12 Jul 2024 | 05:10:13 PM IST
Union Budget 2024 Live Updates: India is aggressively pursuing a green energy future, targeting 500 GW of renewable energy by 2030. The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, introduces several measures to support this goal. India is already a global leader in installed renewable capacity and solar energy. The government plans to boost solar rooftop installations, offshore wind energy, and the use of biogas in natural gas supplies.
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Budget 2024 Expectations Live Updates: India’s Green Energy Push aims for 500 GW by 2030
Budget 2024 Expectations Live Updates: India aims to achieve an installed renewable energy capacity of 500 GW by 2030, marking its commitment to becoming a global leader in green energy. Finance Minister Nirmala Sitharaman is expected to outline key initiatives in the Union Budget 2024 to support this goal. India ranks fourth globally in installed renewable capacity, including large hydro projects, and in wind power capacity. The country is fifth in solar energy capacity. Over the past 8.5 years, India’s non-fossil fuel capacity has increased by 396%, reaching more than 201.75 GW, which constitutes about 45.3% of the total installed capacity as of May. In the February 2024 Interim Budget, Finance Minister Sitharaman introduced several initiatives to boost the green energy sector. The PM-Surya Ghar Muft Bijli Yojana was announced to incentivize solar rooftop installations in households. The scheme also includes viability gap funding for harnessing offshore wind energy potential, with an initial capacity target of one gigawatt.
Budget 2024 Expectations Live Updates: Logistics sector anticipates infrastructure investments and GST simplification in Union Budget
Budget 2024 Expectations Live Updates: “The logistics sector is eagerly anticipating the upcoming budget, with expectations of sustained government investment in infrastructure, especially road networks. In this budget, we expect to see freight corridors, modernized tracks, and infrastructure upgrades prioritized. Simplifying GST procedures and enhancing skill development in logistics and warehousing are crucial for boosting efficiency and fostering sustainable growth. Although Emiza commends the focus on worker well-being through dormitory initiatives, we believe that rebates for companies in Tier 2 cities would have greater impact. We are awaiting the detailed logistics focus areas outlined in the upcoming budget,” said Ajay Rao, CEO and Founder of Emiza.
Budget 2024 Expectations Live Updates: What does the agriculture sector expects from Sitharaman?
“As we approach the Union Budget 2024, we are optimistic about its potential impact on the agriculture industry. We foresee substantial budget allocations aimed at accelerating technology adoption, boosting productivity, and improving storage infrastructure within the sector. Such measures are expected to provide significant benefits to farmers, agricultural machinery owners, and OEMs alike.
Farmers are our ‘annadatas’ and continue to be major drivers of India’s economic growth. Players across the agri-tech and agrochemical spectrum are also boosting this industry by prioritizing technological advancements. At Crystal Crop, we are expanding the scope of crop protection in the pesticide, insecticide, herbicide, biological, seed, and agri equipment segments through cutting-edge R&D practices. We expect initiatives to enhance agriculture productivity per hectare and increase employment opportunities for India’s young, talented population.
Furthermore, we fully support the government in their quest for developing Aatmanirbharta in agriculture and adopting technology with schemes that promote gender diversity,” said Ankur Aggarwal, Managing Director, Crystal Crop Protection Limited.
Budget 2024 Expectations Live Updates: What can Sitharaman do for textiles industry?
“Correction of the inverted duty structure is an ongoing process on part of the Government. It is expected that the Government would further try and correct instances of inverted duty structure in the current budget. Some of the products, on which the customs duty exemption (full or part) expired on 31 March 2024 and was extended to 30 September 2024 are – solar tempered glass for use in manufacture of solar cells/panels/modules, Gold Ores and Concentrate for use in the manufacture of Gold, Lithium Ion Cell, Parts of Gliders or simulators of Aircrafts (excluding rubber tyres and tubes of gliders) etc. For all of these items, where the customs duty exemption was extended to 30 September 2024, the Government would assess and decide whether to extend these exemptions further. For any of the products on which the exemption was extended till 30 September, 2024, if the exemption is not specifically extended by issuance of a notification, the customs duty exemption would come to an end on 30 September, 2024 and the product would attract duty from 1 October 2024,” said Kartik Solanki, Partner, Indirect Tax, BDO India.
Budget 2024 Expectations Live Updates: What could be on Sitharaman’s tasksheet for electronics manufacturing sector?
“As we approach the upcoming budget, RIOT LABZ hopes for increased government support for the electronics manufacturing sector. Enhanced incentives for research and development, along with subsidies for sustainable manufacturing practices, would significantly bolster our efforts to innovate and remain competitive globally. Additionally, streamlined regulatory processes and tax benefits for export-oriented units would facilitate smoother operations and expansion into international markets. We believe these measures will drive growth, foster technological advancements, and create more job opportunities within the industry. Furthermore, specific allocations for the development of skilled labour and upskilling programs would help bridge the talent gap, ensuring a steady pipeline of proficient workers to support our advanced manufacturing processes. We also hope for increased funding for infrastructure development in industrial hubs, which would improve logistics and reduce operational costs, enhancing overall productivity,” said Shishir Gupta, CEO of Riot Labz.
Budget 2024 Live: ‘Talent acquisition and upskilling will be the most important aspects of the upcoming budget’
Union Budget 2024 Live Updates: Ankit Aggarwal, Founder and CEO of Unstop, said, “We anticipate that talent acquisition and upskilling will be the most important aspects of the upcoming budget for the HR sector. Addressing the immediate need for a rapidly evolving job market, there should be a substantial increase in the budget allocation for skill development and entrepreneurship, ideally by 20–25%. With the digital economy’s projected contribution to India’s GDP estimated at 20% by 2025, investments must be specifically made in the digital skills training market. To enhance the learning experience and to leverage industry expertise, companies need to invest in public private partnerships (PPPs). Furthermore, allocating resources and providing equitable access to marginalized communities ensures inclusive growth.”
“The ever evolving tech sectors, specifically AI, machine learning and renewable energy demand developmental programs to focus on continuous skill development. In 2024, it is a requirement to build a tech-driven workforce proficient in emerging technologies anticipating a y-o-y growth of 30%. To cater to Tier 2 and Tier 3 cities, investment in skill development centers is essential. Subsequently, support training programs and micro-credentialing programs equip the youth for the growing economy. Soft skills like critical thinking, problem-solving, and communication are equally important. Lastly, an agenda on the budget should include a segment for incentivizing companies to bridge the gap between industry requirements and the existing talent pool. It can be achieved by providing job training and offering apprenticeship programs. Constant upskilling and reskilling initiatives will keep the workforce relevant predominantly in sectors undergoing rapid technological changes.This approach promises to enhance the workforce quality all the while fostering innovation and inclusivity in India’s economic growth.”
Budget 2024 Live: A look at auto sector wish list
Union Budget 2024 Live Updates: Munira Loliwala- VP- Strategy and Growth, TeamLease Digital, “As we look ahead to the budget, we anticipate significant support for the electric vehicle (EV) sector. Key priorities include enhancing affordability and infrastructure, such as charging stations and battery technology, supported by rationalized taxation policies. The industry seeks clarity on the tax treatment of EV charging, ITC eligibility for charging stations, and a GST reduction on entry-level two-wheelers.
Loliwala said, “Additionally, investments in large-scale upskilling programs will prepare the workforce for the evolving demands of the EV industry. Public awareness campaigns are expected to encourage the adoption of electric mobility, paving the way for a greener and more sustainable future.”
Budget 2024 Live: ‘Job creation remains a top priority’
Union Budget 2024 Live Updates: Neeti Sharma, CEO, TeamLease Digital, said, “Across the Indian economy job creation remains a top priority. Analysis of hiring trends highlights significant employment opportunities in Manufacturing, Healthcare, Fintech, Aviation, and Green/Sustainable sectors. These industries require robust research and development to keep pace with technological advancements.”
Sharma added, “While there is a commitment from the government to create over 50 lakh job opportunities, we anticipate that the upcoming budget will prioritize funding for research, innovation, and infrastructure development in these key sectors, promoting their expansion into Tier 2 and 3 regions. This move will enable the local talent pipeline to actively engage with these industries. Moreover, there is an urgent need to focus on building skills within these sectors – investments in developing apprentices will bridge the economic gap. We also foresee an increased demand for technical talent, driven by the growth of AI, Blockchain, Cybersecurity, and other emerging technologies.”
Budget 2024 Live: Simplified regulations & fiscal incentives – What manufacturing sector needs?
Union Budget 2024 Live Updates: Attributed to Munira Loliwala- VP- Strategy and Growth, TeamLease Digital, said, “For the manufacturing sector, there is a critical need for targeted government support to navigate ongoing economic instability and supply chain disruptions. The industry requires robust measures to streamline regulatory processes particularly for MSMEs.”
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.”
Budget 2024 Live: On EV, FAME and e-mobility front
Union Budget 2024 Live Updates: Amit Gupta, co-founder and CEO, Yulu, said, “Our mega-cities are economic engines and vital contributors to national growth. However, from a mobility perspective, these cities face a plethora of challenges ranging from traffic congestion and air pollution, to low accessibility and affordability of mobility services. A unique solution to these challenges lies in vehicle fleets that make use of non-motorized transport (NMT).”
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.”
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.”
Budget 2024 Live: ‘Allocate more grants to support the FMCG industry’
Union Budget 2024 Live Updates: Shammi Agarwal, Director, Pansari Group, said “Our expectations from the upcoming 2024 Union Budget is to allocate more grants to support the FMCG industry, with a major focus on Micro, Small, and Medium Enterprises. MSMEs are the backbone of the economy which drives growth, employment and entrepreneurship. Additionally, we anticipate certain changes in taxation. Simplifying and reducing tax burdens for MSMEs can enhance their profitability and encourage reinvestment into business growth.
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.”
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.”
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.
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.”
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.”
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.
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.”
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.”
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.”
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.”
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.”
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.
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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