Budget 2024 Expectations Highlights: Health Insurance, Other Health Services Should Be Exempt From GST, Says Expert
Budget 2024 Expectations Highlights: Please follow this space for all the latest updates related to the expectations from Union Budget 2024
Background
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 Finance Minister Nirmala Sitharaman will present the budget for the fiscal year 2024-25 in parliament on July 23. This marks the first complete budget of the Modi 3.0 government, eagerly anticipated by both the general public and corporate India. According to the official announcement, the Budget Session of Parliament will commence on July 22 and conclude on August 12.
Following tradition, Sitharaman will deliver 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 cover the event. To watch the budget speech online and access critical documents, viewers can visit the official portal www.indiabudget.gov.in, where live streaming and essential documents will be available.
Industry leaders have expressed their expectations for the forthcoming budget. On Thursday, the Federation of Indian Chambers of Commerce and Industry (FICCI) forecasted a median annual GDP growth rate of 7 per cent for the fiscal year 2024-25 in the Union Budget 2024. They underscored the need for the budget to focus on tax reforms, employment creation, innovation, and sustainable development initiatives.
Economists surveyed in the report predicted that upcoming taxation reforms would target economic growth stimulation. They noted, "Potential revisions in tax rates to boost disposable income and stimulate consumption, particularly for lower income brackets, are anticipated.”
Moreover, there was a suggestion that increasing thresholds under Section 80C and comparable provisions could encourage long-term savings and investments. The report also highlighted expectations for simplifying the capital gains tax structure and establishing a framework to streamline GST rates.
The economists indicated in the report that the forthcoming budget is expected to introduce holistic measures to boost employment and enhance workforce skills.
Startups Need Sustained Govt Support, Says Meesho CFO
Meesho remains optimistic about the government's commitment to fortifying India's growing startup ecosystem, said Dhiresh Bansal, Chief Financial Officer at Meesho. He acknowledged the pivotal role startups play in steering India towards a 5 trillion-dollar economy, we recognise 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."
EPC Sector Needs Swift Govt Actions On Project Approvals, Policies For Sustainable Energy Transmission
KPIL, being the second-largest listed firm in the EPC sector, has high hopes from this Budget. Amit Uplenchwar, Director, Kalpataru Projects International Limited, said, "The government has set ambitious targets for deploying advanced energy solutions, including clean hydrogen, energy storage, and carbon capture, with a planned investment of $35 billion annually until 2030. The industry requires swift government actions on project approvals and supportive policies for sustainable energy transmission and dissemination, such as production-linked incentives, tax credits, and subsidies. GAIL's proposal for a 1500 KTPA ethane cracker unit in Madhya Pradesh could be a game-changer, fostering numerous public-private partnerships and generating thousands of jobs. Significant government intervention is needed in the oil & gas, energy, and transmission & distribution (T&D) sectors in the form of financial aid and support for technology development, and keep up the infrastructure momentum which are crucial for domestic business growth."
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