Budget 2024: Salaried employees under new tax regime to save up to Rs 17,500 annually in taxes due to changes proposed in Budget FY25, announced Finance Minister Nirmala Sitharaman on Tuesday.

Salaried Employees Under New Tax Regime To Save Rs 17,500 Annually In Taxes: FM

Finance Minister Nirmala Sitharaman on Tuesday brought cheer for start-ups as she abolished angel tax in the Union Budget 2024-25 for all classes of investors.

Budget 2024: Good News for Start-Ups as Nirmala Sitharaman Scraps Angel Tax. Here's What It Means

Highlighting the vision for a ‘Viksit Bharat’, or developed India, in the Union Budget 2024-25, finance minister Nirmala Sitharaman on Tuesday (July 23) highlighted nine priorities for generating ample opportunities in the economy.

Budget 2024: Sitharaman Outlays Modi Govt's Vision For 'Viksit Bharat' Through 9 Priorities | All You Need To Know

Gold, silver, platinum, mobile phones and cancer drugs are among the items likely to become cheaper with Finance Minister Nirmala Sitharaman announcing relaxation in duties her Union Budget 2024 speech on Tuesday.



Union Budget 2024: Mobile Phones, Shrimp, Gold, Footwear... What is Cheaper, What Gets Costlier | LIVE Updates

In the Budget 2023, under new tax regime, Finance Minister Nirmala Sitharaman had increased the income tax exemption limit by Rs 50,000 to Rs 3 lakh and the rebate under Section 87A of the Income Tax Act, 1961, was also raised from Rs 5 lakh to Rs 7 lakh, meaning that those earning up to Rs 7 lakh do not have to pay any tax under the new regime.



Budget 2024 May Raise Income Tax Exemption Limit to Rs 4 Lakh: Know Current Slabs Under New Tax Regime Vs Old Regime

The Economic Survey 2023-24 has cautioned against including sensitive food commodities like common rice, wheat, and most pulses in futures trading until markets are more developed, even as the government expands the list of commodities eligible for derivatives trading.



Economic Survey Acknowledges Rise Of Retail Investors, IPO Boom; Cautions Against F&O Trading

Finance Minister Nirmala Sitharaman announced an 11.1 per cent increase in Capex outlay to 11.11 Lakh Crore, putting capex outlay at 3.4 per cent of GDP.

Capex Outlay Increased by 11.1%

Finance Minister Nirmala Sithraman said, "Rooftop solarisation will allow 1 crore households to get 300 units of free electricity every month." She added, "This will result in Rs 15,000 to Rs 17,000 savings per year for households."

'Solarisation to allow 300 units for free electricity for 1 cr households'

Finance Minister Nirmala Sitharaman presented Interim Budget 2024 in Parliament today. Beginning her speech highlighting the achievements of the Narendra Modi government, Sitharaman said, "Government is working with the approach of All Round, All Pervasive & All Inclusive Development. We will achieve the goal of Viksit Bharat by 2047."

Will Achieve Viksit Bharat Goal by 2047: FM

While Indian stock markets were choppy in opening trade, they recovered and were trading in green ahead of Interim Budget 2024. At 10:30 am, Sensex was over 230 points higher while Nifty was over 60 points up. 

Stock Markets in Green Ahead of Budget 2024

The Indian Chamber of Commerce (ICC) has suggested the government to rationalise customs duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost domestic manufacturing.

Govt Should Rationalise Customs Duty In Budget To Boost Domestic Mfg: Indian Chamber of Commerce

The stock market is abuzz with speculation on potential fiscal measures and their impacts ahead of the Union Budget 2024 presentation on July 23.

Defence Stock Picks Ahead of Budget 2024: Analysts' Pick HAL, BEL, Azad Engineering, Others

 The initial public offering (IPO) of plant-based speciality products company Sanstar Limited, which was opened for public subscription on July 19, has received a positive response from investors.

Sanstar IPO Receives Over 13.53x Subscription on Day 2, Check GMP Today

We are in the midst of wedding season, surrounded by the crescendo of ’till death do us part’ vows. In this spirit of togetherness, there is another timeless union that deserves our attention—the union of state and taxes. 

Union Budget and India's Unhealthy Obsession With Income Tax Slabs

Finance Minister Nirmala Sitharaman is going to announce her fourth consecutive budget on February 1, which is going to be an interim budget or vote on account. The Interim Budget 2024 is the last budget before the general elections 2024. Readers can visit here for the Interim Budget 2024 highlights after the budget is announced. Meanwhile, here are 10 key highlights from Budget previous Budget 2023-24.

https://images.news18.com/ibnlive/uploads/2024/02/nirmala-2024-02-f1f981313399c42705cd3186dfb92d44-3x2.jpg

Budget 2024 Expectations: Check live updates on Announcement Time, Predictions, and Best Stocks to Buy.

Budget 2024 Expectations Highlights: Will Govt Bring Changes In Old and New Tax Regimes?

Union Budget 2024: Finance Minister Nirmala Sitharaman is set to present the Modi 3.0 government’s first <a href="https://www.news18.com/budget/">Budget</a> at 11 am on Tuesday, July 23. This is going to be her seventh Budget in a row. There are various expectations from the budget ranging from higher allocation for various initiatives and schemes, including education, health and R&D, to tax reliefs to higher capex to push growth. The government is also expected to follow the fiscal glide path of cutting the fiscal deficit to 4.5 per cent by FY26.
<a href="https://www.news18.com/business/economy/budget-2024-live-updates-fm-nirmala-sitharaman-speech-key-announcements-section-80c-tax-relief-union-budget-latest-news-liveblog-8974776.html" target="_blank" rel="noopener">Follow Budget 2024 Live Updates</a>
The Indian stock market is also keenly keeping an eye out on the Budget as talks are going on regarding any possible changes on the capital gains front. Any change in the capital gains might negatively affect the market.
The Interim Budget 2024, presented earlier in the year, laid out fiscal plans until the full budget release. It emphasised themes such as ‘Viksit Bharat’ (developed India), proposing measures like raising tax exemption limits and fostering sustainable development.
Stay informed with our comprehensive coverage of <a href="https://www.news18.com/business/economy/budget-2024-live-updates-fm-nirmala-sitharaman-speech-key-announcements-section-80c-tax-relief-union-budget-latest-news-liveblog-8974776.html">Union Budget 2024</a>. Get the latest on new income tax slab rates for AY 2024-25 in <a href="https://www.news18.com/business/tax/income-tax-slabs-2024-25-rates-live-updates-finance-minister-nirmala-sitharaman-budget-home-loan-salaried-employees-new-vs-old-tax-regime-liveblog-8974442.html" >Income Tax Slabs Budget 2024 LIVE Updates </a>. Track the impact of Budget 2024 on the stock market in <a href="https://www.news18.com/business/markets/stock-market-live-updates-union-budget-2024-share-market-sensex-nse-today-nifty-50-stocks-to-buy-today-defence-psu-financial-nirmala-sitharaman-liveblog-8974793.html">Stock Market Budget Day 2024 LIVE Updates</a>.

Stay updated with live coverage of Budget 2024 expectations. Get insights on budget announcement time, predictions, best stocks to buy, and market movement history. Join us for the latest updates on Union Budget 2024.

Mohammad Haris

Economy

Rishi Sunak to Remain Interim UK Opposition Leader Until November 2

Janhvi Kapoor Answers If She Has Been In Situationships, Says 'Beech Main Atkaya, Laat Maar Ke Nikalo'

Deadpool Star Ryan Reynolds and Blake Lively Filing For Divorce? It Ends with Us Star Shares The Truth

Budget 2024: NDA Allies JD(U), TDP Hail Big-Ticket Measures for Bihar & Andhra Pradesh

New Bridge Over Ganga In Buxar, Patna-Purnia Expressway: Budget Fillip Puts Bihar On Progress Path

Stay informed with our comprehensive coverage of  <a href="https://www.news18.com/business/economy/budget-2024-live-updates-fm-nirmala-sitharaman-speech-key-announcements-section-80c-tax-relief-union-budget-latest-news-liveblog-8974776.html">Union Budget 2024</a>.

Union Budget 2024 LIVE: Will FM Will Give Affordable Housing Initiatives?

Stay informed about the latest updates on <a href="https://www.news18.com/business/economy/economic-survey-2024-live-updates-today-fm-finance-minister-sitharaman-union-budget-session-latest-news-liveblog-8973537.html">Economic Survey LIVE</a>. The Economic Survey will be tabled around 1 PM.

Union Budget 2024 LIVE: FM Sitharaman To Present Survey Today, Check Latest Updates

Mohit Jain, Managing Director, Krisumi Corporation, said;
“We expect the Government to continue its thrust on infrastructure development, which will boost the real estate sector across cities including the peripheries of metros as well as in tier II and III cities. The upcoming budget should provide greater benefits to the salaried class as they have played a pivotal role in record-high direct tax collections. One such step would be to increase the tax exemption limit on both the principal amount and interest paid on home loans.”
“Amid a substantial rise in property value over the last couple of years, the current Rs 2 lakh tax rebate on housing loan interest should be enhanced to a minimum of Rs 5 lakh. Such a step will boost demand for residential properties. Similarly, a separate section should be introduced for the deduction against home loan principal repayment as the present Rs 1.5 lakh limit under section 80(C) is inadequate.
Given the government’s ongoing push for housing for all, we also anticipate the relaunch of the CLSS scheme, which will boost housing demand across various segments. The Government should also look at implementing the single window clearance system for all project-related approvals, a long-pending demand of the industry. This will considerably reduce delays thereby benefitting all stakeholders including the government, developers as well as end users i.e. home buyers.”

Budget 2024 Live Updates: 'Tax Rebate On Home Loan Interest Should Be Rs 5 lakh'

Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering, said;
“As India’s energy demand rises, boosting the share of renewables is crucial for energy security and sustainability, the upcoming union budget is expected to focus on achieving the 500GW target by 2030 and incentivizing technologies to reduce renewable energy intermittency, like energy storage solutions. Battery Energy Storage Systems (BESS) are essential for advancing India’s renewable goals. Previous budgets have significantly increased funding for the advanced chemistry cell sector, showing the government’s commitment to energy storage.”
“We anticipate continued support for cell manufacturing and BESS, along with Production Linked Incentives (PLI) for raw material processing. Additionally, growing the green hydrogen industry will likely be a key focus, replacing fossil fuels in transportation and hard-to-abate sectors like refining, steel, and cement. At Gensol Engineering, we are dedicated to reducing carbon emissions and combating climate change through the engineering, design, development, and deployment of solar and BESS projects. By providing comprehensive EPC and O&M services , we aim to lead in renewable energy and support India’s energy transition goals.”
Amit Jain, CEO & Country Manager ENGIE, India, stated;
“We look forward to the government’s strategic framework that will accelerate the shift to a low-carbon economy. The upcoming budget should encourage innovation in renewable technologies and support investments in solar power and other renewable sources. A simplified regulatory environment is essential for integrating renewables into the national grid, ensuring energy security and stability. Additionally, we hope for initiatives promoting public-private partnerships to develop distributed energy infrastructure. India has set a bold target of achieving 500GW of non-fossil fuel capacity by 2030, reflecting significant growth in this sector.”

Budget 2024 Expectations Live Updates: Demand For Innovation In Renewable Technologies

Pavan Choudary, Chairman, Medical Technology Association of India (MTaI), said, “The gross customs duties on medical devices coming into India is between 13 to 16 %, whereas in our neighbourhood that is Sri Lanka, Nepal, etc. is less than 5 %. This creates opportunities for illicit smuggling of these devices which means losses to the exchequer and the patient being burdened with devices that do not have adequate legal or service guarantees. This is one important reason why customs duties on medical devices should be brought down. The other reason concerns patient affordability which is a top priority of the government. A consistent customs duty reduction will go towards improving affordability and access.”

Budget 2024 Expectations Live Updates: Tax Rebate On Medical Devices

Pratik Agarwal, MD Sterlite Power and Chairman Serentica Renewables, said;
“There are crucial expectations for the power sector. I hope this term focuses on achieving a comprehensive turnaround of discoms. Many initiatives have been taken in the past to incrementally improve the situation, but we expect strong steps in this direction to ensure the sector’s well-being. Pushing for full retail competition should be a focus.
To maintain the momentum built in the last 5 years, it’ll be paramount to extend the full ISTS waiver for another 2 years to sustain RE adoption by all categories of power consumers.
While protectionism helps a certain segment, I would expect the government to open the sector to source the most competitive components globally, with a focus on the swift and cost-effective deployment of RE and transmission in the country.
As we add unprecedented green energy to the grid, the next phase must also concentrate on preparing the country for large-scale RE integration. This will entail a strong policy push towards strengthening interconnectors with neighbouring nations, deploying extensive energy storage solutions, and exploring upcoming technologies like Small Modular Nuclear Reactors (SMRs) for a diversified energy mix.
The stage is ripe, and the country awaits the next phase of growth towards a sustainable energy future.”

Budget 2024 Expectations Live Updates: Top Demands From Power Sector

Anil G Verma, CEO & Executive Director, Godrej and Boyce, said;
“As we approach Budget 2024, I am optimistic that the new government will build upon the solid foundation laid by the interim budget, which focused on boosting infrastructure development, maintaining fiscal prudence, and laying progressive emphasis on women, youth, farmers, and the underprivileged through skilling, welfare measures and financial assistance.
The important area that needs to be addressed now, amongst others, is the continued lower-than-expected growth in private consumption. Private consumption drives private investment and therefore I am hopeful that the GoI will take steps that boost consumption through a slew of measures that could include optimizing GST rates, reviewing of personal income tax slabs and reassessment of the interest rates to provide EMI relief to the large masses whose purchases of assets such as homes and consumer durables are thorough loans.
The above will not only provide tailwinds to the consumer durables industry but also have a multiplier effect on the industries that serve them, through increased capacity utilization and hence also pave the way for private investments to flow in at a faster pace.
Looking ahead, I hope that the upcoming budget continues to prioritize these areas while also introducing policies that promote innovation, production-linked incentives (PLIs), and sustainable practices. These measures are crucial for driving holistic economic growth and ensuring balanced and inclusive development for India.”

Budget 2024 Expectations Live Updates

Neeraj Akhoury, MD Shree Cement, said;
“As we approach the Union Budget 2024-25, the cement industry is optimistic about significant allocations to housing and infrastructure, which account for over 80% of the demand for cement. The Interim Budget in February showed the government’s commitment with an 11.1% increase in infrastructure capital expenditure, totalling Rs 11.11 lakh crore, or 3.4% of the GDP.
We expect further spending on highways, roads, bridges, and urban development, alongside more funds for projects. The announcement of a cement corridor in the Interim Budget has been encouraging, and we hope for more steps to enhance transport integration, making the movement of cement and related materials more efficient.
While the Union Government’s overall policies have supported the Cement industry, we could enhance the scope to further contribute to strengthening our economy.
The cement industry multiplies all levers of the economy, especially employment generation, with studies suggesting that every 1 Million tons of cement creates 20, 000 direct and indirect employment. The Budget should pave a path for faster development of new projects, through simplifying and accelerating regulatory processes (like environmental clearances) as well as land procurement.
India is currently the 2nd largest producer of cement in the world and yet we have one of the lowest per capita consumption. To grow our economy, India would need large investments to create new production facilities. The extension of the PLI scheme to the cement sector could further drive investments and technological advancements, aligning with the Make in India initiative and enhancing the industry’s global competitiveness.
Additionally, job creation and agricultural growth are necessary to increase rural spending on housing. Higher MNREGA allocations could boost rural employment, and increasing funds for rural-focused schemes, such as the PM Gramin Awas Yojana, will support rural housing construction. Increasing the home loan deduction limit can add momentum to the housing demand and increasing allocation to PM Urban Awas Yojana, will support in construction of affordable housing.
We also hope the government continues its focus on reforms, incentives, and tax relief for adopting sustainable manufacturing techniques. Supporting green energy and alternative fuels is crucial for promoting sustainable growth in the cement sector. Renewable Energy (RE) is a priority to reduce CO2 emissions and energy costs. My recommendation is to both simplify and unify RE policies across states. As an example, many states disallow power banking facilities and have different charges and incentives. We are hopeful for more uniform RE policies across all states to significantly increase RE adoption.
Additionally, the cement industry has the potential to generate 1,300 MW of clean energy by installing waste heat recovery systems (WHRS), directly reducing energy wastage. The industry and the overall ecosystem would greatly benefit if power generated through WHRS were given the same benefits as Renewable Energy, such as being considered for Renewable Purchase Obligation (RPO) compliance.
The upcoming Union Budget 2024-25 presents an opportunity for transformative changes in the cement industry. By addressing these key areas, the government can support sustainable growth, boost infrastructure development and enhance the global competitiveness of the Indian cement sector. We look forward to a budget that supports these initiatives and drives our industry toward a more prosperous future.”

A Kulandai Vadivelu, Chief Financial Officer, TVS Electronics, said, “There is a pressing need for a growth-oriented tax environment to catalyze India’s economic progress and from the Union Budget, we expect the finance minister to look at reforming the Goods and Services Tax (GST) structure, including rationalization of rates and simplification of compliance procedures. The manufacturing sector is very capital-intensive and the introduction of tax holidays and enhanced input credits for upcoming manufacturing units will be crucial in stabilizing operations and expansion. Overall, industry friendly tax assessments can reduce the time and effort spent on compliance and in turn allow companies to focus on growth.
India’s manufacturing sector will be a key contributor towards the goal of becoming a $10 trillion economy. The budget should emphasize making India self-reliant and become a global manufacturing hub, and in turn boost the Make-in-India initiative. Hence, policies that support local manufacturing will be helpful.
According to the latest report by the CII, India’s Electronics Manufacturing is expected to reach USD500Bn by 2030. One of the key pillars of the growing electronics manufacturing industry is electronics manufacturing services (EMS), which includes services such as designing, manufacturing, testing, distributing and servicing electronic components and assemblies for OEMs. PLIs for the EMS sector will increase the contribution of the manufacturing industry towards our economy, and help create jobs, which is the need of the hour.
Extending incentives for research and development (R&D) and digitalization will contribute towards creating an enabling environment for expansion of the sector and also position India as a factory for the world.”

Arvind Nandan, Managing Director – Research & Consulting at Savills India;
“We anticipate a strong emphasis on infrastructure and innovation to address the housing deficit in both rural and urban areas, particularly through schemes aimed at enhancing rental housing. Potential tax relief, including adjustments to income tax exemption limits in the new tax regime, could significantly benefit lower-income earners. Adjustments to income tax brackets for individuals earning between Rs 5 lakh and Rs 15 lakh annually are expected to enhance spending power and stimulate economic activity, which is crucial for the middle class. We also foresee further support for the affordable housing sector through reinstated PMAY incentives, while GST reforms will be crucial for ensuring nationwide accessibility. The budget is likely to sustain focus on sustainable development and green innovation, promoting environmentally friendly practices in infrastructure projects.”

Budget 2024 Expectations Live Updates: Potential Tax Relief, Income Tax Exemption Limits In New Tax Regime

Anirudh A Damani, Managing Partner- Artha Venture Fund;
“As the new government’s first budget, our expectations are notably high. We anticipate significant measures to streamline the entrepreneurial ecosystem, starting with removing the angel tax regime, which currently burdens startups substantially. Additionally, reducing GST slabs and abolishing other indirect tax regimes in favor of a single, efficient GST system would greatly simplify compliance for businesses.
Another crucial initiative would be establishing a business bank catering to SMEs and startups. Traditional banks often fail to meet the unique needs of these entities. A dedicated business bank could unlock vital credit and provide essential financial services tailored to business needs, such as business savings accounts, working capital loans, and business banking credit cards.
Investors also look forward to a more straightforward tax regime, particularly the harmonization and simplification of LTCG (Long-Term Capital Gains) and STCG (Short-Term Capital Gains) taxes for listed securities and startups. Simplifying the complex web of tax laws would reduce confusion and minimize harassment from tax authorities who may misinterpret the regulations.
While tax reduction is always welcome, the primary need of the hour is simplifying the tax code. Implementing a direct tax code, as promised for many years, would be a monumental step towards achieving a more transparent and efficient tax system.
Our high expectations reflect the potential for this budget to foster a more robust and supportive environment for startups and SMEs, driving economic growth and innovation.”

 Budget 2024 Expectations Live Updates: Removing Angel Tax Regime

Sumit Mukhija, CEO and Executive Director, STT GDC India, said;
“The Union Budget 2024 represents an important opportunity to promote AI usage in India’s data center business. As technology is rapidly evolving, we anticipate initiatives to promote innovation and growth in this area. With India’s data consumption skyrocketing and an increased need for AI-powered solutions, we expect the budget to introduce incentives for AI-focused infrastructure investments. This might include tax breaks for AI-specific gear and software, support for AI research and development, and efforts to establish a competent AI-skilled workforce.
Such initiatives would not only benefit the data center industry but will also establish India as a global leader in AI technology and digital transformation. Together, we are capable of creating a future in which India leads in technical advancement and innovation.”

Ravi Kunwar, Vice President- India & APAC, HMD, said, “We look forward to the upcoming Union Budget 2024-25 with a focus on initiatives that propel domestic manufacturing and foster a thriving Indian mobile phone ecosystem. We particularly look forward to extending or improving the Production Linked Incentive (PLI) scheme. This policy has been instrumental in propelling domestic manufacturing, and its continuation will be crucial for building a robust indigenous component supply chain. We also wish that the government prioritizes the policies that incentivize the production of key smartphone components within India, fostering a self-reliant ecosystem.”

Shailesh Kumar, Co-Founder & Insurance Head, Insurance Samadhan;
“As the budget session approaches, we are optimistic about positive changes in the insurance sector. I am particularly hopeful about the possibilities of reforms that can further enhance the insurance landscape in India. The previous budget did not meet the expectations of the insurance industry and the consumers. However, this past year, with the government’s efforts to make healthcare more accessible and increasing transparency in the insurance sector, I am expecting measures that could make insurance products more consumer-centric.”
“Currently, India’s insurance penetration stands at a record of 4%, and to increase this number, we hope there will be some reform to boost the tax incentives for life and health insurance products. Such a move could make them more affordable for the middle class. Improved and enhanced digitalization and streamlined claim settlement processes could also add momentum, which may help insurance companies deliver faster and more efficient services to their customers. Such measures can boost consumer confidence for participating in insurance schemes and enable us to create a system that supports innovation and transparency in the insurance sector.”

Budget 2024 Expectations Live Updates: Changes In Insurance Sector

Nikhel Bothra, Director, EPACK Prefab
“As a country, we must become more adaptable to pre-engineered buildings and prefabricated structures, as they are more evolved versions of construction. These are sustainable solutions to the construction demands of the country. In doing so, we are committing to innovation as well as environment-friendly practices. Considerations such as a constructive regulatory framework would enhance the utilisation of PEBs within the industry, and lowering GST or incentivizing the use of Prefabricated Engineered Buildings (PEBs) in government infrastructure projects could be instrumental steps in this direction. Furthermore, subsiding/incentivising the use of PEBs and prefab structures; or introductions of new schemes like the regional-connectivity schemes – UDAN & PM Gati Shakti scheme could be instrumental in realising the true potential of the country as a developed nation.”

The Economic Survey will be tabled in the Parliament on July 22. First, it will be presented in the Lok Sabha at 1 pm and then Rajya Sabha will be familiarised with the document at around 2 pm.

 Budget 2024 Expectations Live Updates: Economic Survey On July 22

Manoj Nair, Head of Global Delivery Centres, Fujitsu said, “With close to 25% of the global workforce coming from India over the next decade, skill development and empowerment should be a strategic imperative.
A skilled workforce is crucial for economic development. As technology rapidly advances, we need to prepare young people with a mix of education and skills to help meet the future needs of our economy. Now is the time to bolster digital literacy by establishing dedicated centres of excellence.
Looking ahead to Budget 2024, another area that calls for a greater emphasis is research and development (R&D) initiatives to enhance our competitiveness especially in AI. I remain optimistic that the government will introduce more ground-breaking and transformative initiatives, thus elevating AI use cases and intellectual property creation. By accelerating AI innovation, we can enhance the country’s technology development ecosystem and provide a major boost to sectors including healthcare and automotive among others.
In addition to AI, we must also elevate the country’s technology development ecosystem by strengthening the semiconductor space, which can provide a greater boost to sectors including healthcare and consumer electronics among others.
As we focus on advancing technology, sustainability should always remain top of mind. The need of the hour is to focus on sustainability and energy efficiency solutions to reduce carbon emissions. Now more than ever, there is a need to prioritize sustainable development and green initiatives, such as electric vehicles and renewable energy projects. Together, we have the opportunity to shape a future where India leads in technological advancements and innovation.”

D. S. Negi, CEO, Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC), urged, “As we look forward to the 2024 Budget, the focus on reforming cancer care in India is crucial. It’s important to prioritize funding for advanced treatments like immunotherapy and personalized medicine, ensuring more patients can access these cutting-edge therapies.
Extending Ayushman Bharat to those aged above 70 will be highly beneficial for senior citizens. However, the current coverage limit of Rs. 5 lakh may not be sufficient for critical illnesses such as cancer, where treatment costs can range from Rs. 15-20 lakhs. Therefore, it is essential to consider increasing the coverage limit for critical illnesses like cancer to ensure adequate financial support for cancer patients.
Expanding screening programs for cancers like cervical, breast, and colorectal can catch diseases earlier, improving the chances of successful treatment. Building more specialized cancer treatment centers and supporting healthcare workers with better training are essential steps. Public awareness campaigns about prevention and symptoms will also play a key role in fighting cancer effectively. These efforts, alongside international collaborations and incentives for new cancer treatments, can bring significant improvements to cancer care across the country.”

Budget 2024 Expectations Live Updates: Reforming Cancer Care in India

Rajeev Kashyap, VP and MD, Nextracker India, urged, “With the upcoming union budget, we anticipate the new government will reaffirm its commitment to renewable energy, particularly in innovation, local manufacturing, technological integration, and R&D within the solar energy sector. This focus is essential for unlocking the nation’s clean energy potential, de-risking the supply chain, and enhancing the reliability of solar power systems. Further, lowering GST rates on solar devices and systems would not only spur domestic manufacturing but also amplify project returns, driving economic growth. Additionally, the budget should prioritize incentives and policies that strengthen battery storage, supporting our increasing reliance on renewable energy. There is also a pressing need to develop a skilled workforce tailored for the renewable energy industry. By fostering a robust domestic manufacturing ecosystem, India can accelerate its solar installation capacity and make significant contributions to global decarbonization efforts. With the right policies and collaborative efforts, we are confident that India can achieve its ambitious goals and emerge as a global leader in the clean energy revolution.”

Budget 2024 Expectations Live Updates: Renewable Energy Sector

Shivdutt Das, Executive Director, Vishwa Samudra Group, said, “As we approach the upcoming budget, it is essential to focus on developing robust infrastructure that not only supports economic growth but also promotes environmental sustainability. To achieve world-class infrastructure and transform India into a developed economy by 2047, we recommend that infrastructure investment should constitute at least 10% of the GDP.
The anticipated budget should strongly emphasize infrastructure development in key areas such as roadways, highways, and tunnels. With a projected compound annual growth rate of 11.4% in capital expenditure from 2021 to 2026, the government’s commitment to enhancing transportation networks and connectivity is clear.
The Government of India has made significant progress in infrastructure development over the last few years. I expect more focus on India’s coastline and significant expenditure on urban mobility solutions. These initiatives will bring India closer to being an infrastructure major and contribute to the foundation of becoming a superpower.”

News

business

economy

Budget 2024 Expectations Highlights: Will Govt Bring Changes In Old and New Tax Regimes? - News18

Union Budget 2024: Finance Minister Nirmala Sitharaman is set to present the Modi 3.0 government’s first Budget at 11 am on Tuesday, July 23. This is going to be her seventh Budget in a row. There are various expectations from the budget ranging from higher allocation for various initiatives and schemes, including education, health and R&amp;D, to tax reliefs to higher capex to push growth. The government is also expected to follow the fiscal glide path of cutting the fiscal deficit to 4.5 per cent by FY26.
Follow Budget 2024 Live Updates
The Indian stock market is also keenly keeping an eye out on the Budget as talks are going on regarding any possible changes on the capital gains front. Any change in the capital gains might negatively affect the market.
The Interim Budget 2024, presented earlier in the year, laid out fiscal plans until the full budget release. It emphasised themes such as ‘Viksit Bharat’ (developed India), proposing measures like raising tax exemption limits and fostering sustainable development.
Stay informed with our comprehensive coverage of Union Budget 2024. Get the latest on new income tax slab rates for AY 2024-25 in Income Tax Slabs Budget 2024 LIVE Updates . Track the impact of Budget 2024 on the stock market in Stock Market Budget Day 2024 LIVE Updates.

Finance Minister Nirmala Sitharaman is set to present the full Budget 2024-25 on July 23. 

New Delhi, India

News18

https://images.news18.com/ibnlive/uploads/2024/02/nirmala-2024-02-f1f981313399c42705cd3186dfb92d44-16x9.jpg?impolicy=website&width=1200&height=675

India

Stay informed with our comprehensive coverage of  Union Budget 2024.


Stay informed about the latest updates on Economic Survey LIVE. The Economic Survey will be tabled around 1 PM.


Mohit Jain, Managing Director, Krisumi Corporation, said;
“We expect the Government to continue its thrust on infrastructure development, which will boost the real estate sector across cities including the peripheries of metros as well as in tier II and III cities. The upcoming budget should provide greater benefits to the salaried class as they have played a pivotal role in record-high direct tax collections. One such step would be to increase the tax exemption limit on both the principal amount and interest paid on home loans.”
“Amid a substantial rise in property value over the last couple of years, the current Rs 2 lakh tax rebate on housing loan interest should be enhanced to a minimum of Rs 5 lakh. Such a step will boost demand for residential properties. Similarly, a separate section should be introduced for the deduction against home loan principal repayment as the present Rs 1.5 lakh limit under section 80(C) is inadequate.
Given the government’s ongoing push for housing for all, we also anticipate the relaunch of the CLSS scheme, which will boost housing demand across various segments. The Government should also look at implementing the single window clearance system for all project-related approvals, a long-pending demand of the industry. This will considerably reduce delays thereby benefitting all stakeholders including the government, developers as well as end users i.e. home buyers.”
 


Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering, said;
“As India’s energy demand rises, boosting the share of renewables is crucial for energy security and sustainability, the upcoming union budget is expected to focus on achieving the 500GW target by 2030 and incentivizing technologies to reduce renewable energy intermittency, like energy storage solutions. Battery Energy Storage Systems (BESS) are essential for advancing India’s renewable goals. Previous budgets have significantly increased funding for the advanced chemistry cell sector, showing the government’s commitment to energy storage.”
“We anticipate continued support for cell manufacturing and BESS, along with Production Linked Incentives (PLI) for raw material processing. Additionally, growing the green hydrogen industry will likely be a key focus, replacing fossil fuels in transportation and hard-to-abate sectors like refining, steel, and cement. At Gensol Engineering, we are dedicated to reducing carbon emissions and combating climate change through the engineering, design, development, and deployment of solar and BESS projects. By providing comprehensive EPC and O&amp;M services , we aim to lead in renewable energy and support India’s energy transition goals.”
Amit Jain, CEO &amp; Country Manager ENGIE, India, stated;
“We look forward to the government’s strategic framework that will accelerate the shift to a low-carbon economy. The upcoming budget should encourage innovation in renewable technologies and support investments in solar power and other renewable sources. A simplified regulatory environment is essential for integrating renewables into the national grid, ensuring energy security and stability. Additionally, we hope for initiatives promoting public-private partnerships to develop distributed energy infrastructure. India has set a bold target of achieving 500GW of non-fossil fuel capacity by 2030, reflecting significant growth in this sector.”


Pavan Choudary, Chairman, Medical Technology Association of India (MTaI), said, “The gross customs duties on medical devices coming into India is between 13 to 16 %, whereas in our neighbourhood that is Sri Lanka, Nepal, etc. is less than 5 %. This creates opportunities for illicit smuggling of these devices which means losses to the exchequer and the patient being burdened with devices that do not have adequate legal or service guarantees. This is one important reason why customs duties on medical devices should be brought down. The other reason concerns patient affordability which is a top priority of the government. A consistent customs duty reduction will go towards improving affordability and access.”


Pratik Agarwal, MD Sterlite Power and Chairman Serentica Renewables, said;
“There are crucial expectations for the power sector. I hope this term focuses on achieving a comprehensive turnaround of discoms. Many initiatives have been taken in the past to incrementally improve the situation, but we expect strong steps in this direction to ensure the sector’s well-being. Pushing for full retail competition should be a focus.
To maintain the momentum built in the last 5 years, it’ll be paramount to extend the full ISTS waiver for another 2 years to sustain RE adoption by all categories of power consumers.
While protectionism helps a certain segment, I would expect the government to open the sector to source the most competitive components globally, with a focus on the swift and cost-effective deployment of RE and transmission in the country.
As we add unprecedented green energy to the grid, the next phase must also concentrate on preparing the country for large-scale RE integration. This will entail a strong policy push towards strengthening interconnectors with neighbouring nations, deploying extensive energy storage solutions, and exploring upcoming technologies like Small Modular Nuclear Reactors (SMRs) for a diversified energy mix.
The stage is ripe, and the country awaits the next phase of growth towards a sustainable energy future.”


Anil G Verma, CEO &amp; Executive Director, Godrej and Boyce, said;
“As we approach Budget 2024, I am optimistic that the new government will build upon the solid foundation laid by the interim budget, which focused on boosting infrastructure development, maintaining fiscal prudence, and laying progressive emphasis on women, youth, farmers, and the underprivileged through skilling, welfare measures and financial assistance.
The important area that needs to be addressed now, amongst others, is the continued lower-than-expected growth in private consumption. Private consumption drives private investment and therefore I am hopeful that the GoI will take steps that boost consumption through a slew of measures that could include optimizing GST rates, reviewing of personal income tax slabs and reassessment of the interest rates to provide EMI relief to the large masses whose purchases of assets such as homes and consumer durables are thorough loans.
The above will not only provide tailwinds to the consumer durables industry but also have a multiplier effect on the industries that serve them, through increased capacity utilization and hence also pave the way for private investments to flow in at a faster pace.
Looking ahead, I hope that the upcoming budget continues to prioritize these areas while also introducing policies that promote innovation, production-linked incentives (PLIs), and sustainable practices. These measures are crucial for driving holistic economic growth and ensuring balanced and inclusive development for India.”


Neeraj Akhoury, MD Shree Cement, said;
“As we approach the Union Budget 2024-25, the cement industry is optimistic about significant allocations to housing and infrastructure, which account for over 80% of the demand for cement. The Interim Budget in February showed the government’s commitment with an 11.1% increase in infrastructure capital expenditure, totalling Rs 11.11 lakh crore, or 3.4% of the GDP.
We expect further spending on highways, roads, bridges, and urban development, alongside more funds for projects. The announcement of a cement corridor in the Interim Budget has been encouraging, and we hope for more steps to enhance transport integration, making the movement of cement and related materials more efficient.
While the Union Government’s overall policies have supported the Cement industry, we could enhance the scope to further contribute to strengthening our economy.
The cement industry multiplies all levers of the economy, especially employment generation, with studies suggesting that every 1 Million tons of cement creates 20, 000 direct and indirect employment. The Budget should pave a path for faster development of new projects, through simplifying and accelerating regulatory processes (like environmental clearances) as well as land procurement.
India is currently the 2nd largest producer of cement in the world and yet we have one of the lowest per capita consumption. To grow our economy, India would need large investments to create new production facilities. The extension of the PLI scheme to the cement sector could further drive investments and technological advancements, aligning with the Make in India initiative and enhancing the industry’s global competitiveness.
Additionally, job creation and agricultural growth are necessary to increase rural spending on housing. Higher MNREGA allocations could boost rural employment, and increasing funds for rural-focused schemes, such as the PM Gramin Awas Yojana, will support rural housing construction. Increasing the home loan deduction limit can add momentum to the housing demand and increasing allocation to PM Urban Awas Yojana, will support in construction of affordable housing.
We also hope the government continues its focus on reforms, incentives, and tax relief for adopting sustainable manufacturing techniques. Supporting green energy and alternative fuels is crucial for promoting sustainable growth in the cement sector. Renewable Energy (RE) is a priority to reduce CO2 emissions and energy costs. My recommendation is to both simplify and unify RE policies across states. As an example, many states disallow power banking facilities and have different charges and incentives. We are hopeful for more uniform RE policies across all states to significantly increase RE adoption.
Additionally, the cement industry has the potential to generate 1,300 MW of clean energy by installing waste heat recovery systems (WHRS), directly reducing energy wastage. The industry and the overall ecosystem would greatly benefit if power generated through WHRS were given the same benefits as Renewable Energy, such as being considered for Renewable Purchase Obligation (RPO) compliance.
The upcoming Union Budget 2024-25 presents an opportunity for transformative changes in the cement industry. By addressing these key areas, the government can support sustainable growth, boost infrastructure development and enhance the global competitiveness of the Indian cement sector. We look forward to a budget that supports these initiatives and drives our industry toward a more prosperous future.”


A Kulandai Vadivelu, Chief Financial Officer, TVS Electronics, said, “There is a pressing need for a growth-oriented tax environment to catalyze India’s economic progress and from the Union Budget, we expect the finance minister to look at reforming the Goods and Services Tax (GST) structure, including rationalization of rates and simplification of compliance procedures. The manufacturing sector is very capital-intensive and the introduction of tax holidays and enhanced input credits for upcoming manufacturing units will be crucial in stabilizing operations and expansion. Overall, industry friendly tax assessments can reduce the time and effort spent on compliance and in turn allow companies to focus on growth.
India’s manufacturing sector will be a key contributor towards the goal of becoming a $10 trillion economy. The budget should emphasize making India self-reliant and become a global manufacturing hub, and in turn boost the Make-in-India initiative. Hence, policies that support local manufacturing will be helpful.
According to the latest report by the CII, India’s Electronics Manufacturing is expected to reach USD500Bn by 2030. One of the key pillars of the growing electronics manufacturing industry is electronics manufacturing services (EMS), which includes services such as designing, manufacturing, testing, distributing and servicing electronic components and assemblies for OEMs. PLIs for the EMS sector will increase the contribution of the manufacturing industry towards our economy, and help create jobs, which is the need of the hour.
Extending incentives for research and development (R&amp;D) and digitalization will contribute towards creating an enabling environment for expansion of the sector and also position India as a factory for the world.”


Arvind Nandan, Managing Director – Research &amp; Consulting at Savills India;
“We anticipate a strong emphasis on infrastructure and innovation to address the housing deficit in both rural and urban areas, particularly through schemes aimed at enhancing rental housing. Potential tax relief, including adjustments to income tax exemption limits in the new tax regime, could significantly benefit lower-income earners. Adjustments to income tax brackets for individuals earning between Rs 5 lakh and Rs 15 lakh annually are expected to enhance spending power and stimulate economic activity, which is crucial for the middle class. We also foresee further support for the affordable housing sector through reinstated PMAY incentives, while GST reforms will be crucial for ensuring nationwide accessibility. The budget is likely to sustain focus on sustainable development and green innovation, promoting environmentally friendly practices in infrastructure projects.”


Budget 2024 Expectations Live Updates: Potential Tax Relief, Income Tax Exemption Limits In New Tax 

Anirudh A Damani, Managing Partner- Artha Venture Fund;
“As the new government’s first budget, our expectations are notably high. We anticipate significant measures to streamline the entrepreneurial ecosystem, starting with removing the angel tax regime, which currently burdens startups substantially. Additionally, reducing GST slabs and abolishing other indirect tax regimes in favor of a single, efficient GST system would greatly simplify compliance for businesses.
Another crucial initiative would be establishing a business bank catering to SMEs and startups. Traditional banks often fail to meet the unique needs of these entities. A dedicated business bank could unlock vital credit and provide essential financial services tailored to business needs, such as business savings accounts, working capital loans, and business banking credit cards.
Investors also look forward to a more straightforward tax regime, particularly the harmonization and simplification of LTCG (Long-Term Capital Gains) and STCG (Short-Term Capital Gains) taxes for listed securities and startups. Simplifying the complex web of tax laws would reduce confusion and minimize harassment from tax authorities who may misinterpret the regulations.
While tax reduction is always welcome, the primary need of the hour is simplifying the tax code. Implementing a direct tax code, as promised for many years, would be a monumental step towards achieving a more transparent and efficient tax system.
Our high expectations reflect the potential for this budget to foster a more robust and supportive environment for startups and SMEs, driving economic growth and innovation.”


Sumit Mukhija, CEO and Executive Director, STT GDC India, said;
“The Union Budget 2024 represents an important opportunity to promote AI usage in India’s data center business. As technology is rapidly evolving, we anticipate initiatives to promote innovation and growth in this area. With India’s data consumption skyrocketing and an increased need for AI-powered solutions, we expect the budget to introduce incentives for AI-focused infrastructure investments. This might include tax breaks for AI-specific gear and software, support for AI research and development, and efforts to establish a competent AI-skilled workforce.
Such initiatives would not only benefit the data center industry but will also establish India as a global leader in AI technology and digital transformation. Together, we are capable of creating a future in which India leads in technical advancement and innovation.”


Ravi Kunwar, Vice President- India &amp; APAC, HMD, said, “We look forward to the upcoming Union Budget 2024-25 with a focus on initiatives that propel domestic manufacturing and foster a thriving Indian mobile phone ecosystem. We particularly look forward to extending or improving the Production Linked Incentive (PLI) scheme. This policy has been instrumental in propelling domestic manufacturing, and its continuation will be crucial for building a robust indigenous component supply chain. We also wish that the government prioritizes the policies that incentivize the production of key smartphone components within India, fostering a self-reliant ecosystem.”


Shailesh Kumar, Co-Founder &amp; Insurance Head, Insurance Samadhan;
“As the budget session approaches, we are optimistic about positive changes in the insurance sector. I am particularly hopeful about the possibilities of reforms that can further enhance the insurance landscape in India. The previous budget did not meet the expectations of the insurance industry and the consumers. However, this past year, with the government’s efforts to make healthcare more accessible and increasing transparency in the insurance sector, I am expecting measures that could make insurance products more consumer-centric.”
“Currently, India’s insurance penetration stands at a record of 4%, and to increase this number, we hope there will be some reform to boost the tax incentives for life and health insurance products. Such a move could make them more affordable for the middle class. Improved and enhanced digitalization and streamlined claim settlement processes could also add momentum, which may help insurance companies deliver faster and more efficient services to their customers. Such measures can boost consumer confidence for participating in insurance schemes and enable us to create a system that supports innovation and transparency in the insurance sector.”


Nikhel Bothra, Director, EPACK Prefab
“As a country, we must become more adaptable to pre-engineered buildings and prefabricated structures, as they are more evolved versions of construction. These are sustainable solutions to the construction demands of the country. In doing so, we are committing to innovation as well as environment-friendly practices. Considerations such as a constructive regulatory framework would enhance the utilisation of PEBs within the industry, and lowering GST or incentivizing the use of Prefabricated Engineered Buildings (PEBs) in government infrastructure projects could be instrumental steps in this direction. Furthermore, subsiding/incentivising the use of PEBs and prefab structures; or introductions of new schemes like the regional-connectivity schemes – UDAN &amp; PM Gati Shakti scheme could be instrumental in realising the true potential of the country as a developed nation.”


The Economic Survey will be tabled in the Parliament on July 22. First, it will be presented in the Lok Sabha at 1 pm and then Rajya Sabha will be familiarised with the document at around 2 pm.


Manoj Nair, Head of Global Delivery Centres, Fujitsu said, “With close to 25% of the global workforce coming from India over the next decade, skill development and empowerment should be a strategic imperative.
A skilled workforce is crucial for economic development. As technology rapidly advances, we need to prepare young people with a mix of education and skills to help meet the future needs of our economy. Now is the time to bolster digital literacy by establishing dedicated centres of excellence.
Looking ahead to Budget 2024, another area that calls for a greater emphasis is research and development (R&amp;D) initiatives to enhance our competitiveness especially in AI. I remain optimistic that the government will introduce more ground-breaking and transformative initiatives, thus elevating AI use cases and intellectual property creation. By accelerating AI innovation, we can enhance the country’s technology development ecosystem and provide a major boost to sectors including healthcare and automotive among others.
In addition to AI, we must also elevate the country’s technology development ecosystem by strengthening the semiconductor space, which can provide a greater boost to sectors including healthcare and consumer electronics among others.
As we focus on advancing technology, sustainability should always remain top of mind. The need of the hour is to focus on sustainability and energy efficiency solutions to reduce carbon emissions. Now more than ever, there is a need to prioritize sustainable development and green initiatives, such as electric vehicles and renewable energy projects. Together, we have the opportunity to shape a future where India leads in technological advancements and innovation.”


D. S. Negi, CEO, Rajiv Gandhi Cancer Institute &amp; Research Centre (RGCIRC), urged, “As we look forward to the 2024 Budget, the focus on reforming cancer care in India is crucial. It’s important to prioritize funding for advanced treatments like immunotherapy and personalized medicine, ensuring more patients can access these cutting-edge therapies.
Extending Ayushman Bharat to those aged above 70 will be highly beneficial for senior citizens. However, the current coverage limit of Rs. 5 lakh may not be sufficient for critical illnesses such as cancer, where treatment costs can range from Rs. 15-20 lakhs. Therefore, it is essential to consider increasing the coverage limit for critical illnesses like cancer to ensure adequate financial support for cancer patients.
Expanding screening programs for cancers like cervical, breast, and colorectal can catch diseases earlier, improving the chances of successful treatment. Building more specialized cancer treatment centers and supporting healthcare workers with better training are essential steps. Public awareness campaigns about prevention and symptoms will also play a key role in fighting cancer effectively. These efforts, alongside international collaborations and incentives for new cancer treatments, can bring significant improvements to cancer care across the country.”


Rajeev Kashyap, VP and MD, Nextracker India, urged, “With the upcoming union budget, we anticipate the new government will reaffirm its commitment to renewable energy, particularly in innovation, local manufacturing, technological integration, and R&amp;D within the solar energy sector. This focus is essential for unlocking the nation’s clean energy potential, de-risking the supply chain, and enhancing the reliability of solar power systems. Further, lowering GST rates on solar devices and systems would not only spur domestic manufacturing but also amplify project returns, driving economic growth. Additionally, the budget should prioritize incentives and policies that strengthen battery storage, supporting our increasing reliance on renewable energy. There is also a pressing need to develop a skilled workforce tailored for the renewable energy industry. By fostering a robust domestic manufacturing ecosystem, India can accelerate its solar installation capacity and make significant contributions to global decarbonization efforts. With the right policies and collaborative efforts, we are confident that India can achieve its ambitious goals and emerge as a global leader in the clean energy revolution.”


Shivdutt Das, Executive Director, Vishwa Samudra Group, said, “As we approach the upcoming budget, it is essential to focus on developing robust infrastructure that not only supports economic growth but also promotes environmental sustainability. To achieve world-class infrastructure and transform India into a developed economy by 2047, we recommend that infrastructure investment should constitute at least 10% of the GDP.
The anticipated budget should strongly emphasize infrastructure development in key areas such as roadways, highways, and tunnels. With a projected compound annual growth rate of 11.4% in capital expenditure from 2021 to 2026, the government’s commitment to enhancing transportation networks and connectivity is clear.
The Government of India has made significant progress in infrastructure development over the last few years. I expect more focus on India’s coastline and significant expenditure on urban mobility solutions. These initiatives will bring India closer to being an infrastructure major and contribute to the foundation of becoming a superpower.”


https://www.news18.com/business/tax/income-tax-slabs-2024-25-rates-live-updates-finance-minister-nirmala-sitharaman-budget-home-loan-salaried-employees-new-vs-old-tax-regime-liveblog-8974442.html

https://www.news18.com/business/economy/union-budget-2024-25-complete-pdf-download-budget-2024-25-changes-8975227.html

https://www.news18.com/business/economy/budget-highlights-2024-key-changes-income-tax-ltcg-section-80c-summary-top-pointers-nirmala-sitharaman-speech-8974957.html

https://www.news18.com/business/markets/stock-market-live-updates-union-budget-2024-share-market-sensex-nse-today-nifty-50-stocks-to-buy-today-defence-psu-financial-nirmala-sitharaman-liveblog-8974793.html

https://www.news18.com/business/economy/budget-2024-live-updates-fm-nirmala-sitharaman-speech-key-announcements-section-80c-tax-relief-union-budget-latest-news-liveblog-8974776.html

https://www.news18.com/business/economy/budget-2024-fm-nirmala-sitharaman-draped-in-white-magenta-silk-saree-poses-with-tablet-in-red-sleeve-8975039.html

https://www.news18.com/business/markets/stock-market-update-indian-bourses-likely-to-open-higher-8961489.html

https://www.news18.com/business/petrol-diesel-fresh-prices-announced-check-rates-in-your-city-on-july-11-8961425.html