Budget 2024 Expectations Live Updates: Nirmala Sitharaman to bring major changes in tax slabs? Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2024 on July 23. This will be the first budget of the National Democratic Alliance (NDA) following their victory in the 2024 Lok Sabha Elections.
Summary
Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2024 on July 23. This will be the first budget of the National Democratic Alliance (NDA) following their victory in the 2024 Lok Sabha Elections.
Anticipation is high that the budget may introduce significant tax reliefs for middle-class taxpayers. Potential measures include an increase in the standard deduction limit, a higher basic tax exemption limit in the new income tax regime, and more streamlined capital gains tax regimes.
Budget 2024 Expectations Live Updates: “Cybersecurity is more than just an IT concern; it is a national security priority.”
Naveen Garg, a Cybersecurity Reliability Engineer at Akamai Technologies in California, emphasized the importance of cybersecurity, stating it transcends IT concerns and is critical for national security. He highlighted the increasing frequency and severity of cyber threats and called for a comprehensive strategy. This strategy should include increased budget allocation, fostering public-private partnerships, and continuous innovation to safeguard India’s digital landscape. Garg warned that without these proactive measures, the financial and reputational damage from cyber-attacks would surpass any investment made in cybersecurity.
Budget 2024 Expectations Live Updates: India’s infrastructure looks for policies boosting private investment, enhancing connectivity, and promoting green infrastructure
Rahul Agarwal, the acting CFO of Patel Engineering Limited, expressed his expectations for the budget in the context of India’s vision for 2047. He emphasized the need for substantial resources to be allocated toward infrastructure development, particularly focusing on sustainable and resilient projects to boost India’s growth trajectory. Agarwal looks forward to policies that will encourage private investment, improve connectivity, and promote green infrastructure, contributing to a futuristic and developed nation. He also anticipates a significant increase in capital expenditure to support the ambitious National Infrastructure Pipeline, which includes 7,400 projects. As the budget announcement nears, Agarwal is keen to see how these policies will shape India’s infrastructure, fostering resilience and sustainable growth.
Budget 2024 Expectations Live Updates: India’s green energy projects require ‘swift’ approvals
Amit Uplenchwar, Director at Kalpataru Projects International Limited (KPIL), highlighted the government’s ambitious targets for implementing advanced energy solutions. These targets include clean hydrogen, energy storage, and carbon capture, with planned investments of $35 billion annually until 2030. He emphasized the need for swift government action on project approvals and policies that support sustainable energy transmission and dissemination, such as production-linked incentives, tax credits, and subsidies. Uplenchwar mentioned GAIL’s proposal for a 1500 KTPA ethane cracker unit in Madhya Pradesh as a potential game-changer, fostering public-private partnerships and creating thousands of jobs. He also stressed the importance of significant government intervention in the oil and gas, energy, and transmission and distribution sectors through financial aid and support for technology development to maintain infrastructure momentum crucial for domestic business growth.
Budget 2024 Expectations Live Updates: India’s waste management sector ‘critical’ for India’s sustainable growth trajectory
Sandeep Patel, founder and CEO of Nepra Resource Management Private Limited, emphasized the importance of the waste management and recycling sector for India’s sustainable growth. He expects the Union Budget 2024 to prioritize this sector by classifying it as essential, enabling CSR investments in waste management public-private partnerships, and improving credit access through strong debt guarantees. Patel also advocates for outcome-linked tax incentives to boost private investment, including the promotion of Extended Producer Responsibility (EPR) and sustainability bonds. Additionally, he suggests establishing a dedicated platform on the Social Stock Exchange for waste management and recycling initiatives to attract significant capital. These measures, along with dedicated Viability Gap Funding, could drive sector growth, create a circular economy, and address India’s waste management challenges.
Budget 2024 Expectations Live Updates: What does India’s retail sector expect out of the budget?
Anil Kumar Ahuja, Founder of Colston, highlighted the potential for growth in the retail sector. He anticipates that the government will support the long-term development of key industries while maintaining their flexibility. Ahuja expects the budget to include the formulation of the National Retail Policy and create a dedicated financing window for retailers and distributors. Additionally, tax benefits for middle-income earners could increase consumer spending, benefiting the retail sector. He also hopes for continued support for e-commerce through policy changes that encourage digital adoption, which could be advantageous for online retailers.
Budget 2024 Expectations Live Updates: What does India’s insurance sector want out of the budget?
Dhirendra Mahyavanshi, co-founder and CEO of Turtlemint, expressed anticipation for initiatives that will drive inclusive growth in the insurance sector. He envisions a transformative era with amendments aimed at achieving “Insurance for All by 2047.” Mahyavanshi expects provisions such as composite licenses, improved capital frameworks, and streamlined regulations that encourage innovation while protecting policyholders’ interests. These reforms are expected to create new opportunities in micro-insurance, agricultural coverage, and regional initiatives, enhancing the industry’s focus on customer-centric innovations.