Budget Expectations: In the interim budget to be presented in Parliament on February 1, accident insurance can be announced for retail sector traders registered in GST.
The central government can give the gift of insurance to businessmen from the next financial year. According to information received by Hindustan through sources, accident insurance can be announced for retail sector traders registered in GST in the interim budget to be presented on February 1.
Accident insurance up to Rs 10 lakh
According to the information, under the National Retail Trade Policy, businessmen will be able to get accident insurance policy up to Rs 10 lakh at a concessional premium of only Rs 6000. The responsibility of this insurance can be given to New India Assurance as well as some other government insurance companies.
At the government level, its blueprint has been prepared after several rounds of meetings of insurance companies with different departments. In this policy, this insurance will be applicable on small and big accidents as well as on the death of the businessman.
Apart from the insurance policy, the government will also provide loans to businessmen at affordable rates through the National Retail Policy. Besides, developing the supply system in the country in a better way will also be a priority. The government's aim is that the new policy will not only increase the scope of retail trade but also provide better shopping options to the people. Besides, there will also be a massive focus on digitization of businessmen.
expectations of businessmen
Speaking on his expectations regarding the upcoming budget, Yawar Ali Shah, Co-Founder and CEO, AMA Herbal, said, “There are a lot of expectations regarding the Union Budget 2024-25 as well. My guess is that for sustainability, infrastructure and innovation. Funds will be allocated strategically. Reducing import-cost disparity is also a major expectation from this budget.
“Hopefully, appropriate solutions will also be found for export promotion, logistics, adequate customs duties and reducing cost disparities in imports,” he said. Being the co-founder and CEO of AMA Herbal Group, an internationally renowned business house, I am confident that this budget will come with many benefits and incentives not only for the textile industry but also for running special programs to educate consumers about the utility of demand for sustainable products. There should be a provision in the budget. This initiative will increase incentives for sustainable products and services.”
Khalid Masood, Director, Shalimar Corp, said, “The real estate sector, which is a significant contributor to India's GDP at 7% and employs 50 million individuals, looks forward to government support in the upcoming budget. We look forward to introducing such initiatives. Our primary expectations include reduction in capital gains tax which will encourage investment, reduction in investment tenure to attract more investors and reduction in indirect taxes and interest rates. “Will address the challenges, especially with respect to tax, for young buyers.”
He further said, “Given the potential impact of the young population buying homes and the future of the industry, the government should launch targeted schemes to attract this population. Encouraging senior living is of utmost importance for our elderly citizens. We hope that the government will make provisions for investment or projects related to senior citizens' housing and old age homes keeping in mind the inflation and increasing family needs. It is also extremely important to review the size of the
Government called all-party meeting today before budget session
The government has called a meeting of leaders of various parties in Parliament on Tuesday before the budget session. This is a kind of traditional meeting before every session. In the meeting, leaders of various parties put forward the issues they want to raise in Parliament. The government provides them with information about its agenda and seeks their cooperation.
Lok Sabha elections Before this, this budget session will start on 31 January and end on 9 February. Finance Minister Nirmala Sitharaman will present the interim budget before the Lok Sabha elections. After the elections the new government will present the full budget. The session will begin with the address of President Draupadi Murmu.
