LIVE Updates | Indian Union Budget 2023-24 Expectations: Increase HRA percentage for metro cities

LIVE Updates | Indian Union Budget 2023-24 Expectations: Insufficient training and post-learning responsibilities

It's important to consider numerous concerns with industry-specific skill sets, like insufficient training and post-learning responsibilities. Additionally, there is little continual input received and the sector lacks homogeneity. Particularly, a dearth of knowledge continues to be a significant barrier for the industry. EdTech platforms need to be quickly adopted across the country in order to reduce the skills gap between the available and the existing workforce: Beas Dev Ralhan, CEO, Next Education.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Skills management, learning experience platforms, and internal talent marketplaces

The upcoming budget is expected to prioritize skills management, learning experience platforms, and internal talent marketplaces as the most crucial areas for technology in the corporate sector. Additionally, there is a need for re-evaluation of the GST on services related to financial inclusion: Ritu Mathran, Co-Founder, Director & CFO of IaaS.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Inclusive, equitable, and engaging learning environment

The National Education Policy 2020 focuses on developing an inclusive, equitable, and engaging learning environment that addresses the diverse needs of students from different backgrounds, languages, and abilities. In the 2020-21 budget, there was an allocation to support the development and implementation of programs to improve teacher training and professional development to make the Indian education system more inclusive and comparable to global standards: Akshay Marwah, Mohit Marwah, Co-Founder, AAFT Online. 

LIVE Updates | Indian Union Budget 2023-24 Expectations: Implement National Retail policy

With the upcoming budget, there are certain expectations in terms of changes in policies as well. The retail sector expects the government to implement the National Retail policy, which focuses on ensuring easy and quick access to affordable credit. It would also facilitate modernization and digitization of retail trade by promoting modern technology and superior infrastructural support. Additionally, the retail space would benefit greatly from the implementation of the National e-commerce policy that aims to foster inclusive growth in the digital space and in the e-commerce sector, along with Make in India and Digital India programs: Nitya Sharma, CEO & Co-founder, Simpl.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Relaxation of the minimum entry capital requirement

The industry expects the budget to outline policy measures that move the country in that direction while increasing insurance penetration and safeguarding consumer interest. Some of these measures include the relaxation of the minimum entry capital requirement in order to bring in FDI, cutting-edge technology, and best practices in a way that safeguards policyholder interest: Vivek Nath, Head of India, WTW.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Improve productivity and employee efficiency

An emphasis should be placed on digitalization as well to improve productivity and employee efficiency in private as well as public sectors. Taxation on sectors like HR Tech and IT can also be relooked to support hyper-growth. It should enable companies to be more competitive in the global markets and open new export frontiers of growth- Sumit Sabharwal, CEO of TeamLease HRtech.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Domestic and International challenges need to be addressed.

With MSMEs contributing 30 percent to India’s GDP, they are a key factor in the economy. The budget is near and we expect the government to address the domestic and international challenges that MSMEs, being a crucial part of the supply chain, have been facing. Challenges related to finance, labor, skills, technology and managerial-related challenges need to be addressed. We expect the government to spend on sustainable employment at all levels. Furthermore, due to the strenuous process of getting financial support from banks and alternate finance, we anticipate the growth of supply chain financing. This will certainly aid MSMEs in being stable and independent, fueling their growth- Akash Hegde, Co-Founder, ShakeDeal.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Budget should address twin subjects of Education and Skills

Budget 2023-24 takes on significant, even outsized importance. It must address twin subjects of Education and Skills that are presently under-invested and underwhelming. India needs to keep aside at least 4 percent of its Budget for this, and for the next 25 years. Two logical sources of financing must be tapped. First is external financing through Institutional Investors - SWF and PF - to invest through long-term, low-cost capital. Second, internal financing: Sanjay Viswanathan, Chairman AdiGroup and Ed4All.

LIVE Updates | Indian Union Budget 2023-24 Expectations: E-visa fee waiver for tourist visas, and domestic income tax travel credit for Indian citizens

A greater focus on the industry’s revival is required, which can be done by implementing an e-visa fee waiver for tourist visas, and domestic income tax travel credit for Indian citizens and Indian companies. The Emergency Credit Line Guarantee Scheme (ECLGS) should also be extended to tourism and hospitality. In addition to this, we are also hoping that with the upcoming budget, the government will strive to increase the disposable income of the middle classes to aid the rise of discretionary spending. This can be done by taking concrete steps that should be taken to improve the cash flows, enable ac: Nishant Pitti, CEO and Co-Founder, EaseMyTrip.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Increase in borrowing cost for NBFCs

A little increase in borrowing costs for NBFCs due to the RBI's inflation-control strategy is anticipated in the coming year. With this, we anticipate seeing increased activity on the bond's front. During the COVID-19 crisis government introduced various special liquidity and credit guarantee schemes through PSU banks which helped in liquidity and maintaining the cost of borrowing: Ajeet Kumar Singh, MD, CEO, and Founder.

LIVE Updates | Indian Union Budget 2023-24 Expectations: More sectors would be brought under the PLI umbrella scheme

We are expecting that more sectors would be brought under the PLI umbrella scheme which has given a lot of confidence to the industry since it was introduced. Supply chain issues over the past years were a big learning and an even bigger opportunity for India to stand up to the challenge and become a supplier to the world. With many Free-Trade-Agreements on the cards, India’s push towards exports would be a welcome opportunity: Satyakam Arya, MD, Daimler India Commercial Vehicles.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Opportunity for India to leapfrog in the Global Economy

The upcoming budget presents a unique opportunity for India to leapfrog in the global economy. Despite the grim economic outlook caused by the ongoing global slowdown and early signs of a resurgence of the COVID-19 pandemic, the budget can be used to push India to pole position among other global giants, provided it can project a healthy domestic picture: Jaya Vaidhyanathan, CEO, BCT Digital.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Partnering with smaller and last-mile focused fintech NBFCs

Union Budget 2023 is an opportunity to motivate Banks to further Priority Sector Lending (PSL) by partnering with last-mile focused fintech NBFCs and this is possible only if banks remove the rating criteria that favours larger NBFCs. Partnering with smaller and last-mile focused fintech NBFCs is the right way for banks to forward lend to PSL which benefits both the lenders and the borrowers: Hardika Shah, Founder & CEO, Kinara Capital.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Fiscal Support or Cheaper Liquidity Through Refinancing

MSMEs & Affordable Housing – 2 key areas for sustained and granular economic growth as well as equitable development. Given inflation and interest rate headwinds some measures to help these sectors will be helpful. These measures could be fiscal support or cheaper liquidity through refinancing: Ajay Kanwal, MD, and CEO of Jana Small Finance Bank

 

LIVE Updates | Indian Union Budget 2023-24 Expectations: Continuation of the FAME Subsidy, Payment Guarantee by STUs and Access to Funds

One of the key expectations from the budget is the continuation of the FAME subsidy, for at least a few years and a reasonable EV penetration in the commercial vehicle segment. In order to democratise sustainable mobility, priority, and access to funds, payment guarantee by STUs is a pragmatic solution for EV bus adoption. Hence, we hope to see measures, aimed at supporting financing and funding of electric public transportation projects, as the bankability of the contract is seen as high risk: Mahesh Babu - Chief Executive Officer, Switch Mobility Ltd

LIVE Updates | Indian Union Budget 2023-24 Expectations: Expect FY24 Capital Expenditure at Rs 10.4 Trilliom

 

Vasudevan P N, CEO, Equitas Small Finance Bank said that government may attempt to nurture early signs of capex cycle amidst global macro headwinds through. He lists the following:

 

28% YoY growth in capital expenditure (with focus likely on metro/ railway, defence, road/ highways)

 

Expect revenue expenditure (excluding subsidies and interest payment) to grow at 8.3% YoY in FY24 as against -0.1% YoY in FY23.

 

Lower corporate tax rate of 15% for new manufacturing firms may be extended for another year or two

 

PLI scheme may be extended to other sectors like toys, green hydrogen, green ammonia, sodium-ion battery, etc.

LIVE Updates | Indian Union Budget 2023-24 Expectations: Extend Support Packages for at Least Another Year for MSMEs

 

As the pandemic ebbed, other Macroeconomic conditions reared their bothersome head. The war in Europe, with no seeming end, continues to provide a cloud of gloom over the European economies. For the Indian MSME industry, one hopes that the Government extends the support packages for at least another year said Ratish Pandey, Business Coach, Ethique Advisory

LIVE Updates | Indian Union Budget 2023-24 Expectations: Keen on AI Policies That Will Propel India's Technology-Led Economy

 

Building new technologies and services, taking a more proactive approach to digital transformation, and employing AI and machine learning to solutions that can adapt to the changing demands of businesses are some of the areas where we see the scope for massive advancement in this space. We are eager to see what the budget has in store for AI and the policies that will propel India's technology-led economy said Animesh Samuel, Co-founder & CEO, E42

LIVE Updates | Indian Union Budget 2023-24 Expectations: Budget Must Heed to Progress of the Startup Ecosystem

 

Union Budget 2023-24 is a crucial one, in supporting India’s sustainable growth. It is essential that the budget heeds to the progress of the startup ecosystem. Policy measures towards developing startup-clusters, which promote easy access to capital, incubator programs, federally funded R&D activities, among others will surely assist startups. The growth of the startup sector also depends upon clearer regulations and streamlining the process of obtaining licenses. There are certain benefits which are extended to the Inter-Ministerial Board (IMB) certified startups and not the DPIIT-recognised start-ups. The IMB certifications are difficult to get as 99% of Indian start-ups are not recognised by IMB, said Madhusudan E, Co-Founder and CEO, KreditBee

LIVE Updates | Indian Union Budget 2023-24 Expectations: Lift ban on agri-commodity futures contracts

 

Now that the ban on seven agri-commodity futures contracts in India has been over more than a year, it is becoming difficult for the market participants to get a better price discovery mechanism and also find it difficult to operate in physical commodities without having any hedge platform to cover their price risk. The future price trends provided by the exchanges are an important indicator for farmers, traders, and processors. The physical markets or mandis often follow the price trend basis the exchanges. Similarly, even farmers plan their offloading of various crops basis the price trends visible on the exchanges. More than individual farmers, the Farmers’ Producer Companies (FPCs) and Farmer Producer Organizations (FPOs) trade on the exchanges. Hence, the price discovery mechanism should be strengthened by lifting the ban on agri-commodity futures contracts, said Major Rajiv Yadav, Senior VP (Supply Chain) – Origo Commodity India Pvt Ltd

LIVE Updates | Indian Union Budget 2023-24 Expectations: Increasing HRA % for metro cities

The government should consider increasing the percentage of House Rent Allowance (HRA) that employees can claim as tax deductions for those living in metro cities. This will help to offset the higher cost of living in these areas and make it more affordable for people to rent a home, Aryaman Vir, Founder & CEO, MYRE Capital said