Budget highlights: GST on health insurance must be reduced, says Niva Bupa

Union Finance Minister Nirmala Sitharaman is set to table the interim budget for 2024-25 on Thursday, February 1

10:03 PM

HP apple growers expect higher import duty on foreign apples; tourism industry seeks special package

The apple farmers and tourism industry in Himachal Pradesh expect some budgetary sops in the election-year budget from the government of India.

 

The tourism business units are hopeful for a budget for a special relief package. Although the unemployed youth don't see any hope, apple growers are expecting that in the election year, the Union government and PM Modi will address their issues and make budget allocations.

8:50 PM

GST on health insurance must be reduced in Budget 2024, Niva Bupa Health Insurance urges Centre

Lowering the Goods and Services Tax (GST) rate on health insurance products and incentivizing more and more people to buy them are some of the key expectations of the insurance sector for the upcoming interim budget in 2024.

 

Krishnan Ramachandran, Managing Director and Chief Executive Officer, Niva Bupa Health Insurance, told ANI that 18 per cent GST rate "does not make the product more affordable."

 

"One point I want to make which is you know all the excitement about the economy and rightfully so I think one very important ingredient is a healthy India and for a healthy India, you know, we need a certain level of healthcare spend and we also need to make sure that health insurance, which is the access to health care, penetration increases."

 

"So specifically in order to make health insurance more affordable, to incentivize more and more people to buy health insurance, there are two recommendations the industry has had, and I'm articulating them on behalf of the industry. One is a lower GST rate," He added.

8:49 PM

Assocham's National Council for MSME appeals to Centre to focus on spiritual tourism in budget

Manguirish Pai Raiker, Chairman of the National Council for MSME of Associated Chambers of Commerce and Industry of India (Assocham), appealed to the central government to emphasize on Production Link Incentives (PIL) and spiritual tourism in the interim budget.

 

Speaking to ANI, Raiker said, "The government is taking a lot of initiatives to improve the business... We will be the third-largest economy very soon... PLI (Production Link Incentives) will be enhanced, more products will be brought in and there will be more scope for investments in India."

7:25 PM

Himachal proposes Rs 9,989.49 cr budget plan for 2024-25: CM Sukhu

The Himachal Pradesh government has proposed an annual budget plan of Rs 9,989.49 crore for 2024-25, Chief Minister Sukhvinder Singh Sukhu said on Monday.

 

The chief minister presided the first session of MLA Priority meeting with the MLAs from Una, Hamirpur and Sirmaur districts.

 

The Chief Minister said that the state government was working with a motto to make Himachal Pradesh self-reliant in the next four years and the most prosperous state in the country in 10 years.

 

He exhorted the MLAs to come up with the priorities that were in line with the state government's commitment to provide clean, transparent and accountable administration to the people of the state.

 

Sukhu said that the discussion during these meetings would pave the way to further accelerate the development process.

6:31 PM

Govt may raise dividend target to Rs 70k cr from RBI, banks, FIs in Budget

Having reaped rich dividends from the Reserve Bank in the current financial year, the government will be looking forward to receiving about Rs 70,000 crore from the central bank and the financial institutions (FIs) in the next financial year.
 

In the interim Budget to be unveiled in the Lok Sabha on February 1 by Finance Minister Nirmala Sitharaman, sources said, the government would peg receipts from dividends from financial institutions at much higher level than Rs 48,000 crore estimated for the current fiscal.

6:22 PM

Commerce dept seeks 10% hike in RoDTEP allocation

The commerce department has sought a 10 per cent increase in the allocation for the export-boosting Remission of Duties and Taxes on Export Products (RoDTEP) scheme in the upcoming interim Budget, people aware of the matter said.

 

For the current financial year, the finance ministry had allocated Rs 15,069 crore towards the scheme. A 10 per cent jump will make the allocation for the scheme Rs 16,575.9 crore.

 

“We have sought a 10 per cent increase in the RoDTEP allocation, in line with the expectation of export growth,” a senior government official told Business Standard.

 

A higher allocation during the current financial year will help exporters, especially when external demand from developed economies is tepid. This is at a time when global uncertainties, including the Red Sea crisis, are set to weigh on outbound shipments from India.

5:54 PM

We hope govt will introduce more schemes for development of Ayodhya: President of Traders Association

On Union budget expectations, Pankaj Gupta, President of Traders Association, Ayodhya says,  We hope that the government will introduce more schemes for the development of Ayodhya."

4:56 PM

Budget LIVE: Jefferies India analysts expect farmer welfare programmes to pick up in FY25

Jefferies India Ltd analysts expect welfare spending to surge especially among popular farmer programmes such as  like the farmer income transfer, housing for all and health insurance. Social spending excluding subsidies may also increase up to 8 per cent in the coming financial year 2024-25, compared with a 4 per cent increase this year. 

 

Read full report here.

 

4:50 PM

Budget LIVE: HelpAge India pushes for expansion of NPHCE, caregiver allowance

Anupama Datta, Head of Policy, Research and Advocacy at HelpAge India urges  for an expansion of the National Programme for Healthcare of Elderly (NPHCE) to include a broader range of services, particularly focusing on outpatient treatments.

 

Datta also stated, "A care giver's allowance to the women, especially older women who are home managers and bear a significant care burden, would ensure dignity, independence and self-fulfillment."

4:47 PM

Budget LIVE: NGOs advocate for revision of OPS, tax exemptions for elderly

The Agewell Foundation urges the government to revise the the monthly Old Age Pension to account for inflation, the initiation of the Prime Minister's Self-Employment Scheme for the retired and senior citizens, and an age-friendly environment with increased tax exemptions for the senior citizens.
 

4:41 PM

Budget 2024 expectations LIVE: NGOs seek Nutri kits, better healthcare for elderly

The HelpAge India and the Agewell Foundation ask Centre for a more inclusive Budget with welfare of the elderly in mind. 

 

Proposed measures include monthly Nutri Kits for elderly individuals belonging to Below Poverty Line (BPL) families, dedicated healthcare facilities at the local level and online counseling services to address various issues faced by older persons.
 

4:30 PM

Budget 2024 expectations LIVE: Interim Budget likely to focus on farmer welfare

This year poor rainfall severely effected crops, disrupting rural economy. As farmers and agriculture have been a key area for the ruling government, economists expect the Centre to provide more financial  support to farmers. Rural areas in India make up 65 per cent of India’s 1.4 billion people. Last year, government took on aggressive methods to curb soaring food prices, including banning exports of rice, wheat and sugar,

 

Read full report here.

 

4:19 PM

Budget 2024 LIVE: Income tax collection up 30% this year, corporate tax up 20%, GST 10%

According to HSBC Holdings Plc, income tax is almost 30 per cent higher this year than what was collected in the last financial year, while corporate tax is up 20 per cent and GST is 10 per cent higher. This is crucial as India's budget deficit has come from soaring tax receipts.

 

Read full report here.

 

3:44 PM

Budget 2024 expectations LIVE: Economists expect fiscal consolidation, policy priorities

Madhavi Arora, an economist with Emkay Global Financial Services Ltd believes that the upcoming Interim Budget 2024 announcement will focus on fiscal consolidation and prioritise policies, as Finance Minister Nirmala Sitharam has hinted at "no major announcements". 

 

As this is an election year, experts suspect the government is unlikely to go on a "spending spree".

 

Read full report here.

 

3:05 PM

Budget 2024 LIVE: All-party meeting ahead of Budget session to be held at 11:30 am tomorrow

Minister of Parliamentary Affairs Pralhad Joshi will hold meeting with the floor Leaders of Political Parties in both the houses of the Parliament, before the start of the Parliament Session. The All Party meeting will be held at 11:30 am on January 30, 2024 at Parliament Library Building in New Delhi.

 

The Parliament session will begin with the address of the President on January 31, 2024 and subject to exigencies of Government Business, the session is scheduled to conclude on February 9, 2024. Union Finance Minister Nirmala Sitharaman will present the Interim Union Budget on February 1, 2024.

2:53 PM

Budget 2024 LIVE: India to remain fasting growing economy for next 3 years, says S&P Global Rating

S&P Global Ratings sees India remaining the fastest-growing major economy for the next three years. This would put the country on track in becoming the world's third-largest economy by 2030, overtaking Japan and Germany.

 

Read full story here.

 

2:48 PM

Budget 2024 LIVE: Economy projected to grow 7% in FY25

According to the government's first advance estimates, India's economy is seen growing at 7.3 per cent in the current financial year, after growth of 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22.

Read full story here.


 

 

1:50 PM

Budget 2024 expectations LIVE: Retailers seek investment in R&D to streamline supply chain

Ankit Maini, the Managing Director at Veira Group states that while the departure of most Chinese brands from the Indian manufacturing sector has created opportunities for local players, competitions in the market is still challenging.

 

Speaking on pushing the 'Make In India' initiative forward, Maini says, "The government must prioritise research and development and streamline the supply chain. Addressing the tax structure on televisions is crucial; currently taxed at 28 per cent on TVs larger than 32 inches, a universal reduction to 18 per cent is recommended, especially considering the expanded role of television in education and information dissemination."

 

12:59 PM

Budget 2024 expectations LIVE: Logistics sector seek strong digital, physical infra development

Vineet Agarwal, the managing director at Transport Corporation of India Ltd believes that the upcoming Budget should continue its focus on long-term digital and physical infrastructure development, incentivising multimodal logistics for carbon reduction, and skilling initiatives for those employed in the logistics sector.

 

He said, "As we await the release of Interim Union Budget, the logistics sector stands poised for transformative measures that will fuel our journey to a $5 trillion economy. The forthcoming budget presents a significant opportunity to reinforce our commitment to enhance the ease of doing business."

 

"In the budget, continued focus on advocating for a long-term perspective to build physical & digital infrastructure, incentivise multimodal logistics for carbon reduction, and robust skilling initiatives for the 22 million employed in the sector should be the key priorities. To boost EXIM trade and improve competitiveness, we need to maintain the momentum in investments and digitalisation. With this approach, we’ll be able to move fast towards a more resilient and sustainable transport and logistics ecosystem for India," Agarwal added.

12:42 PM

Budget 2024 LIVE: Govt calls meeting of floor leaders of different parties on Tuesday, ahead of Budget session

Minister of Parliamentary Affairs Pralhad Joshi has called a meeting of floor leaders of different parties in Parliament on Tuesday ahead of the Budget session.

It is a customary practice ahead of every session as leaders of different parties highlight the issues they want to raise in Parliament, and the government offers them a glimpse into its agenda and seeks their cooperation.

 

Budget Session of Parliament to begin from 31st January. Union Finance Minister Nirmala Sitharaman will present the interim budget on 1st February.

 

11:47 AM

Budget 2024 expectations LIVE: Logistics sector urges capex push towards transport, port & digital development

Ravi Jakhar, the chief strategy officer of Allcargo Group expects the upcoming Budget to continue it capital expenditure push towards key infrastructure development projects. 

 

Jakhar said, “As India is emerging as a viable alternative for the global multinational companies for diversifying their manufacturing base, the accelerated development of logistics infrastructure and favourable policy formulations will play an enabling role in helping the country garner a larger share in the global manufacturing value chain. Therefore, we expect the upcoming budget to propose a continued capex push for transportation, port and digital infrastructure development to boost logistics efficiency and competitiveness in line with the vision and goals of National Logistics Policy. We expect the budget to support persistent efforts of the logistics industry to develop last-mile connectivity to facilitate the transformative growth of the SMEs through effective local and global value chain integrations, as they are the key growth drivers of the economy. In addition, we expect the budget to propose incentives to drive large-scale green or renewable energy adoption so that the industry can play a pivotal role in achieving the country's net zero target.”

11:18 AM

Budget 2024 LIVE: Govt to create 75 Digital Banking Units in 75 districts of the country

10:41 AM

Budget 2024 expectations LIVE: Auto manufacturers look for consistency in industry policies

JK Tyre & Industries Chairman & Managing Director Raghupati Singhania said that consistent automotive policies would propel sectoral expansion.

He said, "A robust budget is vital for India's journey to become the third-largest global economy."

10:08 AM

Budget 2024 expectations LIVE: Luxury car industry asks for no surprises in upcoming Budget

The luxury car industry aspires for a rationalised duty structure and GST on priority. 

 Mercedes-Benz India MD and CEO Santosh Iyer said, "Overall, we expect consistency in various policies and no surprises in the upcoming budget," Iyer stated.

Luxury vehicles currently attract the top GST slab of 28 per cent with an additional cess of 20 per cent on sedans and 22 per cent on SUVs, taking the total tax incidence to up to 50 per cent.
 

9:37 AM

Union budget expectations 2024: Income tax exemptions, support for female entrepreneurs

As the budget announcement draws closer, the expectations are on the rise. An increase in income tax exemption limits, financial support to female entrepreneurs, and long-term steps to boost consumption are among the expectations of experts from the interim budget.

9:29 AM

Stock markets to focus on union budget announcements, US federal policy this week

This week is packed with important events for the global and Indian economy alike. As FM Sitharaman prepares to present the interim budget on Thursday, the US Federal policy decision and quarterly earnings will also be announced this week. The two big events will have all the attention of investors in the stock markets. On the macroeconomic front, the PMI (Purchasing Managers' Index) data for the manufacturing sector is scheduled to be announced on Thursday.

 

9:22 AM

Auto companies seek continued push to green mobility, supporting infrastructure

Talking about their expectations from the union budget, leaders from the automobile space have said that the government should continue to focus on supporting and promoting green mobility, alongside providing the supporting infrastructure for alternate fuel vehicles. Finance Minister Nirmala Sitharaman is set to table the interim budget before the lower house on February 1. "We expect capex on infrastructural projects to continue, aiding the automotive sector. The policy push for green mobility should remain a key focus for the government, encouraging faster adoption of electric vehicles," Mercedes-Benz India MD and CEO Santosh Iyer said.