01:06:33 PM IST, 12 Jul 2024
Budget 2024 Live: Simplified regulations & fiscal incentives – What manufacturing sector needs?
Loliwala added, “Simplified regulations and fiscal incentives can foster resilience, ensuring manufacturers remain competitive in a turbulent global market. Additionally, strategic investments in infrastructure and technology will bolster supply chain efficiency, mitigating delays and cost escalations. By prioritizing these areas, the government can stimulate job creation, and drive economic growth. The industry as a whole is booming, and the budget presents an opportunity for the government to create jobs across the manufacturing value chain, empowering Indians from Tier 2 and 3 regions.”
12:32:24 PM IST, 12 Jul 2024
Budget 2024 Live: On EV, FAME and e-mobility front
Gupta added, “Given the ability of NMT vehicles, including low-speed electric vehicles (EVs), to support affordable, accessible and sustainable mobility in our cities, we earnestly urge the government to include NMT vehicles in the ambit of upcoming EV policies like FAME.”
“Second, it is evident that EV adoption in the country is being led by commercial fleets. While incentivizing people to buy electric passenger cars and two-wheelers is important, similar incentives must be extended to delivery and logistics companies and fleet operators so that they can deploy more EVs in their fleets. Doing so will speed up the electrification of such services and drastically reduce the carbon footprint of last-mile deliveries, whose volumes have grown meteorically in recent years.”
12:08:33 PM IST, 12 Jul 2024
Budget 2024 Live: What India needs for a a logistics revolution?
Union Budget 2024 Live Updates: Gregory Goba Ble, Managing Director, UPS India said, “India stands at the cusp of a logistics revolution, and the upcoming Union Budget will play a defining role in shaping its course. Building upon the foundation established in the past few budgets, which included a significant investment for critical transport infrastructure projects to establish last and first-mile connectivity, is crucial.Ble added, “This budget must continue its commitment to boosting the logistics sector, particularly for MSMEs. Providing these businesses with timely access to finance, cutting-edge technologies, and relevant training is essential for them to compete on a global scale. Furthermore, logistics companies are seeking to decrease regulatory costs. The government should promote the adoption of advanced technologies in logistics sector through incentives. This not only enhances the efficiency of logistics but also contributes significantly towards India’s logistics performance index.”
11:46:32 AM IST, 12 Jul 2024
Budget 2024 Live: ‘Allocate more grants to support the FMCG industry’
Agarwal added, “The 2024 Interim Budget put a major emphasis on achieving Atmanirbharta for oilseeds, including sesame, sunflower, and mustard. This ensured food security and opened avenues for sustainable farming practices that benefited both farmers and consumers. We strongly believe that supporting MSMEs in the agriculture and FMCG sectors can lead to more sustainable and inclusive growth. Lastly, we hope that this Union budget will rationalise export and import duties on food items. In 2022-23, India’s exports of Processed Food were Rs. 62,562.90 Crores which included the share of products like Mango Pulp (Rs. 1189.66 Crores), Processed Vegetables (Rs. 4987.39 Crores), Cucumber and Gherkins (Rs. 1761.10 Crores), processed fruits, juices & Nuts (Rs. 4754.83 Crores). And we at Pansari firmly believe that it is important to adopt strict standards like those in the US or Europe. It will help improve our industry and make sure our products can compete with the best in the world.”
11:31:31 AM IST, 12 Jul 2024
Budget 2024 Live: “Increase healthcare budget allocation to at least 5% of GDP”
Union Budget 2024 Live Updates: Azad Moopen, Founder and Chairman, Aster DM Healthcare said, “India has been progressing steadily in increasing investment in public health infrastructure, and we hope to see a significant increase in the healthcare sector’s budget allocation to at least 5% of the GDP. This is crucial to address the existing gaps and enhance the overall quality of healthcare delivery in India.”Moopen added, “While the last budget announced the establishment of nursing colleges alongside medical colleges, there is an urgent need for comprehensive reform of medical education to ensure that the medical professionals of tomorrow are aligned with contemporary healthcare needs. This necessitates the development of medical colleges, nursing colleges, and paramedical colleges in all 500 district hospitals across the country.”
11:06:45 AM IST, 12 Jul 2024
Budget 2024 Live: Govt won’t liberalise FDI in tobacco sector, says Goyal
Union Budget 2024 Live Updates: The central government is not inclined to liberalize Foreign Direct Investment (FDI) in the tobacco sector, Union Commerce Minister Piyush Goyal said. The minister also indicated that the government is rather considering tightening the norms for FDI in the tobacco industry.
10:49:17 AM IST, 12 Jul 2024
Budget 2024 Live: A look at real estate sector’s wish list
Union Budget 2024 Live Updates: Ramani Sastri – Chairman & MD, Sterling Developers, said “The government should raise the deduction limit for interest payment on home loans from the existing Rs 2 lakh a year to Rs 5 lakh, which will add momentum to housing demand, reduce GST on under-construction properties and effect adjustments in raw material pricing. For a large section of the population, affordability remains the biggest challenge and hence there should also be expansion in the definition of affordable housing as this would expand the benefits for homebuyers and hence boost the end-user demand. Any tax exemption from rental income will also encourage greater investment in residential real estate.”Sastri added, “A moderate reduction in GST rates for the real estate sector would also make homes more affordable and spark demand. We also expect the maximum tax rate of 30 per cent to be reduced to improve the individual’s buying power. The budget should offer a degree of personal tax relief, either by ways of lower tax rates or by readjusting tax slabs, which is the need of the hour.”
10:40:24 AM IST, 12 Jul 2024
Budget 2024 Live: Game-changer for startups and MSMEs
Union Budget 2024 Live Updates: Saurabh Uboweja, Managing Partner and Practice Leader, Positioning Strategy at BOD Consulting, said “We are highly optimistic for the upcoming union budget expected to be announced in July which holds the promise of being a transformative moment for startups and MSMEs. With the ambitious target of achieving a $5 trillion GDP by 2027-28, this budget has the potential to pave a progressive path forward. Uboweja added, “As we look forward to innovative policies and strategic incentives, there is a growing sense of optimism that the government will empower the entrepreneurial spirit of India. Enhanced access to funding, simplified regulations, and support for digital transformation could be game-changers for the startup ecosystem and small businesses alike. The budget’s focus on fostering innovation and growth in these sectors can accelerate our journey toward economic prosperity, making this an exciting time for startups and MSMEs to grow and contribute significantly to the nation’s ambitious goals.”
10:31:57 AM IST, 12 Jul 2024
Budget 2024 Live: What housing sector wants?
Union Budget 2024 Live UpdatesUnion Budget 2024 Live Updates: “As the Union Budget 2024-25 is being tabled in July, we at Jenika Ventures anticipate significant tax reliefs and other sentiment boosters. With housing sales and new launches reaching new peaks in the top seven cities, the Indian housing sector has remained remarkably upbeat throughout 2024. And we are strongly optimistic that the budget will propose changes in taxation rules for property purchases and offer enhanced deductions for home loans. Additionally, potential infrastructure projects could significantly impact real estate development, further fueling growth in this vibrant sector. We look forward to a budget that supports continued expansion and strengthens the foundation for future progress in the Indian real estate market,” said Abhishek Raj, Founder & CEO of Jenika Ventures.
09:56:55 AM IST, 12 Jul 2024
Budget 2024 Live: IT sector looks for enhanced R&D incentives
Union Budget 2024 Live Updates: Punit Sindhwani, founder & CEO, PAXCOM, said, ” The IT sector looks forward to the upcoming budget, seeking enhanced R&D incentives to boost innovation and global competitiveness. Expanding the PLI scheme is vital for driving domestic manufacturing. Addressing the Angel Tax by raising investment thresholds is crucial for supporting startups. Greater funding for STEM education, upskilling programs, and expanded visa regimes is imperative for accessing skilled talent. Investing in digital infrastructure is essential for adopting new technologies. Simplifying tax laws and digitizing compliance will create a more business-friendly environment. We are optimistic that the government will support these key areas to foster IT industry growth.”
09:35:42 AM IST, 12 Jul 2024
Budget 2024 Live: What HR industry wants from FM?
Union Budget 2024 Live Updates: Prashant Shah, Co-Founder and CMO of TeamNest.com said, “In the upcoming Indian Budget, the HR industry looks forward to significant focus on key areas like skill development, the impact of AI on workforces, and improved digital infrastructure access for SME and MSME sectors. For salaried employees, lower tax rates and increased exemption limits for tax benefits will be welcome by individuals, and will boost disposable income.”
09:18:37 AM IST, 12 Jul 2024
Budget 2024 Live: What apparel sector is looking for?
Union Budget 2024 Live Updates: Ravi Gupta, Creative Director of Gargee Designer’s, “As we look forward to the upcoming 2024 Union Budget, the government has set an ambitious target to achieve $100 billion in textile exports by 2030. We are thrilled to see this strong vision, which promises to elevate our industry to unprecedented heights. The Cabinet’s recent approval for the continuation of the Rebate of State and Central Taxes and Levies (RoSCTL) scheme for apparel and garment exports until March 31st, 2026, is a particularly positive move. This decision will undoubtedly provide much-needed stability and support for exporters, allowing us to remain competitive in the global market. With this forward-thinking approach, we anticipate a surge in innovation and investment within the textile sector. The RoSCTL scheme has already proven to be a crucial mechanism in offsetting various embedded taxes, thus enhancing the cost-effectiveness of our products. We are committed to leveraging these governmental initiatives to further boost our growth and contribute to the national economy.”
09:16:49 AM IST, 12 Jul 2024
Budget 2024 Live: Travel sector wish list
Union Budget 2024 Live Updates: Sumit Prakash, Country Director, India and South Asia, Collinson International, said, ““With travel returning at pace in India, it has indeed been an exciting period of time for India’s aviation and tourism sectors. To cater to the robust growth in travel volumes, particularly from Tier 2 and Tier 3 cities within the country, 15 airport projects have already been announced across key destinations over the last quarter. This is further complemented by the inauguration of new airports, new terminals being developed at existing airports and the expansion of flight routes.With this increased momentum of travel developments, coupled with Indian travellers placing a greater value on travel experiences, it presents significant opportunities for brands, particularly within the financial services sectors, to design strong travel experience propositions to deepen engagement and strengthen connections with their most valued consumers. We are looking forward to the strategic measures that the Government will put in place to further support the growth in the aviation and tourism industry; and we remain optimistic that further developments in this area will boost not only the growth of these industries but also positively impact businesses that are operating in the country.”
09:14:37 AM IST, 12 Jul 2024
Budget 2024 Live: Budget expectations for education sector
Union Budget 2024 Live Updates: Anurag Gupta, Co-Founder of STEMROBO, said, “As we look ahead to the upcoming budget for 2024, We anticipate that the government will give the education sector top priority. Key priorities are expected to include funding allocations for the development of digital teaching resources and ICT infrastructure upgrades. There’s a projected increase in funding aimed at enhancing STEM education, integrating cutting-edge technologies such as AI and VR into school curricula, and aligning educational standards with global benchmarks. We anticipate expanded support for STEM programs, developing infrastructure, enhanced teacher training, and the integration of AI, robotics, and 3D printing into the curriculum.”
09:13:02 AM IST, 12 Jul 2024
Budget 2024 Live: Insurers expect more tax benefits
Union Budget 2024 Live Updates: Stakeholders are expecting the first budget of Modi 3.0 government to include increased tax benefits for health insurance under the new tax regime, relaxed payment norms for MSMEs, and incentives aimed at boosting the agri-tech sector.
09:11:22 AM IST, 12 Jul 2024
Budget 2024 Live: Eminent economists meet PM Modi ahead of Budget
Union Budget 2024 Live Updates: Prior to the upcoming budget, leading economists met with Prime Minister Narendra Modi on Thursday, urging the government to implement measures aimed at boosting economic growth and enhancing infrastructure. The NITI Aayog organized the meeting to gather insights and recommendations from economists ahead of the first budget of the Modi 3.0 administration.
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