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
LIVE
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."
There Is A Pressing Need For Policies That Support Entrepreneurship: PaySprint's CEO
S Anand, the distinguished Chief Executive Officer and Founder of PaySprint, emphasises the fintech sector's keen interest in fiscal incentives and regulatory frameworks that drive innovation and expedite digital transformation. "As technology continues to redefine financial services, there is a pressing need for policies that support entrepreneurship, attract investments, and promote the adoption of advanced technologies such as blockchain, AI, and digital identity verification," Anand added,
Budget Likely Bolster Retail And Consumer Sectors: Swiss Military's MD
Anuj Sawhney, Managing Director of Swiss Military, is optimistic that the forthcoming Union Budget will bolster the retail and consumer sectors, ensuring sustained growth with necessary adaptability. "Our expectations from the budget include the formulation of the National Retail Policy and the establishment of financing opportunities specifically for retailers and distributors. Organisations can also look forward to the significant benefits from anticipated digital transformation incentives, driving higher efficiency and enabling more customer-centric offerings," he said.
Healthcare Sector Wishlist: Uniform 5 Per Cent GST Rate For Healthcare Is Needed
"As India grows into a global healthcare hub, policies should position it as a leading destination for services and solutions. A uniform 5 per cent GST rate for healthcare, full input tax credit eligibility, addressing unused MAT credits, and revising health cess policies for MedTech are crucial for affordability. Priority status for financing, tax incentives for private investment in healthcare infrastructure, manufacturing, digital health, and education is essential. Furthermore, enhancing healthcare in Tier-2 and -3 cities and rural areas through advanced infrastructure, digital health services, and robust public-private partnerships is key for nationwide access and quality improvement," said Arindam Sen, CEO & Director of Heartnet India.
Trending News
Top Headlines
