Here's a sneak peek into what brands are expecting from Union Budget 2024

As the nation awaits the Union Budget 2024, scheduled for unveiling on February 1, brands across diverse industries are holding their breath in anticipation of potential reforms and policy shifts.

In this story, BestMediaInfo.com delves into the expectations of key sectors such as tourism, food, technology, gaming, and insurance, providing insights into the collective outlook of industry leaders as the economic roadmap for the coming fiscal year takes shape.

Nishant Pitti

According to Nishant Pitti, CEO and Co-founder, EaseMyTrip, the tourism sector is hopeful that the upcoming budget will bring crucial reforms to strengthen and revitalise the tourism industry.

“We earnestly expect the Government to allow GST input on holiday businesses, a strategic reduction in income tax to catalyse growth in the country's tourism industry, and the streamlining of the TCS structure to a more favourable 5 % slab. Additionally, we expect a comprehensive overhaul of tax exemption policies related to Leave Travel Allowance (LTA), urging the Government to consider an annual allowance and the inclusive coverage of the entire tour package cost under LTA, surpassing the limitation to only flight expenses,” he said.

He also mentioned that predicting the realisation of the full potential of domestic tourism, the sector is also looking forward to a budgetary emphasis on infrastructure development, technology integration, and health safety measures across airports, aviation, roads, railways, and waterways.

“Recognising the vast, underleveraged potential of India's waterways, which includes sea and river cruising opportunities, we strongly urge the Government to undertake necessary measures for the development of this sector,” he added.

Vikram Agarwal

Sharing his take on the matter, Vikram Agarwal, Managing Director, Greendot Health Foods, said, “We are seeking budgetary measures to enhance the competitiveness of the food sector in the international market. We expect a strategic approach aimed at nurturing growth and fostering innovation, particularly within the domestic snack industry.”

“We request the government to allocate funds for export incentive schemes in the food sector, coupled with subsidies to facilitate overseas participation in major food shows. These initiatives will play a pivotal role in promoting the sector's global presence and stimulating innovation at home," he added.

Amit Khatri

As per Amit Khatri, Co-Founder, Noise, India's resilient economy, fueled by entrepreneurship and proactive governance, is all set to reach $5 trillion by 2024 and with a projected annual growth rate of 6.3%, India's ascent to become the third-largest global economy by 2027 is on the horizon.

“As we anticipate the upcoming Union budget, a robust regulatory framework fortifying the startup ecosystem, and streamlined funds allocation, alongside strategic efforts in technological advancements, are crucial. A dedicated push to boost R&D and technological opportunities within the country will be pivotal in shaping India’s economic landscape and enhancing global investment,” he said.

Moreover, he also pointed out that initiatives like the PLI scheme have been instrumental in boosting 'Make in India' efforts, and therefore he believes the upcoming budget holds the utmost importance in further shaping India's electronic manufacturing space.

“We hope for continued support from the government with the push for localising components as well, fostering an environment that encourages homegrown brands to lead India on the global stage, further accelerating growth and enhancing international prominence,” he added.

Gaurav Agarwal

As per Gaurav Agarwal, Co-Founder, Gamezop, even though India shines as a potent growth engine amidst global anxieties, achieving the ambitious $30 trillion target by 2047 requires more than relying solely on domestic consumption.

“Throughout history, thriving economies have built their castles on a positive balance of payments and export prowess, with each key sector acting as a brick in the wall. Today, one such sector with undeniable potential is gaming,” he said.

With this, he also pointed out that if one considers the world's top four economies, it is evident that their gaming industries stand tall, exporting innovation and creativity. And so there is a crucial need for the upcoming budget to prioritise and support this burgeoning sector.

“Duty Credit Scrips for export-oriented gaming companies will not merely be a handout; they will signify a strategic investment in high-skilled jobs, GDP growth, and building global influence. It is time for India to transition from being one of the largest consumers of content to becoming the largest creator of content. The hope is that we can seize this moment, not just to play the game, but to rewrite the rules,” he opined.

Amit Lakhotia

Sharing his expectations from the upcoming Union Budget, Amit Lakhotia, Founder and CEO, Park+, stated that since Indian cities are evolving at a rapid rate- migration, infrastructure upgrades and Park+’s pursuit is also to build 100 smart cities by 2024, it is imperative that for India to truly build smart cities, there is a need to embed smart vehicular management systems within the current urban architecture.

“With over 4 crore vehicles on Indian roads today, we need to ensure that real estate players, auto-tech startups, EV OEMs, local municipalities, and government bodies, work together to offer services to make Indian roads smart and safe. All stakeholders need to work together to provide safe/legal parking spots, unclog gridlocks, create smart traffic management systems, build EV charging stations, ensure better driving behaviour, and reduce road accidents. I look forward to seeing the government expediting its initiatives to build smart cities of the future,” he added.

Tarun Chugh

Similarly, Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance, also emphasised that the industry is hopeful that the interim budget will introduce the much-needed reforms to incentivise the purchase of insurance and enhance the industry’s efforts to increase insurance penetration within the country.

“With a significant number of people heading towards retirement age in the next decade, incentivising the purchase of products in the pension category becomes crucial in this interim budget. It is recommended that life insurance annuity or pension products be aligned with the National Pension Scheme (NPS). We also advocate for an additional deduction of Rs. 50,000 or more,” he said.

Furthermore, he also pointed out that similar initiatives will be required across the industry’s various product categories, including pension products, ULIPs, and even traditional plans. He believes that the customers will benefit from them and will have more reasons to invest in the industry for their long-term financial goals, thereby fuelling India’s development.

Himanshu Arya

Himanshu Arya, Co-Founder and CEO, Luxury Ride, also denoted that even though the automotive industry is a key driver of the Indian economy, contributing significantly to GDP, employment, and exports, it faces several challenges, including high taxes, regulatory uncertainty etc.

“In light of these hurdles, we respectfully request the Finance Minister to address these concerns during the upcoming Union Budget. Through targeted interventions and policy refinements, the government can foster a more conducive environment for the sector to thrive, enabling it to continue fueling economic progress and generating employment opportunities while bolstering India's position as a global automotive hub,” he said.

With this, he also mentioned that since pre-owned luxury cars currently attract a staggering 110% GST and 100% excise duty on imported CBU units, it is a major deterrent to imports and therefore reduction of taxes would only make imported cars more affordable and accessible to consumers and help boost domestic market competition.

“The Ministry of Road Transport and Highways (MORTH) has initiated an initiative to facilitate the online transfer of ownership for pre-owned vehicles. However, the period required to transfer the ownership is very tedious. We request the government to expedite the implementation of this portal to improve transparency and confidence in the pre-owned vehicle market,” he added.

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