The newly elected Finance Minister, Nirmala Sitharaman, is likely to start preparing the budget soon. This process is crucial and involves careful planning and detailed analysis. According to a report by ANI, the Union Budget is expected to be presented in Parliament by the third week of July.
Additionally, a Goods and Services Tax (GST) Council meeting, chaired by Nirmala Sitharaman, is scheduled for June 22 in the national capital. This will be the first meeting since October 2023.
Here’s what experts from different sectors expect from the upcoming budget in July 2024:
Dhwani Mehta, Founder & Director of OpportuneHR, says, "We hope the new Finance Minister focuses on protecting MSMEs from risks like cybersecurity threats, economic shocks, and supply chain issues. We also want to see more collaboration between the government, academia, and the private sector to support MSMEs. These measures will help ensure sustainable growth and resilience."
Chakrivardhan Kuppala, Co-founder and Director of Prime Wealth Finserv Pvt Ltd, mentions, "The budget should prioritize economic recovery with more spending on infrastructure and strong support for MSMEs. For the mutual funds sector, we need policies that boost investor confidence, such as tax incentives and promoting financial literacy. Encouraging sustainable growth through environmental, social, and governance (ESG) investments is also important."
Dr. Jay Goyal, Director of Surya Eye Hospital, states, "We anticipate the government will increase funding and policy support for healthcare. It's essential to strengthen healthcare infrastructure, invest in advanced medical technologies, and ensure affordable care for everyone. A strong healthcare system is vital for the well-being of our population and the country's growth."
Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, says, "We look forward to government efforts to make housing more affordable and stimulate demand. Potential tax relief schemes and policy changes, including GST reforms, are needed to drive growth in the real estate market and align it with economic and societal needs."
Rohit Chauhan, Director of Cannarma, hopes, "The next Finance Minister will announce significant investments in research and development. These steps are crucial for the growth and innovation of hemp products, which can contribute significantly to the economy and sustainable practices."
Vaibhav Jain, CEO of Aayush Bharat, adds, "The Aayush healthcare and wellness sector is expected to reach $70 billion by next year. We need government support to make a transformative impact on holistic health practices in India. We urge the Finance Minister to introduce a special package to bolster the Aayush sector, improve infrastructure, research, and accessibility, and provide subsidies and incentives for Aayush startups.
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Budget 2023-24: Top 5 Key Highlights to Look Out For:
Finance Minister Nirmala Sitharaman is going to present the Union Budget 2023-24 on Wednesday, February 1, her fifth and the government’s last full Budget before the general elections of 2024. There are expectations from various sectors, apart from demand from individuals for tax relief. As the Budget 2023 is around the corner, here’re the key things to watch out for in the Budget:
An announcement related to the income tax is one of the keenly watched things in the Budget, as it affects people and the government’s exchequer at a large scale. There is an expectation that the government might give relief to individual taxpayers by raising tax exemption or rebate limits. There are also demands of raising the deductions limit under Section 80C in the Union Budget 2023-23, compared with Rs 1.5 lakh currently.
Fiscal deficit is one of the important metrics among markets and policy makers to follow. It shows the health of the government’s finances and its dependency on the borrowing. According to the latest data available, India’s fiscal deficit during April-November 2022 stood at Rs 9.78 lakh crore, or 58.9 per cent of the full-financial year target. In the corresponding period last year, the deficit had stood at 46.2 per cent of the full-FY22 target. The fiscal deficit is the difference between expenditure and revenue of the government.
In the previous Budget 2022, the capital expenditure got a boost to support the pandemic-hit economy. Finance minister Nirmala Sitharaman, as per reports, might unveil big spending plans for crowding in private investment for the financial year 2023-24. The government is expected to continue with its plan to ramp up capital expenditure in the upcoming Budget 2023-24 with a special focus on states’ spending on capital assets.
The Union Budget might announce a special fund or a scheme for millets as India prepares to steer the celebration of International Millet Year 2023 and promote the cultivation and consumption of Nutri-cereals. The government sponsored the proposal for the International Year of Millets (IYM) 2023, which was accepted by the United Nations General Assembly (UNGA).
The budgeted disinvestment target for the current financial year 2022-23 is Rs 65,000 crore. Out of this, the government has so far raised around Rs 31,000 crore from divesting its equities in the central public sector enterprises. The government in the past four years has consistently missed the budgetary target. In the Union Budget 2021-22, Finance Minister Nirmala Sitharaman had earlier pegged the divestment target at Rs 1.75 lakh crore, which was revised later to Rs 78,000 crore. However, the mop-up in 2021-22 was only Rs 13,531 crore.
The current financial year saw India’s mega IPO, LIC IPO. Now, there is a pending privatization of two state-owned banks and one general insurance company.
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