THE TIMES OF INDIA | Jul 17, 2024, 19:49:02 IST
Budget 2024 Expectations Live: With less than a week left until Finance Minister Nirmala Sitharaman’s Union Budget 2024 presentation on July 23, Budget expectations are running high. Like every year, the salaried taxpayers are looking at the Modi government to provide substantial income tax relief with changes in the new income tax regime, standard deduction etc. India, which is currently, the world’s fifth largest economy is expected to move up the the 3rd rank in the coming years and FM Sitharaman’s India Budget 2024 is expected to provide a roadmap for sustained economic growth. Past trends indicate that the Modi government’s Budget 2024 will continue its focus on high capital expenditure, especially on infrastructure, to drive GDP growth. So what can the middle class, common man, corporates, farmers, manufacturing, services and agriculture sectors expect from the Budget? Track TOI’s live blog for the live coverage on the top Budget 2024 expectations:
Budget 2024 Expectations Live: Sustainable and resilient development should be at the forefront
“We anticipate the Union Budget 2024 to further propel India’s development initiatives. 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,” said Arun Shukla, President and Director, JK Lakshmi Cement.
Budget 2024 Expectations Live: Which way is fiscal deficit headed?
“For the 2024-25 final central budget, the main trade off appears to be between emphasizing capital expenditure growth vis-à-vis a reduction in fiscal deficit to GDP ratio. There has been a considerable recovery in the profile of fiscal aggregates after the COVID year. In that year, fiscal deficit had peaked at 9.17% of GDP and GoI’s debt to GDP ratio had also sharply exceeded 60%. Since then, as the economy recovered, the profile of fiscal imbalance also improved. Gradually, the fiscal deficit to GDP ratio fell to 5.6% by FY24 and it can potentially be targeted at a level of 5.0% of GDP in FY25,” says EY in its latest Economy Watch edition.
Budget 2024 Expectations Live: Provide impetus to NBFC sector
“The forthcoming union budget is poised to chart the course for the new Indian government’s economic growth agenda. On the back of the political stability and resilient economy, it is expected to provide relief to various sections of the society and benefits for various sectors. The budget 2024 has the opportunity to help provide the NBFC sector and retail investors with the much needed impetus,” says George Alexander Muthoot, MD of Muthoot Finance.
Budget 2024 Expectations Live: Top 4 things FM should do for agriculture
Budget 2024 expectations: Union Budget 2024, by Finance Minister Nirmala Sitharaman, should lay down the foundation for long term growth & competitiveness of the agriculture sector, says Shashi Kant Singh, Partner – Agriculture at PwC India.
Budget 2024 Expectations Live: Raise the basic exemption slab to at least Rs 5 lakh
“The salaried class has always kept high expectations from the budget, but the last few budgets have been quite disappointing in terms of opportunities to optimize tax and potential for long term savings with higher returns. Few asks could include raising the basic exemption slab to at least 5 lacs and simplifying the tax rates to 10%, 20% and maximum 30% along with eliminating the surcharge and cess. Sec. 80C limits could be enhanced to at least 3 lacs from the current 1.5 lacs. Interest limits on housing loans and principal repayments could be enhanced further. Income Tax Returns could be simplified for Employees who have no other source of income other than salary, the submission by Employer along with TDS as applicable must be considered as auto filing of returns,” says Mahesh Krishnamoorthy, Managing Director, Core Integra.
Budget 2024 Expectations Live: Bringing aviation fuel under the GST regime
‘’With an optimistic outlook for India in the global aviation market, we expect the newly formed government to provide a customs exemption for Non-Scheduled Operators, akin to the exemptions already available for scheduled air operations. This step would streamline the import process and level the playing field, allowing NSOs to operate more competitively and efficiently. The current tax structure on aviation fuel increases the overall operating cost for everybody in the aviation industry, particularly affecting NSOs operating on tighter margins than larger scheduled airlines. Bringing aviation fuel under the GST regime would result in a more rationalized and lower tax incidence, thus significantly reducing operational costs. This change would enhance the overall efficiency of our operations, leading to more cost-effective services for our customers. If the upcoming budget supports these expectations the growth and sustainability of the private jet and aviation industry will become more efficient, reliable, and affordable, contributing positively to the broader aviation sector and the economy,” says Kanika Tekriwal, Founder & CEO, JetSetGo.
Budget 2024 Expectations Live: Travel and tourism industry poised for significant growth
Nishant Pitti, CEO and Co-Founder, EaseMyTrip lists his Budget 2024 expectations:
As India gears up for a full budget following the elections, the travel and tourism industry is poised for significant growth and development. The interim budget of February 2024 had already set a positive roadmap, with substantial increases in budgetary allocations for the tourism ministry, highlighting a clear focus on enhancing tourism infrastructure. This approach aims to boost domestic tourism and create new job opportunities.-
The government’s commitment to improving connectivity through new railway and port corridors, alongside the growth of air connectivity and airport infrastructure, aligns with the broader economic goals. These initiatives are expected to stimulate local economies and attract both domestic and international tourists.
The emphasis on Foreign Direct Investment (FDI) and the development of iconic tourist centers further underscore the government’s strategy to leverage tourism as a catalyst for economic growth. While there were some reductions in overseas promotion budgets, the focus on developing infrastructure and connectivity is anticipated to have a long-term positive impact.
In the aviation sector, the doubling of airports and the success of the Udan scheme are notable achievements. The planned expansion of rail services and the continued development of new airports will further enhance travel experiences across India.
Overall, the travel and tourism industry is set to benefit from these strategic initiatives, fostering growth, employment, and increased international collaboration. The new budget is expected to build on these foundations, ensuring sustained progress and positioning India as a premier global tourist destination.
Budget 2024 Expectations Live: Relax visa norms for foreign tourists
Budget 2024 Expectations Live: Below are some key expectations of Balasubramanian A, Senior VP at TeamLease Services from Budget 2024
* Promotion of domestic tourism: Initiatives like “Swadesh Darshan” and infrastructure development at tourist destinations can increase domestic tourism, potentially impacting the sector by Rs. 10,000-15,000 crores. This could lead to significant job creation in hotels, restaurants, transportation, and other tourism-related services.
* Relaxation of visa norms for foreign tourists: Simplified visa processes and targeted marketing campaigns can attract more foreign tourists, potentially doubling tourist arrivals within 5 years. This could create several lakh jobs across the travel and hospitality industry.
* Support for MSMEs in the hospitality sector: Financial assistance and skill development programs for small and medium-sized hotels and restaurants can boost their competitiveness and create jobs.
* Focus on sustainable tourism: Promoting eco-friendly practices and responsible tourism can attract conscious travelers and improve the long-term sustainability of the sector, potentially leading to new job opportunities in eco-tourism and related fields.
Budget 2024 Expectations Live: Prioritize investments in educational technology and infrastructure
“As the Union Budget 2024 approaches, the recruitment and startup ecosystem eagerly anticipates further advancements in technology and innovation. In recent years, the integration of AI and machine learning has revolutionized the hiring process, making it more efficient, inclusive, and accessible. Our expectations from this budget are centered on continued support for digital infrastructure and technology-driven solutions that can streamline recruitment and foster entrepreneurial growth.
Reflecting on last year’s budget, which laid a solid foundation for digital transformation by allocating funds for AI research and promoting startup ecosystems, we hope this year’s budget will build upon those initiatives. Specifically, we are looking for increased investment in AI research and development, enhancing talent acquisition, and matching candidates with the right opportunities more accurately.
However, it is evident that many colleges and educational institutions are still lacking in technology, infrastructure, and resources. For instance, several institutions struggle with outdated computer labs, limited access to high-speed internet, and insufficient training programs for both students and faculty. These gaps hinder the ability of institutions to adequately prepare students for a tech-driven job market. Last year’s budget did not allocate sufficient funds to address these critical areas, leaving a significant portion of our educational infrastructure under-equipped for the future.
We believe that the upcoming budget should prioritize substantial investments in educational technology and infrastructure. This includes upgrading computer labs, ensuring widespread access to high-speed internet, and providing robust training programs for digital skills. By doing so, we can better prepare our future workforce to meet the demands of a rapidly evolving job market,” says Manikanth Challa, Founder & CEO, Workruit.
Budget 2024 income tax live: You may be paying Rs 43,226 extra on Rs 10 lakh income – find out why
Budget 2024 income tax expectations: The old tax regime income tax slab rates, which have remained unchanged since 2013, have not been adjusted for inflation, resulting in taxpayers paying higher tax rates despite the rising cost of living.
Budget 2024 Expectations Live: Halwa ceremony kickstarts quarantine period
Finance Minister Nirmala Sitharaman on July 16 attended the halwa ceremony which kickstarts the Budget quarantine period. The Budget documents will be available in English and Hindi on the “Union Budget Mobile App” available on both the Android and Apple OS platforms after the completion of the Budget Speech by the Union Finance Minister in Parliament on 23rd July, 2024.
Budget 2024 Expectations Live: Important for economy to fire on all cylinders
“The interim budget that the Finance Minister presented in February 2024 had outlined the vision for Viksit Bharat. I am expecting the upcoming budget to build upon this and lay down an action plan to achieve the ambitious goal. Today, India is well-positioned to become the world’s third-largest economy by 2027, this is possible only if we fire on all our cylinders, particularly in the MSME sector. The sector is the second largest employer and contributes to over 30% of the GDP, making its growth crucial. The government should enact initiatives and policies that facilitate the growth of the MSMEs as well as the sectors that enable them to flourish, like the last mile financial inclusion,” says Hardika Shah, Founder and CEO, Kinara Capital.
Budget 2024 Expectations for salaried employees: Hike in standard deduction?
Income Tax Expectations Budget 2024: Experts are of the view that to incentivise transition to the new income tax regime, the Modi government should hike the standard deduction limit from Rs 50,000 to Rs 1 lakh. This will also increase the disposable income in the hands of people, hence boosting consumption.
Budget 2024 Expectations Live: Why is the stock market closed today?
Stock market BSE Sensex, Nifty50 holiday today: All segments, including the equity segment, derivative segment, and SLB segment, will not be operational today. Similarly, the Multi-Commodity Exchange (MCX) will be closed for the morning session but will resume operations for the evening session.
Budget 2024 Expectations for railways: Safety in focus
Railway Budget 2024: Even as Indian Railways rolls out new trains like Amrit Bharat Express, Vande Bharat sleeper, Vande Metro, the focus for the capital expenditure allocated to railways in Budget 2024 is likely to be on enhancing safety on the network. Recent train accidents have put spotlight on the need to upgrade railway infrastructure.
Budget 20204 for common man LIVE: Cut taxes on fuel
In its pre-Budget 2024 memorandum, CII has suggested that the government could consider cutting down the taxes on fuel, which can raise disposable incomes and boost consumption.
Budget 2024 Expectations Live: Constitute the GST Appellate Tribunal
According to Paresh Parekh, Tax Leader – Consumer & Retail Practice, EY India, “This year, as we enter the 7th year of GST there is an urgent requirement to constitute the GST Appellate Tribunal to reduce any potential classification disputes.” “To manage the increasing customs disputes, consumers are expecting to have a Legacy Dispute Resolution Scheme in place,” he told TOI.
Budget 2024 Expectations Live: Streamlined labour laws needed for workforce
Subburathinam P, Chief Strategy Officer, TeamLease Services Limited has said, “The manufacturing industry expects the new government to enhance initiatives like the National Manufacturing Policy and PLI scheme to increase the sector’s GDP share to 25% by 2025. Efforts have focused on digital transformation, infrastructure development, and ease of doing business reforms. The industry seeks expanded skill development programs, more investment in automation and Industry 4.0 technologies, and stronger industry-academia partnerships. Additionally, increased support for SMEs and streamlined labour laws are needed to create a more dynamic and inclusive workforce.”
Budget 2024 Expectations Live: Budget to balance expenditure with fiscal consolidation
Budget 2024 expectations: EY in its latest Economy Watch edition has said, “The GoI will present the final FY25 budget in July 2024, revising the assessments as per the interim budget presented earlier in February 2024. By now, a clearer idea of FY24 actuals based on CGA data is available so that the RE for FY24 given in the interim budget can be updated. Our expectation is that in the light of continued drag on global growth, the GoI would continue to strengthen capital expenditure growth while also signaling its commitment to fiscal consolidation by reducing its fiscal deficit to GDP ratio to close to 5% in FY25. The government’s continued emphasis and prioritization of infrastructure expansion while accommodating some required increase in revenue expenditure growth would ensure a healthy GDP growth while progressively increasing space for private sector participation in additional investment. These trends would be in line with the objective of laying solid foundations for a medium-term growth of 7% plus. Ensuring this level of medium-term growth would also require maintaining the savings ratio in the range of 31% to 32% of GDP.”
