Budget 2024 Expectations LIVE: India Inc, taxpayer, entrepreneurs share wishlist

Budget 2024 Expectations LIVE: Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD & CEO – Shapoorji Pallonji Real Estate

“As we approach 2024, the real estate sector is at a crucial point, anticipating opportunities beyond conventional boundaries. With signs of pre-pandemic stability, the industry is poised for sustained growth. While acknowledging the government’s efforts, we propose targeted measures in the upcoming Union Budget to unlock the sector’s full potential. We urge the government to consider our primary request, which is a significant increase in the home loan cap from ₹2 lakhs to ₹5 lakhs annually. This would not only incentivise homebuyers but also boost industry revenue. We advocate for a reduction in long-term capital gains tax, waiving notional rent on second properties, and aligning the income tax rate with corporate rates at around 25 per cent. In order to revive the sector, the government should focus on affordable housing. We propose to reduce GST rates and interest subventions for affordable housing. Single window clearance for the sector has been pending for a long time. We hope to see it granted in this year’s budget,” Venkatesh Gopalakrishnan said.

Budget 2024 Expectations LIVE: Munira Loliwala, AVP- Strategy and Growth, TeamLease Digital on Infra and Energy

“Sector opportunities across the infrastructure sector will be at forefront in the upcoming budget with implementation of long-term plans to scale regional air/road/railway connectivity, improve energy supplies, achieve renewable targets, and upgrade transportation networks. PLI schemes & policies in Retail infrastructure will benefit logistics & warehousing given the decentralization of supply chains, similarly promoting State of Art sustainable ‘A’ grade offices and Digital Public Infrastructure connecting citizens to governance & government should take centre stage this Budget. Higher capital expenditure for renewable energy and measures to boost hydrogen competitiveness will create more job opportunities and diverse platforms to the existing workforce within the solar & wind energy segments.

Budget plans should promote indigenous development, facilitate technology transfer, and incentivise localised manufacturing initiatives to conserve foreign exchange. Proactive measures in incentives to boost manufacturing & R&D hubs, reduction of GST rates to remain few key expectations,” Loliwala said.

Budget 2024 Expectations LIVE: Mohan Subrahmanya, Country Leader, Insight Enterprise on technology

“India is positioning itself at the forefront globally on various frontiers, most notably the technology industry. As the IT industry eagerly awaits the 2024 Union Budget, I look forward to seeing a budgetary plan that aligns with this ever-evolving technological landscape.”

“With breakthroughs in digital transformation and talent at the heart of it, India is becoming a global force to be reckoned with. This year, we are eagerly looking forward to a strategic distribution of resources with digital infrastructure taking top priority and improved incentives for research, upskilling, and creation of innovation hubs. While the imminent data protection bill looms, the upcoming budget announcement will be seen as a pivotal moment to enhance the stance on securing sensitive information. I anticipate increased funds for crucial aspects such as cybersecurity, along with robust support for emerging technologies in the realm of 5G, AI, and the Internet of Things, accompanied by tax revisions aimed at stimulating IT exports. Alongside, monetary advancements in research, development, and AI will accelerate growth overall for the country and be a steady move towards strengthening our position in the global arena,” Subrahmanya said.

Budget 2024 Expectations LIVE: S K Narvar, Group Chairman, Trident Realty

“The budget should include a fiscal stimulus and personal tax relief by increasing the tax rebate on home loan interest rates from Rs. 2 lakh to Rs. 5 lakh. This will be a significant boost for millions of first-time homebuyers. Another key area for the government to consider is to continue focusing on Tier 2 & Tier 3 cities and to provide more infra-development funds to ensure that a larger number of projects in these cities benefit. Furthermore, the government should consider revising the definition of affordable housing, both in terms of value and size, to cater to a large population that has returned to their hometown and to boost housing demand in new markets,” S K Narvar said.

Budget 2024 Expectations LIVE: Santosh Agarwal, Executive Director and CFO, Alphacorp

“We are anticipating a growth-oriented budget where real estate thrives as a cornerstone of progress with policies that nurture sustainable development, incentivize innovation, and foster the housing segment with significant tax breaks. The Indian real estate industry rose massively in 2023 with a slew of projects be it residential or commercial. Maintaining similar optimism, we await the Union Budget with the provisions for the single window clearance system for greater transparency and efficiency. We would also like the administration to grant the most awaited ‘Industry’ status to the real estate sector,” Santosh Agarwal said.

Budget 2024 Expectations LIVE: Rajeev Kapur, President helmet Manufacturer Association & MD, Steelbird Hi-tech India on road safety

“According to a recent report, it has come to light that India is dealing with a serious situation as road accidents are causing a huge loss of 3.14% in the country’s GDP, which has called for holistic measures to address this worrying situation. Said to the purported. My first proposal is to reduce the Goods and Services Tax (GST) on helmets to 5% from the current 18%. This step is considered necessary, as helmets are being seen as a life-saving device, with the aim of making them economically accessible to the general public and resulting in increasing the overall compliance of helmet use. Second, I suggest that 1% of the Corporate Social Responsibility (CSR) fund be allocated to road safety aspects. Third, only 8 states currently have mandatory helmet use rules, which requires this specific practice to be promoted across the country to ensure uniform road safety practices across the country. Also, to speed up the testing process of helmets, I suggest that the testing process of helmets should be completed quickly by authorizing recognized institutions and NGOs, this will ensure that safe helmets reach the market quickly.  Along with this, it is also necessary that there is mandatory compliance of helmet usage rules nationwide, so that positive results can be achieved in fighting the road safety situation,” Rajeev Kapur said.

Budget 2024 Expectations LIVE: FM Nirmala Sitharaman second finance minister to present budget 6 times in a row

Finance Minister Nirmala Sitharaman will set a record by presenting the sixth Budget in a row — 5 annual Budgets and one interim — a feat achieved so far only by former Prime Minister Morarji Desai. Desai, as Finance Minister, had presented five annual Budgets and one interim Budget between 1959-1964.

By presenting the Budget on 1 Feb 2024, Sitharaman will surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented five budgets in a row.

Budget 2024 Expectations LIVE: Automakers seek continued push to green mobility, infra development

• Toyota Kirloskar Motor Deputy Managing Director (Corporate Planning, Finance & Administration and Manufacturing) Swapnesh R Maru said the automaker remains confident that the Government will continue its push towards shifting the economy and transportation sector to a greener future that is less dependent on fossil fuels. “Looking ahead, policy stability and continued emphasis on spurring investment and infrastructure development will not only further enhance the country’s global competitiveness but also lead to growth of the manufacturing and service sector,” he added.
• JK Tyre & Industries Chairman & Managing Director Raghupati Singhania said that consistent automotive policies would propel sectoral expansion. “A robust budget is vital for India’s journey to become the third-largest global economy,” he noted.
• Mahindra Last Mile Mobility MD & CEO Suman Mishra said that by driving inclusive income generation, electric three-wheelers and commercial vehicles pave the way for financial upliftment of many. “We call upon the Union Budget 2024 to prioritise this segment through continued FAME support, fostering economic empowerment for the most deserving and environmental well-being for all,” she noted.
• CarDekho Group CFO Mayank Gupta hoped that the government would look into GST anomalies in self-drive cars. “The government can consider addressing GST anomalies in self-drive cars, contemplating a personal tax rate cap of 30 per cent through surcharge reductions, and extending long-term capital gains benefits to employee stock ownership plans (ESOP)”.

Budget 2024 Expectations LIVE: ‘Policy push for green mobility should remain a key focus,’ says Santosh Iyer

Santosh Iyer, MD & CEO of Mercedes-Benz India has sought a policy push to boost green mobility in the country in the upcoming Budget 2024.

Iyer added, ” The luxury car industry has a significant value contribution to GDP, and our wish for a rationalised duty structure and GST stays on priority”.

Budget 2024 Expectations LIVE: Watch investor Vijay Kedia communicate with FM Sitharaman with his singing talent

Ace investor Vijay Kedia with his musical talent on Sunday communicated with FM Nirmala Sitharaman ahead of Interim Budget 2024 on the X platform. Kedia raised some vital questions such as a tax on dividends, and job cuts among other issues by singing in a melody of the hit Bollywood song “Kehna hai aaj tumse pehli baar….”. Watch video.

Budget 2024 Expectations LIVE: Devyani Jaipuria, Pro-Vice Chairperson DPS International on education sector

“We need to allocate funds towards establishing AR/VR labs and Robotics facilities in schools, enhancing the learning experience through technology. The budget should actively support digital education initiatives by offering tax incentives and forming partnerships with tech companies to improve online learning platforms. To foster a future-ready workforce, there is a need to integrate subjects like analytics into the school curriculum, ensuring that students are equipped with essential skills early on, aligning with the evolving demands of the digital age. Remote learning has emerged as a powerful tool, democratizing education by breaking down geographical barriers and providing access to quality learning experiences for students, irrespective of their location.

Therefore, the 2024 education budget should reflect our dedication to innovation, collaboration, and preparing the next generation for the challenges of the future as well as taking a step towards building a more egalitarian society.”

Budget 2024 Expectations LIVE: Rahul Kapoor, Founder & MD, RKA Corporate Advisory on new tax regime

“The taxation slabs should be rationalized to just three slabs. Currently, there are five slabs starting from 5% going up to 30%. This is very complicated and unnecessary. There should be only three slabs. Further, the tax rate of 30% should start at a much higher threshold as it’s unfair to take away nearly ⅓ (income tax plus surcharge and cess) of a person’s income when the person’s income is barely enough to support the high cost of living like housing, travel, children’s education, basic sustenance etc. They should consider making the highest tax slab of 30% plus surcharge and cess applicable beyond 25 lakhs of income. The minimum income tax threshold should be raised so that people who are barely making ends meet in cities don’t have to pay income tax. Also, the old tax regime should be removed and in the new regime the government should introduce deductions like 80C, HRA etc. to rationalize the taxation on person’s paying house rents and making such tax saving investments as opposed to those who are not.

Separately, the GST rates applicable to many essential services like insurance should be reduced and GST on life insurance should be done away with completely. GST has been around for nearly 7 years now and it’s high time the government brings petrol, diesel and liquor under the GST regime. “

Budget 2024 Expectations LIVE: Samudragupta Talukdar, Founder & CEO of Relata on housing schemes

“Over the past few years, housing schemes such as PM Awas Yojana have ensured that more and more citizens get a roof over their head. We expect the upcoming budget to expand such affordable housing schemes to further strategic locations and regions, on the lines of how CIDCO is planning over 67,000 homes under both PMAY as well as non-PMAY schemes. The other key expectation from the Union Budget is a focus on enhancing the infrastructure to connect newer regions and areas to open up newer markets and bring pace. Initiatives such as Atal Setu, which has drastically reduced the commute time between Mumbai and Navi Mumbai to expand the real estate market in the region, need to be implemented across India.

In the wake of some industry giants pointing that nearly 45% of today’s prices for homes is going towards taxes and levies, there is an urgent need for tax incentives in real estate, especially with regard to GST on raw materials, land acquisitions and inventory sales. The budget ahead must also look at expanding the frameworks and implementations of Next Generation concepts like Real Estate Investment Trusts (REITs) and fractional ownerships. Furthermore, there is a need to improve and strengthen financing options available to home buyers through incentives and policy measures. Traditional bank home loan financing schemes and RBI’s NBFC-powered home financing alternatives shall also contribute in further incentivizing the sector.”

Budget 2024 Expectations LIVE: Pradeep Yadlapati, Senior Vice President, India Country Head & APAC SBU Head for Innova Solutions

“As India emerges as a digital innovation hub, the technology industry poised for a transformative journey, eagerly anticipates key developments in the upcoming Interim Union Budget. We must assume a leadership position in building & deploying AI on the world map. Thus implore the government to consider incentives for establishing innovation centres around AI, Cyber Security, Phygital, extend tax breaks for upskilling and reskilling programs offering to boost workforce development in these critical digital skills. What is required is a well thought out policy framework.

Government must encourage more capital flow into the startup ecosystem to create impetus for differentiation and value creation. Only a supportive fiscal environment will empower startups to invest boldly in cutting-edge technologies, leading to job creation and global competitiveness.

AI integration in education in alignment with the NEP 2020 should also be prioritized. NEP’s goal of 6 per cent GDP allocation to education marks a significant stride toward an educational revolution. Targeted funding should be directed towards supporting educational models driven by AI, bolstering digital infrastructure, and enhancing AI literacy.

All these measures would ensure the industry’s collective commitment to maintaining a leading position in innovation and inclusive growth across diverse geographical landscapes.”

Budget 2024 Expectations LIVE: Lovak Capital founder Jyoti Bhandari on women economic development

“The previous year’s budget highlighted the importance of women’s economic empowerment, recognizing their significant role in fostering a dynamic economy. Budget 2024 should prioritize skill training, especially for young women in Bharat, offering vocational programs after class 12. Further it should meet its promise to encourage the evolution of “Lakhpati Mahilas” from Women’s Self Help Groups. This shift would not only catalyze rural economic growth but also secure the substantial growth in SHG networks. The growth of successful women entrepreneurs from these groups must also be encouraged by aiding the transition of their enterprises into larger value chain-focused producer organizations. Focusing on the role of women in agriculture and exploring their potential contribution to various non-farm sectors will also empower women across Bharat, contributing to India’s goal of becoming a global economic force. Budget 2024 holds the potential to create a more inclusive and prosperous future for women in the country.”

Budget 2024 Expectations LIVE: Skye AIR CEO Ankit Kumar on drone startups

“In anticipation of the upcoming budget, the drone startup community is eagerly eyeing key expectations that could revolutionize the industry. Foremost among these is the call for a Production-Linked Incentive (PLI) exclusively tailored for the service sector. Such a scheme would not only attract investments but also catalyze job creation, fostering a rapid integration of drones in critical domains like healthcare and agriculture.

The healthcare and agriculture sectors stand to gain immensely from the swift implementation of drone delivery services. Picture a scenario where remote patients receive life-saving medical supplies within minutes or farmers efficiently protect their crops through precision spraying. The government’s commitment to initiatives promoting drone adoption in these sectors would undoubtedly be a game-changer, shaping the success of vital industries.

As we look ahead to 2024, the drone industry envisions this year as the dawn of widespread drone delivery. To transform this vision into reality, we seek clear policies, streamlined approvals, and dedicated infrastructure. With regulations easing and technology advancing, the government has the opportunity to propel us into a future where drones seamlessly deliver essentials right to our doorsteps.

Yet, with the soaring number of drones, safety becomes paramount. To secure the skies and prevent collisions, we advocate for the adoption of robust Unmanned Traffic Management (UTM) systems like Skye UTM. Government investment in such technologies is crucial to fostering a responsible and thriving drone ecosystem.”

Budget 2024 Expectations LIVE: Auto cos seek continued push to green mobility, infra development

The government needs to continue with favourable policies to promote green mobility while also focussing on infrastructure development at a robust pace in the upcoming Budget, according to some leading firms in the automobile space.

The Union government is all set to present the interim budget on February 1.

Budget 2024 Expectations LIVE: Mahesh Gupta, Chairman of Kent RO Systems

“As the budget approaches, the Consumer Durables industry expresses key expectations for policy considerations. Urging a reduction in GST on essential and aspirational appliances to 12% or 5%, the industry seeks to enhance affordability and drive growth across income levels. Emphasizing the need for reinforced support to the Production-Linked Incentive (PLI) scheme and the Make in India initiative, tax breaks for raw materials, components, and machinery upgrades are highlighted to fortify domestic manufacturing and generate employment opportunities.

Infrastructure development is a critical aspect, with a call for resources to ensure a reliable power supply and efficient logistics networks. Encouraging the use of automation is seen as pivotal for reducing costs and improving competitiveness in the business environment.

Innovation takes center stage, with the industry calling for substantial funds for research and development (R&D) in energy efficiency, smart features, and sustainability to secure global market leadership. Addressing human capital needs, there’s an emphasis on skill development initiatives and industry-academia partnerships to upskill the workforce.

Additionally, the industry advocates for regulatory streamlining to lower transaction costs and enhance the ease of doing business. Lastly, there’s a plea for tax incentives promoting sustainable practices, aligning with global environmental goals and making sustainability a competitive advantage. These expectations collectively aim to create a conducive and sustainable environment for the CDIT industry’s growth,” Mahesh Gupta said.

Budget 2024 Expectations LIVE: Nikhil Tiwari and Nishant Garg, Founders of Millet Superfood on PLI scheme for millet-based products

“Last year, The UN’s declaration of 2023 as the International Year of Millets underscores the government’s commitment to promoting these nutritious grains. Throughout the year, numerous awareness programs on millets have been implemented. The 2023 budget, featuring Shree Anna and designating the Indian Institute of Millet Research (Hyderabad) as a center of excellence for research and technology advancements, signifies a significant stride in this direction. To further bolster this momentum, increasing the budget for the PLI scheme for millet-based products, introducing new financial incentives for farmers and exporters, and formulating advisories for institutions to include millets in canteens can be explored. Additionally, rallying environmental and social activists and influencers to leverage modern platforms for millet advocacy will educate and inspire the younger generation to embrace millets,” Nikhil Tiwari and Nishant Garg said.

Budget 2024 Expectations LIVE: Uday Chawla, Managing Partner at TRANSEARCH India on tax burden for salaried professionals

“In 2024, significant salary increases are being planned for employees by Indian companies, despite the global economic slowdown. An approximately 9.8% salary bump is expected for employees, building on the noteworthy 10% increase observed in 2023.

However, the optimistic outlook for salaried leaders is met with a challenge due to the high-income tax policies in India. Personal income tax, ranging from 5% to 37%, and additional charges contribute to a notable tax burden. In contrast, countries like Hong Kong (15%), Sri Lanka (18%), and Singapore (22%) feature more favourable tax systems, rendering them attractive for top-tier talent. As we now transition to remote working and the globalization of businesses, there is a tangible threat that senior talent may be attracted to relocate to countries that offer the most efficient tax structures and a superior work-life quality and balance.

As India strives to position itself as a global powerhouse, there is a recognized necessity for policies aimed at mitigating the tax burden on salaried employees, particularly senior leaders. The pressing requirement of the hour lies in the meticulous crafting of policies that transcend mere attraction, emphasizing the importance of nurturing and retaining top-tier talent. This strategic approach stands as an indispensable element in fortifying the nation’s competitive edge on the global stage.

While major announcements may be postponed until after the 2024 General Elections, the interim Union Budget presents a significant opportunity to address ongoing concerns and establish a foundation for future economic growth,” Uday Chawla said.

Budget 2024 Expectations LIVE: Hardika Shah, Founder & CEO, Kinara Capital on MSMEs

“Building on our recent economic performance, and creating a strong roadmap to accelerate the growth should be the topmost priority for the government in the upcoming interim budget. This will require fortifying the MSME sector, a critical pillar of the economy, accounting for over 29% of GDP and serving as the second-largest source of employment in the country. Some of the key areas that require immediate attention and can have a profound impact on the MSME sector are: Reinstating the tax rebate for Foreign Portfolio Investors (FPIs); Removing the cap on the CGTMSE Scheme to enable last-mile MSME financial inclusion, and providing greater encouragement to Gender Lens investing,” Hardika Shah, Founder & CEO, Kinara Capital on MSME sector.

Budget 2024 Expectations LIVE: Gaurav Jalan, Founder & CEO, mPokket

“We anticipate that the Interim Budget will align with the industry’s expectation for continued momentum in financial inclusion and innovative lending solutions for MSMEs and the Indian youth.

Whether it was improving business fundamentals, adapting to revised regulatory norms, or braving the funding winter, fintechs have displayed tremendous agility and fortitude in managing these challenges. We are optimistic about the measures that will propel the growth of India’s fintech segment. Our primary hope revolves around a strategic focus on fostering financial inclusion, particularly in Tier 2, 3, and 4 cities, underpinned by the establishment of a robust trust-based lending ecosystem. We also await initiatives that will standardize lending practices and encourage collaboration between banks, notably Public Sector Banks and fintech firms,” Gaurav Jalan, Founder & CEO, mPokket said.

Budget 2024 Expectations LIVE: Beas Dev Ralhan, CEO, Next Education

“In the forthcoming budget, we anticipate a targeted increase in the education budget with a specific focus on EdTech initiatives. This might involve allocating funds for the development of digital infrastructure, content creation, and training programs for educators in technology integration. Additionally, we hope to see tax incentives for EdTech startups, aiming to foster growth and innovation within the sector.

To enhance both quality and accessibility, we look forward to the government establishing a comprehensive framework for evaluating and certifying EdTech content. This could include the implementation of national standards and the creation of accreditation bodies to ensure quality and prevent misinformation. Bridging the digital divide is another crucial aspect, where increased funding for rural broadband connectivity, affordable digital devices, and digital literacy programs will contribute to making online learning accessible to all.

Furthermore, we expect a proactive approach to fostering collaborations. Public-Private Partnerships (PPPs) between EdTech companies and educational institutions should be actively encouraged, leveraging expertise and resources for developing innovative solutions. Additionally, funding for research and development in EdTech, coupled with industry-academia collaboration, can be instrumental in driving innovation and elevating the overall quality of educational offerings,” Beas Dev Ralhan, CEO, Next Education said.

Budget 2024 Expectations LIVE: Nishant Pitti, CEO, EaseMyTrip on tourism sector

“In expectation of the Union Budget 2024, we earnestly expect crucial reforms to strengthen and revitalize the tourism sector. We expect the Government to allow GST input on holiday businesses, a strategic reduction in income tax to catalyze growth in the country’s tourism industry, and the streamlining of the TCS structure to a more favourable 5 per cent slab. Additionally, we expect a comprehensive overhaul of tax exemption policies related to Leave Travel Allowance (LTA), urging the Government to consider an annual allowance and the inclusive coverage of the entire tour package cost under LTA, surpassing the limitation to only flight expenses,” Nishant Pitti, CEO and Co-founder of EaseMyTrip said.

Pitti urged the Government to consider introducing an annual allowance and expanding the coverage of the entire tour package cost under LTA, surpassing the current limitation to only flight expenses.

Pitti highlighted the underleveraged potential of India’s waterways, including sea and river cruising opportunities, urging the Government to undertake necessary measures for the development of this sector.

Budget 2024 Expectations LIVE: Akshat Khetan, Founder, AU Corporate and Legal Advisory Services Limited (AUCL)

Akshat Khetan said tourism promotion, Digital India push, and housing for all are expected to receive increased allocations.

These would be balanced with more proactive fiscal deficit control measures as well as targeted reforms augmenting demand in the e-commerce space.

“Certain measures can also be expected to address India’s increasing influence with regard to key global conversations, leveraging trade and cultural legacy as a key bulwark towards enabling a more holistic discourse in terms of both economic development and social well-being,” Khetan said.

Budget 2024 Expectations LIVE: Pavan Choudary, Chairman of Medical Technology Association of India (MTaI) on import of medical device

Pavan Choudary said India’s current tariff duty structure on medical device imports is very high. He said the high customs duty regime adversely impacts the costs of medical devices which contradicts the government’s efforts to provide low-cost healthcare available to the masses through schemes like Ayushman Bharat (PMJAY).

“Therefore, we request the government that for products where the ability to import substitutes is still some time away, the customs duty rate should be reduced,” Choudary added.

Budget Expectations LIVE: CII suggests PLIs for apparel, toys, footwear sectors

Industry body CII has made a case for expanding PLIs to labour-intensive sectors, such as apparel, toys, footwear for boosting employment generation, and to sectors with large imports but domestic capability, like capital goods, chemicals, to reduce import dependence.

It has also suggested launch of ‘National Mission for Advanced Manufacturing’ to enhance quality and productivity in manufacturing.

“The mission should strengthen the ecosystem for building a technologically advanced manufacturing industry and accelerate the adoption of transformative technologies in the manufacturing sector,” it said.

Budget 2024 Expectations LIVE: India Inc awaits FM’s Feb 1 Budget for growth boosting measures

India Inc wants Finance Minister Nirmala Sitharaman to announce more measures in her interim Budget to boost manufacturing, earmark larger funds for infrastructure development, and accord more focus on social sector schemes, while giving relief on taxation front.

Industry says that it is imperative for the government to take measures to boost economic growth in the country as India marches towards becoming the third largest economy in the coming years.