Budget Expectations Live 2024: Finance Minister Sitharaman tabled the Economic Survey in Parliament today Union Budget 2024 Expectations Live Updates
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Telegram GroupBudget Expectations Live 2024: Economic Survey projects real GDP growth of 6.5-7% in FY25 Union Budget 2024 Expectations Live Updates: Pre-budget expectations from various sectors have come out. Get all the updates on budget news here.
Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS outlines his macro-economic outlook for the upcoming Budget 2024
Budget Expectations Live 2024: The budget is expected to strike a balance between capital expenditure and addressing rural challenges. Also, higher-than-expected RBI dividend has provided some flexibility to go ahead with welfare schemes. We anticipate that the government’s priority will continue to be achieving and maintaining macro stability while pursuing a path of fiscal consolidation while balancing growth and stability.
We expect the fiscal deficit to be kept below 5.1% for FY25, with a target to reach 4.5% by FY26. Currently, the market is closely tracking developments related to capital gains tax. Any deviation from market expectations could lead to some short-term adverse reaction, although this seems unlikely. We believe the upcoming budget will support the vision of a “developed India” by 2047 following a transformation similar to that seen in the last decade. With the formation of the NDA 3.0 government, expectations from the market are rising for some allocation to address rural challenges and a possible cut on capital expenditure.
What can help India expand its global defence footprint?
Ashish Rajvanshi, CEO of Adani Defence & Aerospace, says that this time the budget has expectations from the private sector on how 70% of the total defence expenditure can be divided between the public and private sectors in India through domestic procurement.
Kaushik Das, Entrepreneur and CEO, AAO NXT, on Union Budget expectations for the Media and Entertainment Industry said
“The Indian media and entertainment (M&E) industry is flourishing, boosted by the rise in the use of OTT platforms, government support for digital infrastructure, and the ever-increasing enthusiasm for cinema. Despite several tax reforms being introduced in the last few years, several critical issues remain that need to be addressed in the upcoming Union Budget.
A major challenge is associated with the TDS (tax deduction at source) system. Currently, taxpayers face a lot of difficulties in reconciling TDS with their income due to the time difference. To reduce this burden, it would be beneficial if the Income Tax Act allows TDS credit reflected in Form 26AS for the respective year.
Advertising agencies also face hurdles with the current TDS framework, which impacts their cash flows due to TDS being applicable on the gross billing amount. Reducing the TDS rate on payments from advertisers to these agencies will help ease this financial stress.
Additionally, payments to overseas satellites and data centres are currently classified as royalties or fees for technical services, making them subject to tax deductions. Clarifying that these payments are not taxable in this manner will greatly help M&E companies that use these services.
Further, the rules for carry forward of losses during company amalgamations should be expanded to include companies in the M&E sector, thereby promoting growth and consolidation within the industry.
This will significantly reduce ongoing litigation and create a more supportive business environment. On the GST front, implementing the changes proposed in the recent GST Council meeting, such as the amnesty scheme to waive interest and penalties and reducing the predeposit amount for filing appeals
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