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Union Budget 2024 Highlights: PM Modi to gather top economists for Budget 2024-25 insights
11 Jul 2024 | 11:47:36 AM IST
Budget 2024 Highlights: Prime Minister Narendra Modi will meet with prominent economists to seek their perspectives and suggestions for the forthcoming Budget, revealed a senior government official. The Budget for 2024-25, to be presented by Union Finance Minister Nirmala Sitharaman in the Lok Sabha on July 23, marks a crucial economic roadmap for the Modi 3.0 administration. The meeting will include participation from not only economists but also sectoral experts. Among the attendees will be Niti Aayog Vice Chairman Suman Bery and other distinguished members.
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Union Budget 2024 Live Updates: Government mulls doubling pension under Atal Pension Yojana Ahead of Budget 2024
Union Budget 2024 Live Updates: Ahead of the Union Budget 2024 presentation on July 23 by Finance Minister Nirmala Sitharaman, the government is weighing a proposal to significantly raise the minimum guaranteed amount under its flagship social security initiative, the Atal Pension Yojana (APY). Currently, the APY offers a guaranteed minimum pension ranging from Rs 1,000 to Rs 5,000 per month, depending on the subscriber's contributions. This scheme aims to provide social security to the unorganized sector, ensuring a stable income post-retirement. According to an ET report, the Modi government is contemplating doubling the pension amount to Rs 10,000 per month. This proposal is expected to be finalized closer to the budget date. "Some proposals have been made for making the Atal Pension Yojana more attractive, including increasing the guaranteed amount. These are being examined," commented an official. The potential hike in APY benefits comes amidst efforts to strengthen India's social security framework. This initiative aligns with the imminent rollout of the labour code on social security, reflecting the government's commitment to improving welfare measures.
Union Budget 2024 Live Updates: Cashaa CEO advocates for crypto tax reduction and regulatory framework
Union Budget 2024 Live Updates: "We are hoping for the same things as we were with the Interim Budget in Feb, 2024. Rationalisation of capital gains tax down from the current 30% and of the TDS tax rate of 1%. Treating crypto at par with other financial asset classes like equity. A well-defined regulatory framework for crypto in the country, making crypto a suitable investment option for the common man as well as spurring industry investment in the crypto sector," says Amjad Raza Khan CEO of Cashaa.
Union Budget 2024 Live Updates: 'More FAME, Less GST' say Industry players as they seek GST concessions for electric vehicles
Union Budget 2024 Live Updates: Industry players are urging the government to provide GST concessions for electric vehicles (EVs) in the upcoming Union Budget for FY25. They also call for the introduction of incentives under FAME 3.0 and stress the need to develop the resale market for EVs. Finance Minister Nirmala Sitharaman will present the first annual budget of Modi 3.0 on July 23. Industry experts have recommended that the government consider lowering the GST on electric vehicles to make them more affordable for consumers. They believe that such concessions will boost the adoption of EVs in the country. Additionally, the introduction of FAME 3.0 incentives is seen as a critical measure to support the growth of the EV sector. Alongside GST concessions, industry players highlighted the importance of nurturing the resale market for electric vehicles. A robust resale market can enhance consumer confidence and accelerate the transition to electric mobility. Experts suggest that government policies and incentives could play a pivotal role in developing this market.
Union Budget 2024 Live Updates: Elder care advocacy gains momentum, calls for enhanced healthcare coverage and diagnostics, urges HearClear India founder
Union Budget 2024 Live Updates: "The elder Care Segment in India needs government focus. Our elderly population is growing and will reach a staggering 34.7 Crore by 2050. The Indian Healthcare ecosystem will need to gear up to manage this growing old population. We are fully aligned with the Government Proposal of health benefits to all individuals over 60 years of age, with contributory scheme coverage of Rs 5 Lakh annually. This is a much needed step and should be implemented at the earliest. Further we really request the Government to implement their proposal of expansion of Ayushman Bharat PM Jan Arogya Yojana to cover all Senior Citizens. This should also cover in-home care needs of elderly patients. Today in-home care is the need of the hour and specifically with increasing age, healthcare at home will bring huge relief to our ageing elders. Indian Diagnostic Infrastructure needs a significant boost. ‘Proximity to Patient’ is a critical step towards ‘Healthcare for All’. Patient should either get diagnostics done at home or if specific tests cannot be done at home, one should be able to find a High Quality Diagnostic Center within 5 km radius. We urge the government to provide financial assistance, special reliefs for new start-ups to enter the diagnostics space and create private infrastructure to feed the growing demand," said Vineet Narang, Founder & Managing Director of HearClear India.
Union Budget 2024 Live Updates: Emphasis on AI, digital transformation, and MSME support expected, notes Ishan Technologies Chairman
Union Budget 2024 Live Updates: “As we approach the Union Budget for 2024-2025, we are optimistic about the continued emphasis on digital transformation and technological advancement. The Interim Budget laid a strong foundation with its focus on empowering the youth through upskilling and reskilling initiatives. We hope this budget will further promote AI research, development, and implementation, ensuring India remains competitive on the global stage. For SMEs and MSMEs in the IT sector, we anticipate measures that streamline financial support, simplify regulatory processes, and encourage technological adoption, fostering a robust MSME ecosystem. Moreover, with India emerging as a data hub, we see significant potential in the development of Data Embassies, supported by the government’s upcoming IFSC in GIFT City. This initiative will enable private players like Ishan Technologies to actively participate in and benefit from secure and efficient data management infrastructure, said Pinkesh Kotecha, MD & Chairman, Ishan Technologies.
Union Budget 2024 Live Updates: India's data credibility plunging to greater depths: Sitaram Yechury
Union Budget 2024 Live Updates: India's data credibility is plunging to greater depths, Communist Party of India (Marxist) general secretary Sitaram Yechury said on Tuesday, as the RBI released data saying India added nearly 4.7 crore jobs during 2023-24. "RBI says jobs grew 6 per cent in 2024. India's data credibility is plunging to greater depths. Modi propaganda and spin destroying the truth!" Yechury said in a post on X. He also shared the data released by non-government economic think tank Centre for Monitoring Indian Economy (CMIE), which showed unemployment was at 9.2 per cent in June 2024. According to the CMIE data shared by Yechury, unemployment was at 5.42 per cent in 2013, which increased to eight per cent in 2020, came down to 5.98 per cent in 2021, but again increased to 7.33 per cent in 2022, 8.00 per cent in 2023, before peaking in 2024. "This CMIE data shows rising unemployment levels since 2014 peaking to its highest in 2024 - 9.2 per cent," he said.
Union Budget 2024 Live Updates: Chemical sector anticipates budget boost, calls for digital trading support and regulatory simplification
Union Budget 2024 Live Updates: “The forthcoming budget has very good prospects for the chemical sector. What we really expect from the budget is greater support toward the digitization of chemical trading. It has to be policies along the lines of tax incentives for adoption of technology and investments in the digital infrastructure that would hugely pay off to companies like us in streamlining operations and bringing about transparency. Advanced technologies offer a lot of aid for the chemical industry. State-of-the-art solution introduces supply chain management, improves safety standards, and provides real-time minute-by-minute market data for decision-making. We want policies that will encourage modern chemical trading processes. Simplification of regulations and review of tariffs will no doubt make operations in imports and exports smoother and increase competitiveness and growth in the sector accordingly. In other words, a budget focused on digital innovation and the improvement of trade facilitation will do scores to take the chemical industry toward an efficient and globally competitive future," says Jay Lakhani, Co-founder of Jay TechnoChem
Union Budget 2024 Live Updates: HR sector seeks simplified compliance, strong focus on talent development and fiscal incentives, says TraqCheck CEO
Union Budget 2024 Live Updates: "Looking forward into the 2024 budget, the HR sector appears relatively in an ask-for policy that presents ease of compliance procedures to make it easier to navigate the regulatory requirements. We should mostly be expecting a strong focus on talent development initiatives to equip the workforce with the right skill set to function in the job market. On the part of the government, fiscal incentives should be devised to be more inclusive and flexible, encouraging startups and fostering innovation. These are fundamental for the development of a strong dynamic entrepreneurial environment that could drive sustainable economic growth," says Jaibir Nihal Singh, Co-founder & CEO of TraqCheck.
Union Budget 2024 Live Updates: "Upcoming budget will focus on growing the retail sector, particularly in rural areas, says Shrenik Ghodawat
Union Budget 2024 Live Updates: "We anticipate that the upcoming budget will focus on growing the retail sector, particularly in rural areas. Measures to increase supply chain efficiency and lower logistics costs would be extremely beneficial. In addition, incentives for digitization and technology adoption will help to modernize traditional kirana stores. We look forward to developments that promote investment in rural retail infrastructure. Enhanced support for small and medium-sized enterprises (SMEs), as well as initiatives promoting sustainable practices, will be critical in driving retail growth. An increase in GST or other taxes may pose a challenge for small retailers. We hope for a balanced approach that minimizes the impact on consumers while supporting retailers' financial health, allowing them to thrive in a competitive market. Special input subsidies for retail investments and rural-focused programs to penetrate or increase modern trade awareness in tier 4, 5, and 6 cities would be especially beneficial," said Shrenik Ghodawat, Managing Director, Sanjay Ghodawat Group.
Union Budget 2024 Live Updates: PM Modi to gather top economists for Budget 2024-25 insights on Thursday
Union Budget 2024 Live Updates: Prime Minister Narendra Modi will meet with prominent economists to seek their perspectives and suggestions for the forthcoming Budget, revealed a senior government official. The Budget for 2024-25, to be presented by Union Finance Minister Nirmala Sitharaman in the Lok Sabha on July 23, marks a crucial economic roadmap for the Modi 3.0 administration. The meeting will include participation from not only economists but also sectoral experts. Among the attendees will be Niti Aayog Vice Chairman Suman Bery and other distinguished members. This Budget is expected to address key national priorities and lay down strategies aimed at propelling India towards achieving developed nation status by 2047.
Union Budget 2024 Live Updates: What the EV industry expects from the Budget?
Union Budget 2024 Live Updates: “As we prepare for the 2024 budget, the EV industry anticipates several key measures to boost growth and adoption. Increased subsidies will make electric vehicles more affordable for a wider range of consumers. Expanding the network of charging stations, particularly those powered by renewable energy sources, is critical for supporting EV infrastructure. Lowering the GST on batteries will reduce costs, making electric vehicles more affordable. Facilitating simple financing options for EV purchases will further encourage adoption. Promoting fleet electrification can significantly reduce emissions while demonstrating the viability of electric vehicles in commercial applications. Export incentives will enable Indian EV manufacturers to compete globally and expand their market reach. Skill development programs are critical for establishing a knowledgeable workforce to support this expanding industry," said Mr. Amit Raj Singh, Founder and MD of Gemopai.
Union Budget 2024 Live Updates: Healthcare sector's budget expectations
Union Budget 2024 Live Updates: "The healthcare sector eagerly awaits policy shifts that will go a long way into shaping the nation's future. Our investment in healthcare has stagnated in the last few years, a reason for the country’s poor health infrastructure. We need to strengthen primary and secondary healthcare in India considering it is the world’s most populous country, accounting for 20% of the global disease burden. There is an immense shortage of doctors and hospital beds," said Aman Puri, Founder, Steadfast Nutrition.
Union Budget 2024 Live Updates: Good time to push disinvestment of public banks, says SBI report
Union Budget 2024 Live: In its research report titled 'Prelude to Union Budget 2024-25' published on Monday, SBI advocated for the consolidation of existing government-owned banks."As banks are in good condition, the government should take stance on disinvestment of PSBs," the report said.
Union Budget 2024 Live Updates: What the Fintech industry wants from Sitharaman & Co
Union Budget 2024 Live Updates: " We are hoping for the same things as we were with the Interim Budget in Feb, 2024. Rationalisation of capital gains tax down from the current 30% and of the TDS tax rate of 1%. Treating crypto at par with other financial asset classes like equity. A well-defined regulatory framework for crypto in the country, making crypto a suitable investment option for the common man as well as spurring industry investment in the crypto sector," said Amjad Raza Khan, CEO of Cashaa.
Union Budget 2024 Live Updates: Defence sector in focus
Union Budget 2024 Live: Experts predict a higher allocation for the defence sector in the upcoming budget, continuing the trend of previous years. Moreover, the next five years are going to see a significant amount of inroads into the shipbuilding sector, as per an industry expert.
Union Budget 2024 Live Updates: Banking sector expectations
Union Budget 2024 Live: “Given the continuity of the NDA government coming out of the recent elections, the safest bet for the banking sector is the continuity of the policy on infrastructure spend. Any additional spend there has a direct fillip to lending in the banking sector, with cascading effects in the industry supply chain verticals. Accordingly, the banking sector will hope that the growth decade of India continues with heavy infra spend. One other area that I believe the banking sector will look to is some guidance and guardrail policies around prolific digitisation. With the challenge of rising frauds in the industry and the onset of generative artificial intelligence, the banking sector while already gearing up for that would be looking for common policies establishing acceptable standards. Towards that, if the government could assist in sops on the spends to establish robust departments within the banks, it will incentivise the sector to embrace the challenges quicker,” said Anish Mashruwala, Partner, JSA Advocates and Solicitors.
Union Budget 2024 Live Updates: Rs 10 lakh insurance the vitamin India's healthcare system needs?
Union Budget 2024 Live: Centre is mulling over the idea of doubling the beneficiary base under its flagship Ayushman Bharat health insurance scheme over the next three years, with all those aged above 70 years to be brought under its ambit, to begin with, and also increase the insurance coverage to Rs 10 lakh per year.
Union Budget 2024 Live Updates: A specific tax code for GIFT City
Union Budget 2024 Live: "India’s GIFT City has made rapid strides over the last few years positioning itself as an important gateway for both inbound and outbound investments. Establishing a specific code for taxation of outbound funds from India's GIFT City is the need of the hour to level the playing field with global financial hubs like Singapore, thereby encouraging more investments through this important gateway," says Tejas Desai, Partner & Leader, Wealth & Asset Management – Tax, EY India.
Union Budget 2024 Live Updates: Pace of reforms to continue?
Union Budget 2024 Live: "Under the new government, we expect the pace of reforms to continue. The focus of the budget will remain on sectors such as Infrastructure, Housing, Manufacturing/PLI, Defence indigenization, Digitization, etc. During the year, the government received an additional Rs. 1 trillion from the Reserve Bank of India (RBI) in the form of dividends. A higher dividend from the RBI and stellar growth in tax revenues can be utilized to support higher rural and social sector spending, along with capital expenditure growth versus the interim budget. Overall, we believe the government will continue on the path of fiscal consolidation and maintain the fiscal deficit as a percentage of GDP target at 5–5.1% for FY25 and 4.5% for FY26," says Sachin Bajaj, EVP and Chief Investment Officer, Max Life
Union Budget 2024 Live Updates: More funding for food infra, says industry
Union Budget 2024 Live: "India is eagerly waiting for the upcoming budget, especially the food packaging and manufacturing industry. We anticipate a significant allocation of funds to support critical areas, such as infrastructure development, technological advancements, and initiatives to address raw material price volatility. We are hoping for a stable and supportive policy framework to expect the targeted growth trajectory in 2024-25. The key focus areas during pre-budget discussion should include streamlining regulations, facilitating access to credit for business for all sizes, and fostering innovation in sustainable packaging solutions," says Neetika Suryawanshi, CFO at Pakka Limited
Union Budget 2024 Live Updates: SBI wants Modi 3.0 to not obsess too much over fiscal stance
Union Budget 2024 Live: "As the budgeted fiscal deficit gets lowered, gross market borrowing of the government will also reduce to around Rs 13.5 lakh crore in FY25 compared to Rs 14.1 lakh crore in the interim budget and net market borrowing to Rs 11.1 lakh crore against Rs 11.8 lakh crore earlier," stated the SBI Research report
Union Budget 2024 Live Updates: Will Budget hint at need for labour codes to help the workers?
Union Budget 2024 Live Updates: "Technology the biggest force multiplier"
Union Budget 2024 Live: “Delivering quality healthcare across wide geography with limited Human Resources is India’s key challenge. Technology is the biggest force multiplier which will enable us to bridge the gap in shorter time and lesser cost. We recommend fund allocation for a dedicated Bharat Healthtech AI for developing and implementing large-scale adoption of indigenous AI-powered technologies. The focus of the AI technologies should be on addressing the shortage of medical skills and mass screening for NCD control,” says Sameer Dashputre, Chief Strategy Officer & Co-Founder, Dozee
Union Budget 2024 Live Updates: Focus on rural India and jobs
Union Budget 2024 Live: Economists at Goldman Sachs predict that the government will emphasize job creation through labor-intensive manufacturing, support for micro, small, and medium enterprises, services exports by expanding global capability centers, and improving the domestic food supply chain.
Union Budget 2024 Live Updates: More strategic investment in Artificial Intelligence
Union Budget 2024 Live: "As we navigate the future of education, it is imperative that our budget invests strategically in Artificial Intelligence (AI) and cutting-edge research, especially for India 2 and India 3. AI's adaptive learning capabilities and real-time feedback mechanisms can democratise education, ensuring that students and educators in semi-urban and rural areas receive unparalleled quality and support. Research-driven innovations will craft curricula and teaching methodologies tailored to these unique regions, addressing their specific challenges. By prioritizing AI and research, we can bridge educational divides, empower our youth, and prepare them to thrive in the 21st-century economy. This bold investment is essential for achieving equitable access and driving inclusive growth," says Jairaj Bhattacharya, Co-founder & Managing Director of ConveGenius
Union Budget 2024 Live Updates: Goldman Sachs sees 'golden' fiscal future for India
Union Budget 2024 Live: India will likely peg its FY25 fiscal deficit target 5.1% of GDP in the upcoming budget, which could make an overarching statement about long-term economic policy towards 2047 with an emphasis on job creation through labour-intensive manufacturing, credit for MSMEs and continued focus on services exports by expanding GCCs, according to Goldman Sachs.
Union Budget 2024 Live Updates: Double the pension this Budget?
Union Budget 2024 Live: The government could double the minimum guaranteed amount under its key social security scheme, Atal Pension Yojana, to Rs 10,000 in the upcoming budget, said people familiar with the matter.
Union Budget 2024 Live Updates: Industry expects ESOP announcement
Union Budget 2024 Live: "An important announcement that we expect is on ESOPs (Employee Stock Ownership Plans). These are employee incentives that companies use to attract, reward, and retain talent. ESOPs also enable employees to become shareholders and benefit from the company's growth. Most of the new generation companies give part of company stake as ESOPs to senior employees, who work as well as promoters, but end up losing 40% value vis-a-vis promoters who can enjoy long-term capital gains (LTCG) advantage on equity. This situation needs to be rectified to enable them to earn higher margins," says Swati Saxena, Founder & CEO of wealth management firm 4Thoughts Finance
Union Budget 2024 Live Updates: Incentives for indigenous manufacturing
Union Budget 2024 Live: "As we look ahead to Budget 2024-25, we anticipate policies that foster research and development in the technology sector, particularly in LED displays. We urge the Government of India to consider incentives for indigenous manufacturing, reductions in GST and import duties on advanced technology components, and investments in infrastructure that supports technological innovation. These measures will not only boost local production capabilities but also accelerate the adoption of next-generation LED display technologies. At AET Displays, we are eager to contribute to India’s growth story and strengthen our position as a global leader in visual technology," says Su Piow Ko, CEO of AET India
Union Budget 2024 Live Updates: Benefit schemes need to be showcased this Budget
Union Budget 2024 Live: "On the personal income tax front, we expect the basic limit of tax exemption to be increased from Rs. 3,00,000/- to 5,00,000/- under the new tax regime. We could also see an increase in the limit of standard deduction thereby increasing more money in the hands of the taxpayer. The government could also consider an increase in tax exemption limit under Section 80C and section 80D. In an effort to promote savings towards retirement, the government should provide additional tax deductions for investment in retirement benefit schemes like NPS (National Pension Scheme)," says Mayank Bhatnagar, Co-founder and COO, FinEdge
Union Budget 2024 Live Updates: More focus on AI, please
Union Budget 2024 Live: “India's journey with AI has been marked by innovation integrated responsibly into public systems. We look forward to continued support and investment in AI solutions that benefit society and foster collaboration between academia and industry. Our long-term vision for AI in India aims for widespread integration across sectors, empowering citizens with AI tools tailored to local needs. The upcoming budget can contribute by prioritizing AI research, infrastructure, and policies that promote ethical AI practices and responsible deployment," says Shekar Sivasubramanian, Chief Executive Officer, Wadhwani AI.
Union Budget 2024 Live Updates: "Strategic investments in the travel industry"
Union Budget 2024 Live: "The upcoming Union Budget 2024-2025 offers an opportunity for the Hon’ble Finance Minister to build on this momentum. Strategic investments can unlock economic opportunities, boost employment, and enhance India's tourism landscape. We foresee a 20% rise in international travel and a 15% boost in domestic trips, Atlys is ready to aid this growth with its Visa services," says Mohak Nahta, Founder and CEO of Atlys
Union Budget 2024 Live Updates: Union Budget 2024 Live Updates: What farm stakeholders are expecting from Budget 2024
Union Budget 2024 Live:
- Increased R&D: Increase investment in R&D from 0.6% of GDP to at least 1%
- New seed varieties of pulses, wheat, oilseeds and cotton to address stagnant yields
- Tax rebates for private investment in R&D
Union Budget 2024 Live Updates: Duty relief, tax rebate on telecom wishlist
Union Budget 2024 Live: India’s top mobile carriers are seeking a customs duty waiver on 4G and 5G network gear in the upcoming Union Budget to lower high network rollout costs and accelerate expansion of telecom connectivity across the country. The operators will also push for suspension of 5% of adjusted gross revenue (AGR) contribution towards the universal service obligation fund (USOF) till the latter’s Rs 79,638.31 crore corpus is fully utilised, according to a pre-budget wish list that will be sent to the finance ministry shortly.
Union Budget 2024 Live Updates: Catalyze the supply chain, India Inc asks
Union Budget 2024 Live: "Further, the localization of high-tech components through Phased Manufacturing Program incentives, along with skill development programs for installation and maintenance, can catalyze the entire supply chain. With an emphasis on infrastructure, housing, and 'Make in India,' I anticipate robust growth in the elevator market. The budget should incorporate provisions fostering global-scale manufacturing excellence in this sector, providing impetus to construction equipment industries interlinked with national development," says Ratan Sehgal, Managing Director of Hybon Elevators and Escalators
Union Budget 2024 Live Updates: "Push the boundaries of tech this Budget"
Union Budget 2024 Live: "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. 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," Prerna Kalra, Co Founder, Daalchini Technologies
Union Budget 2024 Live Updates: Consumer spending needs to be in focus?
Union Budget 2024 Live: "Drawing on the successful implementation of GST reforms, an anticipated reduction in the GST rate for LED TVs larger than 32 inches, from the current 28% to 18% in Budget 2024, is expected. This adjustment aims to encourage consumer spending in the electronics sector. Additionally, expanding Production-Linked Incentive (PLI) schemes to include smart TVs, refrigerators, and washing machines is essential to foster broader market growth and enhance manufacturing capabilities. Furthermore, there is a proposal to review income tax slabs to increase disposable income for taxpayers," says Avneet Singh Marwah, CEO of Super Plastronics Pvt Ltd
Union Budget 2024 Live Updates: 'Tis the season for sustainability
Union Budget 2024 Live: "As India continues its journey towards a future of net-zero emissions, we commend the government’s forward-thinking approach to sustainability and applaud its ambitious green objectives. Furthermore, we appreciate the government's strategy to reduce carbon emissions while ensuring a reliable base load through thermal power plants. Promoting technologies like Advanced Ultra Super Critical (AUSC) power plants underscores this commitment, offering reduced carbon footprints compared to traditional plants," says Mr. Kush, CEO of Essar Power
Union Budget 2024 Live Updates: Time to push divestment of state-owned banks, says SBI report
Union Budget 2024 Live: The government should go ahead with disinvestment of public sector banks (PSBs) as they are in good condition, SBI said in its research report on Monday.
The report also pitched for the consolidation of existing government-owned banks.
"As banks are in good condition, the government should take stance on disinvestment of PSBs," the report titled 'Prelude to Union Budget 2024-25' said.
With regard to the privatisation of IDBI Bank, it said the government and Life Insurance Corporation of India are selling an almost 61 per cent stake in the lender.
The report also pitched for the consolidation of existing government-owned banks.
"As banks are in good condition, the government should take stance on disinvestment of PSBs," the report titled 'Prelude to Union Budget 2024-25' said.
With regard to the privatisation of IDBI Bank, it said the government and Life Insurance Corporation of India are selling an almost 61 per cent stake in the lender.
Union Budget 2024 Live Updates: More atmanirbarta on the cards?
Union Budget 2024 Live: "Overall, we are primarily expecting a budget which would tread on the path of making India into an Atmanirbhar Bharat, keeping its focus on fiscal consolidation, and pursuing an inclusive growth policy without losing sight on the need for improvement in the overall condition of the vulnerable segment of the society,” says Ajit Banerjee, Chief Investment Officer of Shriram Life Insurance
Union Budget 2024 Live Updates: India Inc wants PLI scheme expanded
Union Budget 2024 Live: "There is a need to expand the scope of the PLI scheme. By including labor-intensive sectors and those with strong linkages to MSMEs, PLI scheme could be a game changer for the manufacturing industry in India as it fosters innovation and will drive exports and employment generation. PLI schemes have the potential to act as accelerators for high-quality job creation while giving a substantial boost to domestic manufacturing. Additionally, the industry is also looking forward to incentivisation in manufacturing sector to boost consumption” said Mr Rahul Garg, CEO & Founder-Moglix.
Union Budget 2024 Live Updates: "Budget FY25 should focus on tax relief to boost consumption"
Union Budget 2024 Live: India's industry urged the finance minister to lower corporate tax, phase out tax exemptions, and broaden tax base to boost economic growth. "Rationalise and simplify the tax system to improve compliance and promote investment. Consider measures such as reducing corporate tax rates, phasing out tax exemptions, and broadening the tax base to make the tax regime more efficient and equitable," Assocham said.
