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LIVE Updates | Indian Union Budget 2023-24 Expectations: Reduce tax burden on individuals by increasing minimum threshold
Finance Minister Nirmala Sitharaman will present the Union Budget 2023-24 in Parliament on February 1, 2023.
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Budget 2023 will be the last full-term budget for the Narendra Modi-led BJP government as it is going to Lok Sabha Polls next year. There are a lot of expectations from the Finance Minister Nirmala Sitharaman and the industry is anxiously awaiting news on whether the fifth-largest economy will continue to drive economic growth on a global scale.
Finance Minister Nirmala Sitharaman will present the Union Budget 2023-24 in Parliament on February 1, 2023.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Evaluate Incentives, Liberalise Tax Benefits, Lower Interest Rates on Capital
Government should evaluate incentives such as allowing people to claim depreciation on vehicles, liberalise tax benefits and enable lower interest rates on capital, as this would not only motivate people to buy and upgrade cars but also contribute to the growth of India’s GDP & further organize the pre-owned cars market. The new norms from the Ministry of Road Transport and Highways will encourage transparency, and address concerns regarding accountability and responsibility, creating a more level playing field between organized and unorganized entities: Niraj Singh, Founder & CEO, Spinny.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Relaxed Tax Regulations and Liquidity Assistance for NBFCs
In the 2023 budget, we anticipate a strong mandate for lending NBFCs working to empower underserved small and medium businesses through financial and technological interventions. Furthermore, we anticipate some relaxed tax regulations and liquidity assistance for NBFCs- Parry Singh, Founder and CEO, Red Fort Capital.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Right allocation of funds
India would need atleast 4 lakhs EV skilled mechanics to address the need for EV service in the next 2 years. The budget should consider making framework and controls that will ensure right allocation of funds and support to empower training facilities and programs through private organisations: Vimal Singh SV, Founder & CEO of Ready Assist
LIVE Updates | Indian Union Budget 2023-24 Expectations: Extension of FAME II subsidy
The first and foremost is the standardization of battery voltages and form factors. Extension of FAME II subsidy to promote conversion of ICE vehicles to electric. The commercial EV segment, which is expected to be a key growth vertical, is faced with a lack of financing options. All the national, state and cooperative banks we expect Govt. to ensure in providing financing at equivalent rate of ICE engine Vehicle: Uday Narang, Founder, and Chairman, Omega Seiki Mobility
LIVE Updates | Indian Union Budget 2023-24 Expectations: Financial and Regulatory Support to the Digitization of Small and Medium businesses
The upcoming budget is expected to provide financial and regulatory support to the digitization of Small and Medium businesses, as well as Tier 2+ cities, as a major chunk of new eCommerce growth is expected from there. The government should also strongly focus on building the right support infrastructure for these segments for the eCommerce sector to truly accelerate and help realize the vision of digital India. The ONDC initiative is a step in this direction and we expect the budget: Punit Sindhwani, CEO, Paxcom
LIVE Updates | Indian Union Budget 2023-24 Expectations: DeepTech Industry Seeks Tax SOPs to Bolster Sustained and Stable Growth
After the Digital India push of the Govt., we now need Innovation First India, to Institutionalize that we need investment which can create a back demand for our Ph.D. and research talent to grow, stay back and not be brain drained by the more developed economies. Our DeepTech Industry desperately needs Tax SOPs to bolster sustained and stable growth. Given the global unstable signs of IT, this could just be one of those sniper shots which can re-energize the Industry- Aditya Malik, Founder ValueMatrix.ai
LIVE Updates | Indian Union Budget 2023-24 Expectations: Digital Transformation, AI and Machine learning
Building new technologies and services, taking a more proactive approach to digital transformation, and employing AI and machine learning to solutions that can adapt to the changing demands of businesses are some of the areas where we see the scope for massive advancement in this space: Animesh Samuel, Co-founder & CEO, E42
LIVE Updates | Indian Union Budget 2023-24 Expectations: Stringent anti-dumping duty protocols
The Chemicals industry in India which contributes around 10 percent to the GDP needs to be given prominence in the budget. The Indian manufacturers have been asking for stringent anti-dumping duty protocols to ensure that the industry continues to be a growth driver in the India story: Mihir V. Shah, Executive Director, Vipul Organics Limited.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Indigenising component manufacturing for EV vehicles
The extension of FAME -2 is a welcome move. A little tweaking will get more people to benefit from the scheme. PLI has seen good traction, but the focus must shift to indigenising component manufacturing for EV vehicles. On the financing end, support is needed for end customers through easy loans and financing options and for manufacturers via financing subsidies: Raj Mehta, Founder, Greta Electric Scooter
LIVE Updates | Indian Union Budget 2023-24 Expectations: Prospects and Large Government Initiatives
While previous budgets acknowledged the relevance of AI technology in modernising India, we now expect prospects and large government initiatives from budget 2023 which can position India as one of the world’s favoured Al leaders: Sarvagya Mishra, Co-founder & Director of SuperBot (PinnacleWorks)
LIVE Updates | Indian Union Budget 2023-24 Expectations: Simplify the Tax Bracket and Ease Regulations
We hope that the Budget 2023 will address these issues by simplifying the tax bracket and easing regulations around liquor, permits and licenses- Kushang, Co-founder & CEO of SupplyNote.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Interest-Free Loans, Greater Subsidies, and Reduces Tax Structure
In the eye of rising costs and reduced margins, we need a budget that supports interest-free loans, allows greater subsidies, and reduces tax structure. Another is the non-availability of input tax credit (ITC) that impacts the P&Ls adversely. We hope the union budget 2023-24 will address these issues to accelerate the growth of the F&B sector: Harshit Mittal, Co-founder & CTO of SupplyNote.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Raising the Cap for Deducting Interest Payments on Home Loans
An area of high priority for the government is increasing tax benefits for home buyers. Raising the cap for deducting interest payments on home loans to Rs 5 lakh is a real need and should be a key consideration. Further, higher allocation for the SWAMIH und will be a great help for stalled projects. Several sectors like life sciences, data centres, EVs, warehousing, etc., acentersed for high growth in India. Infrastructure status for real estate sector will act as a the catalyst for these sectors too: Anurag Mathur, CEO, Savills India
LIVE Updates | Indian Union Budget 2023-24 Expectations: Strong budgetary support through direct allocation and through tax benefits
To keep up with this rapid growth, it is important for the government to further develop strong budgetary support through direct allocation and through tax benefits to attract innovations and investments to this sector. Additionally, we also look forward to a streamlined policy framework and guidelines, structured to nurture the growth of this evolving industry- Suhas Khullar, CFO, Loco
LIVE Updates | Indian Union Budget 2023-24 Expectations: Indian Residential Market needs financial support
The Indian residential market sales have been at a decade high in 2022 and to continue this growth momentum, the sector will need some financial support in the upcoming Union Budget 2023. In the budget, it is imperative to update the affordable housing policy by revising the price capping so that it can be in sync with the market dynamics of different cities. This move will also enable more homes to qualify for affordable housing- Devanshu Bansal, Director, UK Realty.
LIVE Updates | Indian Union Budget 2023-24 Expectations: GST Rate Should be Reduced to 5% for EV-Led Services
In the previous year’s budget, the GST was reduced from 18 percent to 5 percent on EV purchases and rents, which aided acquisitions. This time, the same decrease should apply to services as well. The EVaaS industry is avidly anticipating this move on the GST front with reference to the GST rate being reduced to 5 percent for EV-led services like last-mile deliveries, battery swapping, etc. Even though the EV market is currently expanding quickly, there are concerns about cutting off subsidies, which would severely restrict the sector's growth: Akash Gupta, CEO & Co-founder, Zypp Electric.
LIVE Updates | Indian Union Budget 2023-24 Expectations: expenditure to the percentage of the GDP needs to be raised
While India’s health budget has seen a consistent rise in funding over the years, its expenditure to the percentage of the GDP needs to be raised, which even the government’s own Economic Survey of 2021-22 recommended, to create a holistic and sustainable health system. At a little over 2 percent of the GDP, India’s public healthcare spending is insufficient. The upcoming budget presents an opportunity to increase the allocation to at least 2.5 percent–3 percent: Sunish Jauhari, President, Vitamin Angels in India.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Reduction of the 18% GST rate from health and life insurance products
We expect the government to make bold moves by introducing certain incentives. One of the long-standing demands of the insurance industry is the reduction of the 18% GST rate from health and life insurance products to make them more affordable. Additionally, increasing the limit to claim tax deductions under section 80C and 80D would further increase the adoption of life and health insurance products: Mukul Kanchan, VP and Head of Finance , Plum.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Single window for all relevant registrations
Startups currently have taxation benefits u/s 80 IAC where they can take rebates for any 3 out of 10 FYs. However, this was applicable only for eligible startups and incorporated till 31.03.2023. This could be further extended by one more year. There should be a single window for all relevant registrations like company incorporation, shop establishment, goods and services tax (GST) registration, MSME (micro, small and medium enterprises) certificate etc. That will help startups save considerable time, effort, and money: Krishna Raghvan, Founder at Unlistedkart.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Greater application of technology to increase agricultural yield
We hope that in the upcoming budget, the government allocates funds, especially for the improvement of agriculture infrastructure which has a much larger multiplier effect on the economy in the long run. Government should devise more schemes to ensure greater application of technology to increase agricultural yield, efficient utilization of resources, reduction in input cost, growth in agricultural wages, remunerative and stable prices, and also give proper forward and backward linkages to the farmers. Not only this, the government should also subsidize crop insurance further and provide the farmers with additional subsidies to buy drones and other accessories: Anuj Kumbhat, Founder & CEO, WRMS.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Fair share towards technological advancement
In the budget 2023-24, we hope the government to provide a fair share towards technological advancement, focus on incentivizing or promoting tech to make India the talent hub of web3 for the world, a push to R&D to develop “Make in India” blockchain products for the world and position India as the epicenter of the tech developments - Nikhil Goyal, CEO & Founder, Beyond Imagination Technologies
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LIVE Updates | Indian Union Budget 2023-24 Expectations: Implement progressive taxation policies
We support the government’s intention to trace and tax cryptos. However, it is essential to implement progressive taxation policies. The absence of comprehensive regulations, which are at the intersection of user protection, supports legitimate Indian startups, and serves the requirements of the regulators, makes the mechanism counter-productive-- Ashish Singhal, CEO & Co-Founder at CoinSwitch.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Strengthen India’s financing ecosystem
We expect Budget 2023 to further strengthen India’s financing ecosystem and push our booming FinTech sector towards an affluent future. Flexible corporate laws will be an added boon for the sector: Kewalramani, MD & Co-founder at CredAble.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Policy support as well as allocation of long-term capital
In the upcoming Union Budget, we expect continued support for the Impact Sectors, especially in areas such as Circular Economy, Rural Employment, Electric Mobility, and Clean Energy. As a firm that has been actively investing in these emerging areas, we expect both policy support as well as allocation of long-term capital from the Government to promote entrepreneurs and start-ups who are solving complex problems in these areas. This will go a long way in meeting our Net Zero goals and making India a global leader in the areas of Climate and Sustainability: Anurag Agrawal, Partner Aavishkar Capital
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LIVE Updates | Indian Union Budget 2023-24 Expectations: more regulations for cryptocurrencies
After having launched the e-rupee, we are expecting that the government would bring in more regulations for cryptocurrencies. Estimations point out that crypto ownership in India is almost double compared to the rest of the world. This being said, the government will more likely introduce a regressive tax for cryptocurrencies: Kumar Gaurav, Founder & CEO of Cashaa.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Use of recyclable menstrual products
To go green in the future, the government should encourage the use of recyclable menstrual products. This one initiative could bring down the number of disposable sanitary napkins adding to the landfill, which currently stands at 12.3 billion annually. The government could support start-ups who are endeavouring to offer biodegradable products at affordable prices, keeping in mind the current condition of the environment: Kiriti Acharjee, co-founder, HealthFab
LIVE Updates | Indian Union Budget 2023-24 Expectations: Expansion of the PLI scheme / Phased Manufacturing Plan (PMP)
To promote, Make in India, and considering the great response to the Production Linked Incentive (PLI) scheme, we might see the expansion of the PLI scheme / Phased Manufacturing Plan (PMP) for new products/industry. These schemes would be helpful in catering to domestic requirements and improving the employment ratio & GST collections. Also, these schemes can also help bring down the current account deficit (CAD) which has been increasing substantially due to lesser exports and high imports: Ankur Gupta – Practice Leader Indirect Tax, SW India.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Government could introduce directives for commercial banks to lend to SME-focused lenders
In the upcoming budget, the government could introduce directives for commercial banks to lend to SME-focused lenders. Another encouraging directive could be if the government earmarks capital in the form of equity, debt, or guarantees to enable lending to MSMEs: Arun Nayyar, Managing Director & CEO, NeoGrowth.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Government to send out a clear message about attracting FDI in manufacturing, as well as in the infrastructure segment.
In the upcoming budget, it is pertinent for the Government to send out a clear message about attracting FDI in manufacturing, as well as in the infrastructure segment. In the financial sector, keeping in mind that MSMEs contribute around 29 percent to India’s GDP and employ a significant number of people, it is imperative for the Government to roll out reforms, including the introduction of a clear roadmap around setting up standalone digital banks: Rohit Arora, CEO, and Co-founder, Biz2Credit and Biz2X.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Government should focus on policies to promote economic growth and pandemic resilience
We anticipate the upcoming Budget will focus on policies to promote economic growth and pandemic resilience. Given the recent increases in health insurance premiums and the need to provide basic financial protection against natural catastrophes such as Joshimath, the insurance industry is expecting a combined tax relief of up to Rs1 lakh for health and household insurance: Ankur Nijhawan, CEO, AXA France Vie—India Reinsurance Branch
LIVE Updates | Indian Union Budget 2023-24 Expectations: Roadmap to build and bolster the entrepreneurship culture
As this is the last full-year Budget before the Union Election in 2024, we expect it to be growth-oriented. The primary focus of the Budget is likely to be on job creation and investment-driven growth. The real estate sector may get a boost with some announcements to expand the current income tax benefit for housing. Measures to stimulate rural spending and infrastructure development would be the highlight in the Budget. Any roadmap to build and bolster the entrepreneurship culture can promote self-reliance and go a long way in employment generation. Overall, with its focus on growth and development, this Budget may have something for everyone. FMCG, Manufacturing, MSME, and Banking are a few sectors that may see action, said B Gopkumar, MD & CEO, Axis Securities
LIVE Updates | Indian Union Budget 2023-24 Expectations: Government should focus on last-mile execution of new policy, quality, and tax-free education
We expect that the Government will increase the education expenditure for the upcoming fiscal year. With more focus on the implementation and last-mile execution of the new policy, quality and tax-free education, and skill development, the reforms will pave the way for outcome-based learning, especially for school students: Rajeev Tiwari, Founder & Director at Stemrobo Technologies.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Decisive tilt towards small saving schemes
The government will continue to focus on Capex and also persist with its intent to swell the share of Indirect Taxes, as is evident from the widening net of formalisation. We see subsidy bills moving back to pre-Covid levels in terms of GDP size. Notwithstanding the fact that government’s Debt servicing is a cause for concern - given interest payments significantly eating into revenue receipts - a decisive tilt towards small saving schemes should reduce the dependence on market borrowings and ease the pressure on sovereign yields, YES SECURITIES
LIVE Updates | Indian Union Budget 2023-24 Expectations: FY24 Budget expansion
After the pandemic-induced spurt in spending, FY24 Budget expansion is likely to be a moderate one, with the economy having stabilized. From looking at the budget data of the last two decades, it is amply evident that the NDA tends to be less expansionary on the fiscal, said Amar Ambani, Group President and Head, Institutional Equities, YES SECURITIES
LIVE Updates | Indian Union Budget 2023-24 Expectations: Tax norms and GST
We hope for a tax reduction in the upcoming budget that could help small merchants to provide financial services to rural citizens. As this will help in minimizing the cost of providing financial services and foster deeper financial inclusion in the hinterlands of the country, said Dilip Modi, Founder - Spice Money (Rural Fintech)
LIVE Updates | Indian Union Budget 2023-24 Expectations: Provide impetus to the startup ecosystem
There are expectations of fresh reforms and tax benefits, investors will be eyeing what the FM says about Startups and tax benefits on long term capital gain. A rational shift to provide impetus to the startup ecosystem along with a boost to the sun-shine sectors like silicon chip and battery manufacturing will also play a crucial role, said Ajay Lakhotia, Founder & CEO, StockGro
LIVE Updates | Indian Union Budget 2023-24 Expectations: Tax benefits for Fintech investors
The government should formulate tax incentives for venture capitalists and angel investors investing in fintech Startups to promote investments in the sector, says Manan Dixit, Founder FidyPay
LIVE Updates | Indian Union Budget 2023-24 Expectations: Empower youth with educational support
Government organizations also need to build and strengthen their relationship with the startup community to trigger mutually constructive conversations around regulations, govt schemes and policy interventions. Lastly, the government can also unlock tremendous latent potential which resides in tier II cities by empowering the youth with educational support gravitating around entrepreneurship said Amit Lakhotia, Founder & CEO, Park+
LIVE Updates | Indian Union Budget 2023-24 Expectations: Empower youth with educational support
Government organizations also need to build and strengthen their relationship with the startup community to trigger mutually constructive conversations around regulations, govt schemes and policy interventions. Lastly, the government can also unlock tremendous latent potential which resides in tier II cities by empowering the youth with educational support gravitating around entrepreneurship said Amit Lakhotia, Founder & CEO, Park+
LIVE Updates | Indian Union Budget 2023-24 Expectations: Reduce tax burden on individuals by increasing minimum threshold
FM should reduce the tax burden on individuals by increasing the minimum threshold, reducing the number of slabs, and cutting taxes across all slabs, but increasing the penalties for tax crimes. A continued effort to simplify the tax code will continue to provide confidence to global investors who wish to invest in India but are fearful due to the complex tax code, says Anirudh A Damani-Managing Partner-Artha Venture Fund (AVF)
LIVE Updates | Indian Union Budget 2023-24 Expectations: Increase education expenditure for upcoming fiscal year
The New National Education Policy (NEP 2020) has set the pace for skill development for K 12 students. We expect that the Government will increase the education expenditure for the upcoming fiscal year, Stemrobo Technologies head said
LIVE Updates | Indian Union Budget 2023-24 Expectations: Focus on expanding access to education and technology
In the upcoming budget, it is likely that the government will continue to focus on expanding access to education and technology, particularly in rural and underserved areas. This could include measures such as increasing funding for ed tech startups, providing tax incentives for companies operating in the sector, and launching new initiatives to promote the use of technology in education. Additionally, the government may also focus on skill development and vocational training to align with the current job market trends. It's worth noting that the Government has been actively working on a National Education Policy since 2020 which is expected to be implemented soon, and this budget might be an opportunity to reflect the changes suggested in the Policy, Campus 365 head said
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