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Budget 2024 Highlights: Please follow this space for all the latest updates related to the upcoming presentation of the Union Budget 2024 by Finance Minister Nirmala Sitharaman
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Budget 2024 Highlights: Hello and welcome to ABP Live's Budget 2024 LIVE blog. Please follow this space for all the latest updates on the upcoming Budget Session and news around it.
Union Minister Nirmala Sitharaman is scheduled to table the Union Budget for the 2024-25 fiscal year (FY25) this week on July 23. This budget presentation will be the seventh consecutive Budget for the Finance Minister and the first complete budget for Prime Minister Narendra Modi’s third term in office.
The Budget will be keenly observed by the common public, along with industry executives and experts. The Budget Session will begin on Monday and will last till August 12, 2024. The Economic Survey will be released on July 22, a day ahead of the Union Budget presentation. The survey aims to provide a thorough analysis of the economy over the last year and sets the foundation for the incoming Budget.
The live telecast of the Budget will be done via several government channels, such as Doordarshan, Parliament channels, and the Government of India’s YouTube platform. The event will also be covered by Sansad TV. The official website, www.indiabudget.gov.in, will provide users access to the online viewing link and all the key documents related to the Budget will be uploaded here.
Experts anticipate the Budget to focus on tax simplification and a reduction in the GST slabs to aid the corporate sector in the country. Anirudh A Damani, Managing Partner, Artha Venture Fund, noted that the government should look into setting up a business bank to cater to SMEs and start-ups in the country as the traditional banking system fails to cater to the unique needs of these entities.
Mahesh Ramamoorthy, Chief Information Officer, YES Bank, pointed out that the economy needs to boost innovation to attract and retain the top tech talent in the country. The executive said that the government can achieve this by providing policy support and funding for technology initiatives and reskilling programmes.
Healthcare Expert Calls For Tax Incentives For Research And Development In Budget 2024
Chander Shekhar Sibal, Senior Vice President and Head of Healthcare Business at FUJIFILM India, expressed optimism regarding the 2024 budget and its potential to bolster the healthcare sector. Emphasising the importance of tax incentives for research and development in healthcare, he highlighted their potential to stimulate innovation and advance the development of state-of-the-art diagnostic and therapeutic solutions.
Sibal also underscored the value of public-private partnerships, suggesting they could synergise resources and expertise from both sectors, ultimately enhancing healthcare delivery and infrastructure nationwide.
Public Debt To GDP Ratio Likely To Come Down In Coming Years: Tata Asset Management's Murthy Nagarajan
Murthy Nagarajan, Head of Fixed Income at Tata Asset Management, states that the Economic Survey aims for GDP growth between 6.5 per cent and 7 per cent this year, aligning with RBI projections of CPI inflation at 4.5 per cent and 4.1 per cent for the current and upcoming years, respectively. "They are targeting a GDP growth rate of 6 per cent on a long-term basis which converts into a nominal GDP growth rate of 9.5 to 10.5 per cent. Public debt to GDP ratio is expected to come down in the coming years due to a higher nominal growth rate," Nagarajan said.
Expert Anticipates Budget 2024 To Prioritise Skill-Based Education And Investment In Human Capital
AR Ramesh, CEO of TeamLease Degree Apprenticeship, commented on the economic survey released today and said that India's economic engine is running at full throttle, buoyed by a strong GDP growth rate of 7-8 per cent, paving the way for a prosperous "Viksit Bharat" by 2047.
"To leapfrog into this new era, India must blend the confluence of skills and education, emphasising the development of creativity, critical thinking, problem-solving, and complex communication skills that augur well with AI's capabilities. By prioritising skill-based education and investing in human capital, India can ensure a workforce that is agile, skilled, and poised to capitalise on the transformative opportunities presented by AI and automation," he added.
Expert Calls For A Significant Budget Allocation For Upskilling And Reskilling Programs
Mukul Goyal, Co-Founder of Stratefix Consulting, expects the Union Budget 2024 to introduce substantial initiatives aimed at fostering workforce development and promoting job creation within India's MSME sector. "The budget should allocate significant funding for upskilling and reskilling programs, particularly in automation, artificial intelligence, and data analytics. Providing future-ready skills will enhance employability and foster creativity in MSME workforces," he added.
Economic Survey Highlights 2024: Indian E-Commerce Industry Likely To Cross $350 Billion By 2030
The economic survey 2024, released on Monday, highlighted that the Indian e-commerce industry is expected to surpass the $350 billion mark by 2030. It also states that the number of technology start-ups in India rose from around 2,000 in 2014 to approximately 31,000 in 2023. The number of Global Capability Centres (GCCs) in India has also grown substantially, from over 1,000 centres in FY15 to 1,580 centres by FY23.
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