Budget highlights: GST on health insurance must be reduced, says Niva Bupa
Union Finance Minister Nirmala Sitharaman is set to table the interim budget for 2024-25 on Thursday, February 1
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Lowering the Goods and Services Tax (GST) rate on health insurance products and incentivizing more and more people to buy them are some of the key expectations of the insurance sector for the upcoming interim budget in 2024. Krishnan Ramachandran, Managing Director and Chief Executive Officer, Niva Bupa Health Insurance, told ANI that 18 per cent GST rate "does not make the product more affordable." "One point I want to make which is you know all the excitement about the economy and rightfully so I think one very important ingredient is a healthy India and for a healthy India, you know, we need a certain level of healthcare spend and we also need to make sure that health insurance, which is the access to health care, penetration increases." "So specifically in order to make health insurance more affordable, to incentivize more and more people to buy health insurance, there are two recommendations the industry has had, and I'm articulating them on behalf of the industry. One is a lower GST rate," He added.
Manguirish Pai Raiker, Chairman of the National Council for MSME of Associated Chambers of Commerce and Industry of India (Assocham), appealed to the central government to emphasize on Production Link Incentives (PIL) and spiritual tourism in the interim budget. Speaking to ANI, Raiker said, "The government is taking a lot of initiatives to improve the business... We will be the third-largest economy very soon... PLI (Production Link Incentives) will be enhanced, more products will be brought in and there will be more scope for investments in India."
The Himachal Pradesh government has proposed an annual budget plan of Rs 9,989.49 crore for 2024-25, Chief Minister Sukhvinder Singh Sukhu said on Monday. The chief minister presided the first session of MLA Priority meeting with the MLAs from Una, Hamirpur and Sirmaur districts. The Chief Minister said that the state government was working with a motto to make Himachal Pradesh self-reliant in the next four years and the most prosperous state in the country in 10 years. He exhorted the MLAs to come up with the priorities that were in line with the state government's commitment to provide clean, transparent and accountable administration to the people of the state. Sukhu said that the discussion during these meetings would pave the way to further accelerate the development process.
Having reaped rich dividends from the Reserve Bank in the current financial year, the government will be looking forward to receiving about Rs 70,000 crore from the central bank and the financial institutions (FIs) in the next financial year. In the interim Budget to be unveiled in the Lok Sabha on February 1 by Finance Minister Nirmala Sitharaman, sources said, the government would peg receipts from dividends from financial institutions at much higher level than Rs 48,000 crore estimated for the current fiscal.
Talking about their expectations from the union budget, leaders from the automobile space have said that the government should continue to focus on supporting and promoting green mobility, alongside providing the supporting infrastructure for alternate fuel vehicles. Finance Minister Nirmala Sitharaman is set to table the interim budget before the lower house on February 1. "We expect capex on infrastructural projects to continue, aiding the automotive sector. The policy push for green mobility should remain a key focus for the government, encouraging faster adoption of electric vehicles," Mercedes-Benz India MD and CEO Santosh Iyer said.
This week is packed with important events for the global and Indian economy alike. As FM Sitharaman prepares to present the interim budget on Thursday, the US Federal policy decision and quarterly earnings will also be announced this week. The two big events will have all the attention of investors in the stock markets. On the macroeconomic front, the PMI (Purchasing Managers' Index) data for the manufacturing sector is scheduled to be announced on Thursday.
As the budget announcement draws closer, the expectations are on the rise. An increase in income tax exemption limits, financial support to female entrepreneurs, and long-term steps to boost consumption are among the expectations of experts from the interim budget. Bharat Chamber of Commerce president N G Khaitan said there is a need for a long-term taxation policy and parity in taxation among companies, partnerships and limited liability partnerships (LLPs) for a level playing field for small and medium firms, according to a report published in PTI.
10:03 PM
HP apple growers expect higher import duty on foreign apples; tourism industry seeks special package
The apple farmers and tourism industry in Himachal Pradesh expect some budgetary sops in the election-year budget from the government of India.
The tourism business units are hopeful for a budget for a special relief package. Although the unemployed youth don't see any hope, apple growers are expecting that in the election year, the Union government and PM Modi will address their issues and make budget allocations.
8:50 PM
GST on health insurance must be reduced in Budget 2024, Niva Bupa Health Insurance urges Centre
Lowering the Goods and Services Tax (GST) rate on health insurance products and incentivizing more and more people to buy them are some of the key expectations of the insurance sector for the upcoming interim budget in 2024.
Krishnan Ramachandran, Managing Director and Chief Executive Officer, Niva Bupa Health Insurance, told ANI that 18 per cent GST rate "does not make the product more affordable."
"One point I want to make which is you know all the excitement about the economy and rightfully so I think one very important ingredient is a healthy India and for a healthy India, you know, we need a certain level of healthcare spend and we also need to make sure that health insurance, which is the access to health care, penetration increases."
"So specifically in order to make health insurance more affordable, to incentivize more and more people to buy health insurance, there are two recommendations the industry has had, and I'm articulating them on behalf of the industry. One is a lower GST rate," He added.
8:49 PM
Assocham's National Council for MSME appeals to Centre to focus on spiritual tourism in budget
Manguirish Pai Raiker, Chairman of the National Council for MSME of Associated Chambers of Commerce and Industry of India (Assocham), appealed to the central government to emphasize on Production Link Incentives (PIL) and spiritual tourism in the interim budget.
Speaking to ANI, Raiker said, "The government is taking a lot of initiatives to improve the business... We will be the third-largest economy very soon... PLI (Production Link Incentives) will be enhanced, more products will be brought in and there will be more scope for investments in India."
7:25 PM
Himachal proposes Rs 9,989.49 cr budget plan for 2024-25: CM Sukhu
The Himachal Pradesh government has proposed an annual budget plan of Rs 9,989.49 crore for 2024-25, Chief Minister Sukhvinder Singh Sukhu said on Monday.
The chief minister presided the first session of MLA Priority meeting with the MLAs from Una, Hamirpur and Sirmaur districts.
The Chief Minister said that the state government was working with a motto to make Himachal Pradesh self-reliant in the next four years and the most prosperous state in the country in 10 years.
He exhorted the MLAs to come up with the priorities that were in line with the state government's commitment to provide clean, transparent and accountable administration to the people of the state.
Sukhu said that the discussion during these meetings would pave the way to further accelerate the development process.
6:31 PM
Govt may raise dividend target to Rs 70k cr from RBI, banks, FIs in Budget
Having reaped rich dividends from the Reserve Bank in the current financial year, the government will be looking forward to receiving about Rs 70,000 crore from the central bank and the financial institutions (FIs) in the next financial year.
In the interim Budget to be unveiled in the Lok Sabha on February 1 by Finance Minister Nirmala Sitharaman, sources said, the government would peg receipts from dividends from financial institutions at much higher level than Rs 48,000 crore estimated for the current fiscal.
6:22 PM
Commerce dept seeks 10% hike in RoDTEP allocation
The commerce department has sought a 10 per cent increase in the allocation for the export-boosting Remission of Duties and Taxes on Export Products (RoDTEP) scheme in the upcoming interim Budget, people aware of the matter said.
For the current financial year, the finance ministry had allocated Rs 15,069 crore towards the scheme. A 10 per cent jump will make the allocation for the scheme Rs 16,575.9 crore.
“We have sought a 10 per cent increase in the RoDTEP allocation, in line with the expectation of export growth,” a senior government official told Business Standard.
A higher allocation during the current financial year will help exporters, especially when external demand from developed economies is tepid. This is at a time when global uncertainties, including the Red Sea crisis, are set to weigh on outbound shipments from India.
5:54 PM
We hope govt will introduce more schemes for development of Ayodhya: President of Traders Association
On Union budget expectations, Pankaj Gupta, President of Traders Association, Ayodhya says, We hope that the government will introduce more schemes for the development of Ayodhya."
4:56 PM
Budget LIVE: Jefferies India analysts expect farmer welfare programmes to pick up in FY25
Jefferies India Ltd analysts expect welfare spending to surge especially among popular farmer programmes such as like the farmer income transfer, housing for all and health insurance. Social spending excluding subsidies may also increase up to 8 per cent in the coming financial year 2024-25, compared with a 4 per cent increase this year.
4:50 PM
Budget LIVE: HelpAge India pushes for expansion of NPHCE, caregiver allowance
Anupama Datta, Head of Policy, Research and Advocacy at HelpAge India urges for an expansion of the National Programme for Healthcare of Elderly (NPHCE) to include a broader range of services, particularly focusing on outpatient treatments.
Datta also stated, "A care giver's allowance to the women, especially older women who are home managers and bear a significant care burden, would ensure dignity, independence and self-fulfillment."
4:47 PM
Budget LIVE: NGOs advocate for revision of OPS, tax exemptions for elderly
The Agewell Foundation urges the government to revise the the monthly Old Age Pension to account for inflation, the initiation of the Prime Minister's Self-Employment Scheme for the retired and senior citizens, and an age-friendly environment with increased tax exemptions for the senior citizens.
Topics : Nirmala Sitharaman Union Budget Budget 2023 US Federal agency US Fed monetary policy Union budgets Finance minister Finance Ministry
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First Published: Jan 29 2024 | 9:09 AM IST