Budget 2024: What Expectations of Industry Leaders from this Interim Budget?

Finance Minister Nirmala Sitharaman is preparing to give her sixth and final budget for the financial year 2024-25 before the elections. Given the budget’s interim nature, Sitharaman has ruled out any significant policy changes.

This interim budget will allow the centre to meet short-term expenditure needs until a new government takes charge of the economy.

What does FedEx expect from the budget?

Transportation and e-commerce giant FedEx is anticipating digitization of the sector to improve speed and ease of doing business and efforts that will sustainably boost manufacturing and trade. The company also advocates for a deliberate investment in infrastructure for more effective multimodal logistics.

“We urge for a sustained budgetary emphasis on cargo airport infrastructure expansion, regional airport strengthening, and the development of dedicated transhipment hubs to optimise belly and freight capabilities. We emphasise the need to digitally advance customs clearance operations using cutting-edge technology like artificial intelligence, machine learning, blockchain, and big data. This strategy promises to enhance risk management, compliance, efficiency, and analytics.” said FedEx Express official.

Mahindra Logistics seeks to prioritise Capital Expenditure in Key Infrastructure Projects

According to the Mahindra Group, the interim budget for 2024-25 should prioritise local manufacturing, fulfilling logistics expansion, and industry use of multi-modal transportation.

The upcoming interim budget presents a unique chance to integrate economic growth priorities with fiscal restraint. Prioritising capital spending on essential infrastructure projects, combined with financial incentives such as PLI, tax breaks, and subsidies, can encourage logistics innovation. Building a ‘One India’ logistics ecosystem and integrating efforts such as the National Logistics Policy and Sagarmala Project are critical for improving India’s worldwide Logistics Performance Index position.

Expectations of Influencer Marketing Platforms from the Budget

Influencer marketing platforms are demanding recognition for their role in the digital world, as well as clear criteria for best practices.

As we approach the 2024 Union Budget, it is vital to recognise the crucial role of influencers in promoting digital growth, particularly in Tier II and Tier III markets. We predict relaxations for micro-influencers, which could result in extraordinary growth in this sector. Furthermore, the adoption of defined norms and laws relevant to influencer marketing activities could give stability and foster a feeling of professionalism in the sector.

Real Estate developers ask for redefining ‘affordable housing’

India’s real estate industry, like other sectors, is keenly awaiting the 2024-25 budget announcements, which will be critical in maintaining the development trajectory. The industry had long called for a review of the concept of “affordable housing,” which was last defined in 2017.

Affordable housing remains a key priority for the government. It suggested raising the annual interest rate deduction cap under Section 24(b) from Rs.2 lakh to Rs.5 lakh. Additionally, there is a proposal to rethink the notion of affordable housing, recommending an increase in the threshold from Rs.45 lakh to Rs.1 crore, particularly in metropolitan areas. This adjustment is projected to considerably increase affordable and mid-segment homes.