Mumbai: Finance minister Nirmala Sitharaman’s seventh budget is anticipated to navigate delicately between stimulating consumption and boosting investment. While there might be a focus on immediate results through consumption-driven economic growth, achieving sustainable long-term prosperity demands a prioritization of investment. Investment not only fosters innovation and enhances infrastructure but also generates lasting employment opportunities, thereby fortifying economic resilience.
CNBC-TV18, India’s leading English Business news brand, under their Budget special “Go For Growth” theme and campaign, launched a special initiative called the ‘CNBC-TV18 Budget Box – Share Your Budget Wishlist for the FM’, that aims to resonates with the nation’s sentiment, providing a platform for citizens to express their expectations leading up to Budget 2024.
The Budget Box journeyed to multiple locations across Mumbai and Delhi, including various PVR cinema venues, prominent colleges such as KJ Somaiya Institute, Welingkar Institute of Management, New Delhi Institute of Management, JIMS, New Delhi, and 7/11 convenience stores. This extensive outreach also aims to engage with viewers in real-time, encouraging them to voice their budget wishlist.
Additionally, their virtual budget box on the website allowed their social media followers to participate by sharing their wishlist for this budget. People also had the opportunity to interact with CNBC-TV18 by using an interactive AR filter, thus enhancing their engagement. Through these efforts, they have successfully garnered over 3000 responses as part of the audiences’ budget wishlist from diverse demographics across cities.
Indiantelevision.com reached out to CNBC-TV18’s Managing Editor Shereen Bhan where she shared her insights, excerpts, and details on what one can expect from the upcoming union budget.
Edited excerpts
On CNBC-TV18 preparing for the upcoming budget and witnessing any significant changes in terms of tax policies or fiscal measures
Our preparation remains the same, ensuring we deliver timely and comprehensive analysis to our viewers in real-time. We decode the fine print and its implications with top voices and expert analysis, which continues to be our unique selling proposition (USP). We also ensure a diverse range of influential opinion makers from industry, policy, and politics contribute to our platform.
Regarding the upcoming budget, I do not anticipate any significant deviation in terms of fiscal math present during the interim budget. If anything, the government may improve the fiscal deficit number, buoyed by robust tax collections and substantial RBI dividends. While there’s speculation about populist schemes, we believe this expectation is somewhat exaggerated. Instead, the government is likely to introduce measures aimed at alleviating sector-specific challenges. Overall, we do not foresee a deviation presented during the interim budget by the government.
Key portfolios remain in the hands of the same ministers, signaling a consistent direction. This theme of continuity is expected to extend into the upcoming budget. Specific states like Andhra Pradesh and Bihar, crucial allies seeking assistance, may receive special considerations. With important elections in Maharashtra and Haryana looming, political factors could also influence budgetary decisions. Moreover, enhancing manufacturing and improving the ease of doing business are likely focal points for this budget.
On sectors you think will receive the most allocation in the budget
In recent years, the government has notably been specific with the investment in infrastructure through increased public spending, reaching historic highs. Expectations are high for this trend to continue, with calls from bodies like CII for even more substantial allocations than those in the interim budget. Manufacturing remains a key focus area, especially with existing PLI schemes in place. Anticipations include potential new policies aimed at attracting investments, particularly in sectors like medical device manufacturing. Overall, the government is set to prioritize further developments in the manufacturing sector.
Regarding consumption, industry stakeholders are urging the government to increase disposable income for consumers, possibly through tax relief—a move not recently seen. Whether such measures will feature in this post-election budget remains uncertain. Overall, stability and continuity are expected, with a renewed focus on established priority sectors such as semiconductors and initiatives like the AI roadmap. The allocation for electric vehicle mobility is eagerly awaited, highlighting key areas to watch in the upcoming budget.
On the budget addressing the common citizen’s concerns related to inflation and cost of living
The prices of goods, which are now more influenced by GST rather than the budget. However, expectations are high for the government to provide tax relief or revise tax slabs, offering benefits to taxpayers. Industry recommendations include increasing installments under schemes like PM Kisan Yojna for farmers. Overall, there is consensus that the budget must address the overarching issue of stimulating growth. A robust growth rate of 8-8 per cent or higher is seen as pivotal in addressing various economic challenges. Both industry and government messages emphasize a commitment to fostering growth, encapsulated within CNBC-TV18’s Budget special theme of “Go for Growth.” It is hoped that the budget will sustain and enhance the current growth momentum, leveraging India’s relative economic strength amidst global uncertainties.
On salaried class keeping high expectations from the budget over the years since last few budgets have been quite disappointing in terms of opportunities to optimise tax and potential for long term savings with higher returns
Considering historical trends, expectations for substantial tax relief should be moderated. The government has highlighted a shift away from exemptions towards a cleaner and simpler tax regime, possibly with lower tax rates. However, the challenge lies in convincing taxpayers to embrace these new schemes enthusiastically. The upcoming budget may aim to address this by introducing measures that make the new tax regime more appealing. This strategic approach reflects the government’s goal of encouraging widespread adoption of the revamped tax framework.
On the budget addressing issues related to foreign investment and global market integration
Once more, the government aims for continuity, particularly through initiatives like the PLI scheme, to integrate Indian industries into the global supply chain. The objective is to attract foreign direct investment, capitalising on the global trend of diversifying away from China. India seeks to position itself as a viable alternative, appealing to global companies looking to mitigate risks. Efforts will likely focus on bolstering specific industries based on recommendations, reinforcing India’s attractiveness for both manufacturing and servicing, and emphasising its role in global supply chains.
On the evolution of CNBC TV18′ approach to analysing critical areas of the budget
Our expertise and specialisation on the Budget have consistently evolved over the past 25 years, I think we have institutionalised the Budget coverage in the country. With vast experience garnered and muscle memory developed from covering numerous budgets, we bring real-time analysis that adds immediate value to our viewers. While others may publish insights hours later, our ability to provide timely perspective sets us apart. With our team collectively amassing hundreds of years of experience in live event tracking, particularly in budget analysis, we offer a unique and comprehensive perspective.
Every year we try to do something different. Every time we try to scale up our efforts. So through innovation, even the look and feel of our budget coverage has also evolved and transformed over the years. We don’t want to be another channel that covers the budget. We want to be the nation’s Budget Headquarters and we have been. If you look at our ratings in the last many years, you can see an unprecedented 90 per cent+ kind of dominance share and so we continue to take that job of bringing the budget headquarters to our audience very seriously and put our best put forward on air as well as off air.
