Live Expectations for Budget 2024: According to Nomura, the government is expected to aim at stimulating consumer demand by increasing the standard deduction limit for taxpayers in the "new" tax regime and potentially extending the exemption on bank interest income.
Will Finance Minister lower the tax rate ?
Yes
No
Emoneeds is calling on the upcoming Budget to give priority to the mental health crisis in India.
Emoneeds stresses the importance of implementing comprehensive policies to tackle India's mental health crisis.
They point out that out of an estimated 150 million individuals in need of mental health services, less than 30 million actually seek assistance.
While the interim budget did not include specific measures for mental health, Emoneeds is optimistic that the upcoming full budget will prioritize this crucial issue.
There is a pressing need to enhance India's mental health workforce, as there is currently only one psychiatrist for every two lakh people.
Govt likely to stick to Rs 1.64 lakh crore fertiliser subsidy in FY25
According to a government official, the upcoming Union budget is expected to maintain the fertiliser subsidy at around Rs 1.64 lakh crore, as indicated in the government's interim financial statement. This represents a notable decrease of more than 13% from the previous year's expenditure of Rs 1.89 lakh crore.
The official, speaking on the condition of anonymity to Moneycontrol, mentioned that the fertiliser subsidy allocation is likely to see minimal changes in the Union budget. This is due to the anticipation of reduced urea imports this year, an increase in nano urea production, and the expected stability of global input prices.
Healthcare sector urges govt to increase public health expenditure above 2.5% of GDP
The healthcare sector is calling on the government to raise public health expenditure to more than 2.5% of GDP in the Budget.
The industry is advocating for investment in infrastructure improvements and tackling supply-demand challenges.
NATHEALTH is underlining the necessity for 2 billion square feet of state-of-the-art healthcare facilities.
The recommendations involve increasing healthcare spending, expanding facilities in smaller cities, and enhancing digital services.
There are appeals for greater adoption of the PM-JAY and CGHS schemes by private healthcare providers.
A proposition for a healthcare scheme for the middle class and earmarking 2.5-3.5% of GDP for healthcare has been made.
Capital goods sector expects higher allocations towards railways, power
Anticipated higher funding is expected for the railway and power sectors, potentially leading to an increase in order conversions.
Order conversions experienced a temporary slowdown during the Lok Sabha polls, but there are optimistic expectations for a recovery in the second quarter of the fiscal year.
There are significant growth prospects projected in infrastructure sectors including roads, railways, airports, seaports, waterways, and logistics.
Companies such as Larsen & Toubro (L&T), Bharat Heavy Electricals Limited, ABB India, and Siemens India are well-positioned to capitalize on these opportunities.
The finalization of large orders is crucial for domestic private capital expenditure, impacting current business conditions.
Enhanced infra, logistics, lending incentives among top expectations from the new govt
With the new Narendra Modi administration gaining momentum, the upcoming full union budget for FY2025 marks the government's initial significant economic declaration. The industry is eagerly anticipating how the government will continue its strategic growth and sustainable development agenda.
A primary focus of these expectations is the government's dedication to enhancing logistics and establishing resilient rural and urban infrastructure. The improvement of the financial environment for micro, small, and medium enterprises (MSMEs) is also a crucial area of interest, in addition to the increasing digitization of the economy.
Jobs, rural India likely to be focus of Modi 3.0 budget, says Goldman Sachs
According to a recent note by economists at Goldman Sachs, the initial budget of Prime Minister Narendra Modi's new administration is likely to prioritize welfare spending, with a special emphasis on the rural economy and employment generation. The economists expect the government to stick to the fiscal deficit target of 5.1 percent of GDP established in the interim budget, while also signaling a substantial commitment to long-term economic policies.
Tax relief for middle-class, salaried will help increase consumption patterns, says Marico MD
In the forthcoming Union Budget, providing tax relief to the middle-class and salaried individuals is expected to boost their purchasing power and stimulate higher consumption levels, according to Saugata Gupta, MD & CEO of Marico Ltd. Gupta highlighted that key anticipations for the 2024-25 budget encompass a sustained focus on rural development by investing in infrastructure and employment, strengthening agricultural initiatives to elevate rural earnings. "We look forward to policies that promote comprehensive and sustainable progress," stated Gupta in a press release. (PTI)
Anticipation builds for Union Budget 2024 amid tax litigation challenges
With the Union Budget set to be revealed on July 23, a primary objective continues to be the reduction of tax litigation. Although efforts such as the Vivad se Vishwas Scheme and modifications to tax regulations have been made, substantial obstacles persist. These encompass substantial amounts locked in disputes, a growing number of pending cases, and low rates of success in settling disputes, underscoring the urgent requirement for reforms in this domain.
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