06:08:25 PM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: ‘Capital push for MSMEs’

Budget 2024 Expectations Live Updates: “As we sprint towards a $7 Trillion economy, it is pivotal to strategize the allocation of funds to the sectors that need it the most. The Make in India initiative has led to Atmanirbharta in the last decade, however, an additional capital push is required to boost the MSME and SMEs in rural India. Moreover, women-led innovation should also be in focus. We anticipate subsidized loans for women and marginalized entrepreneurs and facilitating government procurement for women manufacturers. Similarly, with inflationary pressures, it is important to provide tax relaxation to individuals and business owners and a tax break should be proposed in Budget 2024 along with more facilitation centre for GST issues,” said Prachi Kaushik, Founder & Director, Vyomini Social Enterprise.

05:45:20 PM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: Upskilling and more demands by education sector

Budget 2024 Expectations Live Updates: “A lot of structural changes have been taking place in the country ever since NEP2020 came into the picture 4 years ago. Time has come to see the implementation of the policies at the grassroot levels across the country, and when states take their own path, a unified vision becomes difficult to implement irrespective of how big or small the idea is. Prioritising on teacher development would be key as the teachers need constand upskilling to stay relevant in this dynamic landscape. The higher education sector has been allocated roughly 44,094 crores supporting infrastructure development, research etc. This is great but it accounts to less than 1% of the country’s GDP. In order to compete with the world’s best in higher education, especially in research and development, we would need to quadruple the allocated budget. Education in India has always been a key aspect of Indian families, and it needs to be given the prominence to build a culture of innovation from the bottom up.” said Ajitesh Basani, Executive Director-Administration, Acharya Bangalore B-School.

05:29:01 PM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: What is in the story for the senior citizens?

Budget 2024 Expectations Live Updates: “As we anticipate this year’s budget announcement, the healthcare sector remains a major area of focus, particularly for the well-being of our senior citizens. The Budget for fiscal year 2024-25 is important for the health industry, especially for the overall health of our senior citizens, who deserve more dedicated attention as they strive for self-sufficiency, aiming to manage their daily lives independently and with dignity. We look forward to the proposed extension of Ayushman Bharat, wherein all the elderly above 70 years of age will also be covered and will get the benefit of free treatment under this Yojana. This proposed expansion will provide much-needed financial security and access to quality healthcare services for the elderly. The budget should focus on addressing the shortage of healthcare professionals, and further incorporation of technology into healthcare services, with special emphasis on tele-medicines, which will give impetus to improve service delivery and accessibility, benefitting the seniors in our country. The budget should also look at allocating sufficient funds for care and counseling required for combating the rising health burdens of dementia, Parkinson’s, and other neurological diseases that are mostly prevalent amongst the elderly in India . As we await the budget announcement, we are hopeful that the government’s allocations will portray a comprehensive approach to providing required support to senior citizens, including several components such as healthcare, social security, and mobility needs,” said Neha Sinha, Co-founder and CEO of Epoch Elder Care.

04:59:39 PM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: What is the real estate expecting from the Budget?

Budget 2024 Expectations Live Updates: “The upcoming budget is seen as an opportunity to fortify the real estate industry’s pivotal role in India’s economic development. The housing sector is poised in anticipation of the proposals, including revisiting GST rates, tax deductions, land allocation, and fund boosts. Consequently, urbanization shall take even more pace, giving a boost to the various sectors that are part of the value chain in the construction eco-system, including elevators, a sector that has never been in the limelight but addresses one of the most significant issues in urban convenience. With large-scale developments already coming under financing, no such provision exists when someone has to buy a lift for their private residences/ end use. As large-scale development is undertaken with commercial objectives and hence taxes under current structures are necessary, some relaxation in GST rates should be provided for end users who are buying lifts for their private residences (up to 6 stops). Also, some tax benefits and GST relaxation should be revised for provisioning elevators in buildings for paraplegics or elderly with compromised mobility and dependent on vertical mobility solutions for movement within the building, as is the case with accessible friendly equipment, which is currently taxed under a lower tax structure, thereby making such necessary equipment more affordable for them,” said Aman Moudgil, director, Gilco Global.

04:12:49 PM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates:How can Budget 2024 enhance support for startups

Union Budget 2024 Live Updates: “Meesho remains optimistic about the government’s commitment to fortifying India’s growing startup ecosystem. Acknowledging the pivotal role startups play in steering India towards a 5 trillion-dollar economy, we recognize the need for sustained government support. India’s technological contribution to GDP is growing but remains in its early stages compared to other nations. The government’s involvement in encouraging venture capital and angel investment is commendable, and we believe that further emphasis on these initiatives will gradually elevate the number of startups in India. To foster continuous expansion, we advocate for an all-encompassing strategy. Moreover, simplifying the processes associated with tax compliance and lowering tax rates, especially during the initial operational years, will ease the financial strain on startups, cultivating a more advantageous business environment. Lastly, with regard to talent attraction, a reduction in taxes related to Employee Stock Ownership Plans (ESOPs), presently standing at around 40%, will heighten the attractiveness of startups to skilled professionals, thereby contributing to the development of our vibrant ecosystem. This multifaceted approach aims to establish a conducive environment for startups, nurturing innovation, job generation, and sustainable economic development,” said Dhiresh Bansal, Chief Financial Officer at Meesho.

03:21:15 PM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: Credai wants tax sops for homebuyers, incentives for builders to construct affordable housing

03:02:33 PM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: How will this budget address the need for AI and ML investments in smart cities?

02:53:22 PM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: Real estate sector hopes for key reforms and tax breaks

Union Budget 2024 Live Updates: “The upcoming budget is seen as an opportunity to fortify the real estate industry’s pivotal role in India’s economic development. The housing sector is poised in anticipation of the proposals, including revisiting GST rates, tax deductions, land allocation, and fund boosts. Consequently, urbanization shall take even more pace, giving a boost to the various sectors that are part of the value chain in the construction eco-system, including elevators, a sector that has never been in the limelight but addresses one of the most significant issues in urban convenience. With large-scale developments already coming under financing, no such provision exists when someone has to buy a lift for their private residences/ end use. As large-scale development is undertaken with commercial objectives and hence taxes under current structures are necessary, some relaxation in GST rates should be provided for end users who are buying lifts for their private residences (up to 6 stops). Also, some tax benefits and GST relaxation should be revised for provisioning elevators in buildings for paraplegics or elderly with compromised mobility and dependent on vertical mobility solutions for movement within the building, as is the case with accessible friendly equipment, which is currently taxed under a lower tax structure, thereby making such necessary equipment more affordable for them,” said Aman Moudgil, director, Gilco Global.

01:56:56 PM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: What gaming industry is asking from FM?

Union Budget 2024 Live Updates: “Online gaming is one of the fastest-growing sectors globally and unsurprisingly, it has witnessed a massive upsurge in India, contributing to revenue generation and creation of employment opportunities. This transformation has led to the Government enacting specific provisions under Income-tax and Goods & Services Tax for online gaming. In this context, the Government should consider formulating a comprehensive policy to (a) introduce international best practices for the sector, (b) create distinction between real-money games and other online games, while simultaneously fostering technological innovation,” said Prashant Bhojwani, Partner, Corporate Tax, Tax & Regulatory Services, BDO India.

01:57:05 PM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: Expected reforms in AIF taxation and TDS/TCS policies

Union Budget 2024 Live Updates:
“1. Parity in tax across all categories
In the Finance Act, 2015, a special tax regime was introduced where pass-through status was granted to Category I and Category II Alternative Investment Funds (AIFs). This resulted in shifting the payment of tax obligation on the income earned by AIFs (apart from business income) to the hands of investors of the AIF. Therefore, the investors of AIFs are required to pay the tax on the income received from AIFs, as if the investors had earned the income by investing directly. However, despite of continuous contemplations, such pass-through status has not been extended to Category III AIFs under the Income tax laws, resulting in disparity with the income earned by Category III being subject to taxation at the fund level. Accordingly, the taxation of Category III AIF is depends on the structure and incorporation status of AIFs i.e., whether it is Limited Liability Partnership (‘LLP’), Trust or a Company leading to differential tax as rates of surcharge vary. In order to give impetus to IFSC, pass-through status has already been granted to Category III AIFs incorporated in IFSC. It is important to bring tax parity among all the categories of AIFs. This extension will also enable to align the tax treatment for the investors of Category III AIF with Category I and II AIFs. At the fund level, entire income is charged at highest applicable rate of surcharge, while the different surcharge rates may be applicable to each investor if pass-through status is granted.
2. Clarification on non-applicability of certain TDS and TCS provisions on ‘securities’
The existing TDS and TCS provisions, namely under Section 194Q (TDS on purchase of goods) and Section 206C(1H) (TCS on sale of goods), have brought ambiguity in the AIF industry regarding their applicability. Since entities that are wholly exempt from income tax are already excluded from these provisions, it is recommended to also exclude AIFs since majority of AIF income is pass-through in nature. Alternatively, issue and redemption of AIF units should be kept outside the purview of TDS and TCS provisions as the same are not in the nature of sale / purchase per se,” said Manoj Purohit, Partner & Leader, Financial Services Tax, Tax & Regulatory Services, BDO India.

11:59:17 AM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: What reforms are expected in banking?

Union Budget 2024 Live Updates: “Banking requires dynamic and timely reforms for a country like India. FDI in banking should be increased to invite more capital; government participation in public sector banks should be reduced asap; incentives to individuals on tax applied on fixed deposits should be given to increase liability business and to create a level playing field with the stock market and create balance; Big incentives should be given to private sector especially SME on Capital Expenses for capacity building and increase employment and also to reduce dependance on government spending; focused reform and incentives be given on long term lending by Banks on identified infrastructure projects; tax concessions should be given to private sector availing Green Finance to set up greenfield and brownfield Green Projects. Protections should be given to decision-makers in banking sector where loans go bad or leads to fraud where decision is taken in normal course and committee-based approach. Fear of penalty and prosecution need to be balanced for the banking industry to apply themselves,” said Rajesh Narain Gupta, Founder & Chairman, SNG & Partners.

11:27:04 AM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: Expected neasures for green construction

Union Budget 2024 Live Updates: “As we look ahead to the Union Budget 2024-25, the emphasis on sustainable development is paramount. The built environment is responsible for nearly 40% of global greenhouse gas (GHG) emissions coming from buildings and, if left unchecked, they’re set to double by 2050, highlighting the urgent need for sustainable practices. To align with the NDC goals and mitigate the carbon footprint of the construction sector, the government should introduce financial incentives for the production and utilization of green building materials like green cement, concrete, steel, plywood, paints and others. This could manifest through reduced GST rates, tax credits, or grants for companies manufacturing and supplying environmentally friendly construction materials. Along similar lines, tax incentives and reduced GST rates for devices that help optimize energy & water consumption like heat pumps, BMS systems should be carved out. I also hope the government can launch a special program to fund startups to foster R&D and innovation in the sustainability space,” said Annu Talreja, Founder & CEO at Accacia.

10:34:23 AM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: How will the union budget address job creation, sector spending, and tax relief?

Union Budget 2024 Live Updates: “This Budget is expected to outline the 5-year vision of the Government and a roadmap to achieve it. I expect that there will be a lot of emphasis on infrastructure and job creation. It is likely that aided by the bountiful dividend from RBI and the spectacular tax collection of almost Rs 35 lakh crores in FY24 the FM may announce a fiscal deficit target of less than 5% for FY25. We have seen bond yields beginning to react after the inclusion of India in the JP Morgan Bond Index. A sub 5% deficit will enthuse the markets even more. Further, All eyes will be on the allocation to defence, roads, railways and ports. The recent sectoral rally indicates that a lot of expectations have already built up around this space. A let down could bring the markets down in general and these sectors in particular. The market is also praying that the capital gains and STT will not be tinkered with. On the positive side, there is a very strong possibility that the income tax slabs will be raised and maybe some more relief will be granted via raising the amount of standard deduction and relief on home loan interests,” said Sanjay Sinha, Founder at Citrus Advisors.

09:48:55 AM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: International schools’ wishlist

Union Budget 2024 Live Updates: “As an International School in India, we look forward to the upcoming Union Budget with optimism and anticipation. Key priorities include continued support for enhancing our infrastructure and ensuring robust investment in international curriculum development. We urge the government to streamline visa processes and regulatory frameworks to attract and retain global talent, which is vital for our diverse learning environment. Investments in digital learning tools and technology integration will further empower our students to excel in an interconnected world. Additionally, fostering partnerships with foreign educational institutions and promoting cultural exchange programs will enrich our educational offerings and nurture global citizenship among our students. These initiatives will contribute to the country’s overall educational landscape globally,” said Viranica Manchu, Founder & Director, New York Academy.

09:47:03 AM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: How Budget 2024 can transform waste into resources?

Union Budget 2024 Live Updates: “As we approach the Union Budget 2024, it is crucial to recognize the potential of waste management within the circular economy, especially in transforming waste into alternative resources and energy. The government’s focus on ‘green growth,’ through substantial investments in biogas and bio-CNG plants, highlights a strategic approach to reducing carbon emissions and creating sustainable employment. Integrating waste-to-energy solutions, such as converting agricultural and urban waste into bio-CNG, not only mitigates the waste crisis but also supports the clean energy transition by producing greener fuels and reducing landfill use. This aligns with COP priorities, including transition financing , reinforcing India’s commitment to climate action and a resilient, low-carbon future. We remain optimistic that the upcoming Union Budget 2024 will spotlight these critical changes, driving both environmental sustainability and economic growth in India. With the help of a supportive policy environment, the waste management sector can significantly boost India’s GDP, proving that economic growth and environmental sustainability can advance together,” said Prashant Singh, Co-founder & CEO of Blue Planet.

09:44:55 AM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: Why private sector capex needs fiscal prudence and strong economic policies

Union Budget 2024 Live Updates: “Stock market are slaves to earnings. Earnings are driven by economic activity in the country. Despite continuity of policy for the past many years, we have not seen private sector capex due to lack of opportunity. Fiscal prudence, continuity of rational economic policy and buoyant demand outlook may encourage private sector to invest in increase capacity,” said Sanjay Chawla, Chief Investment Officer(CIO) – Equity, Baroda BNP Paribas Mutual Fund.

09:45:07 AM IST, 20 Jul 2024

Budget 2024 Expectations Live Updates: What middle class taxpayers got from Interim Budget and what they didn’t

09:37:21 AM IST, 20 Jul 2024

Hello viewers,

As Union Budget Day approaches, we bring you a live blog on Budget 2024 expectations. Stay tuned for updates on what different sectors are anticipating.