Expectations for the Budget in 2024 Highlights: On February 1 in the Lok Sabha, Union Finance Minister Nirmala Sitharaman, who has already presented five annual Budgets, will unveil an interim budget for fiscal 2024–25. Prior to the upcoming general elections, it will be the final significant economic document. A wide range of industries, including Education, Healthcare, Infrastructure, and EV, anxiously await Sitharaman's declarations and fiscal policies that will mold their respective environments.

India Inc. has projected that on February 1st, FM Sitharaman will announce tax relief measures along with steps to increase manufacturing, allocate more funds for infrastructure development, and give social sector programs more attention.

Here are the most recent updates regarding the 2024 budget expectations.
Mrinaal Mittal, Director, Unity Group

The sentiment prevalent in the real estate sector in 2024 is propitious after having witnessed an extraordinary growth spurt in 2023 notwithstanding various quandaries like lofty rates of interest. The demand drive and growth rate in residential real estate will be vastly shaped by the verdict of the next general elections. Every year, prior to the budget announcement, the real estate industry expresses its expectations from the Finance Ministry. The agenda remains rather consistent with few basic demands which also include fast tracking the resolution of issues in the real estate sector. Additionally one of the key asks from this budget would be an increase in the tax rebate slab on home loan interest rates to at least twice of what it is presently. Affordable housing will need encouragement in the form of tax holidays to persuade developers to launch such housing projects as schemes introduced during and after the pandemic have expired. As a contributor of about 7.5% to the country’s GDP, our industry is justified in expecting a serious consideration to regulations that will augment the robustness of last year.
Hari Kishan Movva, Senior Vice President, SILA

To stimulate the housing market, it's crucial to increase the Income Tax Act Section 24's home loan interest rate rebate from INR 2 lakh to at least INR 5 lakh. This adjustment could particularly benefit budget homes, facing a 20% decline in sales in 2023 due to the pandemic.
Reviving expired incentives, like tax breaks, is imperative for affordable housing. Modify eligibility criteria, considering the Ministry's definition based on income, property size, and price. Adjust the qualifying cost for city properties; for instance, raise the budget to INR 85 lakh for Mumbai. This ensures broader accessibility and utilization of government subsidies and reduced GST rates.

Address the land shortage by releasing government-owned lands for affordable housing. Lands owned by entities like Indian Railways could significantly lower real estate prices when allocated specifically for this purpose.

Kaushal Mehta, Managing Director, Walplast

As we step into 2024, the construction materials industry anticipates a year of robust growth with strong tailwinds. The sector, pivotal for infrastructure development, envisions a positive trajectory, bolstered by technological advancements, sustainable practices and a renewed focus on efficiency. As we eagerly await Budget 2024, our expectations center around supportive policies that foster innovation, development, sustainability and affordability. A far-sighted budget allocation in an election year can serve as a catalyst for the industry's growth engine, driving job creation and economic prosperity. Embracing the challenges ahead, the construction materials sector is poised for a transformative year, contributing significantly to the nation's progress and reinforcing its role as a cornerstone of sustainable development.
Henna Misri, Chief Executive Officer, Space Creattors Heights

From formidable office settings in austere colors to lively, colorful and quirky offices, the co-working industry changed the way we work. From catering to mostly startups and freelancers to having mammoth corporate clients, flexi offices witnessed a metamorphosis that was further propelled by the pandemic. Over the next three to five years, it is foreseen that the co-working sector, which presently makes up roughly 18% of all commercial real estate utilization in India, would achieve a proliferation rate of 25 to 30%. For an industry growing so rapidly, we are seeking some support and encouragement from the upcoming budget. These essentially include positive tax reforms to support the expansion of our footprint along with lowering of GST rates and clearer standards on electricity tariffs. The creation of a single-window clearance system and a major impetus to infrastructure will also accelerate the entry and operation of coworking spaces in non-metropolitan areas which is the next step in the progression of the co-working and flexi office spaces.
Raghab Panda, CEO & Co-Founder, Santaan

The status of IVF health services and national health systems in the region of 2024 stands as a testament to our collective commitment to prosperity. The Ayushman Bharat program continues to be the cornerstone weaving a safety net for countless lives, IVF and that." it will strengthen health care, ensuring that the dream of parenthood becomes a reality for more families. In addition, national health systems are poised to receive increased funding, which will provide comprehensive health care coverage say Let us believe in the irreplaceable addition of empathy and understanding to health issues.With the availability of ART and Surrogacy Act 2021 and next logical steps include IVF treatment under Ayushman Bharat, programme with state sponsorship and private insurance players will increase the number of couples dreaming of parenthood This entire ecosystem will enable AI, IoT and other innovations for new startups to realize it is in India.
Vinesh Menon, CEO, AMPERSAND Group

The rapid momentum picked up in the Digital India initiative must now translate to democratizing education delivery to the children of economically challenged sections. School Education deserves 6% of the GDP to introduce Subsidy for digital equipment for wider outreach, earmark a separate budget for innovation in education to upgrade government schools and power better execution of important initiatives like DIKSHA. School education needs to shift out of the ICU & these would be welcome game changers to trigger the same.
Mr. Sushant Kumar, Founder & Managing Director, AMO Mobility

Looking ahead to the 2024 budget, the auto industry is preparing for a period of recalibration and steady growth. Inventory shortages and rising prices have hampered the market in recent years. However, as we approach 2024, several indicators predict an increase in new vehicle sales, indicating a shift toward stability. In this context, the upcoming budget is critical. We anticipate supportive fiscal policies, such as tax breaks for electric and hybrid vehicle production, increased investment in EV infrastructure, and possibly revised regulations that will reduce automakers' operational costs. Such measures would greatly help to balance consumer affordability with rising operating costs. Announcements in favor of the automotive industry can spur investments in emerging technologies and assist manufacturers and OEMs in adapting to changing consumer preferences, particularly in the electric and hybrid vehicle segments. Such a positive shift can help the sector navigate current market conditions and chart a course for long-term sustainability and success in an industry on the verge of transformative change. As a result, the 2024 budget is expected to have a significant impact on the auto industry's future.