Budget 2024: What do different industries and sectors expect from finance minister
New Delhi: From Real estate to hygiene, startups, and infrastructure experts are expressing their desire for a budget that promotes growth, provides relief in taxation, and improves the economy. Various sector and industry experts are looking forward to the announcements and expect some positive changes.
Gaurav K Singh, Founder & Chairman, Womeki Group, “To empower first-time homebuyers, we support lowering long-term capital gains taxes, lowering income taxes on second houses, and making a strong argument for interest subsidies. Furthermore, a little change in the GST on building materials like steel and cement could indirectly support the real estate sector by lowering developer input prices and, subsequently, overall building expenses.”
Pravin Dubey, Founder, Webclixs feels that digital infrastructure and skills should be given high priority in this year’s interim budget to promote startups, adopt AI, and make it fully monitored by the government. The incidence of cyber attacks is continuously increasing, making it one of the biggest threats facing enterprises today. “It would be welcome if the Budget focuses on incentivizing companies involved in cyber security and increasing awareness among people about it. We hope the government will take cognizance of this and increase spending on the digital industry.”
Shilpi Gupta, Co-Founder of Washcraft envisions a transformative landscape for women entrepreneurs, especially in the dynamic sector of the laundry industry. She is hopeful that the upcoming Budget should resonate with a commitment to build a future where women-led laundry companies become symbols of inspiration, driving economic progress and social change
“A visionary budget should lay the foundation for a laundry industry sector where women entrepreneurs are coming forward, driving innovation, inclusivity, and economic growth. By aligning resources and incentives toward this approach, we can create a business environment that not only uplifts women entrepreneurs but propels the entire industry to new heights of success,” Gupta added.
Venket Rao, an RERA Expert & Founder, of Intygrat (A corporate Law Firm) says “The government’s interventions in the real estate sector not only have a financial impact on home buying but also serve as a reinforcement of regulatory frameworks. Over the years, the real estate industry has seen some important regulatory changes that have not only addressed various violations but have also fostered trust in the real estate business, which has been steadily rising in recent years. The sector wishes for measures to stimulate demand to strengthen its pivotal role in India’s economic landscape. The sector firmly believes that the budget will provide the necessary impetus for its continued growth and development. The real estate sector recognizes the importance of intensified execution of the amendments to further elevate transparency and ensure the industry’s integrity. The government’s support in this regard is crucial. With government interventions and regulations, the sector aims to shield itself from fraud and delays, ultimately contributing to a more robust and trustworthy real estate market.”
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