Get App Open
In App
Lending
Lending
Open App

Budget 2025 Expectations: Budget must give education sector significant boost, says expert

January 19, 2025· 22:42 IST

Budget 2025 Expectations: Latest News Today (January 19): Amid slowing economic growth and rising global uncertainties in Asia's third-largest economy, Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1 next month. The most important aspect of the budget will be any announcements concerning the income tax rebate. There is a growing debate about increasing the basic exemption limit in both the old and new tax regimes. Will Sitharaman provide any good news to individual taxpayers to help offset the inflationary woes? Stay with us for the latest news on the Union Budget 2025:

Read More
FM

January 19, 2025· 18:27 IST

Budget 2025 Expectations Live: Budget must give education sector significant boost, says expert

Niru Agarwal, Managing Trustee, Greenwood High International School, Bangalore said,"

As education is a key development sector, we have immense expectations from the upcoming budget. While new educational policies have brought promising reforms, the upcoming budget should focus on increasing access to education and technology, especially in rural and underserved areas. Building a blended ecosystem of digital tools, physical infrastructure, and practical learning environments will be essential for improving learning efficacy. Although education has seen an increase in funds allocated towards increasing outreach, skill development, and improving its quality, still there are hurdles in effectively supporting learning in the current context and overall student development in an increasingly challenging world.

The country will need skilled personnel at different levels, and this demand will be met only by training students at the school level. The foundation and vision set by the government through the NEP will be vital in achieving these objectives of an effective and inclusive education system.  This commitment will stand as a testament to India’s dedication to fostering a generation equipped with the knowledge and skills crucial for global competitiveness.

It is important to increase women's participation in STEM fields, which would be an important step toward building an inclusive workforce. We also believe that a further push to the PPP model approach in education can leverage the strengths and resources of both sectors to improve the quality, accessibility, and efficiency of education in the country.  The education sector remains a cornerstone of a nation’s economic growth and development. By embracing these elements, the education system can transform to meet the aspirations of a globalized and rapidly evolving world.

Overall, the budget must give the education sector a significant boost to address the challenges of the day and build a dynamic, future-ready education system.

January 19, 2025· 14:45 IST

Budget 2025 Expectations Live: MSMEs seek compliance relief, export incentives, and consumer spending boost

Ravi Saxena, Founder and MD of Wonderchef, highlighted key expectations of MSMEs for the upcoming budget, including compliance relief, enhanced export incentives, and measures to boost consumer spending. He highlighted the need for tax reforms, better access to essential inputs like steel, aluminum, and plastics, and faster dispute resolution mechanisms to ease operational challenges for businesses.

Saxena also emphasized that bolstering consumer confidence and spending power is vital for balanced and resilient GDP growth, driven by a combination of public and private sector momentum. These measures, he noted, would not only stimulate demand but also create job opportunities, fostering sustainable economic growth.

January 19, 2025· 14:25 IST

Budget 2025 Expectations Live: Nimbus Group CEO Sahil Agarwal calls for tax reforms and relief for homebuyers

Sahil Agarwal, CEO of Nimbus Group, highlighted the importance of the upcoming budget, the first full-year budget of the Modi 3.0 government, in driving growth for the real estate and infrastructure sectors. Agarwal emphasized the need to rationalize taxes and duties on homebuyers, which in many states exceed 12% of a property's value. Despite the finance minister’s previous call for state governments to address this issue, progress has been limited. He urged the government to streamline these charges in the upcoming budget, providing relief to homebuyers.

He also called for revisiting the long-term capital gains (LTCG) tax on real estate to provide additional relief and boost investment. Agarwal advocated for GST reforms to make the real estate sector a more attractive investment option. Additionally, he suggested increasing the tax deduction limit under Section 24(b) for home loan interest from ₹2 lakh to at least ₹5 lakh per annum. Such a measure, he noted, would benefit homebuyers, particularly in metropolitan cities with high property prices, by reducing the financial burden and encouraging homeownership.

January 19, 2025· 13:28 IST

Budget 2025 Expectations Live: Need to focus on capex, infrastructure spending, says RBI MPC member Nagesh Kumar

Finance Minister Nirmala Sitharaman in the Budget for financial year 2025-26, needs to focus on capital expenditure and infrastructure spending to boost economic growth and make it more sustainable, RBI Monetary Policy Committee member Nagesh Kumar said on Sunday. The eminent economist noted that sustaining infrastructure expenditure and building it further would be very helpful for creating a much more robust trajectory of economic growth for India. "In the context of the slight economic slowdown that we observed in the second quarter, and overall, there is a need to boost growth and make it more robust, more sustainable."

"The finance minister would do well to continue this momentum (in Budget 2025-26), which she herself started two years ago, of putting great emphasis on capex, infrastructure spending and increasing it to very healthy levels," he told PTI.

January 19, 2025· 12:47 IST

Budget 2025 Expectations Live: Environment sector calls for Green Technology focus

As we approach the 2025 Union Budget, we are hopeful that it will prioritize bold and innovative measures to address the escalating climate crisis, particularly in tackling air pollution and ensuring water security. Given India’s net-zero goals, scalable solutions are critical, and we envision a budget that supports the adoption of green technologies and incentivizes sustainable industrial practices. - Alankrita Khera, Director - ACT For Environment

January 19, 2025· 12:28 IST

Budget 2025 Expectations Live: Antara Senior Care CEO Rajit Mehta urges focus on elder care

As we approach the 2025 Union Budget, we hope to see measures that foster an environment where seniors can thrive economically, socially, and emotionally. One critical area of investment is the integration of elder care into the broader healthcare and social systems. Expanding access to long-term care services, enhancing community-based programs, and tailoring healthcare to meet seniors' unique needs are essential for building inclusive and effective support structures. Additionally, we believe investing in a skilled and compassionate caregiving workforce is equally critical.

We also look forward to policies that stimulate private sector participation in developing sustainable and holistic senior care solutions. Such steps would ensure that India is prepared to meet the demands of its aging population while fostering a sense of dignity, independence, and security for our seniors. We look forward to a budget that reaffirms our collective commitment to senior care, ensuring that the golden years of our elders are filled with comfort, care, and respect. - Rajit Mehta, MD & CEO of Antara Senior Care

January 19, 2025· 11:52 IST

Budget 2025 Expectations Live: Govt could cut customs duty on raw materials to boost manufacturing

The government may reduce customs duties on inputs used in manufacturing medical equipment, electronic goods, and the footwear industries in the upcoming Budget to boost local manufacturing, reported PTI. Harpreet Singh, Partner for Indirect Tax at Deloitte India, highlighted key demands from the Customs side for the 2025-26 Budget, which will be presented in Parliament on February 1. These include rate rationalization, simplification of the tax regime, and improved litigation and dispute management.

"Following the phased manufacturing plan, we expect some duty cuts on raw materials for electronics, home appliances, healthcare products, and pharmaceuticals. These are sectors where the government aims to promote manufacturing, and thus, we anticipate a reduction in duties on raw materials for these industries," Singh told PTI.

January 19, 2025· 11:23 IST

Budget 2025 Expectations Live: Focus on enhancing education quality, digital literacy, and skilling programs

As the Union Budget 2025 approaches, there is hope that the government will prioritize education spending and introduce policies aimed at fostering innovation, accessibility, and quality in schools. A key focus should be substantial investments in upgrading digital literacy among educators and promoting innovative teaching practices to enhance educational outcomes across the country.

A higher allocation of funds will be crucial for establishing new K-12 schools, improving educational infrastructure, and bridging the urban-rural education gap. This will also help improve the quality of government schools, which educate the majority of children in India. Digitalisation should be at the forefront of these investments, ensuring greater access to tailored educational resources and preparing students for success in a digital-first world while promoting equitable access to quality education. - Shweta Sastri, Managing Director, Canadian International School, Bangalore

January 19, 2025· 10:16 IST

Budget 2025 Expectations Live: Real estate sector seeks reforms to boost growth and affordability

As the country gears up for the Union Budget 2025, the real estate sector remains optimistic about progressive reforms that could benefit homebuyers and the industry alike. Beyond the long-standing demands for single-window clearance and industry status, which would streamline project approvals and unlock financial advantages, this year’s focus is on addressing critical issues to drive growth, says Ramani Sastri, Chairman & MD, Sterling Developers Pvt. Ltd.

The government is urged to raise the deduction limit for interest payments on home loans from the current ₹2 lakh per year to ₹5 lakh, a move that could significantly invigorate the housing sector. For many, affordability remains a pressing challenge, making it essential to expand the definition of affordable housing to extend benefits to more homebuyers, thereby boosting end-user demand.

There is also a strong case for introducing interest subsidies for first-time homebuyers, which would stimulate sales in the real estate sector. Additionally, reducing GST rates and allowing input tax credits for under-construction properties could provide much-needed relief to homebuyers and developers. To further support the sector, measures aimed at enhancing the ease of doing business for developers are critical. Such initiatives would foster a positive investment climate, driving growth not only in real estate but also across 250 ancillary industries, creating substantial job opportunities.

Continued investment in infrastructure development will be vital to spurring housing demand nationwide. As a key contributor to employment and GDP, the real estate sector plays a pivotal role in the economy. With NITI Aayog projecting the sector’s market size to reach $1 trillion by 2030, the upcoming budget presents a critical opportunity to address these issues and create a more efficient, sustainable, and investor-friendly environment.

January 19, 2025· 09:52 IST

Budget 2025 Expectations Live: Reforms expected to drive real estate and infrastructure growth

With the Union Budget 2025 on the horizon, the government is expected to unveil reforms aimed at accelerating economic growth and enhancing efficiency across sectors, particularly real estate, says Kash Khurana, President and CEO, Krisumi Corporation. As one of the largest contributors to GDP, the real estate sector holds the potential to act as a key driver of growth. However, the tax deduction on housing loans has remained capped at ₹2 lakh per annum for years. Raising this limit to ₹5 lakh could significantly boost housing demand and benefit homebuyers.

The government is also likely to continue its focus on infrastructure development, which has a proven multiplier effect on the economy. Furthermore, in alignment with sustainable development goals, introducing incentives for green and eco-friendly housing could increase the supply of sustainable units, supporting both environmental and economic objectives.

January 19, 2025· 09:15 IST

Budget 2025 Expectations Live: New Income Tax bill to be tabled in Budget session

The government is set to introduce a new income tax bill during the upcoming Budget session of Parliament. The proposed law aims to simplify the existing Income Tax framework, reduce its length by nearly 60%, and make it more comprehensible. In the July Budget, Finance Minister Nirmala Sitharaman announced plans for a comprehensive review of the six-decade-old Income Tax Act, 1961, within six months.

According to sources, the new law will be a complete overhaul rather than an amendment to the current Act. Currently under review by the law ministry, the draft legislation is expected to be tabled in the second half of the Budget session.