Budget 2024 Expectations: Will Nirmala Sitharaman announce tax relief?

Parag Khurana, Country Manager, Barracuda Networks (India) Pvt Ltd said, "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.”

Dr. 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. 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."

Vineet Agarwal, MD of TCI said, "We look forward to measures that can strengthen ongoing efforts towards improving last-mile connectivity in the logistics sector. For D2C brands and small sellers driving the Indian economy, this is non-negotiable, as they will be key growth drivers for our economy. The government’s steadfast backing through technology adoption, digitisation, innovative digital payment methods and local logistics infrastructure development has played a major role in boosting the logistics industry. It is anticipated that the new budget will continue these initiatives while ensuring the smooth integration of local and global value chains. By doing so, these are the aspects that will keep us going, help SMEs grow and contribute to the nation's overall economic development."

Nishith Rastogi, Founder & CEO, Locus.sh said, "As we await the 2024 Union Budget, the focus for India's logistics sector remains clear: a forward-looking budget that champions technological integration and robust infrastructure development. With the new National Logistics Policy and initiatives like PM Gati Shakti already setting the groundwork, the industry is on the verge of transformative growth. Continued government support is essential to foster innovation and assist startups in navigating this evolving landscape, ensuring that the sector remains competitive and resilient. There is an urgent need for strategic resource allocation to adapt to market dynamics, including fuel price fluctuations and supply chain disruptions. Additionally, incentives for green logistics and digital infrastructure development will be key to achieving our long-term goals."

Budget 2024 Expectations Live Updates: Katrina Almario, Vice President - Finance, Amway India, said, “As a leading FMCG direct-selling company focused on health and wellbeing, Amway expects Budget 2024 to facilitate widespread access to wellness. Towards this end, we hope the Government rationalizes GST on dietary supplements from the current 18% in the upcoming Union Budget 2024. This will be a welcome move, considering a holistic healthcare system combined with nutraceuticals and health supplements provides significant economic value and will play a vital role in contributing to reviving the Indian economy. We also propose the expansion of GST exemptions, including input tax credits, to cover dietary health and wellness products, including Ayurvedic preparations. This would enable more people to embrace wellness practices, paving the way for a healthier India.”

Budget 2024 Expectations Live Updates: Raju Sinha, Chief Business Officer at Fship Logistics, said, "Hope to see a continued focus on enhancing the ease of doing business. Streamlining regulations and reducing compliance burdens for startups and SMEs will encourage innovation and growth. Simplifying and reducing the tax structure, particularly around GST, can help businesses manage their finances more efficiently and encourage more entrepreneurs to enter the market."

Budget 2024 Expectations Live Updates: Naresh Mansukhani, CEO, Juniper Green Energy said, “to meet the ever-growing power demand of the nation, the industry anticipates greater financial support this year including enhanced subsidies, grants, and low-interest loans for renewable energy projects, which will lower the financial barriers to implementation. Currently, 12% GST is levied on all renewable energy devices. Reducing GST will help to make components more affordable for the industry. Lowering these taxes will reduce project costs, allowing for greater investment in the sector, supporting the country's ambitious goals for renewable energy capacity, and ensuring sustainable progress towards a cleaner energy future. We are optimistic about the budget and looking forward to the final decision of the government.”

Budget 2024 Expectations Live Updates: Dr. P N Arora, Chairman of Yashoda Super Speciality Hospitals Kaushambi says "A critical aspect of the healthcare demands revolves around accessibility and affordability. The sector advocates for subsidies or free health check-ups, especially for women and children, aiming to improve preventive care and early detection of diseases. In addition, there is a push for incentives and support for domestic manufacturing of medical devices to reduce reliance on imports and align with the 'Make in India' campaign. Non-communicable diseases (NCDs) like diabetes, cardiovascular diseases, and cancer are a major health concern in India. There is a need for increased budget allocation to prevent, treat, and manage NCDs, including supporting research, public awareness campaigns, and making treatment options more accessible. The sector also emphasizes the importance of training and re-skilling healthcare workers to meet evolving healthcare demands with new technologies. Regarding health insurance, stakeholders are seeking fiscal reforms to create a more inclusive and sustainable health coverage model. It involves revisiting GST tariffs on healthcare services and products to ensure affordability and accessibility across all socioeconomic segments. Additionally, there is a call for insurance coverage for preventive healthcare measures, not just reactive medical treatments."

Budget 2024 Expectations Live Updates: Ashok Chhajer, Chairman and Managing Director, Arihant Superstructures Ltd said, "The real estate sector has been burdened with multiple and double GST taxation, which needs to be streamlined to a one-time transaction. We expect the government to establish a monitoring cell to ensure that the cost of construction does not increase moving forward. Additionally, we urge the government to reduce the GST rate on cement from 28% to 18%, as it is not a sin category product. These measures will greatly support the growth and stability of the real estate sector."

Budget 2024 Expectations Live Updates: Rajat Agrawal - CEO - Barista Coffee, said, “The Indian retail sector stands at a critical juncture, seeking support from the Govt on various counts which renews consumer confidence. As the Budget 2024 approaches, retailers across the spectrum hope for measures that can fuel growth and address challenges.

Tax Cuts: Planned Reduction in individual income tax rates, especially for middle-income earners, could boost disposable incomes and drive spending.

Infrastructure Investment: Increased spending on infrastructure (roads, highways, rural development) would create jobs and improve connectivity, potentially leading to higher disposable incomes and increased demand for consumer goods.

GST Rationalization: Simplifying the Goods and Service Tax (GST) structure would ease compliance burdens for retailers, allowing them to focus on their core business and make the playing filed fare for all. As of now the F&B business is not eligible for input credit on both Opex & Capex, which is the biggest impact on the earnings and cash flows of the business. Rationalizing the same will ease the business to large extent."

Budget 2024 Expectations Live Updates: Muddassar Nazar, CEO of Birla Brainiacs, said, “Budget expectations focus on enhancing digital infrastructure, equitable access, and policy support for innovative learning models. Key areas include prioritizing the expansion of high-speed internet to rural areas and providing subsidies for digital devices to bridge the digital divide, ensuring no student is left out in the cold. Additionally, funding should be allocated for developing specialized homeschooling and skill-based curricula, including a comprehensive financial literacy program to enhance students' understanding of money management. ”

Budget 2024 Expectations Live Updates: Eswara Rao Nandam, CEO and Founder, Polymatech Electronics said, “The Government of India has demonstrably committed to establishing the nation as a leading semiconductor hub. However, to ensure the long-term success and global competitiveness of this domestic industry, a multifaceted approach is necessary. Strategic investments in infrastructure development are paramount, with a particular focus on uninterrupted electricity supply, readily available water resources, efficient transportation networks, and a skilled workforce.”

Budget 2024 Expectations Live Updates: Prerna Kalra, CEO & Co founder, Daalchini, said, “It is imperative to focus on policies that drive the manufacturing sector towards technological innovation. We advocate for incentives that support the adoption of advanced technologies like AI and IoT, which are vital for boosting efficiency and enhancing global competitiveness. Additionally, policies that reduce the cost of capital and offer tax holidays for new ventures will significantly bolster the sector's growth. Substantial investment in infrastructure, especially in logistics, is crucial to streamline supply chains. This should be complemented by initiatives aimed at skill enhancement through partnerships between industry and academia, ensuring we have a workforce equipped to meet the demands of modern manufacturing.”

Budget 2024 Expectations Live Updates: Ratan Singh Sehgal, MD, Hybon Elevators and Escalators Pvt. Ltd, said, “In order to modernize public spaces and urban areas, large infrastructure investments are required. This will address fundamental deficiencies and increase demand for technology in important industries. Micro, Small, and Medium-Sized Enterprises (MSMEs) require support. The government provides financial incentives, subsidies, and support for technology improvements to MSMEs, enabling them to increase productivity, access a wider audience, and promote innovation. Developing the MSME sector strengthens supply chains that are essential to many industries, including manufacturing and infrastructure, and increases economic activity.”

Budget 2024 Expectations Live Updates: Vandana Tandan, Head of Markets-India and Bangladesh, SIG Group, said, “There is tremendous excitement and expectation surrounding the forthcoming Budget 2024. The packaging sector is growing at a CAGR of 11.06%, we expect greater emphasis to be given to align with global standards. At the same time, we also urge the policymakers to rationalize taxation across various milk processing and packaging. While fresh and pasteurized milk in the country is exempted from GST, UHT milk & value-added products, filled in our aseptic packages, attract a 5% GST, making it more expensive. Some relaxation in the GST levied can make the products more affordable, thereby benefiting both producers and consumers alike.”

Budget 2024 Expectations Live Updates: Prashant Singh, CO-Founder & CEO, Blue Planet Environmental Solutions, said, “As we approach the Union Budget 2024, it is crucial to recognize the potential of waste management within the circular economy, especially in transforming waste into alternative resources and energy. 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."

Budget 2024 Expectations Live Updates: Avneet Singh Marwah, CEO, Super Plastronics Pvt Ltd, said, “Simplifying GST rules, investing in job training, and changing tax brackets for consumers are essential steps. Keeping the 15% corporate tax rate for new manufacturing ventures would attract both local and international businesses to set up shop in India. Additionally, expanding the Production-Linked Incentive (PLI) scheme in the electronics sector can help Indian manufacturers grow.”

Budget 2024 Expectations Live Updates: Rishabh Goel, Co-founder & CEO, Credgenics, said, “As we look forward to the government’s upcoming budget announcement, our expectations are rooted in the need for sustaining retail credit growth, increasing the pace of adoption of digital financial services, and extending the policies that have been pivotal in driving the banking sector’s growth. We are optimistic that the Modi 3.0 government will introduce broad measures to further support credit growth, facilitate speedy extension of financial services to the unbanked, and push further digital enablement of financial services.”

Budget 2024 Expectations Live Updates: Amit Bansal, Founder, BharatLoan, said, “We're hoping it will catalyze unprecedented growth in India's fintech sector. We're looking for concrete measures like targeted grants and tax incentives that will empower us to develop and roll out innovative loan products tailored to diverse needs across India. With government support, there is a strong possibility to introduce AI-powered credit scoring models that assess alternative data, enabling us to serve the underbanked population more effectively.”

Budget 2024 Expectations Live Updates: Vikkas Goyal, Founder, Rupee112, says, “The upcoming budget is a pivotal moment for financial inclusion and literacy in India. We're anticipating comprehensive initiatives that go beyond traditional approaches, like allocation for a nation-wide digital financial literacy program, where fintech companies can contribute in creating interactive, mobile-first educational content. We're particularly interested in policies that would allow us to partner with local governments to set up 'Digital Finance Kiosks' in rural areas, providing hands-on guidance to those new to digital banking. With rising access to digital-financial tools, there is a strong need to review the cybersecurity front.”

Budget 2024 Expectations Live Updates: Jyoti Bharadwaj, Founder of TeaFit, said, “On the ongoing GST framework, companies committed to crafting wholesome beverages confront substantial challenges. The disparity in tax rates, where fruit-based drinks attract a modest 12% GST despite potential misuse of this classification by sugary or concentrated variants, while carbonated drinks face a hefty 40% tax (28% GST and 12% Cess) irrespective of their health profile, strains margins. This discourages the pursuit of innovative, genuinely healthy beverage options and inadvertently promotes the proliferation of fruit-based or sugar-laden alternatives.”

Budget 2024 Expectations Live Updates: Bantwal Ramesh Balinga, Group CEO of Acquaviva, said, “The upcoming budget is highly anticipated by the hospitality and retail sectors, both of which are experiencing significant growth. In the hospitality sector, with over 400 hotels announced and luxury retail growing rapidly, the government should consider policies that facilitate the purchase of second homes with reasonable interest rates. This will drive growth, reduce rental pressures, and promote market stability. Skill development is another critical area. The government’s focus on national skill development should extend to specialized training in plumbing, including engineering degrees, diplomas, and plumbing labs nationwide. This will elevate service standards and operational efficiency in the hospitality sector."

Budget 2024 Expectations Live Updates: Sensex and Nifty50 hit fresh lifetime highs on Thursday (July 18). While BSE Sensex crossed 81,000 for the first time, Nifty50 went above 24,800. BSE Sensex closed the day at 81,343.46 and Nifty50 ended the day at 24,800.85, up 188 points or 0.76%.