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.