PFB the quote by Mr. Devrath Banerjee, Director, TresVista on the expectation from the Union Budget 2024 for HR Sector
In anticipation of the 2024 Union Budget, the HR sector looks forward to reforms that would simplify and effectively implement labor laws, making them more adaptable to the modern workplace. Labor laws, up till now, have been described as cumbersome, rigid, and difficult to follow. The government’s proposal to consolidate the 29 existing laws into 4 codes will go a long way in helping simplify and modernize labor regulations. But, this expectation comes with the announcement that the implementation of the labor codes ed by parliament between 2019 and 2020 has been pushed yet again. The controversial codes, which were set to take effect before the general election in 2024, have been held up for various reasons, including opposition from state governments and talks between the unions and union labor ministry. A key expectation from the 2024 budget is that it will revisit these laws, ensuring the workforce’s well-being without compromising take-home pay by focusing on flexible working arrangements and remote work policies. These laws will also play a critical role in defining the country’s ease of doing business strategy. While welcome, the new changes to the labor laws will need a major overhaul to be effectively implemented, with swift and decisive action taken to push stakeholders to unleash the potential of these reforms. Additionally, expectations run high for relief benefiting salaried employees through amendments in sections 80C and 80D, foreseeing an increased investment limit and medical insurance deductible limit under the two sections. Overall, the HR industry looks forward to initiatives promoting a harmonious work environment and economic stability.
Pre- Budget Quote by Mr. Nitin Gupta, Founder and Managing Director, Maestro Realtek
Lower interest rates: Over the past two years, customer EMIs have witnessed a substantial surge of 30-40 per cent. A strategic reduction in interest rates can not only alleviate this burden on consumers but also substantially enhance buying power, thereby fueling growth in the real estate sector.
Increased home loan deduction slab: To position real estate as a preferred investment, it is imperative to elevate the home loan deduction slab across diverse sections of society. This move encourages homebuyers and stimulates economic activity within the real estate market.
Grant infrastructure status to the real estate sector: The real estate sector also wants the government to grant it infrastructure’ status that will ensure easier access to institutional credit and help reduce developer’s cost of borrowing.
Changes in definition of affordable housing: The real estate sector has also recommended standardization and rationalization in the definition of affordable housing across government schemes and financial institutions can help homebuyers qualify for cheaper financing options in the particular category. The definition of affordable housing, which was capped at ₹45 lakh, was given in 2017 and is yet to change since.
Pre-budget Quote on Energy and Carbon fuel sector – Bharat Founders Fund
“Given India’s heavy reliance on Coal and other carbon fuel sources, I am keen to see the budget focus on facilitating the transition to a more sustainable energy mix. This could be through subsidies, incentives, schemes, GST, waiver funding to related sectors, and also transition financing which is becoming extremely critical for the renewable energy solution providers and the subsequent consumer adoption. Working with the startup ecosystem, I see a massive value add for companies in the clean tech sector. Companies such as Solar Square could definitely get some benefit out of the budget, hopefully. So really looking forward to the Budget 2024 and to a brighter future.” – Maanav Sagar, Partner at Bharat Founders Fund
PFB the quote by Mrs. Viranica Manchu, Founder & Director of New York Academy, on the expectation from the Budget 2024:
“As we anticipate the budget, finding a delicate balance between in-school and after-school learning becomes crucial, leveraging the benefits of technology. Our vision is for education to be synonymous with ‘Fun and Learn together,’ characterized by increased technology involvement to make learning more engaging and dynamic.
The primary focus should be on transitioning learning pedagogy from theoretical concepts to practical applications. Allowing students to engage in real-life projects throughout their courses fosters independence and the development of practical skills.
Looking ahead, our commitment is to ensure that the learning experience remains meaningful and enriching. It is imperative to nurture, challenge, and empower all students for success through transformative initiatives. The future of Indian education will be defined by innovation, inclusivity, and a dedication to preparing students to face the challenges and opportunities that lie ahead. We expect that the forthcoming budget will allocate significant public investment in education, ing the growth of young India”.
