LIVE Updates | Union Budget 2023-24 Expectations: Insurance Sector Seeks Removal of GST on Health and Life Insurance

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

27 January 2023

18:02 IST

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

17:44 IST

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