Union Budget Expectations: Here’s What Experts Across Financial Services Industries Anticipate From The FY25 Budget

As India’s full-year Union Budget for FY25 approaches, anticipation builds among various industries. Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and senior bureaucrats have recently met with eminent economists at Niti Aayog to discuss strategies for furthering economic growth. This crucial meeting sets the stage for the Modi administration to outline its vision for the next five years in the upcoming budget.

During the interim budget presentation on February 1, Finance Minister Nirmala Sitharaman emphasized the goal of ‘Viksit Bharat by 2047.’ The detailed roadmap for achieving this vision is expected to be unveiled in the full budget on July 23.

Here are the expectations and insights from key experts across the sector for the budget in July 2024:

Mr. Himanshu Kohli, Co-founder, Client Associates: “The Indian Government will present its first full-fledged Budget for FY 2024-25 on July 23, and there are already positive expectations surrounding the measures to be announced that day. If we look at this government’s track record, it has always been business as usual, and the major policy announcements have typically been laid down outside the budget. This time will not be different, and it will also be a growth-focused and reform-oriented budget aimed at promoting inclusive economic growth.  

We expect the government to maintain fiscal prudence by lowering the fiscal deficit target to 5% from 5.1%, as mentioned in the Interim budget. The RBI’s decision to transfer a record INR 2.11 trillion as a dividend to the government will assist the government in maintaining fiscal consolidation. We also expect the government to increase revenue expenditure through higher transfers to states for capital expenditure or by raising transfers to farmers through PM Kisan from INR 6000 to INR 8000 annually.  

It is a well-known fact that India continues to be the fastest-growing economy globally, but our data shows alarming consumption trends. Hence, along with measures to bring down interest rates, there will be incentives for increasing consumption through tax cuts or other measures to boost rural spending. Capex has always been a focus area in previous budgets, and this time, it will not be any different, which will be a big positive for maintaining sustainable and resilient economic growth. Another priority area for the government will be affordable housing for the urban and rural poor, which will, in turn, positively impact the industrial and consumer goods sectors. The government has already started working on this front by approving three crores more houses under the Pradhan Mantri Awas Yojana (PMAY). Finally, we expect the government to enhance its support for the startup culture in India via GIFT City. This could be achieved by encouraging foreign-domiciled Indian startups to relocate their corporate headquarters to India through GIFT City or by providing more tax breaks for companies to come in via the GIFT City route. 

While there is a general expectation that the budget will focus more on populist measures, we believe the government will still prioritize prudent fiscal management and economic growth. There is also likely to be a focus on targeted social welfare programs for both urban and rural poor. Overall, there are positive expectations for the budget, as it will set the policy tone for the next five years, potentially impacting the markets and the economy. 

Mr. Tarun Singh, Managing Director of Highbrow Securities: “As the Union budget approaches, I am optimistic about transformative reforms that will uplift the MSME sector, a cornerstone of our economy. I foresee significant initiatives aimed at investment in human capital, improved credit access, streamlined listing processes, extended moratoriums, lower interest rates, and interest subvention schemes. 

These measures are poised to empower MSMEs by reducing operational costs, enabling them to expand their customer base, and enhancing their competitiveness on a global scale. This, in turn, will significantly contribute to India’s trajectory towards becoming a global economic superpower. 

Recent developments have opened new funding avenues for MSMEs through innovative value-building and asset unlocking strategies. Encouraging such financial strategies not only elevates corporate governance and financial reporting standards but also fosters a culture of accountability and transparency. 

Moreover, incentivizing MSMEs with tax benefits, subsidies, and support for technological upgrades will promote a focused approach on value creation. This will ultimately strengthen the overall economic framework, driving sustainable growth and development. As we look ahead, it is imperative that the budget reflects a deep commitment to bolstering the MSME sector, ensuring its resilience and growth in the face of global challenges.”

Ashish Singhal, Co-founder, CoinSwitch: “As the government prepares for the upcoming Union Budget 2024-25, we urge them to create a conducive regulatory and tax environment that supports the burgeoning digital economy and fosters innovation. The current taxation framework for Virtual Digital Assets (VDAs), introduced over two years back in the Feb 2022 Budget, has led to unintended consequences even for the Govt and the exchequer, primarily via a massive shift in VDA transactions to offshore platforms, impacting tracking and tracing of such transactions.

We believe that with a new Government in place, and to capitalise on India’s Web3 opportunity, a relook at the tax treatment on VDAs in the July 2024 Union Budget will be very timely. Some of our budget recommendations are as follows:

• Reduce TDS Rate on VDAs: Lower the rate of TDS on the transfer of VDAs from 1% to 0.01% under Section 194S to bring the majority of VDA transactions within the tax oversight mechanism, to improve tax compliance, and prevent capital flight.
• Allow Loss Offset: Allow the offset of losses similar to other sectors to encourage responsible trading practices and reduce the risk of tax evasion.
• Re-examine Flat 30% Tax Rate: Re-examine the flat rate of 30% applicable to income from the transfer of VDAs to ensure parity with other tech-enabled sectors.
• Additionally, the threshold of Rs 10,000 / Rs 50,000 can also be revisited. Most of the crypto sellers (mainly individuals) are in the low-income bracket. Increasing the threshold will reduce the administrative burden on the tax department in processing refunds.

These adjustments can help the government create an environment where digital assets can thrive, contribute significantly to economic growth, and achieve the vision of steering India towards becoming a $5 trillion economy.”

Dr. Alok Misra, CEO & Director of MFIN: “Mainstreaming of CGSMFI scheme for guaranteeing bank loans to MFIs. CGSMFI, which was launched by Department of Financial Services (DFS) was hugely successful in guaranteeing about Rs 7,200 Cr of bank loans to 38 MFIN member MFIs and 99% of that was on-lent to almost 17.75 Lk microfinance borrowers. CGSMFI will be a huge support to the sector, as liquidity stress is inherent in NBFC-MFIs across all sizes. 

* A customised guarantee scheme for regulated entity (RE) loans to microfinance borrowers which has a lower guarantee ceiling (up to Rs 5 Lk), reasonable guarantee fee without any risk premium, shorter lock-in period (up to 9 months) and single tranche settlement facility. In combination with CGSMFI, such a scheme will not only help in mitigating credit risk of the REs but also has the potential to lower cost of funds and thereby lower interest rates for the end client. 

* To address the challenge of lack of access to low-cost debt from banks which has a spiralling effect on sustainability of NBFC-MFIs, growth and in fulfilling the credit needs of their clients, a dedicated refinance facility of Rs 30,000 Cr may be set-up under the aegis of SIDBI or NABARD for on-lending to NBFC-MFIs at lower cost. Terms and conditions applicable for such refinance facility should be such that it suits MFIs of different sizes. The funding should be at viable but not commercial rates, so that end client gets the benefit of lower interest rate. 

* Further, India Micro finance Equity Fund (IMEF) be enhanced to Rs 1,000 Cr (from present Rs 300 Cr) so that the equity needs of small and mid-sized players are met effectively. The criteria of support under IMEF needs to be reviewed so that the benefits can be far reached to various sizes of NBFC-MFIs. At present, it remains poorly utilised.”

Mr. Naman Jhawar, Partner and Head of India & SEA, Picus Capital: “As we look ahead to Union Budget 2024, it holds immense potential to propel innovation and economic growth forward. Streamlining regulatory frameworks to facilitate startup access to capital and scale operations is crucial. Increased allocation towards digital infrastructure, particularly in AI, fintech, and clean energy, promises transformative outcomes. Incentives for research and development will not only stimulate indigenous innovation but also attract global investments. Venture capitalists have emphasized the urgent need for the government to establish a new fund to support startups focusing on emerging technologies like AI, akin to subsidies provided in other sectors. Additionally, they advocate for fostering a robust research and development ecosystem in climate technology within India, ensuring clear commercialization pathways to retain local talent and intellectual property and prevent migration overseas. Simplifying tax regimes and enhancing compliance mechanisms are essential steps to improve the ease of doing business. By prioritizing these measures, the government can foster an environment conducive to entrepreneurship, job creation, and economic resilience. This budget presents a pivotal opportunity for India to solidify its position as a global hub for innovation and technology-driven growth.”    

Mr. Mayank Bhatnagar, Co-founder and COO, FinEdge: “The Government would keep a close watch on the fiscal deficit target. With a fiscal deficit target of 4.5%, the government would look at boosting tax collections and keep a check on non-plan expenditure. The government is also pursuing its goal for India to become a manufacturing hub and a preferred manufacturing destination. Hence, we expect a renewed focus on creating world class infrastructure with higher allocation in sectors like Railways, Roadways, Renewable Power generation, Ports and Airports etc. 

On the personal income tax front, we expect the basic limit of tax exemption to be increased from Rs. 3,00,000/- to 5,00,000/- under the new tax regime. We could also see an increase in the limit of standard deduction thereby increasing more money in the hands of the taxpayer. The government could also consider an increase in tax exemption limit under Section 80C and section 80D. In an effort to promote savings towards retirement, the government should provide additional tax deductions for investment in retirement benefit schemes like NPS (National Pension Scheme). 

We also expect to see initiatives for financial inclusion specifically for women. Special tax saving schemes for women and incentivizing women to invest would be measures that could contribute to a more inclusive and diverse investment landscape.” 

Union Budget Expectations: Here’s What Experts Across Financial Services Industries Anticipate From The FY25 Budget

Dr. Suvi Swamy Treats Many Dangerous Diseases Including Cancer Through Ayurvedic Method

आयुर्वेदिक पद्धति से कैंसर सहित कई खतरनाक बीमारियों का इलाज करती हैं डॉ सुवि स्वामी

आयुर्वेद एक ऐसे चमत्कारी उपाय के रूप में सामने आया है जो कई लाइलाज बीमारी में भी कारगर सिद्ध होता है। डॉ. सुवि स्वामी एक ऐसी ही हीलर हैं जो आयुर्वेदिक पद्धति से कई खतरनाक रोगों का इलाज करती हैं। वह कैंसर स्पेशलिस्ट हैं और ट्यूमर व कैंसर जैसी घातक बीमारियों का इलाज आयुर्वेदिक दवाओं से करती हैं। गुजरात, छत्तीसगढ़, बेंगलुरु और महाराष्ट्र में उन्होंने कई कैंसर मरीजों को आयुर्वेद से ठीक किया है। बहुत जल्द उनका अस्पताल भी खुलने वाला है। साईं धाम जैसे कई ट्रस्ट से भी वह जुड़ी हुई हैं। डॉ. सुवि स्वामी की विशेषता यह है कि मरीजों के लिए वह बेस्ट मेडिसिन खुद बनाती हैं। हीलिंग के क्षेत्र में भी वह अद्भुत परिणाम देती हैं।

पंचकोश बेस्ड कैंसर चिकित्सा के लिए डॉक्टरेट की उपाधि से नवाजी गई डॉ सुवि स्वामी ने मुम्बई में आईएलएस हेल्थ केयर भी लॉन्च किया है। यह हेल्थ केयर डॉ सुवि स्वामी अपने जीवन साथी बिजनेसमैन मनीष स्वामी के साथ चलाती हैं। 

उल्लेखनीय है कि इस सुविधा के द्वारा कई जटिल बीमारियों का आयुर्वेदिक तरिके से इलाज किया जाता है। डॉ सुवि स्वामी के बताए गए प्रोटोकॉल की चर्चा विश्व स्तर पर की जाती है।

डॉ सुवि स्वामी ईश्वरा लाइफ साइंसेज के अंतर्गत पंचकोश आधारित मेडिटेशन के द्वारा कैंसर मरीजों की चिकित्सा कई साल से करती आ रही हैं। वह एक विख्यात और भरोसेमंद कैंसर थेरेपिस्ट हैं, जिन्हें अंतरराष्ट्रीय कॉन्फ्रेंस में डॉक्टरेट ऑफ थेरेपी एंड पंचकोश बेस्ड कैंसर ट्रीटमेंट के लिए उपाधि से सम्मानित किया गया है। उन्होंने सैकड़ो कैंसर रोगियों के जीवन मे खुशियों को बिखेर दिया है।

डॉ सुवि स्वामी जीवन को शांति और सकारात्मक सोच के साथ जीने की प्रेरणा देती हैं। नकारात्मक विचारों से दूर रहने की वह सलाह देती हैं। वह ध्यान और संगीत को सुख शांति का सर्वश्रेष्ठ स्रोत मानती है। मेडिटेशन गुरु डॉ. सुवि स्वामी अध्यात्म के द्वारा लोगों की जिंदगी में आई बेचैनी पर कंट्रोल पाने का मंत्र बताती हैं। ईश्वरा लाइफ साइन्सेज़ के माध्यम से उन्होंने विज्ञान और अध्यात्म का अनुठा संगम किया है। ईश्वरा लाईफ़ साइंसेज (आईएलएस) मानसिक तनाव, चिंता और कई तरह के रोगों से निजात पाने का बेमिसाल केंद्र है।

  

आयुर्वेदिक पद्धति से कैंसर सहित कई खतरनाक बीमारियों का इलाज करती हैं डॉ सुवि स्वामी

Film Director Kumar Neeraj Appointed Mumbai Vice President Of Rashtriya Karni Sena

फ़िल्म निर्देशक कुमार नीरज राष्ट्रीय करणी सेना के मुंबई उपाध्यक्ष नियुक्त

मुम्बई। राष्ट्रीय करणी सेना प्रमुख शिव सिंह शेखावत ने आज मुंबई अध्यक्ष सुरजीत सिंह राठौड़ के नेतृत्व में फ़िल्म निर्देशक कुमार नीरज को मुंबई उपाध्यक्ष पद पर नियुक्त किया है। राइटर डायरेक्टर कुमार नीरज ने इसे एक बड़ी जिम्मेदारी बताई है और कहा कि राष्ट्रीय करणी सेना के मुंबई उपाध्यक्ष बनने का मुझे सौभाग्य प्राप्त हुआ है मैं इसके लिए राष्ट्रीय करणी सेना प्रमुख शिव सिंह शेखावत का आभार प्रकट करता हूँ और प्रयास करूंगा कि इस पद की गरिमा को संभाले रखूं।

उल्लेखनीय है कि कुमार नीरज द्वारा निर्देशित फ़िल्म नफीसा जल्द ही सिनेमाघरों में रिलीज होने वाली है और ऑक्सफोर्ड यूनिवर्सिटी में प्रदर्शित होने वाली यह पहली भारतीय फिल्म होगी। “नफीसा” ने अपनी कहानी और अपने विषय के कारण दुनिया भर के दर्शकों का ध्यान आकर्षित किया है। 

गौरतलब है कि बिहार के मुजफ्फरपुर शेल्टर होम में हुए यौन उत्पीड़न कांड पर बेस्ड निर्देशक कुमार नीरज की फिल्म “नफीसा” का टीज़र रिद्धिमा रिकार्ड्स पर जारी हुआ था जिस देखकर दर्शक दंग रह गए हैं। स्पार्क मीडिया प्रेजेंट लेखक निर्देशक कुमार नीरज की फ़िल्म “नफीसा” की निर्मात्री वैशाली देव और बीना शाह हैं, को प्रोड्यूसर नसीम अहमद खान और  खुश्बू सिंह है। इसके कैमरामैन सनी देओल की फ़िल्म गदर फेम नजीब खान और कोरियोग्राफर गणेश आचार्य है। इस फ़िल्म में राजवीर सिंह, अक्षय वर्मा, निसाद राज राणा, अनामिका पाण्डेय, नाज़नीन पटनी, मनीषा ठाकुर, दिव्या त्यागी, अनिल कुमार यादव, आशीष सिंह उर्ज़ान इक्षापूरिया ,नवनीत ,जय शुक्ला इत्यादि ने अदाकारी की है।

   

फ़िल्म  निर्देशक  कुमार  नीरज राष्ट्रीय करणी सेना के मुंबई उपाध्यक्ष नियुक्त

Zee Café’s ‘Loop 11:47’ Lands on Zee5 & YouTube, TV Episodes Airing from July 22!”

Zee Café, renowned for its diverse range of premium content, is set to elevate the viewing experience with the debut of its first digital series, Loop 11:47. This groundbreaking sci-fi comedy thriller, presented in vibrant Hinglish, blends science fiction, comedy, and thrilling elements seamlessly. The series premiered on July 5th on Zee5 and Zee Café’s YouTube channel, capturing the audience’s attention with its unique storytelling and engaging characters.

Following its successful digital debut, Loop 11:47 will now premiere on the Zee Café channel on July 22nd, providing viewers with multiple platforms to engage with this captivating story. This transition from digital to TV format is set to reach an even broader audience, ensuring that more viewers can enjoy the exhilarating journey the series promises.

A story of three disillusioned friends exhausted by circumstances. —Varun (Akashdeep Arora), an aspiring musician; Nirvaan (Qabeer Singh), an ambitious corporate executive; and Bhavik (Keshav Sadhna), an optimistic influencer—who embark on a getaway to explore a mysterious lake. What begins as an escape from their daily routines takes a twist when they find themselves trapped in an inexplicable time loop, unfolding a thrilling and captivating adventure.

Loop 11:47 is set to deliver an enthralling journey filled with exhilarating moments and humorous twists, ensuring a captivating experience from beginning to end. Whether viewers are drawn to intense drama, lighthearted humour, or mind-bending plot twists, this series promises something for everyone.

Samrat Ghosh, Chief Cluster Officer – West, North, and Premium Channels at Zee Entertainment Enterprises Ltd said, “We are delighted to unveil our first fiction series ‘Loop 11:47’ on Zee Café. This innovative blend of sci-fi, comedy, and relatable themes aligns with our ongoing commitment to delivering fresh and engaging content to young Indian audiences. Zee Café, known for its diverse portfolio of popular international series, engaging reality shows, and original programming, continues to cater to the evolving tastes of contemporary viewers. ‘Loop 11:47’ is expected to provoke thought, evoke laughter, and resonate with audiences nationwide.”

Rishi Parekh, Chief Channel Officer – English Cluster and Zest, added, “Loop 11:47’ exemplifies Zee Café’s dedication to pushing creative boundaries and exploring novel concepts. With a commitment to connecting with the Gen Z audience through initiatives like Anime Fan Fest and localized programming such as ‘Breaking Bad’ and ‘Better Call Saul’ in Hindi, we aim to offer content that resonates deeply. The content promises to deliver an engaging, relatable viewing experience that reflects our ethos of bridging cultural divides with globally resonant content infused with local flavour. This distinctive series is poised to captivate a broader audience, reinforcing Zee Café’s stature as a premier entertainment destination nationwide.”

Featuring a compelling storyline, dynamic characters, and an innovative concept, Loop 11:47 is a must-watch. Tune in and immerse yourself in the thrilling world of Loop 11:47 – soon to grace your screen on July 22nd on Zee Café. Get ready for an unforgettable adventure with this sci-fi thriller that promises to keep you on the edge of your seat, laughing and thinking in equal measure.

Zee Café’s ‘Loop 11:47’ Lands on Zee5 & YouTube, TV Episodes Airing from July 22!”

The Music Video ASHQ KAISE CHUPAOGI Was Launched By Bedia Film Music & Produced By Sanjay Bedia Girgaonkar. The Video Features Yashika Basera – Jatinder Singh In The Starring Roles

The music video “Ashq Kaise Chupaogi” was launched today, accompanied by a press conference at Bedia Film Studio in Mumbai. The video, produced by Sanjay Bedia Girgaonkar, stars Yashika Basera and Jatinder Singh.

Music lovers have a new treat with the release of “Ashq Kaise Chupaogi.” This soulful track, now available on the Bedia Film Music YouTube channel, showcases the collaborative efforts of several talented individuals in the music industry.

Produced by Sanjay Bedia Girgaonkar, “Ashq Kaise Chupaogi” features the emotive voice and composition of Aman Khan. Directed by Munish Kalyan, the music video adds a visual storytelling layer that complements the song’s heartfelt lyrics, penned by Salim Ilahi Isrisi.

The music video was shot in the landscapes of Himachal Pradesh, providing a stunning backdrop that enhances the song’s emotional depth.

Don’t miss out on experiencing “Ashq Kaise Chupaogi” on the Bedia Film Music YouTube channel.

The music video “Ashq Kaise Chupaogi” tells a poignant love story set in Himachal Pradesh, centered around a Hindu girl and a Muslim boy. Despite their deep affection for each other, their relationship faces severe opposition from their parents and community due to religious differences. The narrative explores the struggles and emotional turmoil the couple endures as they fight for their love against societal norms and prejudices. Their journey highlights the challenges of interfaith relationships and the impact of cultural and religious barriers on personal happiness.

The press conference for the highly anticipated music video “Ashq Kaise Chupaogi” was held today. The event was attended by producer Sanjay Bedia Girgaonkar, actress Yashika Basera, Parul Thakur, and actor Arif Khan. The star-studded event provided insights into the making of the music video, generating excitement among fans and media alike. Stay tuned for its upcoming release.

In a today’s press conference for the music video “Ashq Kaise Chupaogi,” producer Sanjay Bedia Girgaonkar emphasized his commitment to talent over superficial attributes. He declared his production house’s ongoing search for upcoming artists based solely on their inner abilities, welcoming actors, dancers, writers, lyricists, and music composers to join his creative team. Girgaonkar highlighted his dedication to nurturing talent in the industry, encouraging aspiring artists to showcase their skills without hesitation.

Producer Sanjay Bedia Girgaonkar is planning a new classical music video that will feature cultural Kathak dance. It’ll be interesting to see how he incorporates this rich tradition into the upcoming production.

 Pics :- Ramakant Munde Mumbai

    

The Music Video ASHQ KAISE CHUPAOGI  Was Launched By Bedia Film Music And Produced By Sanjay Bedia Girgaonkar. The Video Features Yashika Basera And Jatinder Singh In The Starring Roles.