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Business News/ Budget / Budget Expectations/  Budget 2024 Expectations Live Updates: Salaried Class expects higher standard deduction, tax bracket adjustments
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Budget 2024 Expectations Live Updates: Salaried Class expects higher standard deduction, tax bracket adjustments

Budget 2024 Expectations Live Updates: Union Finance Minister Nirmala Sitharaman is set to present the Budget for the fiscal year 2024-25 in the Lok Sabha on July 23.

Budget 2024 Expectations Live Updates: What industry expert expects from FM Nirmala SitharamanPremium
Budget 2024 Expectations Live Updates: What industry expert expects from FM Nirmala Sitharaman

Budget 2024 Expectations Live Updates: Prime Minister Narendra Modi is scheduled to meet with distinguished economists on Thursday to gather their perspectives and recommendations for the upcoming fiscal year. This meeting, which will also include Niti Aayog Vice Chairman Suman Bery and other key members, aims to influence the first major economic policy of Modi’s third term.  In preparation, FM Nirmala Sitharaman has engaged in extensive discussions with various stakeholders, including economists and leaders from the Indian industry.

11 Jul 2024, 01:37:19 PM IST

Budget 2024 Expectations Live: Mukul Goyalm says Union Budget 2024 expected to focus on workforce development and MSME job creation

Mukul Goyal, Co-Founder of Stratefix Consulting, said, “We anticipate that the Union Budget 2024 will introduce significant initiatives to assist workforce development and job creation for MSMEs in India. One crucial area is improved skill development. The budget should allocate significant funding for upskilling and reskilling programs, particularly in automation, artificial intelligence, and data analytics. Providing future-ready skills will enhance employability and foster creativity in MSME workforces."

“According to the National Skill Development Corporation (NSDC), only 10% of Indian workers receive formal training compared to 60-90% in wealthy nations. Closing this gap should be a primary concern. The government should also offer tax breaks and subsidies to MSMEs investing in staff training and development to promote ongoing learning and adaptability."

11 Jul 2024, 01:34:15 PM IST

Budget 2024 Expectations Live: Key expectations include interest subsidy programs to make home loans more affordable

Anoop Bhargava, Director and CEO of Empire Centrum, “The real estate sector in India has high hopes for Union Budget 2024-25, anticipating reforms to boost housing, office spaces, and commercial areas. Key expectations include interest subsidy programs to make home loans more affordable, strategic use of government land to lower project costs, and tax incentives to counter rising raw material and land prices. The industry also seeks the revival of the Credit-Linked Subsidy Scheme (CLSS) and reduced stamp duty to enhance affordability. Additionally, granting 'industry status' to the housing sector and incorporating real estate under GST with a simplified structure could spur growth and investment. The commercial real estate segment seeks tax credits and incentives for redeveloping older areas and digital transformation initiatives. Meeting these demands could revitalize affordable housing, stimulate job creation, and position the real estate industry as a key driver of economic growth."

11 Jul 2024, 01:32:39 PM IST

Budget 2024 Expectations Live: Karan Aggarwal expect populist initiatives in budget to boost consumption and key sectors

Karan Aggarwal, Co-Founder & Chief Investment Officer, Elever,  said, "With setbacks in recent general elections, this budget is widely expected to see some populist initiatives such as tax sops for the middle-class and increased handouts for rural populations which would boost private consumption expenditure and thereby would be a big boost for sectors such as consumer, tourism, auto and real estate alongside consumer finance companies. To finance additional social sector expenditures, the government can set aggressive divestment targets which would be a litmus test for PSU and PSU Banks valuations that have seen quite a massive run-up in the last few years. Having said that, bumper RBI dividend, better than fiscal deficit, and improved rating outlook leave enough leeway for the government to continue the policy of double-digit growth in infrastructure expenditure and export-driven manufacturing sops which would be a positive for sectors like green energy, PSUs, railway, defence, infrastructure, construction, building material and manufacturing".

11 Jul 2024, 01:30:36 PM IST

Budget 2024 Expectations Live: FedEx look forward to transformative measures to accelerate sustainable growth in the logistics sector and propel India towards its USD 5 trillion economy goal

Suvendu Choudhury, VP, FedEx, India Operations and CE MEISA

2024 ESG Pre-budget expectation quote, said, “In the forthcoming budget, we look forward to transformative measures to accelerate sustainable growth in the logistics sector and propel India towards its USD 5 trillion economy goal. We anticipate substantial budget allocations for electric and alternative fuel vehicles, renewable energy investments, sustainable supply chains, and smart logistics hubs. Integrating sustainability into logistics will catalyze India’s economic growth and enhance the country’s global trade competitiveness."

“However, the government alone cannot create a sustainable India. The private sector must also help by incorporating environmentally sustainable solutions, , investing in our communities, supporting education, and fostering inclusive workplaces. This collaborative effort will create a ripple effect that benefits society at large."

11 Jul 2024, 01:28:48 PM IST

Budget 2024 Expectations Live: Arun Shukla, President and Director, JK Lakshmi Cement shares his expectations

Arun Shukla, President and Director, JK Lakshmi Cement, “At JK Lakshmi Cement, we eagerly anticipate the Union Budget 2024 to further propel India's development initiatives. As a key player in the construction materials domain, we hope the government will prioritize robust budgetary allocations and policy measures to bolster projects across the country. We welcome the Government of India's commitment to fostering growth, sustainability, and inclusivity. The significant increase in infrastructure outlay to INR 11.11 lakh crores and the emphasis on green growth demonstrate the government's pursuit of economic excellence."

 

“Sustainable and resilient development should be at the forefront of the budget's agenda. Furthermore, we expect the budget to address the pressing need for skilled manpower in the sector. Dedicated provisions for skill development and training programs will be instrumental in bridging the talent gap and ensuring the successful execution of ambitious projects. Aligned with the vision of 'Viksit Bharat' by 2047, we remain committed to contributing to the nation's economic excellence while creating opportunities across the ecosystem through accelerated growth."

 

11 Jul 2024, 01:26:40 PM IST

Budget 2024 Expectations Live: Reducing GST rates on online learning will make it more affordable, says, Vinay Konanur, Vice President

Vinay Konanur, Vice President – Emerging Technology, UNext Learning, said, "Technology has made education more accessible, breaking down geographical and linguistic barriers. Today, any individual with internet access can potentially access mainstream education and upskilling programs, regardless of their location or language. However, cost remains a significant challenge for the learners. Reducing GST rates on online learning will make it more affordable, enabling equal access to education and further democratizing knowledge.

With Generative AI shaping the future, it's crucial to make this technology widely available through AI hubs and centres of excellence. This will also support the MSME sector, the economy's backbone, which requires skilled professionals to assist and enable its AI transformation. There is also a growing need to establish national e-learning standards and accreditation processes that will bring order and trust to the industry, enabling sustainable growth and development. By fostering a more inclusive and skilled workforce, we can unlock economic growth and societal progress. Ultimately, democratizing access to education and AI will empower individuals and communities to reach their full potential."

11 Jul 2024, 01:00:12 PM IST

Budget 2024 Expectations Live: Expectations of the EV industry from budget and FAME 3 subsidy

Aryaman Tandon, Managing Partner, Praxis Global Alliance for the Mobility sector, “The Electric Vehicle (EV) market in India, though still in its early stages, has seen significant growth, driven by multiple government initiatives. These include tax incentives for EV owners, the establishment of public charging infrastructure, the PLI scheme for local manufacturing, and incentives under the FAME I and II schemes. The FAME II scheme alone supported the sale of over 1.4 million electric two-wheelers (e2Ws), 175,000 electric three-wheelers (e3Ws), and 20,000 electric four-wheelers (e4Ws), increasing EV penetration to over 5% for e2Ws and 2% for e4Ws. To reach its ambitious target of 30% EV penetration by 2030, continued government support is essential. As EV manufacturers invest heavily in research and development to reduce costs, government assistance is needed to make EVs more affordable and narrow the price gap with internal combustion engine (ICE) vehicles. The industry also hopes that the FAME scheme will expand to include private buses and commercial vehicles (CVs), which have so far been limited to State Transport Undertakings (STUs). Reducing customs duties on imported EV components as well as supporting local R&D in battery technology and other fields, as seen in the last budget, will further accelerate local manufacturing and create jobs. Additionally, subsidizing EV financing and simplifying the GST structure on EV components and batteries will reduce costs and make EVs more accessible to consumers. As we continue this growth in EV adoption, ongoing government support through EV sales incentive/subsidy for consumers and auto makers, simplified tax structure, subsidized financing, and a boost to local manufacturing will help achieve the net-zero emissions goal."

11 Jul 2024, 12:07:07 PM IST

Budget 2024 Expectations Live: Sanjiv Bajaj of Bajaj Capital Highlights Innovative Digital Loan Solutions with Lark Finserv

Sanjiv Bajaj, MD & Joint Chairman of Bajaj Capital, said, “Bajaj Capital is always focused on delivering value to its clients. With Lark Finserv, we are confident that their innovative digital solutions will facilitate quick credit enablement against investors' securities. Clients today want fast and efficient loans against mutual funds, and Lark Finserv ensures timely access to funds for clients."

Key Features of Lark Finserv’s Digital Loan Against Shares and Mutual Funds:

· Fully Digital Process: From application to disbursal, every step is conducted online, eliminating the need for physical documentation.

· Quick Approvals: Leveraging advanced algorithms, Lark Finserv offers rapid loan approvals, ensuring funds are available when needed.

· Competitive Interest Rates: Clients benefit from attractive interest rates, making it a cost-effective solution for meeting urgent financial needs.

· Flexible Loan Amounts: Loans are tailored to the value of the shares and mutual funds, providing personalized financial solutions.

· Secure Transactions: Robust security measures are in place to protect client information and ensure safe transactions.

Lark Finserv enables clients of these platforms to access funds against securities just in time, enhancing financial flexibility and convenience. Lark Finserv invites all investors to explore this new offering and experience the benefits of a streamlined, digital lending process.

11 Jul 2024, 12:05:02 PM IST

Budget 2024 Expectations Live: CoinSwitch Co-founder Ashish Singhal advocates for favorable VDA tax policies in Union Budget 2024-25

"As the government prepares for the upcoming Union Budget 2024-25, we urge them to create a conducive regulatory and tax environment that supports the burgeoning digital economy and fosters innovation. The current taxation framework for Virtual Digital Assets (VDAs), introduced over two years back in the Feb 2022 Budget, has led to unintended consequences even for the Govt and the exchequer, primarily via a massive shift in VDA transactions to offshore platforms, impacting tracking and tracing of such transactions.

We believe that with a new Government in place, and to capitalise on India’s Web3 opportunity, a relook at the tax treatment on VDAs in the July 2024 Union Budget will be very timely. Some of our budget recommendations are as follows:

Reduce TDS Rate on VDAs: Lower the rate of TDS on the transfer of VDAs from 1% to 0.01% under Section 194S to bring the majority of VDA transactions within the tax oversight mechanism, to improve tax compliance, and prevent capital flight.

Allow Loss Offset: Allow the offset of losses similar to other sectors to encourage responsible trading practices and reduce the risk of tax evasion.

Re-examine Flat 30% Tax Rate: Re-examine the flat rate of 30% applicable to income from the transfer of VDAs to ensure parity with other tech-enabled sectors.

Additionally, the threshold of 10,000 / 50,000 can also be revisited. Most of the crypto sellers (mainly individuals) are in the low-income bracket. Increasing the threshold will reduce the administrative burden on the tax department in processing refunds.

These adjustments can help the government create an environment where digital assets can thrive, contribute significantly to economic growth, and achieve the vision of steering India towards becoming a $5 trillion economy."

11 Jul 2024, 12:02:00 PM IST

Budget 2024 Expectations Live: ‘Real estate sector is crucial to the economy, accounting for around 8% of total GDP,’ says Amit Jain, Chairman & Managing Director Arkade Developers

Amit Jain, Chairman & Managing Director Arkade Developers, said, “As the real estate sector evolves with innovative technologies and tailored infrastructure, it is crucial for the sector to have an ‘Industry status’ in the Modi 3.0 budget 2024. It is also critical to include the real estate industry in the GST under a one-nation, one-tax framework. The sector is crucial to the economy, accounting for around 8% of total GDP. It is also the second largest employer after agriculture, and over 200 auxiliary industries rely on it. As a result, the government should take proactive measures to increase demand, rationalize costs, and minimize regulatory bottlenecks. While residential real estate is experiencing a significant surge with historic high numbers, additional tax relief for individuals is essential to combat rising inflationary pressures. This can potentially be accomplished by increasing the deduction for interest on home loans from INR 2 lakhs to INR 5 Lakhs. The current surge in interest rates has resulted in higher Equated Monthly Installments (EMIs) for homebuyers, limiting fund utilization, thereby limiting the potential of the sector at large."

11 Jul 2024, 11:51:59 AM IST

Budget 2024 Expectations Live: Government needs to focus on strategies that encourage spending and investment, says Avneet Singh Marwah, CEO, Super Plastronics Pvt Ltd

Avneet Singh Marwah, CEO, Super Plastronics Pvt Ltd, Exclusive Brand Licensee of Blaupunkt TVs in India, “To help boost the economy and tackle rising inflation, the government needs to focus on strategies that encourage spending and investment. Simplifying GST rules, investing in job training, and changing tax brackets for consumers are essential steps. Keeping the 15% corporate tax rate for new manufacturing ventures would attract both local and international businesses to set up shop in India. Additionally, expanding the Production-Linked Incentive (PLI) scheme in the electronics sector can help Indian manufacturers grow."

11 Jul 2024, 11:22:25 AM IST

Budget 2024 Expectations Live: Senior Fund Manager share budget expectations

Chandraprakash Padiyar, Senior Fund Manager, Tata Asset Management, said, “The most important aspect of the upcoming budget would be the Fiscal Deficit target for FY25 and trajectory for FY26. Finance Minister, in her pre-election budget, had reiterated the government’s intention to adhere to fiscal discipline with a target to achieve a deficit of 5.1% for FY25 and below 4.5% for FY26. India has recently opened its doors for foreign investors to invest in fixed income (Select Government securities) market and it would be important to deliver on promised pathways for annual borrowings."

 

11 Jul 2024, 09:03:09 AM IST

Budget 2024 Expectations Live: The startup ecosystem in India has entered the next stage, says Brijesh Damodaran Co-Founder & Partner, Auxano Capital

Brijesh Damodaran Co-Founder & Partner, Auxano Capital, said, "The startup ecosystem in India has entered the next stage. Need more domestic capital to be allocated in this space. Additional tax incentives ( say, the Ist 20% of profit on sale/transfer of holdings will be exempt from tax ) to the investors and promoters will go a long way in this direction. The sector needs domestic capital.'"

11 Jul 2024, 09:02:19 AM IST

Budget 2024 Expectations Live: Incentivise and increase the participation of Indian institutional investors to become significant LPs in local VC funds, says Shyam Menon, Co-founder & Partner of Bharat Innovation Fund 

Shyam Menon, Co-founder & Partner of Bharat Innovation Fund, said, "As an early-stage VC fund that originated in India, we feel it's important to incentivise and increase the participation of Indian institutional investors to become significant LPs in local VC funds. This will very much help reduce the time taken by most local funds to raise funds of meaningful size which can then be deployed to catalyse the fast-growing startup ecosystem in the country. As a fund focused on deep tech, we would also like to see increasing investment in fundamental and applied science research in bleeding-edge areas at the leading academic institutions and research labs across the country. This will help create the fertile ground for disruptive tech IP to be created by researchers and academics which can then be commercialised via deep tech startups that can go global from India."

11 Jul 2024, 09:00:47 AM IST

Budget 2024 Expectations Live: Rationalization of GST percentages across different sectors to a newly formed committee of Ministers, says Aruna Sharma, Policy Advisor

Aruna Sharma, Policy Advisor, Practitioner Development Economist & Former Secretary, of GoI, said, “The 53rd GST Council addressed key issues in the online gaming sector, including the 28% GST, its retroactive implications, and the scope of GST application. Firstly, it referred the rationalization of GST percentages across different sectors to a newly formed committee of Ministers. Secondly, the amended provision of 11A, aimed at eliminating retrospective tax, was delegated to both state and central authorities.

Now, the next move is for the union government and honourable finance minister to decide on the budgetary allocations for the online gaming industry. Earmarking dedicated funds in the budget for infrastructural development will be a shot in the arm to facilitate India’s transition from the largest consumer to the largest content creator. Moreover, to reignite investments in the real-money gaming sector, the government must ensure clarity and consistency in its progressive taxation regime.

Additionally, the esports community anticipates government support for its growth and encourages players to become professionals and compete internationally. Likewise, recognizing online gaming as an educational tool will contribute to enhancing the skills of the youth in strategy, rule-learning, team planning, and motor coordination.

As India moves towards achieving the goal of becoming a $5 trillion economy, the government should consider promulgating a progressive, low-tax regime that will spur innovations, research, and startups within the industry, thus positioning India as a global hub for online gaming and developers."

11 Jul 2024, 08:43:03 AM IST

Budget 2024 Expectations Live: ‘Demand and supply for affordable homes have shown fluctuating trends’, says realty expert

Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com, said, "Demand and supply for affordable homes have shown fluctuating trends over the last three years across major tier I and tier II cities. In response, the upcoming budget should focus on revitalising both demand and supply for homes in the 15-75 lakh per unit price bracket. Introducing interest subsidy programs could incentivise potential homebuyers effectively.

To boost supply, the government could strategically deploy its extensive land banks in partnership with private developers, offering land and capital at concessional rates. Implementing tax incentives for developers engaging in these affordable projects could further stimulate activity in this sector. It's noteworthy that substantial demand persists within the 15-75 lakh price category, necessitating focused governmental action in the upcoming budget. This approach would not only catalyze growth in the real estate sector but also stimulate approximately 200 ancillary industries, substantially boosting job creation across these sectors.

State governments should be motivated to reduce stamp duty on affordable housing to make these homes more accessible. Moreover, longstanding sector demands, such as granting industry or infrastructure status and raising tax exemption limits on home loan repayments, should be considered to sustain long-term growth in the housing sector".

11 Jul 2024, 07:44:01 AM IST

Budget 2024 Expectations Live: Travel sector expects a 20% rise in international travel and a 15% boost in domestic trips

Mohak Nahta, Founder and CEO, Atlys, said, “The upcoming Union Budget 2024-2025 offers an opportunity for the Finance Minister to build on this momentum. Strategic investments can unlock economic opportunities, boost employment, and enhance India's tourism landscape. We foresee a 20% rise in international travel and a 15% boost in domestic trips."

11 Jul 2024, 07:41:44 AM IST

Budget 2024 Expectations Live: Logistics expert says primary aim is to reduce logistics cost from 14% of GDP to 8% -10% of the GDP.

Siddhartha Bhagat, Head, Logistics Division, Seros, said, “The National Logistics Policy in 2022 under PM Gati Shakti National Master Plan had already laid out the key objectives. Logistics industry is the pillar for any economy and again there are high expectations from Budget 2024."

“The primary aim is to reduce Logistics cost from 14% of GDP to 8% -10% of the GDP. Further, there should be a focus on infrastructure development for faster TAT and seamless movement of goods."

“India with its vast coastline and internal waterways have a huge potential in the push for multimodal Logistics thereby developing and integrating the local and global supply chain."

“Further it would be beneficial to reduce the GST rates on HCV and MCV for EV and Alternate fuels to encourage the industry migrate to cleaner fuels."

11 Jul 2024, 07:40:12 AM IST

Budget 2024 Expectations Live: FedEx looks forward to transformative measures to accelerate growth in the logistics sector

Kami Viswanathan, President, FedEx, MEISA, said, “In the forthcoming budget, FedEx looks forward to transformative measures to accelerate growth in the logistics sector and propel India towards its USD 5 trillion economy goal. We anticipate seeing significant investments throughout the industry in multi-modal connectivity, including advanced air cargo terminals and infrastructure enhancements to create seamless trade corridors, aligning with the Prime Minister’s Gati Shakti Plan and the National Logistics Policy."

 

“We also anticipate continued focus on trade facilitation, streamlining and digitizing clearance processes, minimizing delays and enhancing cargo movement efficiency."

 

"FedEx remains committed to collaborating with the government to advance these strategic initiatives and support India’s trade growth."

11 Jul 2024, 07:26:33 AM IST

Budget 2024 Expectations Live: Healthcare sector calls for focus on expanding the Ayush-based healthcare and wellness sector

Apurve Mehra, CEO of Biogetica, said, “We commend the government's commitment to advancing quality healthcare in India and are confident that the continued reforms and policies will bolster innovation and enhance regulatory efficiency. At Biogetica, we look forward to the upcoming Union Budget and hope it will bring positive changes to the healthcare and pharma sectors. We hope that India will lead the people of the globe into an evidence-based integrative medicine system that serves patients in ways that no single system or modality can."

"The government should focus on expanding the Ayush-based healthcare and wellness sector, which is projected to reach $70 billion by next year. As we stand at a critical juncture, the right support and guidance from the government are essential to leading a transformative impact on holistic health practices in India. We urge the Government and Finance Minister to introduce a special package to bolster the Ayush sector in the upcoming budget. This will significantly improve Ayush infrastructure, research, and accessibility. Additionally, we hope Ayush products will receive subsidies and that incentives will be provided to support Ayush companies & startups."

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