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LIVE Updates | Union Budget 2023-24 Expectations: Insurance Sector Seeks Removal of GST on Health and Life Insurance
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.
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LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Come Out with Some Plans to Enhance Cybersecurity for Companies
We have huge expectations from the budget, we feel the government will come out with some plans to enhance cybersecurity for companies. Although cybersecurity companies use the latest technology and tools to deal with cyber threats. However, sharing cyber threat intelligence across various institutions, law enforcement agencies, and regulatory bodies and coordinating the efforts to mitigate attacks are some of the areas that still need to be explored.
Vinet Kuumar CEO & Founder, ThoughtSol Infotech Pvt. Ltd
LIVE Updates | Indian Union Budget 2023-24 Expectations: EV Industry will Stand to Gain Further From Policies That Foster Long-Term Growth in the Upcoming Union Budget 2023 – 24
India's EV ecosystem is proliferating, thanks to the government's beneficial measures and the increasing adoption of sustainable mobility by consumers. The EV industry will stand to gain further from policies that foster long-term growth in the upcoming Union Budget 2023 – 24. These include a uniform 5% GST rate on all components of EV to avoid an inverted duty structure, which blocks funds in working capital for the EV companies. The benefits of the production-linked incentive scheme must be expanded to suit fuel-agnostic policies as well. The EV industry saw momentum in 2022, reaching one million unit sales in the last year, as per VAHAN data. It is essential that EV adoption continues to grow with continued subsidy allocation for OEMs, till the market reaches an EV penetration of 8-10%.
Nagesh Basavanhalli, Executive Vice-Chairman, Greaves Cotton Limited
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Include Parity in Treatment Between Mutual Funds and Unit Linked Insurance Plans
The Union Budget 2023-24, to be presented by the Finance Minister Nirmala Sitharaman on February 1, 2023, is expected to have several changes in the personal finance front. Expectations include parity in treatment between mutual funds and unit linked insurance plans (ULIPs), enhancement of upper limit for Public provident funds (PPF) to Rs 3 lakhs, rationalization of tax provisions and more exemptions under Section 80C. The budget is also expected to reintroduce Section 54E and 54F for reinvesting capital gains in mutual funds. However, the budget is expected to be a tightrope walk due to macro stress, nine state elections in 2023 and central elections in 2024 and limited room for maneuver due to higher capex outlays and fiscal deficit at 6.4 percent of GDP.
Nehal Mota, Co-Founder & CEO - Finnovate
LIVE Updates | Indian Union Budget 2023-24 Expectations: Current Direct Tax Arrangements at the Very Least Maintained Without Worsening the State of the Public Finances
There may be electoral pressures on the administration to provide a populist budget when the budget, which in this case is the year before the election, approaches. In this regard, the wealth technology community would be extremely pleased if the current Direct Tax arrangements were at the very least maintained without worsening the state of the public finances.
Vivek Banka, Founding Team, GoalTeller
LIVE Updates | Indian Union Budget 2023-24 Expectations: Investments in Cost-Intensive Research Through Grants and Incentives
The 2023-24 budget should direct its attention toward preventive healthcare. Furthermore, the government needs to encourage investments in cost-intensive research through grants and incentives. The budget must also prioritize domestic API manufacturers by offering incentives as well as reducing GST and import duty on APIs: Sanjeev Jain, Managing Director, Akums Drugs & Pharmaceuticals.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Tax Deductions
Stakeholders at both ends of the spectrum will benefit from the landmark decisions that are anticipated. There is an undertone desire among industry players for tax deductions: Manik Anand, CEO at White Knights Realty
LIVE Updates | Indian Union Budget 2023-24 Expectations: Incentivization to drive the enablement of this workforce
“The gig economy is one of the fastest growing segments in the country – whether it is in white-collar, grey-collar, or blue-collar jobs. This time from the Union Budget, our expectation is to see the government play into the potential of this segment by partnering with the industry on its growth. As a gamification company, we believe in incentivization and positive ways to drive the enablement of this workforce: Kamalika Bhattacharya, CEO, and Co-founder, QuoDeck.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Tax exemption
"The upcoming budget will undoubtedly be geared towards augmenting the growth of the Indian economy, but it also needs to address the challenges faced by the common man and the salaried class as we recover from a global pandemic and tackle the ongoing global economic slowdown- Bipin Preet Singh, Co-Founder & CEO of the MobiKwik."
LIVE Updates | Indian Union Budget 2023-24 Expectations: Reductions in GST
The government has encouraged the use of charging stations by setting the GST at 5% on the sale of charging stations, but the GST rate is 18% when using the infrastructure. Given that many people utilize these charging stations and do not qualify for an input tax credit, the government must reduce this GST to 0%, just like it does with the sale of energy: Amit Gupta, Head- Energy Infrastructure Solutions, Delta Electronics India.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Increasing FAME-II subsidy
The government has been supportive of the EV industries with the constant policy push in the last few years. As the ambit of EVs expands, we hope that the upcoming Union Budget considers increasing the FAME-II subsidy for the e-auto (L5M) segment to Rs. 15000 per kWh or 40% of the ex-showroom cost, whichever is lower in line with EV two-wheelers. This will lead to improving affordability and accelerate EV adoption further in the country- Hyder Khan, CEO Godawari Electric Motor
LIVE Updates | Indian Union Budget 2023-24 Expectations: Self-Reliance in Energy Security
The Prime Minister has rightly acknowledged that India needs to develop self-reliance in energy security, and called for a #MakeinIndia circular economy. A circular economy of battery raw materials will boost India’s energy security and uplift domestic manufacturing. Government support can greatly accelerate this shift and magnify its rewards, which we hope to see in the budget this year: Rajat Verma, CEO & Founder, Lohum Cleantech.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Clarity in Provisions and Related Benefits
Streamline the PLI scheme, thus bringing clarity to the provisions and related benefits. FAME II scheme to be defined with more clarity and inclusive to ensure innovation in product development and enhance EV adoption: Ketan Mehta, Founder & CEO, HOP Electric Mobility.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Stable and Predictable Tax Regime
Ensuring a stable and predictable tax regime would help attract private investments, both domestic and foreign, in the healthcare sector.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Rationalisation of GST
The rationalization of GST for the sector is long pending. It is expected that the government would intervene this time to this pain point of the healthcare industry.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt Should Consider Reducing the Percentage of Long-Term Capital Gains From 20% to 10%
National Digital Health Mission should be implemented fully and health startups should be given tax sops. To attract domestic investments into start-ups, the government should consider reducing the percentage of Long-Term capital gains from 20% to 10% and abolish the surcharge on investments made into start-ups by Investment vehicles.
Dr. Aashish Chaudhry, Managing Director, Aakash Healthcare
LIVE Updates | Indian Union Budget 2023-24 Expectations: Medical Technology Needs Special Attention in Terms of Promoting Indigenous Equipment to Global Standards and Rationalization of Import Duties
Indian Hospitals maintain global competitiveness and are known for their best-in-class treatment and care. Medical Technology plays an important role in meeting global standards, hence this segment needs special attention in terms of promoting indigenous equipment to global standards and rationalization of import duties.
Dr. Aashish Chaudhry, Managing Director, Aakash Healthcare
LIVE Updates | Indian Union Budget 2023-24 Expectations: Government is Expected to Incentivize this Employment-Intensive Sector
Healthcare Sector provides huge employment and to further boost employment and sustainability, the government is expected to incentivize this employment-intensive sector.
Dr. Aashish Chaudhry, Managing Director, Aakash Healthcare
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt Needs to Revisit PPP in Healthcare With Focused Reforms and Incentives
Public Private Partnerships (PPP) in healthcare have not been giving desired results as compared to Infrastructure and Other sectors. The government needs to revisit it with focused reforms and incentives.
Dr. Aashish Chaudhry, Managing Director, Aakash Healthcare
LIVE Updates | Indian Union Budget 2023-24 Expectations: Single Window System for Hospital Projects
In addition, there are procedural complexities and a large number of compliances/permissions are required for the implementation of projects resulting in time and cost overruns. To address this, hospital projects should be allowed to go through a Single Window System. This is expected to streamline project execution.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Tax rates
Given the high cost of doing health business, the effective rate of tax is still high once all the levies imposed by the Central, State, and local governments are accounted for. This should be addressed in the forthcoming Budget
LIVE Updates | Indian Union Budget 2023-24 Expectations: Sustainability of Hospital Sector in Tier II and III towns
Union Budget should create an Enabling Healthcare Ecosystem with a special focus on the sustainability of the Hospital Sector in Tier II and III towns and rural India
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Make a Stable and Predictable Tax Regime for Attracting Private Investment
Ensuring a stable and predictable tax regime would help attract private investments, both domestic and foreign, in the healthcare sector.
Dr. Aashish Chaudhry, Managing Director, Aakash Healthcare
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt Should also Create a Liquidity Support System for NBFCs and Broaden the Guarantee Scheme Under CGTMSE
The Government should also create a liquidity support system for NBFCs and broaden the guarantee scheme under CGTMSE, which in turn, will go a long way in ensuring a transparent and seamless flow of credit to MSMEs. Access to formal credit is one of the biggest challenges that MSMEs in the country is facing. Only 16% of MSMEs get access to loans from banks, while the rest has to rely on informal sources. MSMEs currently need around ₹25.8 lakh crore formal credit.
Rakesh Kaul, Executive Director & CEO – Clix Capital
LIVE Updates | Indian Union Budget 2023-24 Expectations: Vision of Long-Term Transition will Embedded in the Budget to Send Strong Signal to Private Sector for Technology Adoption
The Union Budget 2023-24 will be the first to be presented since India announced the Long-Term Low Emission Development Strategies (LT-LEDS) to achieve the net zero emission goals by 2070. “It is imperative that the vision of long-term transition is embedded in the annual budgets, as the fiscal policy not only alters incentive structure for consumer and producer choices, but it also sends a strong signal to the private sector for technology adoption.
Vibha Dhawan, Director General, TERI
LIVE Updates | Indian Union Budget 2023-24 Expectations: Health Sector will Benefit from Streamlining the Regulatory Mechanism, Separate Funds for R&D, and Increasing the Uptake of ABDM
With over 4,000 startups registered in the healthcare space, the budget will be keenly watched for its commitment to the healthcare sector. Investment in doctor, nursing and paramedical quality education and upgradation of courses will be essential considering the technological advancements in the sector. In addition, streamlining the regulatory mechanism, separate funds for R&D, and increasing the uptake of ABDM (Ayushman Bharat Digital Mission) will benefit the sector at large.
Harsimarbir Singh, Co-founder at Pristyn Care
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Encourage the Production of Medical Devices within India as Part of Our Aatmanirbhar Bharat Initiative
With a major chunk of medical devices in the market being imported, and custom duties and taxes being very high on those, encouraging the production of medical devices within India as part of our Aatmanirbhar Bharat initiative would help drive innovation and affordability.
Gautam Chopra, Co-Founder and CEO, BeatO
LIVE Updates | Indian Union Budget 2023-24 Expectations: Budget Should Keep in Mind the Changing Needs of the New-Age Indian Business Models
Fintechs have sought exemption in GST till a certain limit of their revenue for long. GST for debt collections service comes under reverse charge and hence there is a huge disincentive for the industry, especially for new-age startups which are leveraging technology for collections. The expectation from the budget would be to keep in mind the changing needs of the new-age Indian business models.
Sumeet Srivastava, Co-Founder & CEO spocto
LIVE Updates | Indian Union Budget 2023-24 Expectations: ESOPs Should be Considered Long-Term Capital Gain for Tax Purpose and Incentivize and Increase Retail Investments
"Since it is a budget wish list, I would like to limit my wishes to two very important demands on taxation. One, considering the holding period, ESOPs should be considered long-term capital gains (LTCG) for tax purposes and should only be taxed at the time of sale rather than at the time of exercise. Two, to incentivize and increase retail investments into early-stage startups, a) Tax credit upto to Rs 5 Lakhs from personal taxable income for any investment loss in recognized startups b) Deferring of capital gains in case it is reinvested again in startups or any SEBI recognized funds."
Dr. Ganesh Nikam, Managing Director and CEO of Biojobz- An Industry leader in "Executive Search" & recruitment for the Biotech & Pharmaceutical industry
LIVE Updates | Indian Union Budget 2023-24 Expectations: ESOPs Should be Considered Long-Term Capital Gain for Tax Purpose and Incentivize and Increase Retail Investments
"Since it is a budget wish list, I would like to limit my wishes to two very important demands on taxation. One, considering the holding period, ESOPs should be considered long-term capital gains (LTCG) for tax purposes and should only be taxed at the time of sale rather than at the time of exercise. Two, to incentivize and increase retail investments into early-stage startups, a) Tax credit upto to Rs 5 Lakhs from personal taxable income for any investment loss in recognized startups b) Deferring of capital gains in case it is reinvested again in startups or any SEBI recognized funds."
Dr. Ganesh Nikam, Managing Director and CEO of Biojobz- An Industry leader in "Executive Search" & recruitment for the Biotech & Pharmaceutical industry
LIVE Updates | Indian Union Budget 2023-24 Expectations: Incentivising Commercial Premises Fulfilling and Excelling in ESG Goals
Incentivising commercial premises fulfilling and excelling in ESG goals, would go a long way in encouraging developers and property owners build more inclusive, sustainable and smart work places to cater to the changing work dynamics while taking this industry a step closer to being carbon neutral.
Sudarshan Lodha, Cofounder & CEO, Strata
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt led Consumption Thrust Would Drive the Economy Much Faster, Especially for FMCG Space
Given that India is a domestic demand-driven economy, focusing on consumer spending predominantly will tick a lot more boxes for the government than other vectors. As consumers trade down due to rising inflation, a consumption-led thrust by the government would drive the economy much faster, especially for the FMCG space. This could include creating jobs, raising the bar for personal taxation (increasing tax slabs), simplifying the GST rates for mass consumption categories, and promoting exports. Focus on agriculture and promoting the produce would accelerate the effort as it is. The Millet year is a great initiative in that direction, but would need more effort, and cohesion with local governments and percolate to enable it to percolate to the farmers.
Mr.Puru Gupta Co-Founder & CEO of True Elements
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Accelerate the same by Allocating Budget to Ramp Up EV Architecture
"The Indian government has launched policies and measures to incentivise the EV industry, but the same can only be leveraged when a parallel charging infrastructure is developed. While we are encouraging people to opt for EVs through subsidies and incentivization, in the end, only a hassle-free experience can sustain the trust of the consumers. We expect the government to accelerate the same by allocating budgets to ramp up EV architecture that is competent, connected, and sustainable. Moreover, there is an immediate requirement to spread awareness about the auto scrappage policy in order to spur the phasing out of end-of-life vehicles, which can assist steer EV purchases even further."
Mr Muzammil Riyaz, Founder, EVeium Smart Mobility
LIVE Updates | Indian Union Budget 2023-24 Expectations: It Would be a Welcome Step if the Upcoming Union Budget can Make Provisions for Policy Assistance and On-Demand Credit Lines through Banks for Startups Focused on the Healthcare Segment
The Union Budget 2023-24 can be a game-changer for the Indian Healthcare Sector. Technology or digital health has already proved its mettle during the pandemic. Be it efficient management of COVID-19 and vaccination or achieving the goal of Universal Health Coverage, startups in the healthcare sector would be great enablers with the provisions of policy assistance. Given the acute need to further the penetration of quality healthcare, it would be a welcome step if the upcoming union budget can make provisions for policy assistance and on-demand credit lines through banks for startups focused on the healthcare segment. Furthermore, healthcare startups would be expecting a lower tax slab on their products, services, and solutions and this much-needed fiscal or tax incentive would help in creating a robust digital health ecosystem in the country.
Healthcare Startups expect Seamless Credit Facilities and a lower tax slab: Jitin Bhasin, Founder and CEO, SaveIN
LIVE Updates | Indian Union Budget 2023-24 Expectations: A Single-Window Policy for all Registrations such as Incorporation, Pan, GST, MSME Certificate, and so on will Help Save Time, Effort, and Money
"While the Union Budget 2023 will primarily focus on promoting comprehensive holistic growth across the nation, but it would be great if women’s health and wellness, particularly menstrual hygiene, are kept on high priority. For India to spring up from its menstrual waste problem, we eagerly await policies from the government that fosters the marketing and sale of organic biodegradable menstrual products. This small step has the potential to reduce the tons of commercial plastic sanitary napkins that end up creating mountains of landfills. Although the emphasis should be 'Make in India', lowering import taxes on raw materials could assist address the initial bottlenecks and motivate more female-led businesses to start contributing towards a greener India.
In terms of financing, the seed fund scheme is a great initiative, however, it needs to be more transparent and structured so that startups can easily navigate it. A central database of all possible schemes through which startups can access funding must be established. It will also be beneficial to have a counsellor or guide accompany the startup to the appropriate incubator. Moreover, a single-window policy for all registrations such as incorporation, Pan, GST, MSME certificate, and so on will help save time, effort, and money."
Ms. Sujata Pawar, Co-Founder & CEO at Avni- A Feminine Hygiene and Menstrual Healthcare Startup
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt Should Recognize Relieving Angel Tax Constraints in Budget 2023, as Startups are Frequently in the Early Stages of their Growth
"Despite pandemic-induced inflation, the nation witnessed flourishing entrepreneurial ventures as a consequence of early-stage acceleration and venture capital, as well as a push from the gig economic model to initiate and prepare businesses for the future of work. Given the prospects that the Indian startup ecosystem holds for global investors, this year’s Budget will be worth watching out for. While this is a promising indicator, the urgent priority of the hour is to devise a policy that further encourages a sturdy startup ecosystem through easier loan disbursements, e-approvals, and more government-led incentives in India’s tier-I and tier-II cities. Although the Fund of Funds for Startups (FFS) has played an integral role in mobilizing domestic capital in the Indian startup ecosystem, government interference should occur directly in this respect to ramp up the startup perks being offered, particularly for early-stage startups. Moreover, the government should also recognize relieving angel tax constraints in Budget 2023, as startups are frequently in the early stages of their growth and may not generate the same level of income or revenues as established businesses. Taxing the funds startups secure from investors may demotivate them from advancing creative solutions and developing new technologies."
Mr. Vidyarthi Baddireddy, CEO and Co-founder at PickMyWork
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Allow Nationalized Banks to Use Accumulated GST Credit
The startup funding in India was around $2 billion, which was the lowest in the previous two fiscal years, which means investors are getting highly selective and are keen to making deals which have investment profitability and growth. Also, it is anticipated that the government may allow nationalized banks to use accumulated GST credit as leverage that, when happens, is obliged to benefit SMEs and startups.
Punit Agarwal, Founder KoinX
LIVE Updates | Indian Union Budget 2023-24 Expectations: Real Sector Anticipates Bold, Growth-Oriented Budget with Good Announcements
The real estate sector is looking forward to the 2023-24 Union Budget in order to maintain the growth momentum that began last year. The primary goal of this budget must be to achieve GDP growth of 6.5-7 percent in a year when many global economies may experience a recession. We anticipate a bold, growth-oriented budget, with announcements that will encourage capital investment and FDI inflows into India.
Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt Should Increase GST Exemption Slab for More Working Capital in Hand on day-to-day Basis
There should be an increase in the GST exemption slab which will enable us to have more working capital in hand on a day-to-day basis & help in financial enablement. The government could announce steps to reduce tax litigation and concession on indirect taxes levied on businesses run by women entrepreneurs.
Puja Srivastava, Co-Founder and CTO at Spocto
LIVE Updates | Indian Union Budget 2023-24 Expectations: Budget Must Roll-Out National Action Plan for Climate Change
The budget is expected to include recommendations from climate-change industry experts at the conceptualisation and implementation stages of infrastructure development. The budget must roll-out a national action plan, establishing a specialised institution to finance climate change mitigation and adaptation. A fiscal inducement for using sustainable construction techniques or making such practices mandatory in all government projects can be a good step to start with. Furthermore, an increased focus on PPP-based infrastructure projects, would improve the availability of long-term funding from financial institutions.
Vikramjiet Roy, Managing Director, Maccaferri (India)
LIVE Updates | Indian Union Budget 2023-24 Expectations: India Requires to Adopt Green Buildings, Built to Internationally Recognised Standards That not just Reduces Energy and Water Consumption
India requires to adopt green buildings, built to internationally recognised standards that not just reduces energy and water consumption but also cuts down emissions. Sectors like Real estate, railways, and airlines can benefit immensely from use of prefabricated materials for infrastructure development as that will lead to faster execution of projects.
Nikhil Bothra, Director, EPACK PREFAB
LIVE Updates | Indian Union Budget 2023-24 Expectations: A Relief From Rising Inflation and Protection Against the Incoming Recession for the Common man
The Budget 2023 is highly anticipated as it should be a relief from rising inflation and protection against the incoming recession for the common man. Within the Web3 sector as well, we hope to see ease of taxation reforms to ensure uninhibited growth of the sector and policies that solidify the regulatory structure of the Indian Web3 ecosystem.
Kaavya Prasad, Founder, Lumos Labs, a developer centric metaverse
LIVE Updates | Indian Union Budget 2023-24 Expectations: Treatment of Digital Asset Trading Losses as a Non-Deductible Tax Event has to Change
Budget of 2023 can help accelerate mainstream adoption of web3 by clarifying the definition of digital assets and their tax treatment. Additionally, today all digital assets (including ones with real world utility) are still met with a step-motherly treatment when compared to other assets. The treatment of digital asset trading losses as a non-deductible tax event has to change.
Anantha Krishnan, Founder, MOI
LIVE Updates | Indian Union Budget 2023-24 Expectations: A Consumption-led Thrust by the Government Would Drive the Economy Much Faster
Given that India is a domestic demand-driven economy, focusing on consumer spending predominantly will tick a lot more boxes for the government than other vectors. As consumers trade down due to rising inflation, a consumption-led thrust by the government would drive the economy much faster, especially for the FMCG space.
Puru Gupta Co-Founder & CEO of True Elements
LIVE Updates | Indian Union Budget 2023-24 Expectations: Budget 2023 is Expected to Deliver Much Assistance to EdTech Companies in the Form of Ease of Doing Business and Faster Document Approval
Budget 2023 is expected to deliver much assistance to EdTech companies in the form of ease of doing business and faster document approval, as well as incentive policies to support innovation and job creation.
Aashay Mishra, Co-founder & COO of PrepInsta
LIVE Updates | Indian Union Budget 2023-24 Expectations: FM to Allocate Greater Overall Budget Towards AI and Technology for Future Ready Solutions
We anticipate finance minister will allocate a greater overall budget towards AI and Technology for future ready solutions, which can include face-recognition based entry and ticket systems, ANPR plus GPS based tolls or turnstile activation, body posture estimation systems that can help in providing assistance to those in need or for general body-related analysis, automated highway management and much more.
Shreeram Iyer, Chairman and Group Chief Executive Officer, Prisma Ai
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Present Growth-Focused Spending Plan; Gives Impetus on Investments in Infrastructure Development
We believe the government will present a growth-focused spending plan, maintaining the impetus on investments in infrastructure development. We, therefore, see the road, railway, and urban infrastructure sectors to see meaningful allocation as the significant beneficiaries of the budget. In addition, we expect healthcare, education, and rural housing to be the other major sectors likely to benefit from increased allocation of funds. India has recently made aggressive plans to achieve a sizable contribution from renewable power sources such as solar and wind.
Avinash G Singh, Senior Vice President, Aranca, Investment research
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Support in Terms of Access to Finance, Insurance, and Regularized Import Policy for Critical Components
In the upcoming budget the industry needs support in terms of access to finance, insurance and a regularized import policy for critical components such as Batteries, Engines, Flight Control Electronics, Motors and Engines, which are still not available under Make in India. Standardised import policy for drone components will allow for faster technological adoption and Indianization of Drone components.
Arjun Naik, Founder & CEO, ScanDron
LIVE Updates | Indian Union Budget 2023-24 Expectations: More Offline Digital Payments Product such as UPI 123 and UPI Lite
The upcoming Union Budget holds high importance, as the Indian fintech ecosystem is at the cusp of expansion, both within the country and internationally. More offline digital payments products, such as UPI 123 and UPI Lite, should be introduced to aid digital penetration in semi-urban and rural regions of India. Offline digital products offer tremendous relief to consumers in these areas who face traditional barriers to entry, such as lack of reliable infrastructure and slower devices.
Akash Sinha, Co-founder & CEO, Cashfree Payments
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt Should Grant Entrepreneurs Three Years of 100% Tax Deductions
The government should grant entrepreneurs three years of 100% tax deductions. More funding for drone pilots' training and skill-building program should be allocated in the upcoming budget, along with increased government support. The budget for the Production-Linked Incentives (PLI) programme for manufacturers should also be increased.
Ankit Kumar, CEO, Skye Air
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Provide Financial Incentive to Boost Innovation and Encourage Entreprenuers to Adopt Risk Orchestration Solutions
Regulatory and policy reforms such as the enactment of the Data Protection Bill and setting up a solid and effective data protection authority will ensure a conducive environment for the sector to thrive. We also expect the budget to provide financial incentives to boost innovation and encourage entrepreneurs to adopt risk orchestration solutions to tackle problems such as fraud prevention, data security, KYC compliance, and identity theft. We hope that the government will provide additional funding, incentives, and tax exemptions to incentivise companies to build a robust data security infrastructure that will fuel the government’s ‘digital India’ vision. With Budget 2023, the cyber security industry may finally get the boost it needs to keep up with the ever-evolving digital landscape.
Preekshit Gupta, Vice President - APAC & MEA, Bureau
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt Should Allocate Resources for the Holistic Treatment of Mental Health Issues
Union Budget of 2023-2024 must acknowledge the increase in mental health issues in India. So the budget for mental health should allocate resources for the holistic treatment of mental health issues with creating provisions to use PSR budgets on health/mental health initiatives for underprivileged sections. Furthermore, training programs around stress management for our frontline workers must be designed apart from mandating emotional wellness programs for colleges and corporates. A key incorporation would be the exemption or reduction of GST on counseling services for citizens. This will ensure greater affordability of quality services and greatly benefit the masses.
Singh, Co-Founder & CEO, YourDOST
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Rationalize the tax Compliance Especially the Aspect of tax Withholdings
We would expect the honorable finance minister to rationalise the tax compliance especially the aspect of tax withholdings. Furthermore, to encourage Indian start ups getting domestic capital, tax rates for resident investors should be harmonized at par with the Foreign investors. We also expect the government to increase the healthcare outlay to INR 1 Lakh crores.
Archit Garg - Co founder, Glamyo Health
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt Should Rationalize GST Rates for Construction Material
With interest rates rising, a lot depends on the upcoming Budget 2023 to support and sustain the housing demand. The government should rationalize GST rates for construction materials like steel, cement and tiles. Additionally, the government should put aside more funds under the stress fund SWAMIH. Policies should be relaxed, or scope of policy should be widened so that stuck projects can be completed.
Pradeep Aggarwal, Founder & Chairman, Signature Global (India), Ltd
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Subsidizing Organic Manures in Order to Promote it Among Farmers
As organic farming is gaining momentum, it is imperative for the government to consider subsidizing organic manures in order to promote it among the farmers. And, doing so will require an increase in the budget allocation.
Maninder Singh, Founder & CEO, CEF Group
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Incentivize OEMs to roll out LPG Vehicles at Economical Rates
LPG, the budget should suitably incentivize OEMs to roll out LPG vehicles at economical rates which would spur customer demand and uptake. While this would broaden the vehicular fuel and technology choices for the public, it would also expand choices for the government in terms of the availability of fuels for public mobility.
Suyash Gupta, Director General, Indian Auto LPG Coalition
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Provide Remission of Duties and Taxes With Relation to Exports at SEX and EOU
As we come to the budget, we are looking at certain things in the Tyre Industry like, we would like remission of duties and taxes with relation to exports to apply both to SEZ and EOU. Second is, Production Linked Incentive Scheme to be introduced for tyres as we see big opportunity over there for the growth
Atul Bansal, CFO, Yokohama Off-Highway Tires
LIVE Updates | Indian Union Budget 2023-24 Expectations: Boost Farm Mechanizaiton to Enhance Operating Efficiency for Doubling Farmers’ Income
Boost Farm Mechanizaiton to enhance operating efficiency for doubling farmers’ income. It is recommended to have the Central Government issue a list of mandatory farm mechanization schemes to be implemented by the State. It is also recommended that these schemes should be under reserved budget of both Central and State as per contribution ratio and payments should be made within 7 days of receiving verified claims by the State Treasury.
Mrityunjaya Singh, Managing Director, CLAAS India Pvt Ltd
LIVE Updates | Indian Union Budget 2023-24 Expectations: Focus on pharma innovation
The union budget this year should have a stronger focus on pharma innovation. R&D in healthcare requires substantial investments over a long period of time. Dedicated allocation of funds or incentivizing research and development will help India to further boost its pharmaceutical industry. We also hope to see increased budgetary allocation to health for programs that aim to prevent and treat non-communicable diseases (NCDs), such as the National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases & Stroke. Additionally, the budget can also encourage investment in women’s health and family planning and reproductive health initiatives, Manoj Saxena, Managing Director, Bayer Pharma said
Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to Tata Communication Ltd
We expect EBITDA margin to stay in guided band of 23%-25% going ahead. We estimate revenue CAGR of 8.7% over FY22‐24E with average EBITDA margin of 24.8%. We maintain our NEUTRAL rating on the stock with revised target price of Rs 1,360/share based on EV/EBITDA of 9x on FY24E. The stock trades at EV/EBITDA of 10.1x/8.8x on FY23E/FY24E EPS
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Provide Incentive on Medical Learning and Training Providers With Financial and Tax Susbsidies
We hope that the government in the upcoming budget suitably incentivizes online and specialist medical learning and training providers by way of a range of financial and tax subsidies. we hope that online and digital educational platforms providing both basic and niche training services for medical students and professionals are completely exempted from GST. In the budget, while the finance minister is likely to focus on chronic care, expanding health insurance and further accelerating ABDM, it would also continue with and expand the scope of PLI-type financial support and clustering programmes for infrastructure support for pharma and medical device segments with a view to achieve Atmanirbharta for the country.
Deepak Sharma, CEO, MedLern
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to ease up doing of business in entire tax system and rules connected to GST
We anticipate the government to look into some of the urgent issues in order to lessen the load on start-ups and further boost this sector. The most crucial area would be the overall ease of doing business which covers business setup and commencement as well as the entire tax system and rules connected to GST, income tax, etc.
Vicky Jain, Co-Founder & CEO, uKnowva
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt provides clarity on the tax slab applicable on skill gaming
We hope the government provides clarity on the tax slab applicable on skill gaming. Another relates to the AVGC fund set up as part of the AVGC Promotion Task Force announced in last year’s budget. Access to financial support, as envisaged under this, will be a tremendous boost to young talented developers and designers, and will accelerate the push to ‘Create in India’ and take made-in-India games to the world.
Sai Srinivas, Co-founder and CEO of MPL
LIVE Updates | Indian Union Budget 2023-24 Expectations: Focus on pharma innovation
The union budget this year should have a stronger focus on pharma innovation. R&D in healthcare requires substantial investments over a long period of time. Dedicated allocation of funds or incentivizing research and development will help India to further boost its pharmaceutical industry. We also hope to see increased budgetary allocation to health for programs that aim to prevent and treat non-communicable diseases (NCDs), such as the National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases & Stroke. Additionally, the budget can also encourage investment in women’s health and family planning and reproductive health initiatives, Manoj Saxena, Managing Director, Bayer Pharma said
LIVE Updates | Indian Union Budget 2023-24 Expectations: No GST on Health, Life Insurance
One of the biggest requirements from the budget for the insurance sector is that there should be no GST on health insurance and life insurance. The salaried class pays the maximum tax in terms of the number of people. The various tax provisions under section 80c and other sections should be enhanced so they can invest in insurance products by protection life insurance, Aatur Thakkar, Co-Founder, and Director at Alliance Insurance Brokers said
The Union Budget 2023–2024 will be presented in Parliament on February 1, 2023, by Finance Minister Nirmala Sitharaman. While many expectations are placed on the next Union Budget 2023, it will be the final full-year budget from the PM Narendra Modi-led administration 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.
India's projected internal growth is encouraging, but there are still geopolitical risks, rising inflation, and sluggish global economic development around us. With the budget session shortly approaching, several sectors including manufacturing, real estate, ed-tech, agriculture, hospitality, banking, telecom, MSME and more have expressed their expectations from this year's budget.
The pandemic's effects haven't entirely subsided though, and generally speaking, all the sectors have been calling for the government to focus on boosting tax payer liquidity and implement specific demand-side programmes to boost consumption across a range of industries.
In addition to emphasising the nation's economy, industries believe that the forthcoming Budget should take a comprehensive approach to improving economic conditions for every person.
Stay tuned with us for live updates on expectations from Union Budget 2023-24