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Budget 2024 Expectations and Key Highlights

Budget 2024 Expectations and Key Highlights

With the much-anticipated Budget 2024 on the horizon, expectations are soaring across different sectors. The government is gearing up to address critical areas such as tax relief, infrastructure, agriculture, rural development, and fiscal discipline.

Sectors like FMCG, healthcare, construction, cement, steel, public sector banks, green energy, EMS, railways, defense, packaging, and ESG are on the watchlist for potential attention.

Here Are Some Budget 2024 Expectations Highlights:

Public sector banks are particularly optimistic about a substantial capital infusion of Rs 20,000 crore to strengthen their financial standing and ensure stability, aligning with Budget 2024 expectations.

The middle class is looking forward to policies and schemes that can create more job opportunities. The expected extension of the Aatmanirbhar Bharat Rozgar Yojana, offering subsidies on provident fund contributions to encourage hiring, is seen as a positive move in line with Budget 2024 expectations.

The power sector is in for a significant boost, with expectations of an allocation of Rs 20,671 crore in the FY24 budget, marking a substantial 58% increase. This move aims to enhance the country’s energy infrastructure to meet the growing demands of our developing economy, fulfilling the Budget 2024 expectations.

The pharmaceutical sector is eyeing incentives and infrastructural support for accelerated growth, in line with Budget 2024 expectations. Discussions around extending the Aatmanirbhar Bharat Rozgar Yojana signal the government’s commitment to job creation, aligning with the overall expectations for Budget 2024.

In the travel and tourism sector, leaders are expressing expectations for reforms that can rejuvenate the industry. They’re calling for measures to fortify and boost tourism, recognizing its potential as a significant contributor to economic growth and aligning with the broader expectations for Budget 2024.

In electronics manufacturing, the government has already disbursed over Rs 1,600 crore through product-linked incentive schemes. With the Indian Semiconductor Mission gaining momentum, a new incentive plan could further bolster the ancillary industry, aligning with the government’s goal to enhance chip production and meet the expectations set for Budget 2024.

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In rural areas, the finance ministry may allocate an additional Rs 13,500 crore for the rural employment guarantee program, addressing the increased demand for work.

This aligns with the government’s commitment to bolster rural growth through initiatives like MGNREGA, PM KISAN, and PMAY, meeting the Budget 2024 expectations.

Leaders in agriculture and healthcare are vocal about their expectations. A proposed record-high goal of Rs 20 lakh crore for agriculture credit and an anticipated allocation of Rs 2 trillion to the agriculture ministry are seen as measures to support farmers’ income and crop insurance, aligning with the expectations set for Budget 2024.

The healthcare sector is seeking a significant increase in allocations, suggesting a minimum of 5% of the union budget be dedicated to healthcare, addressing the expectations for Budget 2024.

Fiscally, the government aims to achieve a fiscal deficit target of 5.9% for FY24, with a potential further reduction to 5.4-5.5% in FY25. The budget is designed to stimulate rural growth, especially considering challenges posed by a weak monsoon and subdued Rabi sowing, aligning with the expectations for Budget 2024.

In the MSME sector, calls are made for policy support, including enhanced credit guarantee schemes and liquidity support, meeting the expectations set for Budget 2024.

The founder of U GRO Capital emphasizes the need for the government to move beyond rhetoric and actively implement measures to strengthen MSMEs, aligning with the expectations for Budget 2024.

As the nation awaits Budget 2024, stakeholders are eagerly anticipating clarity on digital economy taxation measures, aligning with the overall expectations for Budget 2024. Insights into crucial elements of BEPS 2.0 are awaited, impacting tax outcomes for MNEs operating in India and fulfilling the expectations set for Budget 2024.

In the food and beverage industry, expectations include a revamped liquor licensing process, reduced fees, subsidies for local food sourcing, and taxation adjustments. These measures are seen as crucial for fostering sustainability and ensuring the industry’s robustness, in line with the broader expectations for Budget 2024.

As the budget unfolds, stay tuned for the latest updates on how these expectations will shape the economic landscape in accordance with Budget 2024 expectations.

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