Budget 2024 Live Updates: Hospitality industry expects lenient tax structure, more allocation

Budget 2024 Live Updates: Hospitality industry expects lenient tax structure, more allocation

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31 Jan 2024, 06:32 PM IST
Budget 2024 Live: What does the textile industry expect from budget?

“The resilience displayed by the industry in the face of budgetary constraints in 2022 was commendable, and the subsequent year brought about a substantial 22.6% surge in allocated funds as reflected in the Union Budget 2023–24. This uptick marked a pivotal shift, steering away from the challenges encountered in the previous fiscal year and indicating a robust commitment to industry expansion. Notably, the decision to revise the proposed GST rate from 12% to 5%, effective January 1, 2023, instils an additional layer of optimism. As we embark on the new fiscal year, the textile industry remains resilient, fuelled by optimism and strategic investments. The path ahead promises a tapestry of growth and opportunities intricately woven into the fabric of 2024–25,” said Sanjay Nigam, the Founder of India Fashion Awards and Fashion Entrepreneur Fund (FEF).

31 Jan 2024, 05:54 PM IST
Budget 2024 Live: DBS Bank India’s Sudarshan Chari anticipates continued emphasis on MSME in the interim budget

Budget 2024 Live: “In the upcoming budget, we anticipate a continued emphasis on supporting MSMEs in India, building upon the momentum initiated last year. Concerted efforts to include all MSMEs on Udyam will be crucial, enabling them to access government schemes, incentives, and formal credit channels. In 2023, the CGTMSE cap saw an upward revision, bringing more businesses into the fold of formal financial services. Additionally, the Open Network for Digital Commerce (ONDC) has proven instrumental in integrating SMEs from Tier 2 and 3 cities into the digital marketplace. The upcoming budget can strengthen this foundation by introducing new avenues for SMEs to expand and enhance e-commerce integration,” said Sudarshan Chari, Executive Director and Head of SME Banking, DBS Bank India.

31 Jan 2024, 05:44 PM IST
Budget 2024 Live: Wibmo-A PayU CEO bats for expansion of UPI for international transactions

Suresh Rajagopalan, CEO of Wibmo-A PayU company has advocated for the government’s focus on UPI transaction expansion for international transactions, zero MDR policy challenges, cash less transaction, 

“ Improving the success rate of UPI transactions could be another step to boosting the credibility of UPI transactions in the country. For India to become less cash society, the government may want to implement transformative measures like giving tax benefits to small merchants accepting digital payments using UPI rails. The forthcoming budget presents a crucial opportunity to address these key areas and ensure the continued growth and accessibility of UPI-driven financial solutions,” said Suresh Rajagopalan. 

31 Jan 2024, 04:54 PM IST
Budget 2024 Live: Dhruva Advisors seeks to extend the favourable tax rate of 15% for new manufacturing firms beyond initial sunset clause

“The budget expectation focuses on bolstering India’s manufacturing sector, positioning the country as an attractive alternative to China. The proposal suggests extending the favourable tax rate of 15% for new manufacturing companies beyond the initial sunset clause, aiming to sustain and enhance the momentum gained, especially in comparison to other successful examples like Apple and Foxconn setting up bases in India,” Dhruva Advisors said

“The budget is anticipated to include an extension of the lower tax rate provision for new manufacturing companies for at least 5 more years beyond the current sunset clause, in order to encourage and support the continued shift of global manufacturing to India, the firm said

31 Jan 2024, 04:09 PM IST
Budget 2024 Live: 1M1B MD seeks robust investments in digital infrastructure

“As we anticipate India’s 2024 budget, it’s crucial to recognize the transformative potential of digital and immersive technologies,” said Manav Subodh- Managing Director, 1M1B.

Artificial Intelligence: In a landscape increasingly shaped by AI, it’s imperative to harness its power as an equalizing force; one that can democratize skills and knowledge across different social strata – making quality skilling accessible to all. To realize this vision, I hope that the 2024 budget prioritizes the establishment of AI hubs and centers of excellence, even in Tier 2-3 cities. These platforms will foster innovation and make AI skilling accessible to the youth of our country.

Immersive Technologies: Furthermore, the emergence of Augmented and Virtual Reality infrastructure in schools can revolutionize traditional learning environments. By integrating virtual science labs in every school, we can offer immersive and interactive educational experiences that can prepare our students for a future where STEM proficiency is paramount. These can also be used to create job simulations and shopfloor experiences, and make our young workforce future ready.

“The 2024 budget should emphasize robust investments in digital infrastructure to unlock the untapped potential of our nation’s greatest asset – its youth,” he added.  

31 Jan 2024, 03:58 PM IST
Budget 2024 Live: TelioLabs CEO seeks targeted grants for start-ups

“We need to give special attention to the growth of start-ups in the telecom sector. And if we expect innovation in the Telecom sector, this can be achieved through targeted grants for start-ups. Such financial support empowers emerging ventures to do ground-breaking research, giving birth to cutting-edge technologies. These initiatives not only drive technological advancements but also strengthen the country’s telecommunications infrastructure. By encouraging startups to explore novel solutions, governments can catalyze progress, enhance connectivity, and ensure the nation stays at the forefront of telecommunications innovation. Ultimately, these grants serve as catalysts, encouraging start-ups towards transformative contributions in telecommunications,” said Amit Singh- Founder and CEO of TelioLabs

31 Jan 2024, 03:50 PM IST
Budget 2024 Live: Intrepid Travel India GM seeks accessible entry to every historical site, hospitality-driven infrastructure

“Let this Union Budget 2024–25 re-emphasize the transformative power of tourism and the pivotal role infrastructure plays in shaping our global appeal. The potential of inbound international travel is huge in India and will get a further boost from the support of a budget that prioritizes the necessities, such as hygienic public spaces and increased security awareness, to guarantee that foreign guests have a great time. In addition to being beneficial economically, rewarding the businesses that are bringing in foreign money for the country and including incentives for the inbound tour operators under foreign trade policy demonstrates our dedication to international collaboration,” said Rama Mahendru- Country General Manager- India, Intrepid Travel.

“The budget should focus on accessible entry to every historical site or monument, which is another aspect of the infrastructure that makes visiting by wheelchair-bound or elderly visitors easy, he said.

“Let’s make hospitality-driven infrastructure our top priority when allocating resources so that it may further strengthen our reputation as a friendly destination while simultaneously promoting economic growth,” he added.  

31 Jan 2024, 03:39 PM IST
Budget 2024 Live: ManipalCigna Health Insurance CEO seeks to cut the GST from 18% to 5% on health insurance premiums 

“The rising cost of healthcare services and overall medical inflation in the country have made health insurance an absolute necessity. Access to health insurance can help more people become part of the healthcare system and get access to quality treatment. Thus, we are hopeful in the upcoming Union budget the government looks at considering 5% GST tax slab on health insurance premium to make it more affordable for the people living in the middle-income group to get access to quality healthcare care they need. GST rate cut from 18% to 5% on the health insurance premiums will be a huge respite especially for senior citizens who are struggling to meet the rising healthcare costs. At present, on most insurance products the GST is 18% which thrusts the premium to 118% for the end-user. The abolition or at least a sizeable reduction in the GST on all personal lines of products – from the existing 18% to 5% will encourage more people to buy health insurance”, Prasun Sikdar, MD and CEO, ManipalCigna Health Insurance, said.

“Currently, a policyholder can avail a tax exemption of Rs. 25000 deduction per financial year under 80D for buying a health insurance policy for self, spouse or dependent children. This exemption can increase if the health insurance cover includes parents. To help boost the overall health insurance penetration in the country and help millions of people access quality healthcare at an affordable cost, the increase in the limit of tax deduction in 80D can act as an incentive to ensure health insurance reaches the last mile, and to provide people long term financial security,” he added.

 

31 Jan 2024, 03:29 PM IST
Budget 2024 Live: Govt should relax taxes on LTAs to boost travel and tourism, says Hyatt Centric GM

“The government should relax taxes on LTAs (Leave Travel Allowances) so that travel and tourism are encouraged, which will provide a big boost to the hotel industry,” Shilpi Khanna, General Manager at Hyatt Centric, Juhu said

Khanna noted that the hospitality industry was the worst-hit sector during the COVID-19 pandemic. 2023 was a good comeback year for the sector, but it still could not cover the losses.

“Our appeal to the government is to please look after the taxation policy of the country. We are looking for lower income tax for the smoothness of the business,” she said.

31 Jan 2024, 03:16 PM IST
Budget 2024 Live: Hospitality industry expects lenient tax structure, more allocation

“This could involve streamlining processes, enhancing infrastructure, and ensuring a consistent and high-quality experience for tourists. Standardization would not only elevate the overall appeal but also position the country as a more enticing destination for travellers, ultimately driving growth and sustainability in the hospitality sector,” Amandeep Singh Grover, General Manager, Hilton Goa, said.  

“Outbound tourism is rapidly picking up especially with many countries implementing ‘visa-free’ or ‘visa-on-arrival’ strategies, it is important for us to be competitive and relax taxation and make it lucrative for travellers,” he added.

31 Jan 2024, 03:09 PM IST
Budget 2024 Live: Finvasia MD expects progress in establishing AI Centres of Excellence

“As we approach Budget 2024, we anticipate a continued focus on advancing India’s digital public infrastructure, a key pillar for realizing the $5 trillion economy dream. I look forward to enhanced government initiatives fostering financial inclusion benefiting Bharat, not just India. On the tech front, I hope to see further progress in establishing AI Centres of Excellence. I also expect more policies to enable public-private partnerships to boost end-use cases of generative and predictive AI and increase its adoption in India. The fintech industry, as usual, will be the flag bearer of innovation. Government support, both in terms of policies and funding, will be instrumental in propelling the fintech sector to new heights of success,” said Sarvjeet Virk, Co-founder & MD, Finvasia.

31 Jan 2024, 02:56 PM IST
 Budget 2024 Live: Govt should offer liquidity assistance to galvanise the lending ecosystem, says Poonawalla Fincorp MD

“I think the 2024 interim budget will help deepen NBFC’s contribution to India’s sustainable economic growth, aligned to become a 5 trillion USD economy. This budget should emphasize offering liquidity assistance to galvanize the lending ecosystem. I hope for more progressive policies to strengthen the Fintech and digital lending ecosystem and enhance digital skills, as well as supporting and ensuring a robust regulatory framework for NBFCs,” said Abhay Bhutada- Managing Director- Poonawalla Fincorp.

31 Jan 2024, 02:37 PM IST
Budget 2024 Live: EV sector seeks FAME scheme subsidy extension in the upcoming interim budget

“Considering the surge in sales of EVs, the industry’s expectation from Union Budget 2024 is extension of FAME II subsidy, which is expiring in March 2024. The industry is also positive regarding support for enhancement of EV charging infrastructure, bearing in mind the government’s target of achieving EVs on the Indian roads in coming years. Supplementing this, stakeholders are hopeful for a substantial reduction in GST rate on lithium-ion batteries from 18% to 5% – such benefit would enable OEMs to offer EVs at more competitive prices, further encouraging consumer adoption. Offering the much-needed boost to EV sector will also align with the government’s target of reducing dependence on fossil fuels and relying on renewable energy. However, considering this Budget will be an interim budget, the announcements are anticipated to be scant,” said Vivek Baj, Partner, Economic Laws Practice.

31 Jan 2024, 01:38 PM IST
Budget 2024 Live: What EV sector seeks?

In the calendar year 2023, the Electric Vehicle (EV) sector has undergone a significant transformation. Notably, two-wheelers (2W) and three-wheelers (3W) have surged ahead, experiencing growth rates of 33% and 63%, respectively, despite reductions in incentives. This surge marks a crucial turning point where these vehicles are shifting from niche to mainstream, reshaping the automotive landscape. Although the four-wheeler (4W) market witnessed a substantial growth of 109 per cent this calendar year, an impending transformation looms on the horizon. While significant investments propel this segment forward, widespread market adoption is yet to fully materialize, with a potential inflection point projected around 2025, Vimal Kumar, CEO & Co-Founder of Ionage Technologies, said. 

31 Jan 2024, 01:30 PM IST
Budget 2024 Live: What agriculture sector seeks?

Sandeep Sabharwal, CEO of SLCM Group (Sohan Lal Commodity Management Pvt. Ltd.) said, recognising the paramount importance of agriculture to the Indian economy, the previous budget introduced key provisions aimed at benefiting small farmers and promoting agriculture through technology and inclusivity. Looking ahead, the upcoming budget should focus on implementing measures to address post-harvest losses and challenges persisting in India’s agrarian economy. To enhance support for the agricultural community, it is crucial to ensure adequate budgetary allocation for providing credit lines to agri-based NBFCs at a discounted rate of interest.

31 Jan 2024, 01:28 PM IST
Budget 2024 Live: Dana India’s outlook on 2024 Union Budget for automotive sector advancements

“Dana India envisions the 2024 Union Budget as a catalyst for transformative changes in the automotive sector. Advocating for enhanced Ease of Doing Business, Mr. Gajanan Gandhe underscores the importance of streamlined approval processes, minimized administrative obstacles, and the establishment of dedicated industry facilitation bodies,” Gajanan Gandhe, Country Head and VP, Dana India, said.

31 Jan 2024, 01:18 PM IST
Budget 2024 Live:Will AI take center stage?

The forthcoming budget is poised to propel India forward in its embrace of Artificial Intelligence (AI), marking a significant stride in the nation’s technological evolution. The government’s upcoming measures are designed to facilitate the integration of AI across diverse sectors, signifying a milestone in India’s technological landscape, said, Ibrahim Khatri, CEO and CoFounder, Privezi AI.

The budget is expected to fortify both AI development and data center infrastructure, crucial components supporting AI’s data-driven operations. Proposed financial incentives for data centers indicate a promising trajectory for AI expansion in India, he added.

31 Jan 2024, 12:30 PM IST
Budget 2024 Parliament Session Live: Government Introduced the Vibrant Village Program’

We are extending internet access to tribal villages. We have also emphasized the responsibilities of the government. Villages near our borders were considered the country’s last villages. My government has transformed them into the country’s first villages. The Vibrant Village Program has been initiated for the development of these villages. This marks the first time that such regions, neglected for decades, are being connected to development, said President Droupadi Murmu.

31 Jan 2024, 12:24 PM IST
Budget 2024 Parliament Session Live: Ibrahim Shaheeb, Maldives Envoy arrives at the Parliament on the first day of the Budget session

Ibrahim Shaheeb, Maldives Envoy arrives at the Parliament on the first day of the Budget session.

On India-Maldives relation Ibrahim Shaheeb said, “Everything is good…”

31 Jan 2024, 12:23 PM IST
Parliament Budget Session Live: “Over the past decade, my government has made good governance and transparency the cornerstone of every system, says President Murmu 

“Over the past decade, my government has made good governance and transparency the cornerstone of every system,” President Murmu told the Rajya Sabha and Lok Sabha.

31 Jan 2024, 12:08 PM IST
Parliament Budget Session Live: Tourism to become important for job creations, says President Droupadi Murmu 

Tourism to become important for job creations, said President Droupadi Murmu

31 Jan 2024, 12:07 PM IST
Parliament Budget Session Live: Over 19 lakh people visited Kedarnath, says President Droupadi Murmu

Over 19 lakh people visited Kedarnath, said President Droupadi Murmu

31 Jan 2024, 12:06 PM IST
Parliament Budget Session Live: Agriculture sector benefiting from Namo Drone Didi Scheme, says President

 

There is a strong emphasis on making agriculture more profitable. Under the PM-Kisan Samman Nidhi, farmers have received a total of 2.8 lakh crores so far. Over the past 10 years, there has been a threefold increase in easy loans from banks for farmers. Presently, approximately 10 crore women are connected to self-help groups. In the Namo Drone Didi Scheme, groups are set to receive 15,000 drones, further enhancing their agricultural practices, said President Droupadi Murmu.

31 Jan 2024, 12:03 PM IST
Parliament Budget Session Live: Soon we will achieve target of blending 20% ethanol, says President Droupadi Murmu

Soon we will achieve the target of blending 20% ethanol, said President Droupadi Murmu. The government is encouraging a circular economy.

31 Jan 2024, 12:01 PM IST
Parliament Budget Session Live: Backward Class Commission has been accorded constitutional status, says President Droupadi Murmu

A 27% reservation has been ensured for OBCs under the central quota for admissions in medical graduation and post-graduation. The National Backward Class Commission has been constitutionally recognized. The construction of 11 crore toilets and the eradication of open defecation have prevented various diseases. This has resulted in an annual healthcare savings of up to 60,000 rupees for every poor urban family. Additionally, the availability of clean drinking water through pipes is saving the lives of millions of children each year, said President Droupadi Murmu on January 31

31 Jan 2024, 11:59 AM IST
Parliament Budget Session Live: Green energy in focus, says President Droupadi Murmu

Green energy is in focus, said President Droupadi Murmu. Wind power capacity has doubled.

31 Jan 2024, 11:58 AM IST
Parliament Budget Session Live: Government is supporting green mobility, says President Murmu

Government is supporting green mobility, said President Murmu.

31 Jan 2024, 11:58 AM IST
Parliament Budget Session Live: World has faith in India to empower global supply chain, says President Droupadi Murmu

Budget 2024 Parliament Session Live: The World has faith in India to empower global supply chain, said President Droupadi Murmu on January 31. Around 14 sectors have dedicated PLIs.

31 Jan 2024, 11:55 AM IST
Parliament Budget Session Live: Government is working on a vision that has roadmap for next 25 years, says President Droupadi Murmu

Government is working on vision that has roadmap for next 25 years, said President Droupadi Murmu on January 31.

31 Jan 2024, 11:50 AM IST
Parliament Budget Session Live: India’s inflation rate is now within 4% which was in double digits earlier, says President Murmu

 

Earlier, the country’s rate of inflation was in double digits which is now within 4 per cent, said President Murmu in Parliament on January 31.

31 Jan 2024, 11:48 AM IST
Parliament Budget Session Live: Government made laws to give equal rights to trans gender, says President Droupadi Murmu

Government made laws to give equal rights to trans gender, said President Droupadi Murmu on January 31

31 Jan 2024, 11:44 AM IST
Parliament Budget Session Live: Government gave rs 18 lakh crore in MSP to farmers, Says President Droupadi Murmu

18 lakh crore given to farmers in India as MSP, farmers are getting 2.5 times more MSP now, said, President Droupadi Murmu.

31 Jan 2024, 11:42 AM IST
Parliament Budget Session Live: Government allocated ₹2.5 lakh crore for Ujjwala Scheme, says President Droupadi Murmu 

The President mentioned that the government has allocated 2.5 lakh crore rupees for the Ujjwala scheme. An expenditure of 20 lakh crore rupees has been made to provide affordable ration to the poor. The Ayushman scheme offers free healthcare. The initiative to connect 11 crore households to piped water supply for the first time has been undertaken. Facilities for dialysis have been provided for kidney patients. Efforts have been made to save on electricity bills by promoting LED bulbs. The aim is to swiftly implement these schemes. Despite global crises, inflation has not risen in the country. Affordable air tickets are available for the poor and the middle class. Last year, the world witnessed two major wars.

31 Jan 2024, 11:37 AM IST
Budget 2024 Parliament Session Live: The Government’s focus remained on empowering women, says President Droupadi Murmu

The Government’s focus remained on empowering women, even the Republic Day Parade’s theme was women-centric, said President Droupadi Murmu.

31 Jan 2024, 11:35 AM IST
Budget 2024 Parliament Session Live: Free kidney dialysis for Indians

Around 21 lakh Indians have taken advantage of free kidney dialysis treatment annually, said President Droupadi Murmu on January 31. 

31 Jan 2024, 11:33 AM IST
Budget 2024 Parliament Session Live: Despite two global geo-political conflicts, Central Government managed inflation well, says President Droupadi Murmu

Despite two global geo-political conflicts, the Central Government managed inflation well, said President Droupadi Murmu on January 31.

31 Jan 2024, 11:31 AM IST
Budget 2024 Parliament Session Live:  India recorded 1200 crore UPI transaction, President Droupadi Murmu announces

India recorded 1200 crore UPI transaction, President Droupadi Murmu announces

31 Jan 2024, 11:25 AM IST
Budget 2024 Parliament Session Live: President Droupadi Murmu hails Nari Shakti Vandan Adhiniyam

“I hail the members for the passage of the Nari Shakti Vandan Adhiniyam (women’s reservation bill),” says President Droupadi Murmu addressing Parliament Budget Session.

31 Jan 2024, 11:23 AM IST
Budget 2024 Parliament Session Live: Space sector opens gate for Startups, says President Droupadi Murmu

The space sector has opened a gate for young startups, said President Droupadi Murmu during her address at Parliament on January 31.

31 Jan 2024, 11:17 AM IST
Budget Session Live: President Droupadi Murmu speaks at Parliament

31 Jan 2024, 11:13 AM IST
Budget Session Live: President Droupadi Murmu starts her Parliament Budget Session address

President Murmu begins addressing Parliament Budget Session.

31 Jan 2024, 11:12 AM IST
Budget Session Live: President Droupadi Murmu arrives at Parliament to address both houses

President Droupadi Murmu arrived on January 31, at the Parliament for her address to the joint session of both Houses. Sengol was carried and installed in her presence.

31 Jan 2024, 10:28 AM IST
Budget 2024 Live: Legal expert seek clarification of GST on corporate guarantees, GST on international secondments

Sudipta Bhattacharjee, a Partner at Khaitan & Co, anticipates that the upcoming budget, being interim, may not introduce substantial amendments in the indirect tax domain. However, there is a clear expectation for the issuance of clarificatory circulars addressing pending GST controversies. These include matters such as GST on corporate guarantees, GST on international secondments, especially regarding the applicability of interest and penalties in cases where companies voluntarily paid GST for past periods, and GST on the issuance of ESOPs by overseas parent companies for employees of their Indian entities.

On the legislative front, it is anticipated that the long-awaited amendments in the GST law, particularly those excluding extra-neutral alcohol (“ENA”) for the production of alcoholic liquors for human consumption from the GST levy, would be part of the indirect tax proposals in this budget. This recommendation by the GST Council in October 2023 is deemed essential to prevent unnecessary disputes at the ground level.

31 Jan 2024, 09:43 AM IST
Budget 2024 Live: Sports sector calls for budgetary allocations

Monish Shah, Co-Founder & Chief Executive Officer of DreamSetGo, emphasized the significance of budgetary allocations for the sports sector in propelling India’s sports tourism industry. He highlights India’s transformation into a global sports consumer through successful hosting of major international events like the ICC Men’s Cricket World Cup and the Indian Premier League. With aspirations for India’s bid for the 2036 Olympics, Shah stresses the need for strategic investments in the sports sector to empower athletes and bolster the nation’s capability for hosting world-class sporting events.

31 Jan 2024, 09:08 AM IST
Budget 2024 Live: MSMEs seek forestry-based investment

Ranjit Barthakur Founder Balipara Foundation said that India has made commendable strides in promoting green growth and agri-entrepreneurship through increased budget allocations. As 2023 marked the hottest year on record, there is a hopeful expectation for a heightened budgetary focus in 2024 to expedite India’s climate transition, particularly for building a resilient rural economy. In the agricultural domain, it is imperative to sustain efforts in supporting regenerative and climate-resilient practices such as agroforestry. The emphasis should extend to fortifying the value chain, encompassing processing, branding, and market access, especially for high-value organic produce. Accelerating investments in the forestry sector and nurturing forestry-based Micro, Small, and Medium-sized Enterprises (MSMEs) are key elements for steering towards a greener and more sustainable future.

31 Jan 2024, 08:24 AM IST
Budget 2024 Expectations Live: What Zerodha has to say ahead of budget?

“India’s Finance Minister will present an “interim” Union Budget for the remainder of this electoral cycle on 1st February. This short budget will be the last to be announced before the current Lok Sabha elections,” according Zerodha official handle on X.

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