We are on the brink of witnessing the unveiling of the Union Budget 2024, a moment that has stirred great expectations among various sectors. Finance Minister Nirmala Sitharaman is set to present this crucial budget on February 1, marking the culmination of the Modi 2.0 government’s fiscal strategy.
Anticipating Changes: Live Updates on Budget 2024 Expectations
As we approach the pivotal date of February 1, 2024, Finance Minister Nirmala Sitharaman gears up to present the last Budget under the current Narendra Modi government. In this Lok Sabha election year, it’s anticipated to be an Interim Budget or a Vote on Account.
The burning questions revolve around potential relief for income taxpayers, revisions to income tax slab rates for FY 2025, and enhancements to the attractiveness of the new income tax regime. Last year, significant changes were introduced to the default tax regime, accompanied by a record capital expenditure to stimulate the economy. Speculations suggest a continued focus on infrastructure development, with emphasis on roadways and railways, along with potential tax incentives for the new personal income tax regime.
Navigating Budget 2024: A Glimpse into Sector Expectations
1. Boosting India’s Travel Landscape
The travel and tourism sector anticipates positive shifts in Budget 2024. With a surge in domestic and inbound travel, India aims to become the world’s fastest-growing aviation market in the next decade. Expectations include continued investment in infrastructure, technology, and safety measures at airports, especially in tier 2, 3, and 4 cities under the UDAN scheme. Spiritual tourism takes center stage, with a focus on improving infrastructure and accessibility in spiritual and cultural hubs. Recent success stories like the Kashi Vishwanath corridor’s revitalization underscore the potential impact on tourism. Budgetary measures supporting the aviation sector, such as reducing Aviation Turbine Fuel (ATF) costs, are also eagerly awaited.
2. Income Tax Reforms: What Lies Ahead?
In the realm of income tax, Budget 2024 holds expectations for further modifications to the concessional tax regime. The government aims to encourage widespread adoption while maintaining the essence of the regime. Striking the right balance will be crucial for catering to both middle-class and high-income taxpayers.
3. Railway Budget 2024: Tracks to the Future
The Railway Budget is poised to continue its focus on record capital expenditure. Key areas of interest include the introduction of new trains like Vande Bharat Express and Amrit Bharat Express, alongside advancements in safety measures and infrastructure, including the Kavach anti-train collision system.
4. Cultivating Growth in Agriculture
Vasu Naren, Chairman and Managing Director of Sona Machinery Ltd., highlights the significance of the proposed record-high goal for agriculture credit. This ambitious target aligns with the vision of empowering Indian farmers through the adoption of smart machines and advanced agricultural techniques.
5. Tax Insights: A Glimpse into Statistics
EY presents some noteworthy tax-related snippets, including an increase in individual taxpayers with income exceeding INR 50 lakhs, a significant jump in net direct tax collections, and achievements surpassing budget estimates for FY 2023-24.
6. Market Dynamics: Stock Market’s Outlook
Looking ahead, the stock markets are expected to react to the interim budget presentation, US Federal policy decisions, and quarterly earnings. Investor attention will focus on foreign investors’ activities and global trends, with the Purchasing Managers’ Index (PMI) data unveiling potential market shifts.
In conclusion, as we stand at the precipice of the Union Budget 2024, the expectations are palpable across various sectors. The upcoming budget holds the potential to shape the trajectory of India’s economic landscape, and stakeholders eagerly await the unveiling on February 1.
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