- Nirmala Sitharaman will present the Union Budget 2024 tomorrow, on July 23 ,
NE BUSINESS BUREAU
AHMEDABAD, JULY 22
Ahead of Finance Minister Nirmala Sitharaman’s presentation of Union Budget 2024, there are high expectations that Modi 3.0 will focus on economic development, social progress, increased investment, thriving industries, robust trade and comprehensive infrastructure is imperative. The multifaceted approach seeks to elevate India’s global standing and foster sustained growth across sectors, propelling the nation towards comprehensive development by 2047.
With Assembly elections in six states around, one of the speculations gaining traction ahead of the Budget are the reforms in long-term capital gains on equities, debt and other asset classes. The F&O segment may also see changes in taxation.
There will also be likely announcements regarding the old and new tax regime. Reports suggest that we can expect the government to woo taxpayers with a tax regime that “gives a lot of benefits, for education and to promote savings, with tax on interest also likely to be exempt.”
The government likely to fulfil the expectations of the industry captains, investors, taxpayers and the MSMEs.
Here are some of the wishlists:
Declare waste management and recycling as priority sector: Sandeep Patel, CEO, NEPRA
“The waste management and recycling sector is critical for India’s sustainable growth trajectory. We anticipate the Union Budget 2024 will accord it the requisite priority by classifying it as a priority sector, allowing CSR investments in waste management PPPs infrastructure creation, and enhancing credit accessibility through robust debt guarantees. To stimulate and incentivise private investment, the introduction of outcome-linked tax incentives, including the promotion of EPR and sustainability bonds, is crucial. Further, establishing a dedicated platform on the Social Stock Exchange for waste management and recycling initiatives can unlock significant capital. These measures, coupled with a dedicated Viability Gap Funding, will catalyze the sector’s growth, create a circular economy, and address India’s pressing waste management challenges.”
PVC industry seeks R&D grants and tax incentives: Dr JK Taylia, Chairman, ECHON
“In light of the current economic conditions, characterized by shifting global trade dynamics, it is essential that the upcoming budget not only sustains but accelerates our growth trajectory. The previous budget’s focus on real estate and sustainable growth has set a solid foundation, yet further strategic measures are needed to fully realize PVC industry’s potential. The need to introduce R&D grants and tax incentives to drive innovation in green manufacturing, simplification of export procedures to enhance global competitiveness, and an accelerated infrastructure push using domestically produced materials to support local industries is crucial. Moreover, investing in skill development programs, encouraging Industry 4.0 technologies, and promoting eco-friendly practices through tax benefits and awards will foster a robust ecosystem, ensuring that our domestic industries thrive and our global competitiveness strengthens.”
Pawan Chandana, co-founder, Skyroot Aerospace wants significant portion of budget to ISRO
“As ISRO’s budget should grow commensurate with its ambitions for Gaganyaan and other space exploration objectives, it would have a great impact if the budget allocated for IN-SPACe were multiple times what it was before, as this can benefit hundreds of startups, creating a vibrant space ecosystem with innovation and growing India’s global market share.”
