02:46:22 PM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Here’s what the Fintech sector expects
“As we approach the upcoming budget, we eagerly anticipate substantial reforms that encourage a favourable business environment. We expect regulatory changes that simplify compliance, taxation policies that encourage entrepreneurship, and innovation incentives that drive R&D investments. Moreover, it would be great to see enhanced support for MSMEs, which are the backbone of our economy, along with policy ease for fintech startups that fuels their growth. Additionally, we hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. Finally, we also look forward to significant investments in digital infrastructure development, enabling us to advance into a futuristic economy. These measures will collectively propel India’s economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship,” said Tashwinder Singh, CEO & MD, Niyogin Fintech Limited.
02:17:14 PM IST, 11 Jul 2024
Union Budget 2024 Live Updates: What energy sector needs from Sitharaman?
India General Budget 2024 Live: Looking forward to positive government policies and initiatives that support energy sector, Abhinav Govil , DGM – Marketing, CEID Consultants & Engineering Pvt. Ltd., said, “As the Union Budget 2024-25 approaches, we at CEID Consultants & Engineering Pvt. Ltd. are optimistic about the government’s continued commitment to renewable energy and sustainable development. Initiative like the SATAT policy, promises to foster growth by promoting organic manure and addressing soil health, thereby aligning with sustainable agricultural practices. Therefore, we look forward to policies and incentives that will further boost the production and adoption of Compressed Biogas (CBG) across India. Apart from this, we expect the Union budget to emphasize measures like tax exemptions, financing incentives, and accessible credit options. Also enhanced support for infrastructure development and technological innovation will not only accelerate our nation’s journey toward energy independence but also contribute significantly to reducing carbon footprints. We believe that with the right measures taken by the government in this 2024 Union Budget India can emerge as a global leader in the CBG sector.”
01:52:59 PM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Boosting domestic tourism and create new job opportunities
“The government’s commitment to improving connectivity through new railway and port corridors, alongside the growth of air connectivity and airport infrastructure, aligns with the broader economic goals. These initiatives are expected to stimulate local economies and attract both domestic and international tourists.”
Pitti added, “The emphasis on Foreign Direct Investment (FDI) and the development of iconic tourist centers further underscore the government’s strategy to leverage tourism as a catalyst for economic growth. While there were some reductions in overseas promotion budgets, the focus on developing infrastructure and connectivity is anticipated to have a long-term positive impact. In the aviation sector, the doubling of airports and the success of the Udan scheme are notable achievements. The planned expansion of rail services and the continued development of new airports will further enhance travel experiences across India. Overall, the travel and tourism industry is set to benefit from these strategic initiatives, fostering growth, employment, and increased international collaboration. The new budget is expected to build on these foundations, ensuring sustained progress and positioning India as a premier global tourist destination.”
01:25:32 PM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Measures that can fuel growth in retail sector
- Tax Cuts: Planned Reduction in individual income tax rates, especially for middle-income earners, could boost disposable incomes and drive spending.
- Infrastructure Investment: Increased spending on infrastructure (roads, highways, rural development) would create jobs and improve connectivity, potentially leading to higher disposable incomes and increased demand for consumer goods.
- GST Rationalization: Simplifying the Goods and Service Tax (GST) structure would ease compliance burdens for retailers, allowing them to focus on their core business and make the playing filed fare for all. As of now the F&B business is not eligible for input credit on both Opex & Capex, which is the biggest impact on the earnings and cash flows of the business. Rationalizing the same will ease the business to large extent.
- FDI Reforms: Allowing 100% Foreign Direct Investment (FDI) in multi-brand retail could attract foreign investment which can further boost the retail business, concerns about small traders need careful consideration.
- Import Duty Relief: Lowering import duties on raw materials and finished goods would enhance competitiveness in the retail sector
01:10:39 PM IST, 11 Jul 2024
Union Budget 2024 Live Updates: PM Modi chairs Budget meet
India General Budget 2024 Live: Prime Minister Narendra Modi will convene a meeting with top economists to discuss the Union Budget 2024-25. Finance Minister Nirmala Sitharaman is set to present the budget in Parliament on July 23.
12:55:38 PM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Infra investment, tax holidays & more – Manufacturing sector’s wish list
India General Budget 2024 Live: Prerna Kalra, CEO & Co founder, Daalchini, said, “As we approach the upcoming budget, it is imperative to focus on policies that drive the manufacturing sector towards technological innovation. We advocate for incentives that support the adoption of advanced technologies like AI and IoT, which are vital for boosting efficiency and enhancing global competitiveness. Additionally, policies that reduce the cost of capital and offer tax holidays for new ventures will significantly bolster the sector’s growth.”Kalra added, “Substantial investment in infrastructure, especially in logistics, is crucial to streamline supply chains. This should be complemented by initiatives aimed at skill enhancement through partnerships between industry and academia, ensuring we have a workforce equipped to meet the demands of modern manufacturing.”
12:31:48 PM IST, 11 Jul 2024
Union Budget 2024 Live Updates: ‘Govt should consider revising the inverted tax structure to ensure a smoother flow of ITC’
India General Budget 2024 Live: “We urge the government to address the current inverted tax structure within the Goods and Services Tax (GST) framework. This structure impacts food manufacturers, hindering their ability to claim the full Input Tax Credit (ITC) due to higher tax rate paid for services and other items as compared to lower tax rate of raw materials. The tax rate on basic raw material procurement and final product is 5%, which makes a significant ITC blockage for manufacturers, leading to an average cash flow deficit of 10-15%. For instance, the tax rate on services is 18% whereas the tax of other raw materials range between 12%-18%. This ultimately translates to reduced investments in production capacity, innovation, and job creation”, said Akash Agrawal, Co-Founder of Zoff Foods.The government should consider revising the tax structure or implementing policy amendments to ensure a smoother flow of ITC for food manufacturers. This will not only improve the financial health of the industry but also contribute to the government’s objective of a robust and competitive food processing industry”, he added
12:06:34 PM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Defining angel tax
Union Budget 2024 Live Updates: Atul Puri, Managing Partner and Co-Founder at SW India, said, “The term Angel tax has not been used or defined anywhere in the Income Tax Act, 1961 (‘the Act’). However, it has arisen from the provisions of Section 56(2)(viib) of the Act which provides that where an unlisted company issues its shares to any person (including a non – resident) in excess of fair value of such shares calculated in accordance with the provisions of Rule 11UA of the Income Tax Rules. In such case, such excess amount shall be taxed in the hands of the company issuing shares.” Puri added, “Further, the company is also subjected to rigours of penal provisions enshrined u/s Section 270A of the Act. Earlier the scope of this section was limited to resident shareholders only which was later on extended to non – residents as well through amendment in Union Budget 2023.”
11:52:26 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: A look into Indian startup’s wish list
India General Budget 2024 Live: Abhijeet Rajpurohit, Chief Operating Officer, Cloud TV, said “Despite facing challenges, the Indian startup ecosystem is resilient, poised for positive growth and 2024 marks a pivotal moment to enable this. The Government’s commitment to building domestic capacities and ensuring technological sovereignty is commendable. However, achieving this vision necessitates a close collaboration with local entrepreneurs who are poised to drive substantial growth on a global scale.””In light of this year’s budget, we request the Government to implement policies that prioritize and support local companies focused on building for India. These measures will not only provide local enterprises with the opportunities to scale and meet domestic demand but also reduce our reliance on international resources. As a homegrown brand, we have navigated the challenges of competing with international giants with determination and expertise. We firmly believe that more decisive actions are essential to nurture and bolster the entrepreneurial spirit that is vital for the country’s technological advancement.”
11:31:41 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: ‘More of AYUSH product registration expenses in foreign countries’
Union Budget 2024 Live Updates: Shrawan Daga, CEO, Krishna’s Herbal & Ayurveda said, “As we look forward to the upcoming 2024 Union Budget in July, we anticipate the Budget to cover more of AYUSH product registration expenses in foreign countries. This will significantly reduce financial barriers for Ayurvedic exporters, fostering a more expansive and competitive global market. In the 2024 Interim Budget, the government allocated Rs 3,712.49 crore for 2024-25 from Rs 3,000 crore in 2023-24 for the Ayush Ministry.”Daga added, “Further to boost the sector, the interim budget allocated Rs 14.63 crore to the National Medicinal Plants Board and Rs 20.80 crore to the Pharmacopoeia Commission for Indian Medicine and Homoeopathy which was indeed a commendable step. However, we expect more robust investments in research and development, infrastructure, and education within the Ayurveda sector. This will help India position itself as a global leader in holistic health and wellness.”
10:56:11 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Fintech Budget expectations
India General Budget 2024 Live: On fintech budget expectations Ranvir Singh, CEO & Founder – RING & Kissht, said, “The Fintech ecosystem in India has come a long way with the Government’s intervention and constant support. The changes made in the policy environment have helped companies become more compliant, making India an attractive market.”Singh added, “As we move into the next phase of growth, we expect some stellar steps from the Government to build confidence among consumers and increase adoption. The future of Fintechs will be driven by meaningful partnerships with other financial bodies. We look forward to an environment where Fintechs and traditional banking entities can work in tandem to increase access to services even in the remotest part of the country. The fintech industry also seeks to evolve further through a robust regulatory framework. Several significant steps have been taken by the government to strengthen the industry and we look forward to working towards a robust framework.”
10:37:45 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: What skill development sector needs?
- Higher budgetary allocation for building greenfield training facilities to meet future skilling requirements and further improvement of existing facilities
- Announcement for conducting skilling census to identify level of skills possessed & mapping it with the current/future demands of the industry. This will help us in identifying areas for future investments by government/corporates
- Job guaranteed linked skilling programs are more likely to deliver better results
- Steps to increase participation of industry in the sector to increase employability
10:10:51 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Budget – PM Modi to meet prominent economists today
India General Budget 2024 Live: Prime Minister Narendra Modi is scheduled to convene a meeting with prominent economists on Thursday to deliberate on the Union Budget 2024-25.
10:04:13 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: What education sector needs?
- Expenditure on the education sector could be increased to at least 5% of India’s GDP
- Rolling out a fair & transparent central government driven regulatory framework for attracting foreign investment in K12 sector, similar to efforts in higher education
- Reforming & reorganising NTA in the best interests of the students & to avoid future controversies
- Announcement of investment in digital infrastructure to curb malpractices in competitive examinations
- Reintroduction of Higher Education Commission of India (HECI) Bill to form one single regulator for higher education in the country
- Increased investment & intent in transforming teaching as a career of choice for the next generation.
- Higher allocation to “train the teachers” initiatives.
09:46:15 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Limitations on import of waste tyres
India General Budget 2024 Live: The Automotive Tyre Manufacturers’ Association highlighted the urgent need to limit the import of waste tyres into India, warning that the nation is turning into a ‘dumping ground’ for these scrap materials. According to ATMA’s pre-budget submission to the finance ministry, the import of waste/scrap tyres has surged more than fivefold since FY20-21.
09:26:19 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: MSMEs wishlist – Job creation & skill development
India General Budget 2024 Live: “We anticipate the Union Budget 2024 will introduce significant initiatives to assist workforce development and job creation for MSMEs in India. One crucial area is improved skill development. The budget should allocate significant funding for upskilling and reskilling programs, particularly in automation, artificial intelligence, and data analytics. Providing future-ready skills will enhance employability and foster creativity in MSME workforces,” said Mukul Goyal, Co-Founder of Stratefix Consulting.According to the National Skill Development Corporation (NSDC), only 10% of Indian workers receive formal training compared to 60-90% in wealthy nations. Closing this gap should be a primary concern. The government should also offer tax breaks and subsidies to MSMEs investing in staff training and development to promote ongoing learning and adaptability.
09:13:13 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: ‘Divestment needs concrete roadmap’
India General Budget 2024 Live: SBI Research emphasized the sound health of banks and urged the central government to adopt a clear position on the disinvestment of public sector banks (PSBs). According to a detailed report released by SBI Research, in anticipation of the upcoming full Budget for 2024-25 scheduled for July 23, marking the first Budget under Modi 3.0, the report stressed the importance of developing a robust roadmap for divestment to enhance capital inflows and bolster confidence in financial institutions (FIs).
08:57:38 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: AiMeD’s Budget recommendations
India General Budget 2024 Live: The Association of Indian Medical Device Industry (AiMeD) called on the government to strategically raise customs duties on medical devices to a nominal range of 10-15 percent. This recommendation was part of their pre-budget memorandum submitted to the Ministry of Finance, Union Health and Family Welfare Minister JP Nadda, Secretary Apurva Chandra, and Arunish Chawla, Secretary of the Department of Pharmacy. AiMeD emphasized the need to increase the current customs duty, currently set at 7.5 percent.
08:55:49 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Telcos’ Budget wishlist
The Cellular Operators Association of India (COAI) has put forward several recommendations for the upcoming Budget, including exemptions from customs duties on telecom equipment, GST relief under the Reverse Charge Mechanism for payments to the Department of Telecommunications (DoT) for license fees and spectrum usage charges, and exemptions for spectrum acquired in auctions. Additionally, COAI has suggested reducing the license fee from 3% to 1% to alleviate financial pressure on telecom service providers.
08:53:27 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: What travel & tourism sector want from Sitharaman?
India General Budget 2024 Live: The travel and tourism sector appealed to the government to implement a consistent 12% GST rate for hotels in the forthcoming 2024-2025 Budget, aiming to stimulate both domestic and inbound tourism.
08:52:51 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Big-B day on July 23
India General Budget 2024 Live: The eagerly anticipated full Budget for 2024-25 is slated to be presented on July 23, marking the first Budget under Modi 3.0. The budget session of Parliament will commence on July 22 and conclude on August 12.
08:46:58 AM IST, 11 Jul 2024
Union Budget 2024 Live Updates: Hello and Welcome to ET Online
India General Budget 2024 Live: Good morning readers! Stay tuned for all updates on Modi 3.0’s first Budget right here.
