With a new year comes a new budget. And with all the storms tackled till now, for the ruling party it is an opportunity to make a lasting impression on the voters before the country goes to polls later this year. Thought Habitat approached some business leaders to share their expectations from budget 2024 and here are some of them.
MSME Loans for Small Consulting Business
“Bharat has grown under the leadership of the Honorable Prime Minister Narendra Modi and has become the fifth largest economy in the world. As per expert estimates, India is set to become the third largest economy by 2030. I would personally expect ease of MSME loans especially for service sector entrepreneurs with small consulting businesses. If Intellectual Properties are given significance to grow with strict laws to protect IPs, it would help in accelerating the business landscape. I am sure, the Honorable Finance Minister has thought of a long term vision for the economic growth considering multiple sectors and factors,” Devesh Purohit, CEO, Legacy Matrix PR.
Clarity on FDI & Security Transaction Tax
In my assessment of the upcoming Budget 2024, I am keenly anticipating the government’s commitment to providing clarity on Foreign Direct Investment (FDI). I emphasise the critical need to address grey areas and encourage diverse investments in the education sector. This strategic move, I firmly believe, will not only give a boost to our economy but also lay a robust foundation for sustained future growth. Turning my attention to the financial markets, I feel compelled to shed light on the pressing issue of the Security Transaction Tax (STT), particularly concerning derivatives, which presently stands at a significant 23.5-25%. I passionately advocate for a substantial reduction in STT, envisioning a surge in market participation and a potential revenue boost for the government,” Gaurav Bhagat, MD, Consortium Gifts.
Reduction in import duties on precious metals
“The Indian jewelry industry eagerly awaits the 2024 Budget with expectations for a reduction in import duties on precious metals, fostering affordability of raw materials. There is a need for streamlined business processes to enhance operational efficiency, particularly for small and medium enterprises. A focus on skill development through investment in training programs for artisans is anticipated to preserve traditional craftsmanship and elevate the industry’s global competitiveness. Industry leaders also look forward to measures addressing smuggling and promoting ethical practices, emphasizing the need for stricter regulations and surveillance. The expectations encapsulate a comprehensive approach that aims to stimulate growth, ensure transparency, and position India as a prominent global hub for exquisitely crafted and responsibly sourced jewelry,” said Deepak Khanna, Owner, DRK Jewels.