Budget 2024: Industry Expectations and Potential Reforms Across Sectors
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Budget 2024: From skilling to logistics, industry expects significant announcements from FM
The industry expects the finance minister to focus heavily on economic growth, providing a significant boost to entrepreneurship and ironing out challenges on the path to growth.As the anticipation builds for the Union Budget 2024-25, leaders from various sectors are voicing their hopes and
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Possible changes in capital gains tax, tight F&O norms, sops for startups, AI, would be eyed in Budget
An Interim Budget was presented by Nirmala Sitharaman on February 1 of this year to take care of the financial needs of the in-between period. With the Union Budget 2024 around the corner, Indian financial markets, corporates, and entrepreneurs have various expectations from the government. Many
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Union Budget: What Do Startups Expect From FM Sitharaman?
Founders also want the government to spend more on infrastructure to improve last-mile connectivity in the logistics sector by reducing logistics cost It's Budget Day today. With finance minister (FM) Nirmala Sitharaman all set to present the Union Budget 2024-25 (FY25) in a few hours, the Indian
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PLI in agrochemicals, cut in GST on farm inputs among major expectations from Budget
Stakeholders in the farm sector, equally important in ensuring a robust harvest and better prices, are wondering if Finance Minister will announce something new or tweak some taxes/rates to prop up growth. businessline compiled some expectations from key players in the farm sector. Anuj Kumbhat,
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As India prepares for the interim Budget 2024, various sectors including startups, agriculture, and SMEs anticipate significant announcements. Key expectations include tax reforms, incentives for innovation, and measures to boost economic growth.
Startup Ecosystem Anticipates Supportive Measures
As the Union Budget 2024-25 approaches, India's startup ecosystem is brimming with expectations. The sector is hoping for a range of supportive measures, including an extension of the tax holiday for startups and a reduction in compliance burdens. Startups are also looking forward to potential changes in regulations surrounding Employee Stock Ownership Plans (ESOPs) to make them more attractive for talent retention
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.Capital Gains Tax and FDI Norms Under Scrutiny
Industry experts are closely watching for possible modifications to the capital gains tax structure. There are speculations about the potential harmonization of holding periods for long-term capital gains (LTCG) across various asset classes. Additionally, the budget might introduce stricter foreign direct investment (FDI) norms, particularly in sectors considered sensitive from a national security perspective
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.Focus on AI and Innovation
With artificial intelligence (AI) gaining prominence globally, the upcoming budget is expected to include incentives for AI-focused startups and research initiatives. The government might introduce measures to promote innovation and technological advancements, potentially through tax benefits or grants for AI-driven projects
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.SME Sector Seeks Support
The Small and Medium Enterprises (SME) sector is looking forward to announcements that could boost their growth and competitiveness. Key expectations include measures to improve access to credit, reduce compliance burdens, and enhance digital adoption. The sector also hopes for initiatives to strengthen the logistics infrastructure, which is crucial for reducing operational costs and improving efficiency
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.Agriculture Sector's Wishlist
The agriculture sector has put forward several expectations for the upcoming budget. A major demand is the introduction of a Production Linked Incentive (PLI) scheme for the agrochemicals sector, which could boost domestic production and reduce import dependence. Additionally, there are calls for a reduction in the Goods and Services Tax (GST) on various farm inputs to alleviate the financial burden on farmers
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Skill Development and Employment Generation
With a focus on creating a skilled workforce, the budget is expected to allocate funds for various skill development programs. These initiatives aim to bridge the gap between industry requirements and available talent, potentially leading to increased employment opportunities across sectors
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.Tax Reforms and Ease of Doing Business
Across all sectors, there is a common expectation for further tax reforms and measures to improve the ease of doing business. This includes simplification of tax structures, reduction in compliance requirements, and streamlining of regulatory processes. Such reforms could significantly boost investor confidence and promote economic growth
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