Budget 2024 Overview
On February 1, 2024, a few months before the Lok Sabha elections, Finance Minister Nirmala Sitharaman is scheduled to present an important interim Budget 2024 for the Modi government. In the face of these economic headwinds, this budget must delicately strike a balance between audacious plans and prudent financial management.
Only former prime minister Morarji Desai has accomplished the feat of presenting six consecutive budgets in a row, which Ms. Sitharaman will break. The previous record was five annual budgets and one interim budget. Ms. Sitharaman will break the records set by her predecessors, including Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who presented five consecutive budgets, when she presents the interim budget on February 1. Between 1959 and 1964, Desai served as Finance Minister and presented five annual budgets as well as one interim budget.
MSMEs seek regulatory process simplification as well as easier access to loans and financial assistance, while salaried taxpayers anticipate changes in income tax slabs, adjustments to the standard deduction, and limits on Section 80C to potentially increase tax relief. On the other hand, the middle class wants policies that will increase access to housing programmes, healthcare, and employment opportunities.
Expectations for Budget 2024: This is what MSME requests.
We anticipate a sustained emphasis on assisting MSMEs in the nation in the Interim Budget 2024, stated Sudarshan Chari, Executive Director and Head of SME Banking, DBS Bank India.
According to Sudarshan, it will be crucial to take coordinated action to incorporate all MSMEs in Udyam, giving them access to official credit channels, incentives, and government programmes.
PLI for the television sector!
According to Arjun Bajaj, Director of Videotex, the smartphone industry benefits from numerous government initiatives, PLI programmes, and manufacturing incentives.
He went on, though, to say that this is not the case with the television manufacturing industry.
Bajaj highlighted that government support in this area could stimulate industry growth, improve job opportunities, and boost the national economy.
‘Lowering the GST on these bigger TVs might result in lower prices and increased sales.
As of right now, TVs bigger than 32 inches are categorized as luxury items and are subject to a 28% GST, according to Director of Videotex Arjun Bajaj.
However, according to Bajaj, TVs are now considered essential home appliances and are no longer only luxury items.
He said that lowering the GST on these bigger TVs might result in lower prices, which might boost sales and encourage expansion of the television sector.
-India’s education sector is at a critical crossroads with Budget 2024 approaching. This presents a significant opportunity for meaningful investments that can empower future generations.
When to watch Budget 2024?
February 1st at 11:00 am will see the announcement of the Union Budget.
Where can I watch the live streaming of Budget 2024?
The Business Today YouTube channel, Aaj Tak TV, and India Today will all be live streaming Nirmala Sitharaman’s budget 2024 speech. You can also follow the live blogs on Business Today, India Today, and Aaj Tak to stay up to date. The Press Information Bureau (PIB) website, YouTube channel, and Doordarshan (DD) News all feature Sitharaman’s speech.
Expectations by sector from the Union Budget 2024
The average person wants Nirmala Sitharaman to declare a reduction in taxes, an increase in the income-tax rebate threshold, changes to the capital gain tax system, an expansion of benefits under the new tax regime, and the elimination of goods and services tax (GST) from insurance policies—even though this is merely a vote-on-account budget.
In addition, the hiring sector considers how much money should be set aside for skill development and workforce development. It also anticipates that the budget will examine the legal frameworks surrounding the gig economy and temporary labour.
“Regulatory frameworks pertaining to the gig economy and contingent workforce should also be addressed in a forward-looking budget to ensure a flexible and balanced approach that benefits employers and employees alike. Fostering a collaborative environment between technology firms and recruitment platforms is imperative for advancing innovation and maintaining a leading position in the industry. The CEO of foundit, Sekhar Garisa, stated, “By fostering such an atmosphere, we can not only maintain the growth that has been observed, but also establish a landscape where the gig economy becomes a driving force in shaping the future of work.”
In addition to emphasizing the gig economy, the industry is considering targeted incentives for particular industries in order to increase investment, foster job growth, and encourage industrial expansion.
It is possible that the budget includes specific incentives for specific industries to encourage investment, job creation, and industrial growth. According to Rohet Ramesh, Director of Layam Group, a provider of staffing management and talent acquisition services, “These incentives can be reinforced by increased allocations for skill development programmes, incentives for job creation in the informal sector, and promotion of equitable and stable working conditions.”
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