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Budget 2024 Expectations Live Updates: Healthcare, Fintech, Agritech, Green Energy and other sectoral expectations

Budget 2024 Expectations Live Updates: Various industry experts have shared their expectations for the upcoming Union Budget 2024-25 in different sectors. Amit Chhabra, CBO of general insurance at Policybazaar.com, highlighted the need for tax reforms in the health insurance industry to encourage innovation and adapt to evolving trends. He proposed increasing the tax deduction limit for health insurance premiums and pushing for tax exemptions on Health Savings Accounts.

Rajat Goel, Co-founder & CEO of Eye-Q Super Speciality Eye Hospitals, emphasized the importance of transformative policies in the eye care sector to address the critical needs of the population, including large-scale door-to-door eye screening initiatives, resolving the backlog of eye surgeries, and infrastructure enhancement for eye care facilities.

A Kulandai Vadivelu, Chief Financial Officer of TVS Electronics, stressed the need for a growth-oriented tax environment to catalyze India’s economic progress. He called for reforming the Goods and Services Tax structure, introducing tax holidays and enhanced input credits for manufacturing units, and extending incentives for research and development in the electronics manufacturing sector.

Amjad Raza Khan, CEO of Cashaa, expressed expectations for rationalization of capital gains tax and TDS tax rates for the crypto industry, along with a regulatory framework that treats crypto at par with other financial asset classes.

Shashank Avadhani, Co-founder & CEO of Alyve Health, called for a focus on preventive healthcare initiatives in the budget to ease the burden on the Indian healthcare system. He advocated for incentives for the preventive healthcare sector, including waiving off GST for preventive healthcare plans.

Anish Mashruwala, Partner at JSA Advocates and Solicitors, highlighted the importance of continuity of policy on infrastructure spend in the banking sector and the need for guidance on prolific digitization to combat rising frauds.

Other experts shared expectations related to tax exemptions, deductions, and simplification of compliance procedures for salaried individuals, investment in affordable housing, policy support for the green hydrogen mission in the energy sector, and better access to formal and affordable credit for SMEs.

Overall, the industry experts are looking forward to the Union Budget addressing key issues and implementing policies that will drive growth, innovation, and sustainability in various sectors, ultimately benefiting the economy and the general public.

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