Budget 2024 Expectations: Income tax relief likely for salaried employees?

Budget 2024 Expectations Live Updates: Suresh Rajagopalan, CEO- Wibmo, a PayU company, said, "As we approach the upcoming budget, it is crucial to prioritize the growth of digital payments through enhanced security measures and the establishment of a fraud data consortium. With the rapid expansion of digital payments, substantial resources must be allocated to fortify security infrastructure, ensuring that consumers and businesses can engage in transactions with confidence. The creation of a fraud data consortium would enable financial institutions and payment service providers to share information about fraudulent activities, fostering a collaborative effort to combat fraud."

Harsha Solanki, VP GM Asia, Infobip, said, “We at Infobip are optimistic about the government's continued focus on digital transformation and technological advancement in India. The country’s digital revolution has gained significant momentum, with AI advancements paving the way for growth opportunities. As AI becomes increasingly embedded in our daily lives, government backing will be crucial in driving innovation across industries. We expect to see increased allocation for technologies such as AI, IoT, and cloud computing, which are crucial for India's global competitiveness. Additionally, we hope for initiatives that will enhance digital infrastructure, particularly in rural areas, to bridge the digital divide and unlock the potential of the country’s vast talent pool. As a global leader in omnichannel communication, Infobip stands ready to contribute to the digital journey and believes that a tech-focused budget will pave the way for unprecedented growth and innovation in the country's IT landscape.”

Budget 2024 Expectations Live Updates: Lokesh Nigam, Co-Founder and CEO, Konverz.ai, said, ‘As we look towards the Union Budget 2024, it is crucial to recognize the practical potential of AI in enhancing jobs and wages. AI, particularly generative AI (GenAI), is set to revolutionize the job market by augmenting human capabilities, driving productivity, and creating new job opportunities across various sectors. India's AI industry is poised for exponential growth, with estimates suggesting that AI could add $500 billion to the nation's GDP by 2025, as per TeamLease Digital. To harness this potential, robust regulation and ethical guidelines are imperative. Ethical guidelines and comprehensive regulatory frameworks, as underscored by recent NITI Aayog studies, are essential to ensure responsible AI deployment, safeguarding against biases and protecting data privacy. Prioritizing reskilling and upskilling initiatives is crucial to prepare the workforce for AI-driven changes."

Budget 2024 Expectations Live Updates: Apurve Mehra, CEO of Biogetica, said, ''We commend the government's commitment to advancing quality healthcare in India and are confident that the continued reforms and policies will bolster innovation and enhance regulatory efficiency. At Biogetica, we look forward to the upcoming Union Budget and hope it will bring positive changes to the healthcare and pharma sectors. We hope that India will lead the people of the globe into an evidence-based integrative medicine system that serves patients in ways that no single system or modality can."

Budget 2024 Expectations Live Updates: Hitesh Avhad, Managing Director, Avhad Group, said, ''The real estate sector serves as both a major catalyst for economic growth and a vital provider of employment in India. As we look towards the Union Budget 2024-25, there is an urgent need for the sector to be granted industry status, which would facilitate access to lower-cost financing and tax benefits. High taxes on essential materials such as cement and steel, particularly the 28% GST on cement, are inflating project costs and must be addressed to sustain growth.

Implementing a single-window clearance system would significantly streamline approval processes, accelerating project timelines and reducing costs. Additionally, enhancing tax benefits for homebuyers by raising the deduction limit for home loan interest payments and providing income tax relief on second homes would spur demand and make homeownership more attainable."

Budget 2024 Expectations Live Updates: Hitesh Avhad, Managing Director, Avhad Group, said, ''The real estate sector serves as both a major catalyst for economic growth and a vital provider of employment in India. As we look towards the Union Budget 2024-25, there is an urgent need for the sector to be granted industry status, which would facilitate access to lower-cost financing and tax benefits. High taxes on essential materials such as cement and steel, particularly the 28% GST on cement, are inflating project costs and must be addressed to sustain growth. Implementing a single-window clearance system would significantly streamline approval processes, accelerating project timelines and reducing costs."

Dilip Modi, Founder & CEO of Spice Money, “As we approach the Union Budget 2024, there is strong anticipation within the financial services sector for measures that will significantly enhance financial inclusion and economic growth. A key focus must be on investing in digital public infrastructure, which is essential for driving India towards its $5 trillion economy goal. We commend the recent initiatives to enhance security, such as the announcement of a digital intelligence platform. It is essential to continue focusing on enhancing security and safety measures to support sustained growth and consumer confidence in digital payments."

Budget 2024 Expectations Live Updates: Raghav Singhal Executive Director of Om Logistics said, "The logistics industry is looking forward to the upcoming budget with high expectations, particularly for more detailed and concrete measures. While the government’s initiatives like PM Gati Shakti and the National Logistics Policy are commendable, businesses are seeking clarity on their tangible impacts. Companies focused on sustainable logistics are especially interested in specific financial support and waivers to aid in transitioning to greener practices. Clear communication about these policies will provide necessary transparency, helping MSME-based logistics players understand how to leverage these initiatives.

Budget 2024 Expectations Live Updates: Preeti Bajaj, MD & CEO, Luminous Power Technologies, said, “The budget should continue to focus on making India self-reliant and bolstering the Make-in-India initiative. We expect policies to boost local manufacturing and promote energy transitioning technologies, particularly solar energy adoption, to help achieve net-zero goals. We also expect policy measures to strengthen the energy storage systems."

Budget 2024 Expectations Live Updates: Sanjay Katkar, Jt. Managing Director of Quick Heal Technologies Limited, said, “The government's commitment to innovation, evident in the one lakh crore rupees fund and fifty-year interest-free loan announced in the Interim Union Budget earlier. This strategic move not only encourages private sector involvement but also aligns the dynamism of our youth with technology's transformative potential. Beyond a mere financial allocation, it serves as a catalyst for our cybersecurity sector, steering us towards a digitally secure and technologically vibrant India. The government's forward-thinking vision, spanning physical, digital, and social infrastructure, empowers our youth and emphasizes sustainable development, fostering a path for stringent cybersecurity integration. In addition, allocating nearly double for cybersecurity requirements in the government sector and further fortifying deep-tech technologies for defence purposes will further expedite ‘atmanirbharta’. As Quick Heal & Seqrite actively contribute to this shared vision, we recognize the crucial role of technology in cybersecurity. For the last three decades, we have been at the forefront of leveraging advanced technology and heavily investing in R&D to keep innovating. This commitment enables us to keep millions of individuals, enterprises, and govt. organizations cybersecure. Thereby contributing to achieving a digitally resilient, thriving, and cyber-safe India."

Budget 2024 Expectations Live Updates: Parag Khurana, Country Manager, Barracuda Networks (India) Pvt Ltd, said, “Our research found that cyberattacks are becoming more advanced and taking longer to recover from. This is echoed by other studies: It takes less than a minute for an employee to fall for a phishing scam. But it takes Indian companies on average five days to detect an email threat inside the network, respond to and remediate the threat. Overstretched resources and a lack of skilled security professionals are key contributory factors. India needs around 800,000 additional skilled cybersecurity professionals to meet its security needs, and companies need more automated, AI-powered security tools to optimise their security whatever their size or budget. Further support in the budget for innovation in AI-based security measures and security skills and education will make a real difference to India’s cyber resilience.”

Budget 2024 Expectations Live Updates: Akash Agrawal, Co-Founder of Zoff Foods, said, “We urge the government to address the current inverted tax structure within the Goods and Services Tax (GST) framework. This structure impacts food manufacturers, hindering their ability to claim the full Input Tax Credit (ITC) due to higher tax rate paid for services and other items as compared to lower tax rate of raw materials. The tax rate on basic raw material procurement and final product is 5%, which makes a significant ITC blockage for manufacturers, leading to an average cash flow deficit of 10-15%. For instance, the tax rate on services is 18% whereas the tax of other raw materials range between 12%-18%. This ultimately translates to reduced investments in production capacity, innovation, and job creation."

Budget 2024 Expectations Live Updates: Harish Sanduja, Director - Schools and IT, Seth Anandram Jaipuria Group of Educational Institutions, said, “I look forward to greater budgetary allocation to the education sector in the upcoming union budget. Ideally, we should strive towards the goal of 6% GDP allocation to the education sector. The government should also repose its faith in private schools for facilitating skill development in 50% of the student population. I’m of the firm view that technology has to become intrinsic part of the curricula and learning ecosystems. In this respect, I hope that the government will invest in developing a robust and state-of-the-art digital infrastructure and launching more e-learning platforms to facilitate the transformation to the new era of education. Professional development of teachers is another area in which I wish to see some positive initiatives.”

Budget 2024 Expectations Live Updates: Nilesh Shah, MD, Kotak Mahindra AMC, said, “The budget should be voted on account plus. It should carry on the good work of vote on account by pursuing the path of fiscal prudence, increasing resources for infrastructure investment and boosting consumption at the bottom end of the pyramid. It should allocate more resources for long-term value creation by investing in education and health care. It should set a higher target for divestment by divesting from low floating stock PSUs. The budget should launch a Jan Nivesh Yojna to create Financial inclusion for crores of Indians who are stuck in Ponzi schemes and speculations. Let Indians become Financially Independent by participating in the journey of Viksit Bharat.”

Budget 2024 Expectations Live Updates: Anup Garg, Founder and Director of WOCE, said, "Government intervention is vital to integrate sustainable practices and ensure global competitiveness. MSMEs face financial and resource challenges, making it essential for the government to support sustainable investments."

MSMEs account for nearly 90% of businesses worldwide, contributing over 60% of CO2 emissions annually, including 110 million tonnes in India alone. “WOCE aims to help MSMEs reduce Scope 3 emissions—the indirect emissions from supply chains. With proper advisory and solutions, a global reduction of 10-15% in Scope 3 emissions is achievable,” says Anup Garg.

He adds, “MSMEs are the economy's backbone but often lack sustainability guidance. Our solutions help large corporates and MSMEs comply with ESG requirements, improve sustainability ratings, and drive global decarbonization." Last year, WOCE Solutions measured 127,511,197 kg of CO2e, including 23,923,100 kg from Scope 3 emissions.

Budget 2024 Expectations Live Updates: Sanjay Chawla, Chief Investment Officer(CIO) – Equity, Baroda BNP Paribas Mutual Fund, said, “Stock market are slaves to earnings. Earnings are driven by economic activity in the country. Despite continuity of policy for the past many years, we have not seen private sector capex due to lack of opportunity. Fiscal prudence, continuity of rational economic policy and buoyant demand outlook may encourage private sector to invest in increase capacity."

Budget 2024 Expectations Live Updates: Dhawal Jain, Co Founder of Mave Health for the Healthcare, Technology, said, “We hope for an increased allocation of funds towards healthcare, particularly mental health initiatives, to enable greater access to quality mental health training and services across the country. Currently, India spends approximately 2% of its GDP on healthcare, which is significantly lower compared to developed countries that allocate around 10-17%. This disparity underscores the urgent need for enhanced funding and resources in the Indian healthcare sector, especially in mental health.”

Budget 2024 Expectations Live Updates: Aman Gupta, director of RPS Group said, “The real estate sector mostly focused on the expectations of further reforms in the next 2024-25 budget to solve the existing issues. We are expecting that a single-window clearance will be finalized and implemented to avoid more delays and increased cost for the projects. The industry also awaits policies that promote rental housing, including tax incentives for owners and the framework for the Model Tenancy Act for the states. Another emerging area is the bid to raise the permissible statutory regulations in relation to home loan interest deductions, which holds potential to bring homeownership within the reach of a middle-income earner. We are also expecting policies that will help with the implementation of new technologies for the construction industry, for instance, through offering grants for research and development or subsidies for integrating PropTech into the construction industry.”

Budget 2024 Expectations Live Updates: Vandana Mahajan, Founder and Director Futures Abroad says, "The biggest challenge today is the rising tuition fees and cost of living for higher education in foreign countries, especially with inflation at its peak. To support the global mobility of India’s young talent, policymakers should allocate resources that facilitate international education. Key initiatives should include fostering collaboration between Indian and international universities and creating avenues for cross-cultural learning and research opportunities. Measures to make international education more accessible and affordable are essential. This can involve targeted scholarship schemes for students from smaller cities, tax benefits for families supporting overseas education, and streamlined visa processes. Additionally, offering lower interest rates on education loans will alleviate financial burdens for students and their families, enhancing access to education in the destination of their choice. Reducing air travel fares is also crucial to make global education economically viable for a broader demographic of students. These efforts will foster cultural exchange and elevate India’s representation on the global academic stage."

Budget 2024 Expectations Live Updates: Srinivas Dhulipala, Head Finance, Colruyt Group India, said, “As we approach the Union Budget 2024, the IT sector anticipates the upcoming announcements. As the world rapidly progresses towards digitalization, we believe this sector has become key for India’s economic prosperity. We expect further reductions in corporate tax rates and incentive schemes to promote IT services to make Indian IT companies more competitive globally. Simplified regulatory framework and compliance in both direct & indirect taxes. Also, increased allocation for skill development programs to address the talent gap in emerging technologies.”

Budget 2024 Expectations Live Updates: Samit Jain, Managing Director, PLUSS Advanced Technologies, said, “Great focus has been given by the ministry and government over the last years on expanding the adoption of clean technologies and also supporting the growth of startups as well as MSMEs. None of this will bear fruits, unless the government takes drastic steps to improve infrastructure and lower production costs for MSMEs. Power infrastructure has to be upgraded in all industrial areas. Further simplification of labour laws is necessary and reducing the compliance costs. Clearances for pollution control need to be streamlined and made simpler for organisations to adhere to.”

Budget 2024 Expectations Live Updates: Heeralal Doshi, Founder and Chairman at Kinjal Group, said, “As announcement of the Union Budget 2024-25 comes near, India's real estate sector awaits significant policy shifts under the Modi 3.0 govt. With growing demand for housing, offices, and commercial zones, we hope for tax incentives and infrastructure upgrades to improve urban living and boost growth in emerging areas. Granting 'industry status' to the housing sector could incentives growth and attract significant investment. Additionally, the introduction of a single window approval system for real estate construction would also streamline processes, reduce delays, and boost efficiency across the sector. The EPC sector in India needs more investments and clearer regulations to thrive. New tax rules can help EPC firms overcome challenges and innovate. The upcoming budget is also set to focus on smart cities, renewable energy, and high-speed rail, aiming to modernize infrastructure and drive economic growth.”

Budget 2024 Expectations Live Updates: Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory, said, “As we approach the budget announcement, the real estate sector is eagerly anticipating transformative reforms that can drive sustainable growth and prosperity. Key measures such as extending the Credit Linked Subsidy Scheme (CLSS), providing tax holidays, and revising base prices are crucial for enhancing affordability and stimulating investment in housing. Likewise, granting 'industry status' to housing and implementing a streamlined single-window approval system will further boost efficiency and attract more investments. Additionally, clearer regulations and increased investments in the Engineering, procurement and construction (EPC) sector are also essential for sustainable growth. We look forward to collaborative efforts with the government that will address longstanding challenges and propel urban development across the country.”

Budget 2024 Expectations Live Updates: The Budget presentation will be televised live over multiple platforms like Sansad TV, Doordarshan and on the official website of Finance Ministry.