Budget 2024 Expectations Highlights: Green Growth Can Provide Boost To GDP, Say Experts
Budget 2024 Expectations Highlights: Please follow this space for all the latest updates related to the expectations from Union Budget 2024
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Budget 2024 Expectations Highlights: Hello and welcome to ABP Live's budget 2024 expectations LIVE blog. Please follow this space for all the latest updates on the budget expectations across sectors.
Union Budget 2024-25 will be presented in the parliament on July 23 by the Union Finance Minister Nirmala Sitharaman. The upcoming budget marks the first comprehensive fiscal plan of the Modi 3.0 government, eagerly awaited by both the general public and corporate India. As per the official announcement, the Budget Session of Parliament is scheduled to run from July 22 to August 12.
Continuing tradition, Finance Minister Sitharaman will present the Union Budget speech at 11 am on July 23 in the Lok Sabha. The speech will be broadcast live on various government platforms, including Doordarshan, Parliament’s channels, and the Government of India's YouTube channels. Sansad TV will also provide coverage of the event. For online viewing and access to critical documents, viewers can visit the official portal www.indiabudget.gov.in, where live streaming and essential documents will be available.
Industry leaders have voiced their expectations for the forthcoming budget. Sushil Mohta, President of CREDAI West Bengal and Chairman of Merlin Group, highlighted that the real estate sector is the second largest contributor to employment generation in India. He urged the government to revise the definition of affordable housing to include buyers from this segment for additional relief. Addressing this issue is crucial, particularly in light of the approximately 50 per cent increase in real estate prices attributed to inflation.
To encourage home purchases, the Finance Ministry should consider either allowing unlimited interest deductions for the first self-occupied property or raising the deduction limit to Rs 5,00,000. This move will stimulate real estate investments, boost demand, and generate positive multiplier effects across the market. Increasing income tax deductions on home loan repayments would enable individuals to access larger home loans, further supporting the housing sector, he said.
He added that the government should also consider implementing a Credit Guarantee scheme for housing loans up to Rs 40 lakh (covering 80 per cent to 90 per cent of the value of affordable housing as per the defined criteria) and home improvement loans up to Rs 20 lakh.
Budget Should Support Tech Like AI, IoT And Enable Innovation: Mahesh Ramamoorthy
Mahesh Ramamoorthy, Chief Information Officer, YES Bank, said that the upcoming Budget should focus on bringing in investments for digital infrastructure and back technologies such as AI, blockchain, and IoT to promote the digital transformation in the country. "Investments in advanced threat intelligence and robust encryption will protect our digital assets and build user trust. Additionally, improving data privacy and governance will ensure compliance with global standards and safeguard user information," the bank official noted.
Waste Management Sector Can Contribute To Indian Economy, Says Blue Planet Environmental Solutions CEO
Prashant Singh, co-founder and CEO, Blue Planet Environmental Solutions, highlighted the need for economic development to be coupled along with green growth and sustainable development. He noted that the waste management sector can contribute strongly to the GDP of the country and the government should focus on policies supporting the same in the upcoming Budget.
"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," Singh said.
Budget Should Enhance MSME Sector With PLIs And Easy Tax Structure, Says Expert
Expressing the hopes for the MSME sector in the upcoming Budget, Divyesh Dalal, MD and Head - Global Transaction Services, SME & Institutional Liability Business, DBS Bank India, said, "The upcoming Union Budget presents an opportunity to boost the growth of India's MSME sector. Measures like Production-Linked Incentives, Export promotion, Digital India campaign, simplification of tax structure and Skill development will bolster the global competitiveness of MSMEs."
Dalal noted that the government is expected to focus on digital adoption, green policies, market access, financial inclusion, and concerted efforts to boost entrepreneurship.
Gold Loans Should Receive Priority Sector Status: Muthoot FinCorp CEO
Sharing his views on the expectations for gold loans and their status in the finance sector, Shaji Varghese, CEO, Muthoot FinCorp Limited, noted, "While the gold loan NBFCs look forward to receiving the priority sector status which is of paramount significance, we also expect the government to look at risk weight in gold loans. The risk weight may be treated at par with banks or similar to home loans as both have LTVs regulated by the Central Bank."
Varghese explained that gold loans help enhance financial inclusion and also facilitate in providing easy credit to further boost economic growth.
Govt Should Introduce Financial Incentives For Using Green Building Materials: Accacia's CEO
"As we look ahead to the Union Budget 2024-25, the emphasis on sustainable development is paramount, " said Annu Talreja, Founder & CEO at Accacia. Talreja suggested that to align with the NDC goals and reduce the carbon footprint of the construction sector, the government should introduce financial incentives for the production and use of green building materials such as green cement, concrete, steel, plywood, paints, and other eco-friendly options.
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