Budget 2024 Expectations: Startups and MSMEs Poised for Transformative Policies
The upcoming Union Budget 2024 is generating significant optimism among India’s startup ecosystem and small businesses. Experts anticipate a range of progressive policies and strategic incentives that could empower entrepreneurial spirit and drive economic growth.
Saurabh Uboweja, Managing Partner and Practice Leader at BOD Consulting, expressed high optimism for the budget, stating, “This budget has the potential to pave a progressive path forward.” He highlighted the government’s ambitious target of achieving a $5 trillion GDP by 2027-28 and the budget’s ability to support this goal through enhanced access to funding, simplified regulations, and support for digital transformation [1].
Abhishek Raj, Founder & CEO of Jenika Ventures, is also bullish on the real estate sector, expecting tax reliefs, deductions for home loans, and infrastructure projects that could fuel growth in the industry [1].
IT Sector Seeks Expanded R&D Incentives and Talent Initiatives
The IT industry is eagerly awaiting the budget, with key priorities including enhanced R&D incentives, expansion of the PLI scheme, addressing the Angel Tax, and greater funding for STEM education and upskilling programs [1].
Punit Sindhwani, founder & CEO of PAXCOM, emphasized the need for these measures to boost innovation, global competitiveness, and access to skilled talent [1].
HR Industry Looks for Tax Relief and Digital Infrastructure Investments
The HR industry is anticipating a focus on skill development, the impact of AI on the workforce, and improved digital infrastructure access for SMEs and MSMEs in the upcoming budget [1].
Prashant Shah, Co-Founder and CMO of TeamNest.com, highlighted the potential for lower tax rates and increased exemption limits for tax benefits, which would boost disposable income for salaried employees [1].
Textile Sector Optimistic About Export Growth and Continued Support Schemes
The textile industry is thrilled with the government’s ambitious target of achieving $100 billion in textile exports by 2030. The recent approval for the continuation of the Rebate of State and Central Taxes and Levies (RoSCTL) scheme for apparel and garment exports until March 2026 is seen as a positive move that will provide stability and support for exporters [1].
Ravi Gupta, Creative Director of Gargee Designer’s, expressed commitment to leveraging these initiatives to boost growth and contribute to the national economy [1].
Aviation and Tourism Sectors Anticipate Continued Recovery
The aviation and tourism sectors, which have seen a strong rebound in travel, are optimistic about the budget’s potential to cater to the industry’s needs. Sumit Prakash, Country Director of Collinson International, emphasized the importance of supporting the continued recovery and growth of these sectors [1].
Overall, the upcoming Union Budget 2024 is generating a sense of optimism across various industries, with the potential to unleash transformative policies and strategic incentives that could propel India’s economic growth and prosperity.
Referral:
[1] https://economictimes.indiatimes.com/news/newsblogs/budget-2024-expectations-live-updates-tax-slabs-gst-finance-minister-nirmala-sitharaman-announcements-infrastructure-union-budget-12-july-latest-news/liveblog/111676169.cms
[2] https://economictimes.com/news/india/ambani-wedding-spectacle-gets-political-with-modi-posters/articleshow/111685816.cms
[3] https://newsroom.co.nz
[4] https://www.thehindubusinessline.com/markets/stock-market-highlights-10-july-2024/article68384750.ece
[5] https://www.sun-sentinel.com/2024/07/12/daily-horoscope-for-july-12-2024/
