"Budget 2024" - How does it fare in the opinion of experts | Read Here

Harsha V Agarwal, Vice President & Managing Director, Emami Limited

The Union Budget 2024 is a progressive and balanced budget.  It focuses on multiple sectors including agriculture, rural development, MSMEs, women, employment and skill development is anticipated to spur the economic growth.  With a clear emphasis on capital spending to generate growth and a strong focus on employment along with some of the tax benefits, we expect consumption to improve.  Further, simplification of personal tax is also a very welcome move.

Mahesh Somani, Managing Director of Liyaans Properties

Balanced allocation of budget with focus on rural India, infrastructure, self skilling program, simplification of taxation, incentivisation to MSME sector. However, real estate is feeling left out   and specially west Bengal got almost nothing where as neighbouring states are getting huge funding. Overall budget has socialist approach with capitalistic mindset.

Bhaven Kamdar, Chairman, JITO Kolkata

The Budget presented by Hon'ble FM Nirmala Sitharaman is a very good and inclusive budget. Focus has been on many areas including women empowerment, Education, Skilling, Employment, Infrastructure and Clean Energy. Lower Fiscal deficit estimate shows the control of the Govt on managing finances. The Govt's continued committment towards building a Viksit Bharat is evidenced by way of the reforms announced by the Hon'ble Finance Minister.  Many critical changes proposed in the income tax laws including the Vivad se Vishwas scheme. However certain expectations such as increase in the basic exemption limit, reduction in the highest tax rate and amendment with regard to disallowance on account on delayed payments to MSMEs, were left untouched.  Overall it is a well balanced budget paving way for country's growth.

Sanjay Jain, Managing Director, Siddha Group

The government's interest subsidy scheme for urban housing is a positive step towards making home ownership more accessible. The PM Awaas Yojana for one crore poor and middle-class families with central assistance of 5 years will not only push the real estate market but also stimulate all other industries which are indirectly co-related with real estate market. The proposal of lowering of stamp duty rates for women will inspire women to buy a home and will effectively give a social security to them. The proposal to provide rental housing for industrial workers through PPP model will involve the industrial houses who will share the burden of cost with the government to provide housing to industrial workers, thereby providing a good housing atmosphere and enabling the children of the workers for a better life.

CA Vikash Parakh, Partner, GARV & Associates

The Budget presented by the Finance Minister seems to continue from where the Interim budget ended earlier this year. It is a growth oriented Budget with emphasis on Employment generation, Skill Development, Agricultural Research, Infrastructure, Women Empowerment and Energy security. Many policies and schemes announced in this regard with the employment linked incentives being one of the major reforms which should provide impetus to increased employment opportunities. As far as tax proposals are concerned, change in capital gains tax is a major move. Although the rate of tax on long term capital gains has been reduced to 12.5% but doing away with the indexation benefit could see higher tax outgo in many cases. Vivad se Vishwas Scheme 2024 should assist in reduction of ongoing litigation matters. Although the budget falls short of fulfilling certain expectations of common people, but overall it is an inclusive budget towards viksit bharat.

Sushil Poddar, President, CWBTA

We congratulate our finance minister for record breaking score of presenting Union Budget. The Budget has rightly balanced issues in path of progress. CWBTA welcomes financial backing for MSME through loans by way of bill discounting, without insisting on collateral. Trading community takes it that this could ease burden of section 43B (h) for them. Special emphasis on boosting Agricultural, Education, Employment generation, skill development, importance to first time worker, relief of Income Tax for salaried employees etc. is bound to lead us to Vikshit Bharat. Setting up of plug & play Industrial Parks, abolishing Angel Tax, relaxing tax compliances give hope of economic progress. However, it would be of great help if income tax relaxation given only to salaried assesses were also given to business class and corporates. We trust clarification on removal of sec 43B(h) would be seen in fine prints of the budget documents.

Naresh Jalan, Managing Director, Win Pens

The Union Budget has adopted a conservative stance, prioritizing fiscal prudence over populist measures. The government's focus on fostering growth through sectors like shipping and e-commerce is commendable. The proposed overhaul of the Income Tax Act and rationalization of GST rates are steps in the right direction. Moreover, promise of not opening files for AY beyond 3 years for income below Rs 50 lakh is a significant relief for small and medium enterprises. Reduced import duty on gold: The government's decision to lower the Basic Customs Duty (BCD) on gold is a welcome move that is likely to benefit the jewelry sector and consumers. Revised long-term capital gains tax: The reduction in the holding period for long-term capital gains tax on land from 3 years to 2 years is a positive step that will encourage real estate investments along with reduction in tax rates for the same. Vivaad se Vishwas 2024: Announcement for Vivaad se Vidhwas 2024, will bring a lot of relief for corporates and individuals who are facing litigation over disputes with the departments. However, the budget's failure to address the concerns of the salaried class by offering substantial income tax relief is a missed opportunity. The increase in short and long-term capital gains tax rates might dampen investor sentiment, although the current liquidity in the market could cushion the impact. While the emphasis on youth training is a positive step, its effectiveness in creating jobs and boosting consumption remains to be seen. Overall, the budget strikes a balance between fiscal prudence and growth-oriented measures. While some steps are commendable, the lack of substantial relief for the salaried class and potential dampening effects on investor sentiment are areas of concern.