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Another week commences as the date for the next budget speech looms over India’s financial landscape. The Indian Finance Minister, Nirmala Sitharaman, is all set to deliver the next Union Budget speech for the fiscal year 2025, nabbing significant attention across the country’s economic realm. With the “Halwa” ceremony concluding last week, the preparations for the upcoming speech are staging into place. Although no major announcements are expected due to vote-on-account as of February 1, numerous sectors such as crypto, finance, and agriculture eagerly anticipate considerable changes. Meanwhile, the finance minister also stated that all key announcements are to be made with the conclusion of the general elections in 2024.
In the run-up to India Budget 2024, Prime Minister Modi aims to balance voter appeal with fiscal responsibility. Meanwhile, Finance Minister Sitharaman is expected to prioritize sectors crucial for elections: farmers, women, the poor, and youth.
In addition, the interim budget is anticipated to maintain infrastructure spending and offer targeted support. Notably, deficit reduction, increased borrowing for growth, and expanded welfare programs, especially for women, are key areas to watch. The budget aligns with Modi’s political strength, signaling continuity and policy focus.
Amid election anticipation, Yawer Ali Shah, CEO of AMA Herbal Group, voices expectations for the upcoming India Budget 2024. Emphasizing the textile industry’s vital role as India’s largest employer, Shah anticipates a post-election budget foundation. While acknowledging the government’s efforts, he urges a focus on international trade challenges within the textile sector. Notably, the industry looks to the budget as a crucial opportunity for sustained growth and support in a post-election scenario.
VIDEO | Budget Expectations: "We know that the elections are coming, but at the same time, we also have expectations that this will be the foundation of the budget that will come after the (Lok Sabha) elections because we are quite confident that the same government will be… pic.twitter.com/xFxS4otzpq
— Press Trust of India (@PTI_News) January 29, 2024
Amid India Budget 2024 expectations, crypto influencer Keyur Rohit anticipates crucial developments. Key points include demands for a well-defined legal framework, tax regularization, and a nuanced definition of Virtual Digital Assets (VDAs). Notably, the focus is primarily on fostering innovation, recognizing the $10 trillion opportunity in real-world asset tokenization, and transitioning to imperative applications in the blockchain industry.
In addition, advocacy for Tax Deducted at Source (TDS) removal, focus on Web3 startups and special economic zones, and the need for tax incentives and sandboxes to propel India into the global DeFi and blockchain space are also prominent. The community eagerly awaits a tax framework and legal regulation to unlock the sector’s true potential.
Aloke Bajpai, Co-founder & Group CEO of ixigo, anticipates positive impacts on India’s travel sector from Union Budget 2024. The budget is expected to focus on enhancing domestic and inbound travel, allocating resources for infrastructure, technology, and safety measures at airports, particularly in tier 2, 3, and 4 cities under the UDAN scheme. The spiritual tourism sector, emphasized under the PRASAD Scheme, is set to receive attention. Bajpai also highlights potential benefits from reducing Aviation Turbine Fuel (ATF) costs and simplifying visa requirements for international tourism, anticipating measures fostering growth, innovation, and sustainability in India’s travel and hospitality sector.
India has numerous blockchain initiatives functioning within the country, ranging from local to state levels. With a staggering 10 million developer base, the rapidly growing industry expects key announcements for seamless functioning nationwide.
The Indian Finance Ministry expects the country to become a $7 trillion economy by 2030. In a review released by the Ministry recently, the regulatory body ruled out key factors encompassed within the budget. These included strong domestic demand, private consumption and investment, technological progress, and many others. Furthermore, it also spotlighted future reform priorities, such as Skilling, learning outcomes, health, energy security, and reduction in compliance burden for MSMEs, among many others.
#Budget2024 Finance Ministry Review Report | “India can aspire to become a $7-trillion economy by 2030”
'The Indian Economy: A Review', released by the Finance Ministry ahead of the interim budget cites factors like strong domestic demand, private consumption and investment,… pic.twitter.com/wurl7N407M
— Centre for National Opinion Studies (CNOS) (@cnosindia) January 29, 2024
(Federation of Seed Industry of India) FSII Director Dr. Venkatram Vasantavada recently urged the Indian government to implement the much sought One Nation One Policy as soon as possible. Furthermore, he stresses the need to reduce GST in components related to seed production, such as transportation and quality control, among many others.
Dr. Venkatram Vasantavada, Director, @FSII_India shares his top three expectations from the Union #Budget 2024 for growth and stability in the agricultural industry@karuvenk @LtdSeedworks @NITIAayog @FinMinIndia#agriculture #technology #unionbudget #seeds #gst #research #fsii pic.twitter.com/JfQw7of7KD
— Federation of Seed Industry of India (FSII) (@FSII_India) January 29, 2024
The Indian Ministry of Finance recently ruled out numerous noteworthy challenges hindering the nation’s economy. These challenges encompassed artificial intelligence’s threat to the services sector, the trade-off between energy security & economic growth, and the availability of a skilled workforce.
Finance Ministry flags four challenges for India: AI's impact on services, energy security vs. growth trade-off, global developments, and skilled workforce availability. The Interim Budget is different from the Economic Survey.
Read more at: https://t.co/Nskzg0O4xI
— Trade Promotion Council of India (@TPCI_) January 29, 2024
The PHDCCI (PHD Chamber of Commerce and Industry) recently proposed comprehensive measures for bolstering India’s startup ecosystem.
Budget 2024-25: PHDCCI proposes comprehensive measures for boosting India's startup ecosystem https://t.co/QHZufnUsQj pic.twitter.com/Tne1UkxmsY
— IVCA (@IndianVCA) January 29, 2024
Amid China’s economic slowdown, India’s upcoming Union Budget expects bolstered fund allocations in its real estate sector, eyeing a game-changing move that levels up India’s global property market.
FSII ( Federation of Seed Industry India) Chairman, Mr. Ajai Rana, recently stated that the firm proposes restoring a 200% income tax deduction of R&D expenditure for the seed industry in India.
Mr. Ajai Rana, Chairman, @FSII_India shares views on policy & regulatory issues ahead of Budget 2024 with @timesofindia.
Read more: https://t.co/QAI6rU0Bz6@jairana_70 @SeedsSavannah @FinMinIndia#fsiiinnews #budget #unionbudget #gst #unionbudget2024 #beejkibaat #fsii pic.twitter.com/gFSXlLMVWT
— Federation of Seed Industry of India (FSII) (@FSII_India) January 29, 2024
Kapil Bardeja, CEO of Vehant Technologies, states that the upcoming budget might be a game changer for India’s security sector.
Vehant sees the upcoming #budget as a game-changer for India's security sector.
Insights of Our CEO @KapilBardeja got featured on @FinancialXpress https://t.co/6vtdHfOMzI#security #safety #ArtificialIntelligence #Budget2024 #safety #AI pic.twitter.com/PTKcKfOqMr— Vehant Technologies (@VehantTechnolo1) January 29, 2024
Aligning with the currently popular #reducecryptotax trend in India, the crypto holding population of 1.9 crores is eyeing a reduction in the 30% tax slab and 1% TDS in crypto. Following this, crypto market enthusiasts nationwide eagerly await the February 1 Budget Speech.
With the Ministry of Finance recently sharing advancements revolving around the education budget promises of 2023-24, the academia sector seems poised for further developments. The Ministry’s recent statement spotlighted the regulatory body’s progress orbiting the Eklavya Model Residential School Programme, hinting toward monumental achievements. Coinciding with this, a relief for the nation’s educational sector is expected soon, offering additional such reforms.
With more than 10,000 teaching and non-teaching posts already advertised for the 1st Phase of recruitment, Eklavya Model Residential School Programme will ensure quality education to ST and PVTG students in tribal-dominated areas. #PromisesDelivered pic.twitter.com/gIfq23N5PA
— Ministry of Finance (@FinMinIndia) January 29, 2024
In what can be seen almost everywhere on X, formerly known as Twitter, the #reducecryptotax sentiment appears to be prevailing in India. Aligning with this, Indian crypto exchange Unocoin co-founder Dr. Sathvik Vishwanath stated that the unfair taxation across the Indian crypto realm is forcing India to lag in the global crypto race. A better policy is much sought by the nation so that the country scales greater heights even in crypto shortly ahead.
Unfair taxation is not only setting our #crypto industry behind but also increasing the time needed to fix deficiencies & compete with global landscape. Amending our taxation laws helps us reach heights sooner!#reducecryptotax #faircryptotax Day-726 #IndiaWantsCrypto @FinMinIndia
— Dr. Sathvik Vishwanath (Unocoin) (@sathvikv) January 28, 2024
According to a report, the NRI community expects to see TDS (Tax Deducted at Source) AND tax brackets re-worked to provide relief.
According to EZ Tax India, a leading tax-tech portal, paper and digital currency should have no transaction fees. Currently, MDR (Merchant Discount rates) makes Rs.100 as 97.5, which must be fixed soon.
Budget Expectations::
Cost of Money — Promote zero-MDR government payment and wallet services (Rupay and UPI). All payment gateways should implement this immediately as not all have done so after three years. Paper currency and digital currency should have no transaction… pic.twitter.com/0cAkJMfR7i— EZTax.in – Online IT GST Portal 🇮🇳 (@EZTaxIndia) January 29, 2024
The 2024 Union Budget sparks immense optimism for the crypto industry in India as the government’s stance on digital assets appears to be gradually improving. With an initial unfavorable stance on crypto, the country has brought about significant alleviations for the sector. Moreover, with the burgeoning rise of crypto-related scams nationwide, profound clarity on its regulation is much anticipated this year.
Looking at the Government’s Budget for 2023-24, the food subsidy noted a significant decline of 31.28% from the previous year. This amounts to one-third of its funds shredded since FY23. Meanwhile, issues falling in line with the decrease in food subsidies also noted an uptick. Mirroring this, the government is expected to increase the food subsidies in the upcoming Union Budget.
India’s AI initiative received its first-ever jack-up in the Budget Speech 2023 and is still at the RFP (Request For Proposal) stage. However, the upcoming budget is expected to encompass vital announcements orbiting these AI-related proposals.
According to Pranav Haridsan, the CEO of Axis Securities, significant announcements are as it is not expected in the upcoming budget speech due to vote-on-account. However, the country expects a few crucial policy reforms, orbiting Atmanirbhar Bharat, Make in India, and the PLI scheme. Besides, railways, infrastructure, and capital goods industries remain poised to benefit the most.
The Federation of Indian Export Organizations (FIEO) anticipates greater allocations for MAI and AEPC single GST across the MMF chain. Moreover, the organization seeks budgetary support for R&D development activities via tax exemptions.
Ahead of the Interim Budget 2024, Indian exporters have sought from the Finance Ministry, budgetary support for conducting research and development (R&D) activities through tax exemptions, development of a global shipping line of India to optimise transport service charges,
— Revolutionary Raja Ram for Tax & Economic Reforms (@abhishekrajaram) January 29, 2024
Jayant Acharya, MD & CEO of JSW Steel, recently stated that the interest rates are likely to correct, aligning with the country’s better-than-expected economic performance in 23.
The CII also listed some critical proposals for raising the public capex by 20% to Rs 12 lakh crores.
With the #InterimBudget2024 being just a few days away, CII lays down key recommendations for increasing public capital expenditure. #CIIRecommends raising capex by 20% to Rs 12 lakh crores.#CII4InterimBudget2024 #Budget2024 @nsitharamanoffc @nsitharaman @FinMinIndia pic.twitter.com/EXAT7ULLoU
— Confederation of Indian Industry (@FollowCII) January 28, 2024
The Confederation of Indian Industries recently shared its views on the upcoming budget, recommending increased investments and the setting up of a dedicated Ministry of Investments. Furthermore, the firm eyed catapulting foreign investments and the promotion of affordable housing within the nation.
Ahead of the #InterimBudget2024 CII shares recommendations for increasing investments.#CIIRecommends setting up a full-fledged Ministry of Investment.#CII4InterimBudget2024 #Budget2024 @nsitharamanoffc @nsitharaman @FinMinIndia pic.twitter.com/qVYodnXorw
— Confederation of Indian Industry (@FollowCII) January 28, 2024
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