

Budget 2024 Expectations Highlights: On February 1, 2024, Finance Minister Nirmala Sitharaman is set to present the final Budget under the current Narendra Modi government. Given that this Budget is ahead of the Lok Sabha elections year, it is expected to be an Interim Budget or a Vote on Account. The key question looms: will Finance Minister Nirmala Sitharaman unveil significant relief measures for income tax payers and salaried individuals? Speculations abound regarding potential revisions to income tax slab rates for FY 2025, impacting both the old and the new income tax regimes. Will there be efforts to enhance the attractiveness of the new income tax regime for taxpayers? In the previous year's Budget, FM Sitharaman instituted substantial changes in the new income tax regime, now the default tax structure. Furthermore, a historic capital expenditure was announced to stimulate economic growth. Follow Mint Online for live coverage of Budget 2024 expectations spanning various sectors.

30 Jan 2024, 07:40:11 PM IST

Budget 2024 Expectations Live: Beforest Lifestyle Solutions Pvt. Ltd CEO anticipates budgetary measures to boost green initiatives

"As we look forward to the 2024 Union Budget, there is a shared need for a greener, more sustainable path forward. We expect this budget to be a map pointing to a brighter future for our environment. Expectations are high for a budget that efficiently distributes resources, promotes environmentally friendly activities, and promotes green initiatives. Beyond the numbers, we are looking for a financial plan that not only promotes economic growth but also demonstrates a commitment to sustainability. The 2024 budget has the potential to be a transformative force, combining the present with a resilient and environmentally conscientious impact for future generations," said Sunith Reddy, CEO, Beforest Lifestyle Solutions Pvt. Ltd.

Catch Budget 2024 Live Updates

30 Jan 2024, 07:37:44 PM IST

Budget 2024 Expectations Live: ‘The budget shpuld focus on policy to boost AI capabilities,’ Bhaskar Ganguli of Mass Software Solutions

“As we approach Budget 2024, the focus is squarely on the digital frontier, with high expectations for a transformative approach to digital transformation and artificial intelligence (AI). As we see a future in which technology is a driving force, we expect smart resource allocations to push AI innovation and speed digital efforts. The upcoming budget is expected to serve as a catalyst, propelling our country towards a tech-driven society. Anticipation is high for policies that not only support the growth of digital ecosystems, but also prioritize the development of AI capabilities, providing a robust and competitive landscape consistent with the changing needs of our linked world," said Bhaskar Ganguli, Director Sales and Marketing, Mass Software Solutions Pvt. Ltd.

30 Jan 2024, 07:36:01 PM IST

Budget 2024 Expectations Live: ThoughtSol Infotech CEO pitches for allocation to boost digital innovation, strengthen cybersecurity, and enhance research and development

"The Union Budget 2024, looking forward to the IT sector, will be focused on the financial perspective. The emphasis on financial prudence aligns with our expectations. We expect a budget that highlights the critical role of technology in our economic landscape. Strategic allocations are expected to drive digital innovation, strengthen cybersecurity, and enhance research and development. The IT sector sees a budget that not only promotes sector growth but also promotes a skills development ecosystem, resulting in a future-ready workforce. As the development of technology speeds up, the 2024 budget is anticipated not just as a fiscal blueprint, but also as an accelerator for leading the IT sector towards sustainable excellence and worldwide competitiveness," said Vinet Kuumar, CEO, ThoughtSol Infotech Pvt. Ltd.

30 Jan 2024, 07:33:34 PM IST

Budget 2024 Expectations Live: Experts from IT and Sustainability Sector shares wishlist

 "The Interim Budget 2024's strategic focus on AI integration and digital infrastructure could pave the road for progress. A focused AI mission, as well as funds to revitalize areas like agriculture and healthcare research. Collaboration between the public and commercial sectors aims to accelerate innovation by splitting costs and allowing for faster progress.

Applied artificial intelligence (AI) takes the spotlight, optimizing infrastructure monitoring and financial procedures. National high-speed Internet access is part of the digital expansion, which is backed up by robust cybersecurity and data governance to ensure ethical usage.

The budget prioritizes AI expertise through a national skill programme that encourages collaboration between academia and business while also supporting AI startups. Tax advantages for AI adoption and open-source AI advocacy, encourage innovation and inclusivity. This comprehensive strategy aims to actively shape change rather than just predict it," said Lalit Mehta, Co-Founder and CEO, Decimal Technologies.

30 Jan 2024, 07:19:01 PM IST

Budget 2024 Expectations Live: Budget allocations for educational initiatives integrating behavioral aspects can boost workforce effeciency, says Strengths Masters founder

"As we approach the budget deliberations, it's imperative for the government to also recognize the quantifiable benefits of prioritizing behavioral skills development alongside technical skills. Research indicates that organizations with employees possessing strong behavioral skills such as interpersonal and emotional intelligence skills are more productive. Allocating budgetary support for educational initiatives integrating behavioral aspects can significantly impact our workforce's effectiveness" A study by the World Economic Forum suggests that by 2025, over 50% of all employees will need reskilling due to advancements in automation and artificial intelligence. Therefore, a strategic allocation of funds for behavioral skills development in academic curricula aligns with the evolving demands of the job market. Joint funding initiatives between government agencies, non-profits, and private organizations can leverage resources efficiently," said Abhishek Joshhi, Founder, Strengths Masters.

30 Jan 2024, 07:15:43 PM IST

Budget 2024 Expectations Live: India's chemical industry expects faster approvals for Capex realisation, R&D boost

“The budget is going to be an interim one, with no major paradigm shifts expected to be announced. However, as the specialty chemicals industry we hope to have some salient features that pave the way for an even brighter future for the sector. The specialty chemicals industry in India is going through a golden time today, as companies are aptly positioned to be partners of choice at a global level. This combined with India’s sparkling position in the global landscape offers many opportunities along the lines of Make In India, for India and for the world. In the budget we hope to have directives for faster approvals enabling realisation of CapEx from the private sector, incentives for R&D to foster innovation, easier access to imported materials that could reduce production costs and also incentives to boost export-competitiveness," said Jashan Bhumkar Director - Soujanya Group Leading manufacturer in specialty chemicals and pharma.

30 Jan 2024, 06:40:43 PM IST

Budget 2024 Expectations Live: More funds, access to new technologies, easing of tax rules, InsuranceDekho CEO suggest ways to boost startups

Stressing on the importance of startup growth in India and the need to boost startup growth, Ankit Agrawal, CEO and Co-Founder of InsuranceDekho expects the government to “introduce set aside more funds, provide access to newer technologies, ease tax rules, and further simplify regulatory requirements to encourage people to start their businesses."

In terms of personal finance, Ankit Agrawal suggests  exemption of insurance policies from GST, to bring down insurance premiums, and increment in the tax exemption limit under 80C to encourage savings.

30 Jan 2024, 06:09:04 PM IST

Budget 2024 Expectations Live:  Expect simplified regulations, heightened corporate governance, and incentives tailored for ESG, says ValuAble Managing Partner Siba Panda

Budget 2024 Expectations Live: Expressing eagerness for the end of funding winter, Siba Panda, Founder and Managing Partner, ValuAble, said that the “interim budget stands as a pivotal bridge, laying the foundation for sustained positive financial prospects. The rationalization of capital gains tax is sought to bolster capital inflows into the flourishing startup landscape, which has attracted a substantial $100 billion over the last six years."

“Post the interim budget of 2024, expectations abound for continued further provisions in Union Budget 2024 that specifically cater to the startup ecosystem. These may include simplified regulations, heightened corporate governance, and incentives tailored for Environmental, Social, and Governance (ESG) practices, all contributing to fostering sustainable growth," Siba Panda added.

30 Jan 2024, 05:30:03 PM IST

Budget 2024 Expectations Live: Fintech sector expects announcements related to regulations, licensing processes, and tax incentives

“A thriving Fintech ecosystem is crucial for driving digital adoption and innovation in India. We would like to see policy implementations around regulations, streamlining licensing processes, and offering tax incentives for Fintech startups in the upcoming budget. This will foster a dynamic environment where cutting-edge solutions like AI and Voice can flourish, propelling India's digital transformation," said Kumar Abhishek, CEO & Founder of ToneTag.

30 Jan 2024, 04:57:47 PM IST

Budget 2024 Expectations Live: Expect well defined action plans to boost digital infra and promote digital payments, says Rupyy CFO

“From the interim budget, we expect more well-defined action plans to strengthen digital infrastructure and promote digital payments for deeper financial inclusion. More robust and long term and clearly defined incentives for the adoption of EVs will also help in the growth of the auto finance sector. Inclusion of EV financing as a priority sector lending shall help and translate to lower cost and increase adoption. At large, fintech players are seeking a GST subsidy to enhance the accessibility of financial services and government benefits. With the fintech market expected to reach INR 11.36 Trn by FY 2028, we are aligned with the growth potential of the fintech sector in India and hope that the government will take steps to support the industry’s growth in the upcoming budget," said Mayank Thatte, Chief Financial Officer, Rupyy.

30 Jan 2024, 04:14:02 PM IST

Budget 2024 Expectations Live: Reliance General Insurance CEO calls for rise in health insurance premium tax exemption limit, introduction of tax deduction under section 80 C

Suggesting the importance to prirotise risk management and protection for the promotion of sustainable development goals in the upcoming interim budget, Rakesh Jain, CEO, Reliance General Insurance, said, “We recommend the government consider the following measures: raise the health insurance premium tax exemption limit to INR 75,000, decrease GST on electric vehicle (EV) insurance to 5%, offer subsidies or tax credits for comprehensive insurance on EVs, introduce a tax deduction for home insurance premiums under Section 80C, and provide tax incentives for cyber insurance, especially for small and medium enterprises, to bolster resilience against cyber threats and data breaches."

30 Jan 2024, 03:41:34 PM IST

Budget 2024 Expectations Live: Elephant in the Room's Abha Dandekar calls for larger allocation for mental health inititatives for accessibility, affordability, and stigma reduction

Identifying the persistent stigma associated with mental health issues and the need to enhance accessibility and affordability of treatments, Abha Dandekar, CEO & Founder, Elephant in the Room calls for enhanced budget allocations on mental health initiatives.

“In today’s world, it's crucial to recognize the importance of mental health, particularly in the workplace, and the impact it has on the well-being and productivity of employees. With the upcoming Union Budget ’24, our expectations stem from a hope for increased allocations towards mental health initiatives, particularly in accessibility, affordability, and stigma reduction. Provisions that prioritize the implementation of supportive policies for mental health in the workplace and initiatives that encourage an environment of inclusivity and well-being for employees are the need of the hour. This would not only benefit the workforce but also contribute to the overall economic prosperity of the nation. The budget also presents an opportunity to further empower women entrepreneurs in the mental health sector, through dedicated programs and incentives that promote their active participation and leadership. We are optimistic that the budget will reflect the government's commitment to the subject and create a favorable environment for the growth and development of mental health support systems in India," said Abha Dandekar.

30 Jan 2024, 03:23:27 PM IST

Budget 2024 Expectations Live: Gaming industry seeks clarity on long-term regulatory framework

Government's support for the online gaming industry has been a crucial factor for fostering innovation in game design and development, believes Rahul Tewari, Chief Financial Officer, Games24x7.

"While we received a lot of clarity pertaining to the online gaming industry in 2023, the sector now seeks clarity on the long-term regulatory framework. This would help in bringing FDI to propel the growth in adoption of gaming content within India and for developing online games for international markets," said Rahul Tewari, Chief Financial Officer, Games24x7.

30 Jan 2024, 03:02:46 PM IST

Budget 2024 Expectations Live: Vestige Marketing MD Gautam Bali expects introduction of social security scheme for gig workers

Pointing out towards immense potential in the country's direct-selling industry to boost entrerpreneurial and economic advancement, Gautam Bali, MD of Vestige Marketing, said, “ We look forward to regulatory frameworks and policies that can sustainably strengthen ethical business practices. Additionally, we hope for potential tax reforms that can create a more favourable environment for the industry. The government's emphasis on infrastructure development is commendable which is likely to have a significant impact on trade and commerce in the country."

 He also expressed hope of the introduction of “social security scheme for gig workers, acknowledging their valuable contributions to the economy." 

“This positive outlook is in sync with the broader optimism expressed by industry leaders regarding the sector's impact on entrepreneurship and economic progress in India. The Government of India emphasised the potential of direct selling industry as a significant source of self-employment and encouraged companies to offer quality products at fair prices in the interest of consumers. Furthermore, the organised players of the industry are strengthened as they can pave the path for women and youth empowerment, thereby igniting their dreams and ambitions," Gautam Bali added.

30 Jan 2024, 12:49:17 PM IST

Budget 2024 Expectations Live: A major focal point for the Government continues to be affordable housing

Sandeep Runwal, President of NAREDCO Maharashtra, highlights the real estate industry's pivotal role in the economy as the second-largest employment generator and underscores its potential for transformative changes. Anticipating the 2024-25 budget announcements, the sector awaits measures that could profoundly impact its trajectory. Acknowledging the reforms and incentives implemented by both Central and State governments in the previous year to stimulate economic growth, Runwal emphasizes the sustained momentum in the real estate sector.

30 Jan 2024, 12:47:50 PM IST

Budget 2024 Expectations Live: EV sector on Battery swapping policy

R K Misra, Co-Founder and President -Ecosystem Partnerships, Yulu emphasized the importance of establishing and implementing a National Battery Swapping Policy, which would offer clarity on incentives, taxation, certifications, and network expansion. The company considers this policy crucial for enhancing investors' confidence. Additionally, Yulu urged for a GST reduction (to 5%) on Li-ion battery packs utilized by Battery as a Service (BaaS) operators, aligning it with the tax rate for battery-fitted Electric Vehicles (EVs). Furthermore, Yulu advocated for a reduction in GST on transactions related to EV charging and battery-swapping from 18% to 5%. This proposed adjustment aimed to benefit price-sensitive retail customers and foster the growth and adoption of institutional setups for charging and battery management."

30 Jan 2024, 12:23:47 PM IST

Budget 2024 Expectations Live: Online gaming players seek long-term clarity and a progressive taxation regime

“The online skill gaming has been on an explosive trajectory these last few years. With the right regulatory support, this sector has the potential to not only create a thriving ecosystem for gamers and game developers but also to showcase the prowess of Made in India games on the global stage," Namratha Swamy, COO, MPL, said.

“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," Swamy added.

“Additionally, we are hopeful that the budget will pave the way for the establishment of dedicated courses in gaming. These courses will play a pivotal role in nurturing the next generation of game developers and professionals, ensuring a steady supply of skilled talent to fuel the industry's growth," he further added.

“I look forward to the upcoming financial budget with optimism, as we believe that the right policies and support from the government will propel the online skill gaming industry to greater heights, benefiting the economy in our march towards making India a $5 trillion economy," according to Swamy.

30 Jan 2024, 12:17:44 PM IST

Budget 2024 Expectations Live: Tourism expert calls for policies and incentives that help to enhance travellers

“We are optimistic about the potential for impactful economic measures being introduced by the Government to enhance India’s travel and hospitality infrastructure. Initiatives like the introduction of new airports, new terminals at existing airports and expansion of flight routes, coupled with the growing popularity of domestic destinations, also represent substantial new opportunities that are unfolding in India," Sumit Prakash, Country Director, India and South Asia, Collinson, said.

“Since the return of travel last year, we have already seen more Indian travellers placing a heightened value on travel experiences as well as travel related rewards and benefits. Policies and incentives that help to enhance travellers’ experiences can effectively give the sector an even greater boost," Prakash added.

“Businesses are now presented with more opportunities to leverage the growth of the travel industry by designing strong, travel-experience focused customer engagement propositions that serve to engage and build stronger relationships with their most valued customers," according to Prakash.

30 Jan 2024, 11:50:38 AM IST

Budget 2024 Expectations Live: Education sector calls for a review of 18% GST on education services

“Anticipating the Interim Budget 2024, our expectations center around fostering the growth of startups and establishing a robust policy framework for an enduring ecosystem. To promote research and development in the education sector, we call for a review of the 18% GST on education services, aiming to alleviate financial burdens. In this budget, emphasis must be placed on skill development, accompanied by a crucial need for the recognition of online degrees, which enhances the credibility and overall operations of EdTech firms," Akshay Munjal, Founder & CEO, Hero Vired, said.  

“Additionally, we anticipate comprehensive support through priority-sector lending, facilitating all-encompassing expansion for both conventional and modern education. To forge a digitally proficient and futuristic educational system, the acceleration of technological adoption to boost the skilling industry is paramount. Smooth access to funds becomes equally critical in this pursuit. The budget's potential to invigorate the EdTech sector lies in expediting innovation, improving accessibility, and fostering inclusivity through policies that create a harmonious environment for sustained progress," Munjal, added.

30 Jan 2024, 11:30:16 AM IST

Budget 2024 Expectations Live: Expert expects NHAI to reduce borrowing and therefore road development project costs

“India is all set to touch USD 4 trillion in real GDP in 2024. The union budget 2024 is likely to sustain the infrastructure spending spree. The full budget in July is likely to see a fiscal expansion. I expect a greater approved budget for NHAI to reduce borrowing and, therefore road development project costs. Also, I expect a higher outlay on local manufacturing of railway coaches for Amrit Bharat and Vande Bharat trains, and the development of railway stations, airports, and ports. Combined with an interest rate cut by the RBI, the budget will be one among a long series of budgets for transforming India’s manufacturing and infrastructure sectors and pushing for India’s green transition. The startup revolution in India has taken off in a big way and a select few matured startups have grown sufficiently to go public. The honourable FM may like to consider the simplification of the regulatory framework for IPOs, for startups to leverage the power India’s equity markets. We are likely to touch a 7% real GDP growth rate comfortably," Rahul Garg , Founder & CEO, Moglix, said.

30 Jan 2024, 11:19:22 AM IST

Budget 2024 Expectations Live: What Indian startup seek

“The Indian startup sector, if nurtured well, has the potential to significantly accelerate commerce in the country, elevate people’s lives and fastrack the journey of India’s internet economy to $1 trillion by 2030. While the early initiatives have helped establish India as the third largest startup ecosystem, the next decade of growth would be set by the decisive calls taken now in strengthening the ecosystem." Nitya Sharma, Founder and CEO, India’s foremost Checkout Network, Simpl, said. 

“This year’s Vote on Account followed by the full year’s Union Budget should view startups as the sunrise sector, provide easy financing for sellers akin to MSMEs and open up more avenues in the era of Unbundling of E-commerce which has started with ONDC. We would expect a greater collaboration between the government and industry in further simplifying the Ease of Doing Business in India and resolving bottlenecks swiftly," Sharma, added.

30 Jan 2024, 10:49:01 AM IST

Budget 2024 Expectations Live: Travel, tourism and hospitality industry  wishlist

“The travel, tourism and hospitality industry is one of the biggest contributors to India's GDP. Knowing this, the GOI had in the past budgets put a greater emphasis on the industry’s growth via a multifaceted approach towards building air, road & train infrastructure, focused on last mile connectivity, upskilling of Human Resources working in the sector, providing financing opportunities to small and medium sized enterprises, etc," Pranav Dangi, Founder & CEO, The Hosteller, said.

“It will be expected of the government to further push for significant improvement in these areas and keep the momentum going towards overall growth of the industry. tive to the industry’s continued, healthy, and sustainable growth. India’s vision of 2047 for a new India cannot be complete without additional and immediate measures for the hospitality industry such as inclusive growth for all (specially women), infrastructural and technological advancements, reducing GST rates to bring it down to comparable rates of 5-6% prevalent in South East Asian countries, providing a single window clearance approval system for granting licenses for rapid development of hotel industry and foster the industry in adding more inventory in the market to bridge the supply demand gap," Dangi added.

30 Jan 2024, 10:37:10 AM IST

Budget 2024 Expectations Live: What does Crypto, and digital payment sectors' expert expect?

“We know that fintechs and regulators are increasingly working together to make things more stable and standardized for legitimate companies, in turn, driving higher trust in the ecosystem. It's also clear that collaboration and partnerships, and not competition, are the way to drive financial inclusion. As we adopt smarter and safer digital solutions, combined with responsible business models, getting credit will be easier and safer from fraud. Self-regulatory organizations (SROs) will address specific issues in the sector and help it reach its full potential. The online credit industry is pushing for stronger ties with digital banking units (DBUs) and expanding UPI for digital lending," " Kunal Varma, CEO and Co-founder of Freo, said

“Introducing credit on UPI will lead to innovative sachet credit offerings and make small-ticket lending more efficient and affordable. It has the potential to completely transform how affordable credit reaches the last mile and across customer segments. At the same time, this opportunity will also test industry players on their ability to evolve and adapt," Varma added.

30 Jan 2024, 10:35:51 AM IST

Budget 2024 Expectations Live: Will more deductions for home loans, boost affordable housing?

“Increasing the tax deduction limit will make home loans more attractive, reducing the net cost of borrowing for home buyers. This can lead to a rise in demand for affordable homes, which in turn can spur the construction and real estate sectors, creating a positive economic ripple effect. A higher rebate will put more disposable income in the hands of the people who are the primary target customers for budget housing. This not only provides a boost to the housing and real-estate sector but also ancillary sectors, while pausing a significant sentiment boost," Kunal Varma, CEO and Co-founder of Freo, said.

“Home loan rates have increased due to factors such as central bank interest rate hikes. An average home loan customer is now paying higher interest than a few years ago, in addition to homes becoming more expensive, due to increase in commodity prices (steel, cement etc.). This would be a welcome move that would end up as additional savings in consumers’ pockets," Varma added.

 

30 Jan 2024, 10:19:27 AM IST

Budget 2024 Expectations Live: Fintech expert calls for dedicated ecosystem

“We expect the Interim Budget 2024 to recognize the potential and challenges of FinTech and provide an ecosystem to support and enable it to operate. VoloFin supports the continuous growth of exporters, from SMEs to large corporations, across industries and geographies, and delivers instant liquidity with no collateral through our state-of-the-art technology platform. We hope that the government will facilitate the adoption of trade financing, simplify tax and compliance standards, and promote financial digitization and innovation," Roshan Shah, Co-founder & CEO, VoloFin, said.

30 Jan 2024, 10:18:23 AM IST

Budget 2024 Expectations Live: ONDC calls for regulatory certainty with respect to GST and TDS compliances

“This year's budget will be crucial for the ONDC ecosystem of small startups, MSMEs, and large businesses across the country. As India pursues ambitious targets of inclusive digitisation and high growth, we expect further steps to ease doing business, especially for small enterprises looking to digitise," ONDC spokesperson shared.

“We commend the Government's progress in bringing regulatory certainty with respect to GST and TDS compliance for ONDC Network Participants. Such moves are critical for small businesses and startups that are on the Open Network. We look forward to such continued efforts and initiatives to bring greater regulatory certainty in other domains, too," they added.

“Additionally, the ongoing modernisation and digitisation of logistics infrastructure through initiatives like PM GatiShakti and the National Logistics Policy is praiseworthy. Robust logistics will enable especially MSMEs and startups to fully leverage opportunities created by India’s Digital Public Infrastructure like ONDC Network," further added.

 

30 Jan 2024, 09:54:43 AM IST

Budget 2024 Expectations Live: Auto sector expects innovative policies to accelerate sustainable mobility

“Last year’s budget paved a path to higher adoption of EVs in India resulting in a sharp shift of customer mental models to make more greener & smarter choices. With the rise of marketplaces and digitisation in India, it is becoming a convenience first nation that is also setting high benchmarks globally. This year as a public listed company, we at Zoomcar anticipate the Union Budget 2024 to pave the way for innovative policies that accelerate sustainable mobility solutions and drive economic resilience which will help customers with cost effective solutions and mobility apps to support the evolution of transportation in the automobile industry," Greg Moran, CEO and Co-Founder Zoomcar, said.

30 Jan 2024, 09:53:24 AM IST

Budget 2024 Expectations Live: What housing expert has to say?

"We are optimistic to see a potential positive change in the budget, especially in the affordable housing sector, in this election year. The government stands with an opportunity to revisit and update the limit, which is set as 45 lakhs currently, for affordable housing. With the hike in property prices over recent years, a thoughtful adjustment of this limit, perhaps to 60-65 lakhs, would create avenues for the expansion and availability of affordable homes. With this adjustment, there could be a significant contribution to making housing more accessible and catering to the needs of a broader segment of the population. While we may not anticipate major budgetary changes in other areas, there is a hopeful prospect for positive developments in the realm of affordable housing," Nagaraju Routhu, CEO of Experion Developers, opined.

30 Jan 2024, 09:11:46 AM IST

Budget 2024 Expectations Live: Spiritual tourism to be in focus, says expert

“The past year has been extremely exciting for the travel & tourism sector; especially with the government’s increasing focus on boosting domestic & inbound travel. India is on track to be the fastest-growing aviation market in the world in the next decade. The rising trend of domestic air travel from tier 2,3,4 cities is encouraging, and we hope to see the budget continue to allocate resources for the development of infrastructure, technology, and safety measures at existing and new airports in these cities under the UDAN scheme," Aloke Bajpai, Co-founder & Group CEO, ixigo, said.

“ Spiritual tourism is poised to be a key focus this year, and we anticipate more measures aimed at enhancing infrastructure, and accessibility, including last-mile connectivity in spiritual and cultural hubs across India. The Indian Government has been actively developing religious destinations and pilgrimage centers to encourage spiritual tourism under the Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASAD Scheme). This effort has led to a remarkable transformation in Varanasi's tourism sector, primarily driven by the revitalized Kashi Vishwanath corridor and the Central government's renewed commitment to promoting religious tourism. Since its opening in December 2021, Kashi Vishwanath Dham has attracted an unprecedented 100 million visitors. In contrast, the number of visitors had previously been a mere 8 million before the renovations," he added.

"Similarly, it is anticipated that with the recent inauguration of the Ram Mandir in Ayodhya and the recent launch of the new Ayodhya airport, Ayodhya may attract similar footfalls of visitors. Such steps will undoubtedly improve connectivity in regions where trains or buses may be the primary mode of transportation. Furthermore, considering that aviation turbine fuel (ATF) constitutes a significant portion of operational costs for airlines, any waivers or support for the airline sector would greatly benefit the industry. Bringing the Aviation Turbine Fuel (ATF) cost down to pre-pandemic levels presents significant opportunities for India's aviation sector, serving as a crucial factor in improving air travel accessibility," Bajpai explained.

 

30 Jan 2024, 08:07:43 AM IST

Budget 2024 Expectations Live: Textile sector expectations

“With the 2024 Union Budget looming on the horizon, Greaves Cotton anticipates a nuanced approach by the Government to balance fiscal responsibility with investments in the economy to stimulate economic growth. In addition to social welfare initiatives to improve the ease of living of our populace, the company expects measures to boost consumption and an enabling environment to drive both private and corporate investments in the economy. Being an engineering major, Greaves is anticipating continued thrust on making India a manufacturing powerhouse, deeper investments in Infrastructure development and continued policy support in new-age industries like fuel agnostic and clean mobility, Electronics, and Sensors, amongst others, to enable India's leapfrog to the future," Nagesh Basavanhalli, Non-Executive Vice Chairman, Greaves Cotton Ltd, said.

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