Anticipation Builds: Income Taxpayers, Auto, IT, and Real Estate Sectors Await FM's Economic Roadmap in Budget 2024 Highlights

The Budget Session of Parliament for the year 2024 commenced on January 31, with President Droupadi Murmu addressing a joint sitting. Expressing confidence in fostering positive discussions within the new Parliament building, President Murmu highlighted the achievements of the Centre. She emphasized that nearly 25 crore people have been lifted out of poverty during the 10-year tenure of her government.

Scheduled to conclude on February 1, the session holds significant events, with Finance Minister Nirmala Sitharaman slated to present the interim budget. Parliamentary Affairs Minister Pralhad Joshi outlined the main agenda for this brief session, including the President's Address, the presentation of the interim budget, and the debate on the Motion of Thanks on the President's Address. The session will culminate with a reply by Prime Minister Narendra Modi.

A day before the budget presentation, Prime Minister Narendra Modi made a noteworthy statement, emphasizing the dignified decision made by Parliament during the inaugural session in the new building - the Nari Shakti Vandan Adhiniyam. He underscored the country's experience on January 26th, witnessing the prowess, courage, and unwavering determination of Nari Shakti. As the budget session commenced under the guidance of President Droupadi Murmu and with Nirmala Sitharaman set to present the interim budget, the occasion is seen as a celebration of Nari Shakti.

The context of the session, marked by President Murmu's positive outlook, underscores the government's commitment to addressing key issues and presenting a roadmap for the nation's economic future. With the interim budget presentation looming, all eyes are on Finance Minister Nirmala Sitharaman as the government navigates through crucial discussions and decisions to shape the economic trajectory of the country.

Budget 2024 Live: Founder of Recur Club Advocates Tax Breaks for Fintech Sector to Propel Growth

Eklavya Gupta, the Founder of Recur Club, has called for tax breaks for the startup sector in the upcoming Budget 2024. Acknowledging the schemes announced in the previous budget to boost Indian startups, Gupta emphasized the importance of tax incentives to further stimulate growth.

Gupta highlighted that tax breaks could attract both domestic and foreign investments in the fintech sector, providing a crucial push in the right direction. In addition to tax relief, he outlined expectations for the budget to focus on digital infrastructure, allocate funds for building a robust digital payment ecosystem, develop rural infrastructure, and enhance cybersecurity measures.

Furthermore, Gupta emphasized the need to create a regulatory sandbox to encourage innovation and streamline KYC/AML regulations. Clear guidelines for the innovation of technologies such as blockchain and AI in finance were also recommended. Lastly, he stressed the significance of establishing a robust data protection framework to balance innovation with user privacy, fostering responsible data usage within the industry.

In summary, Eklavya Gupta anticipates that Budget 2024 will play a pivotal role in supporting the startup ecosystem through tax breaks and addressing key areas such as digital infrastructure, innovation, and data protection.

Budget 2024 Live: Startups Advocate for Streamlining Funding Processes, Boosting Digital Infrastructure, and Prioritizing Skilled Development Initiatives

"In anticipation of the upcoming budget, there is optimism regarding potential reforms that could further catalyze the startup ecosystem in India. Building upon the government's ongoing commitment, expectations include more nuanced measures, such as streamlined funding processes, enhanced digital infrastructure, and targeted skill development initiatives. These measures are considered vital for creating an environment where startups can not only thrive but also significantly contribute to India's global leadership in innovation. The emphasis is particularly on policies that support research and development, ease regulatory burdens, and facilitate international collaborations. Enacting such initiatives is seen as empowering startups to reach new heights and generate meaningful socio-economic impact," stated Akshay Chaturvedi, Founder & CEO of Leverage.biz.

Summary of Key Points:

1. Railway Infrastructure Investment: Hedonova's Suman Bannerjee anticipates a surge in investment in railway infrastructure, expecting the introduction of 300-400 Vande Bharat trains.

2. Data Hubs and AI Opportunities: Gathr CEO, P.C. Kiran Kumar, emphasizes the need for data hubs and investment in AI companies for leveraging the power of AI in government programs and decision-making.

3. Reduction in Home Loan Interest Rates: RUloans Distribution Services CEO, Kaushik Mehta, seeks a measured reduction in home loan interest rates to make homeownership more accessible in the affordable housing sector.

4. Congress MP's Critique: Congress MP Gaurav Gogoi criticizes the BJP government, expecting policies that primarily benefit selected industrialists close to PM Modi, with limited impact on the poor and middle class.

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5. Textile Industry's Expectations: Sanjay Nigam, Founder of India Fashion Awards, highlights the resilience of the textile industry, expecting growth opportunities and further support in the 2024-25 budget.

6. MSME Support: Sudarshan Chari of DBS Bank India expects continued emphasis on supporting MSMEs in the budget, with a focus on including all MSMEs on Udyam and enhancing e-commerce integration.

7. Expansion of UPI for International Transactions: Wibmo-A PayU CEO, Suresh Rajagopalan, advocates for expanding UPI transactions for international transactions and addressing challenges like zero MDR policies.

8. Tax Rate Extension for Manufacturing Firms: Dhruva Advisors suggests extending the favorable tax rate of 15% for new manufacturing firms beyond the initial sunset clause to encourage global manufacturing shift to India.

9. Digital Infrastructure Investments: 1M1B MD, Manav Subodh, urges robust investments in digital infrastructure, including AI hubs and centers of excellence, to democratize skills and knowledge.

10. Start-up Grants in Telecom Sector: TelioLabs CEO, Amit Singh, calls for targeted grants to promote growth and innovation in the telecom sector, encouraging startups to explore novel solutions.

11. Accessible Tourism Infrastructure: Intrepid Travel India GM, Rama Mahendru, emphasizes the transformative power of tourism, seeking infrastructure improvements for accessible entry to historical sites and hospitality-driven infrastructure.

12. GST Reduction on Health Insurance Premiums: ManipalCigna Health Insurance CEO, Prasun Sikdar, urges a GST reduction from 18% to 5% on health insurance premiums for increased affordability and penetration.

13. Relaxation of Taxes on LTAs: Hyatt Centric GM, Shilpi Khanna, requests the relaxation of taxes on Leave Travel Allowances (LTAs) to boost travel and tourism, providing a significant boost to the hotel industry.

14. AI Centers of Excellence: Finvasia MD, Sarvjeet Virk, expects progress in establishing AI centers of excellence, public-private partnerships, and policies supporting fintech innovation.

15. Liquidity Assistance for NBFCs: Poonawalla Fincorp MD, Abhay Bhutada, looks forward to liquidity assistance for NBFCs, progressive policies for Fintech, and a robust regulatory framework in the budget.

16. Subsidy Extension for EV Sector: Vivek Baj, Partner at Economic Laws Practice, mentions the EV sector's expectation for the extension of FAME II subsidy and a reduction in GST rates on lithium-ion batteries.

17. Agricultural Sector Expectations: Sandeep Sabharwal, CEO of SLCM Group, focuses on measures to address post-harvest losses and provide credit lines to agri-based NBFCs in the agricultural sector.

18. Automotive Sector Advancements: Dana India's Gajanan Gandhe envisions the budget as a catalyst for transformative changes in the automotive sector, emphasizing Ease of Doing Business.

19. AI Integration and Data Center Infrastructure: Privezi AI's Ibrahim Khatri anticipates a significant stride in AI integration across sectors, with financial incentives for data centers supporting AI expansion in India.

20. Government Initiatives and Achievements: President Droupadi Murmu highlights various government initiatives, including the Vibrant Village Program, MSP for farmers, achievements in healthcare, green energy, and the empowerment of women. She also commends the passage of the Nari Shakti Vandan Adhiniyam and the opening of the space sector for startups.

21. Key Achievements: India's achievements include 1200 crore UPI transactions, doubling wind power capacity, 27% reservation for OBCs in medical admissions, free kidney dialysis for 21 lakh Indians, and progress in achieving the target of blending 20% ethanol.

These summaries provide insights into diverse expectations, critiques, and aspirations across various sectors ahead of the 2024 Union Budget in India.

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