Budget 2024 Expectations LIVE: What corporates, industries, experts, taxpayers want from Nirmala Sitharaman's 7th Budget

Budget 2024: Economic Survey highlights prevailing strengths of economy, showcases outcomes of various reforms, tweets PM Narendra Modi

The Economic Survey highlights the prevailing strengths of our economy and also showcases the outcomes of the various reforms our Government has brought.

It also identifies areas for further growth and progress as we move towards building a Viksit Bharat.…

— Narendra Modi (@narendramodi) July 22, 2024

"It also identifies areas for further growth and progress as we move towards building a 'Viksit Bharat'," he added. Read more

Budget 2024 Expectations LIVE: Hoping for initiatives to boost electronics manufacturing industry, says Elista CEO

"Differential tax rates and an expanded PLI scheme can promote local manufacturing, attract investment, drive innovation, and create jobs," says Elista CEO Pawan Kumar.  

"Incentives based on overall revenue and reduced corporate tax rates will help businesses thrive. Simplifying compliance, prioritizing R&D, and optimizing supply chains are essential for the consumer durables industry to flourish... Lowering GST on these products from 28% to 18% will boost sales and stimulate economic growth. Clear policies and stable regulations will encourage new product launches and meet evolving consumer needs. A comprehensive approach will build a robust economy, create high-quality devices, and foster national prosperity," adds Kumar. 

Budget 2024 Expectations LIVE: Economic Survey underscores success of government's PLI scheme in boosting domestic electronics exports, says ZETWERK's Rahul Sharma

ZETWERK Co-founder Rahul Sharma says that the PLI scheme has transformed India's electronics trade with the US while the mobile phone segment has witnessed phenomenal growth, with exports to the US jumping from $2.2 billion to $5.7 billion in just one year.

"The consumer electronics boom has also fueled job creation. This sector employs around 2% of the total workforce and has seen a staggering 66% increase in jobs between FY18 and FY22. While celebrating this progress, we also need to emphasise the importance of value addition across all categories – mobile phones, accessories, white goods, and IT hardware," says Sharma. 

"The Electronic System Design and Manufacturing (ESDM) sector also seeks a level playing field that fosters fair competition. This includes policies that ensure equal opportunities for participants of all sizes and origins, enabling value addition and backward integration throughout the industry," he adds. 

Budget 2024 Expectations LIVE: Incorporating Li-ion battery recycling incentives within PLI scheme to deter export of depleted batteries & aid growth of domestic recycling capabilities, says Attero's Nitin Gupta

"As India accelerates its journey towards achieving net-zero goals by 2070 through renewable energy and transitioning to cleaner energy forms, it is crucial to establish a holistic circular economy. The recent budgets have focused on renewable energy but equal attention on recycling is critical for achieving the set targets," says Nitin Gupta, CEO and Co-Founder of Attero.

"The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program should be extended and potentially expanded to accelerate recycling of waste batteries. This extension is vital for maintaining the momentum behind EV adoption and encouraging battery recycling," Gupta adds. 

Budget 2024 Expectations LIVE: Gap in RBI expectation & Economic Survey in terms of potential growth rates of economy, says Tata Asset Management's Murthy Nagarajan 

Murthy Nagarajan, Head-Fixed Income at Tata Asset Management, mentions a gap in RBI expectations and the Economic Survey in terms of potential growth rates of the economy, pointing out the following: 

• Economic Survey targets GDP growth of 6.5-7% in FY25
• RBI CPI inflation projection at 4.5 and 4.1 for FY25 & FY26
• They are targeting 6% long-term GDP growth rate, which translates to nominal GDP growth rate of 9.5-10.5%
• Public debt-to-GDP ratio expected to come down in the coming years due to higher nominal growth rate 
• In June bulletin, RBI estimated real rate of interest at 1.4-1.9% due to higher potential growth rate of the economy

"Consumption expenditure forms 55% of the economy which is growing at 4% while the economy grew by 8% last year as per the Economic Survey. Additional trust is expected from the monetary authorities to achieve GDP growth over 6% in the coming years. As CPI inflation moves towards 4-4.5%, we can expect 50-75 basis points of rate cuts by the RBI to support economic growth," adds Nagarajan.

Budget 2024 Expectations LIVE: Hope Budget introduces incentives for banks & associated tech ecosystem, says Zeta's Ramki Gaddipati 

Ramki Gaddipati, CEO-APAC and Global CTO at Zeta, says that India already boasts of some of the most impressive Digital Public Infrastructure (DPI) and payment rails today including ground-breaking new protocols such as Credit Line on UPI.

"As a provider of next-generation banking solutions to large financial institutions, we hope that the Union Budget 24-25 will introduce further imperatives and incentives for banks and the associated technology ecosystem to create even more financial inclusion for the underserved Indians," says Gaddipati.

Budget 2024 Expectations LIVE: Budget to likely create enough intraday volatility on Tuesday, says HDFC Securities' Deepak Jasani  

"Nifty formed a doji like pattern on July 22 after recovering well from early morning weakness, though ending marginally in the negative," says Deepak Jasani of HDFC Securities.

"The Union Budget presentation on July 23 will likely create enough intraday volatility (on that day). Nifty could face resistance at 24,661 and later at 24,801 in the near term while 24,141 could provide support on falls," Jasani points out. 

Budget 2024 Expectations LIVE: Urge government to consider increasing deduction limit for interest on home loans from Rs 2 lakh to Rs 5 lakh, says Omaxe's Mohit Goel 

"A crucial aspect is the need for augmented tax benefits for both homebuyers and investors. We urge the government to consider increasing the deduction limit for interest on home loans from the current Rs 2 lakh to Rs 5 lakh annually, which could dramatically boost housing demand. Additionally, reducing the GST on under-construction properties and adjusting the pricing of raw materials would further stimulate the market," says Mohit Goel, Managing Director, Omaxe. 

"These changes are essential not just for energizing the sector but also for driving demand in approximately 250 related industries," Goel adds. 

Budget 2024 Expectations LIVE: Expect continuous support through affordable rental housing incentives, significant tax benefits for first-time homebuyers, says Manglam Group's Amrita Gupta 

"The present scenario of soaring property prices demands immediate policy measures. Firstly, we are hopeful that the government will increase the interest rate deduction cap to Rs. 5 lakh. Such a move will significantly lighten the financial load on homebuyers. Additionally, redefining 'affordable housing' to accommodate the realty prices could dramatically widen the pool of beneficiaries. Moreover, we expect continuous support through incentives for affordable rental housing and significant tax benefits for first-time homebuyers," says Amrita Gupta, Director of Manglam Group and Founder President of CREDAI Rajasthan Women's Wing> 

"The reintroduction of GST with an input tax credit can catalyze construction activities by reducing the overall project costs, which ultimately benefits buyers. Proposals can also include broad tax reliefs, a streamlined single-window clearance process, a reduction in home loan interest rates, and a revitalization of subvention schemes," adds Gupta.

Budget 2024 Expectations LIVE: Budget anticipated to favour homebuyers, support real estate sector's growth, says Axis Ecorp CEO  

"The recent focus on affordable housing is expected to continue, especially with FM Nirmala Sitharaman's Interim Budget announcement of adding 2 crore more houses to the PMAY-U scheme. A similar emphasis on affordable housing in the upcoming budget would be beneficial," says Aditya Kushwaha, CEO and Director, Axis Ecorp. 

"Tax rationalisation for construction raw materials and reduced approval costs are crucial to creating a more conducive environment for investment and development. Transparency has significantly boosted the real estate sector and further prioritised it by strengthening RERA and enhancing digital platforms for property transactions can foster trust and reduce fraudulent activities," says Kushwaha. 

"Streamlining project approvals through a single-window clearance system is essential to address approval delays, which are significant bottlenecks. Additionally, continued focus on infrastructure projects will benefit the real estate sector and boost the travel and tourism industry," he adds. 

Budget 2024 Expectations LIVE: ELSS MF investments should not be restricted to multiples of Rs 500, says AMFI

Industry body Association of Mutual Funds in India (AMFI) has suggested that Equity Linked Savings Scheme (ELSS) rules be amended to permit any amount to be invested in the scheme, instead of in multiples of Rs 500. According to the mutual fund industry body, the proposed modification will help in “mitigating the hardship to investors and mutual funds. It is also pertinent to mention here that there would not be any revenue loss by the introduction of the proposed amendment.”

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Budget 2024 Expectations LIVE: Mutual fund body seeks pension-focused schemes with NPS-like tax benefits

Industry body Amfi has suggested that the government should allow mutual funds to offer pension-focused schemes - Mutual Fund Linked Retirement Schemes (MFLRS) - with similar tax benefits as the National Pension System (NPS).

In its Budget proposals to the Finance Ministry, the industry body has proposed that the tax treatment for NPS and Retirement/Pension oriented schemes launched by Mutual Funds should be aligned by bringing the latter also under Section 80CCD of Income Tax Act, 1961.

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Budget 2024 Expectations LIVE: Reintroduction of rebate for Section 88E to result in larger collection of STT/CTT, says ANMI

The Association of National Exchanges Members of India (ANMI) has suggested several steps that can benefit market participants on Dalal Street, including a proposed reintroduction of rebates under Section 88E for Securities Transaction Tax (STT) and Commodity Transaction Tax (CTT).

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Budget 2024 Expectations LIVE: Will the new income tax regime be made more attractive?

All eyes are on Finance Minister Nirmala Sitharaman on Tuesday as she presents her seventh Union Budget in Parliament at 11 am.

Like every year, this year too there are a lot of hopes around potential reforms to reshape the country's income tax landscape. 

"To boost consumption in the economy, some relief is expected for the middle class in terms of income tax," says Sunil Nyati, Managing Director, Swastika Investmart. 

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Budget 2024 Expectations LIVE: How economist view Economic Survey FY24 

Infomerics Ratings Chief Economist Dr Manoranjan Sharma points out that India is well-positioned because of its 'Mission Mode' approach to overcoming lingering issues, after the Economic Survey pegs economic growth at 6.5-7 per cent in FY25 citing "evenly-balanced" risks.  

"The trade deficit was lower in FY24 than in FY23, and the current account deficit for the year is around 0.7 per cent of GDP," Dr Sharma highlights.