Budget 2024: The Interim budget 2024 will be presented on February 1, Nirmala Sitharaman, Union Finance Minister, will present the interim budget months before the general elections, it will be 6th-time Sitharaman will present the budget.
Ahead of budget 2024, industry leaders across all sectors including, manufacturing, banking finance, healthcare and others, are expressing their expectations.
Meanwhile, Deepak Sahni, Founder of Healthians expects a rise in fund allocation for the healthcare sector.
"We expect a significant rise in the allocation of funds towards healthcare. More funds need to be provided to boost manufacturing of medical equipment and there need to be regulations to reduce the influx of imports. The PLI schemes for IT hardware, mobile phones, drugs, and medical devices attracted investments of over US$30 billion. Introducing more health-related product categories into the PLI scheme can make India self-reliant and shield us from shocks in the global supply chain," said Deepak Sahni.
"Health insurance needs to be made more comprehensive and affordable, and diagnostics should be brought into its purview. We also need more tax benefits and incentives for the healthcare industry and individuals investing in their health, wellness, and preventive check-ups. Indirect taxation and lack of input credit for providers pose a significant challenge for the healthcare industry. While most healthcare services are exempt from GST, procurement taxes (whether for inputs, input services, or capital goods) form a significant part of the operational costs. A ‘zero rating’ of GST on healthcare services will keep the credit chain intact and reduce costs," He added further.
Prashanth Vastred, the Founder and Managing Director of Guduchi Ayurveda demands bold initiative to propel evidence-based Ayurveda.
"Being part of the Health industry, our expectation from the upcoming 2024 budget is for the government to take a bold initiative to propel evidence-based Ayurveda. The government should consider implementing a scheme that reimburses 90% of expenditures on proprietary Ayurvedic medicine research. This financial support will serve as a catalyst, empowering the industry to intensify its research endeavours and encourage credibility and innovation. Apart from this, we also expect the government to introduce a visionary scheme facilitating WHO GMP certification for Ayurvedic manufacturing units. By elevating manufacturing standards, India can solidify its position in the international Ayurveda market, said Prashanth Vastred.
"Furthermore, to unlock the full export potential, we recommend covering AYUSH product registration expenses in foreign countries. This initiative will not only reduce financial barriers for Ayurvedic exporters but also pave the way for a more expansive and competitive global market. As we stand at the cusp of progress, these budgetary measures can revolutionize the Ayurveda landscape and ensure that it influences on a global scale," Vastred added.
Naman Dhamija, MD and Founder of Dharishah Ayurveda demands more financial support to facilitate the integration of more Ayurveda Acharyas.
“With the constant evolution in the modern healthcare sector, Ayurveda has become a fundamental pillar as 80–90% of Indians depend on it for their primary healthcare needs. We expect the government to give more financial support to facilitate the integration of more Ayurveda Acharyas into the healthcare system and invest in creating more Ayurvedic colleges like All Indian Institutes of Ayurveda, Rashtriya Ayurveda Vidyapeeth, the Institute of Teaching & Research in Ayurveda, and many more. Supporting these institutions with greater financial support is essential for advancing education, research, and the overall development of Ayurveda. Apart from this, we have seen the emergence of new-age Ayurvedic brands in the changing landscape. Therefore we expect the government to implement policies that offer sustainable tax incentives to support their expansion. Additionally, allocating funds towards research and development is important, as it enables the publication of comprehensive case studies and whitepapers, enriching the Ayurvedic knowledge base and advancing science. Ayurvedic experts consider the 2024 budget as an opportunity for a healthy and sustainable ecosystem, contributing not only to individual health but also to the nation's growth, while preserving the ancient spirit of therapeutic tradition,” said Naman Dhamija
Archana Gupta, Founder of Purna Gummies expects that the government would address the issue of delay in indirect tax or GST payment for startups.
“We wish for the upcoming 2024 budget to recognize the importance of startups, positioning them at the centre of innovation. We believe that growth-stage startups rarely benefit from taxation benefits since they are usually loss-making. One of our suggestions would be to delay indirect tax or GST payments for startups identified as innovative. This would improve cash flows for most startups and the additional 12-18% cash flows can make all the difference between survival and sudden death," said Archana Gupta.
Riddhi Sharma, Founder and CEO of BabyOrgano said “In today’s modern era, we are not just contributors to business, we are the inspiration behind creativity, resilience, and development. Looking ahead, the movements of change bring optimistic measures for us. We look forward to the budget introducing improved taxation strategies, particularly for investments and Employee Stock Ownership Plans (ESOPs), highlighting our effort for gender-inclusive economic growth. Welfare schemes, particularly those aimed at economically disadvantaged women, demonstrate a dedication to empowering the underprivileged. Over the last decade, numerous industry experts believe that there has been a 30% increase in budget allocations, reflecting the critical role of women entrepreneurs in economic development. The implementation of schemes such as direct cash transfers and skill development programs creates a visionary picture in which every woman's potential can be raised. Encouraging women entrepreneurs through self-help groups, combined with easy access to financing, paves the way for reaching the Sustainable Development Goals. SMEs' potential has been strengthened by proposed GST simplification, simpler capital gains taxation, and startup incentives that raise the expectations of entrepreneurs like us," she said.