Reetu | Jan 29, 2024 |
Budget 2024: Middle-Class Expectations on Relief in Interim Budget
Union Finance Minister Nirmala Sitharaman will announce the budget for FY 2024-25 on Thursday i.e 1st Feb 2024, which will be the Narendra Modi government’s final annual financial statement of its second term.
The traditional pre-budget ‘halwa’ ceremony was held on Wednesday, kicking off a ‘lock-in’ period for officials involved in budget preparation to maintain confidentially until the budget is presented in the Lok Sabha on February 1.
This is the final budget for the Narendra Modi government‘s second term. The forthcoming budget is considered ‘interim’ because the administration faces a general election in April-May. The full budget will be presented in July by the new government, whether re-elected or newly formed. In India, the financial year begins on April 1 and concludes on March 31 of the following year.
As the Budget Session time approaches soon, the expectation of middle-class, industry professionals is coming forward on board. Let’s have a look into it.
The upcoming interim budget is expected to provide a comprehensive analysis of the central government’s decade-long performance. The budget is projected to provide relief to the middle class, implement inflation-control measures, maintain important subsidies, prioritise agriculture, encourage manufacturing, strive towards the saturation of welfare services, and progress the aim of achieving a $5 trillion economy by 2027-28.
It will also emphasise the Viksit Bharat roadmap, which has been in place for two decades. Individuals acquainted with the preparations stated that the interim budget, also known as the vote on accounts, will provide an opportunity for the administration to reassert its economic agenda. The emphasis is anticipated to be on women, youth, farmers, and the economically disadvantaged, especially scheduled castes and tribes, in line with the upcoming parliamentary elections in the summer. The sources have sought anonymity.
According to Nalin Khemani, Chairman of Bharatiya Chai Parishad, Assam’s suffering tea industry needs appropriate promotion, particularly overseas, in order to enter new markets.
“The commerce ministry must improve our exports and market our tea. There is an overstock in our domestic market, and export demand is low. If the government works with the Tea Board to implement a tea promotion programme, we will be able to enter new overseas markets,” he said ahead of the Union interim budget.
Experts predict the upcoming interim budget to include incentives for maternity leave benefits, an emphasis on skill training for young women, tax breaks for female entrepreneurs, and more paid holidays for working mothers. Union Finance Minister Nirmala Sitharaman is scheduled to announce the budget on February 1st, ahead of the Lok Sabha elections.
Axis Securities believes that investments in digital infrastructure, skill development, job creation, and MSME growth will indirectly bring and enhance consumption expenditure in the fast-moving consumer goods (FMCG) industry.
The electric vehicle (EV) industry has submitted representations requesting that the GST rate on parts/ components used in EV manufacturing (18/28% GST) and batteries (18% GST) be reduced to 5%.
It hopes to see “extended tax holidays for startups and additional incentives for investments in R&D for artificial intelligence and other advanced technologies.”
It also anticipates that skilling programmes and higher education collaborations focusing on digital skills will assist India’s AI and data science talent base grow to more than 50 million workers by 2030.
Also Read:
Budget 2024: New Income Tax Regime will get another boost?
Budget 2024: Top Expectations of Income Taxpayers from this Year Budget
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