Date: July 21, 2024
Location: New Delhi, India
With just two days remaining until the Union Budget 2024 is unveiled, anticipation is mounting across India. Startups, entrepreneurs, and the general public are eagerly awaiting key announcements that could impact economic growth, job creation, and daily living standards. This report highlights the primary expectations from various sectors as the nation gears up for the budget reveal.
Expectations from Startups and Entrepreneurs
- Tax Incentives and Simplification: Startups are hoping for tax relief and simplification of the tax code to ease compliance burdens. Specific expectations include:
- Reduction in Corporate Tax Rates: Lower corporate tax rates for startups to boost profitability and reinvestment.
- Extended Tax Holidays: Prolongation of tax holidays for new startups beyond the current period to encourage innovation and growth.
- Simplified GST Compliance: Streamlined Goods and Services Tax (GST) processes to reduce administrative overhead and improve cash flow.
- Funding and Investment Support: Access to capital remains a critical issue for startups. Entrepreneurs are looking for:
- Enhanced Funding Programs: Increased allocation to government-backed funds like the Startup India Seed Fund Scheme.
- Incentives for Venture Capital: Tax breaks and incentives for venture capitalists and angel investors to encourage investment in early-stage startups.
- Ease of Access to Credit: Simplified procedures for obtaining loans and credit guarantees for startups.
- Infrastructure and Technology: Startups are also keen on improvements in infrastructure and technology support:
- Digital Infrastructure: Investment in digital infrastructure to support tech startups, including broadband connectivity and 5G rollout.
- Research and Development (R&D): Grants and subsidies for R&D to foster innovation and technology advancements.
Expectations from the General Public
- Relief Measures: Amidst economic challenges, the general public is expecting relief measures to alleviate financial stress:
- Income Tax Relief: Increased income tax exemption limits and introduction of new tax slabs to reduce the tax burden on middle-income earners.
- Fuel Price Reduction: Measures to control and reduce fuel prices, which have a cascading effect on the cost of living.
- Employment and Skill Development: Job creation and skill development remain high priorities for the general public:
- Job Creation Initiatives: Programs aimed at generating employment, especially in sectors like manufacturing, agriculture, and services.
- Skill Development Programs: Enhanced focus on skill development and vocational training to equip the workforce with future-ready skills.
- Healthcare and Education: Improvements in healthcare and education are also on the public’s wish list:
- Healthcare Funding: Increased allocation to the healthcare sector, including funding for public health infrastructure, affordable medicines, and health insurance schemes.
- Educational Reforms: Investments in the education sector to improve quality and accessibility, including scholarships and funding for higher education.
- Social Welfare and Housing: Expectations for social welfare and affordable housing are significant:
- Welfare Schemes: Expansion of social welfare schemes to support the underprivileged and vulnerable sections of society.
- Affordable Housing: Initiatives to promote affordable housing, including subsidies and low-interest loans for homebuyers.
Conclusion: As the countdown to the Union Budget 2024 continues, the hopes and expectations from various sectors underscore the diverse needs of the Indian populace. From tax relief and funding support for startups to employment generation and social welfare for the general public, the budget presents an opportunity for the government to address critical issues and foster economic growth. All eyes will be on the Finance Minister as the budget is unveiled, with the nation hoping for a comprehensive and inclusive financial roadmap.
