Dive into the anticipation surrounding Interim Budget 2024, exploring expectations, sector-specific hopes, and insights. Stay informed about Nirmala Sitharaman’s budgetary journey and the industry’s outlook. Discover what the future holds for taxes, incentives, and empowering women entrepreneurs in this comprehensive analysis.
As the Interim Budget 2024 prepares to make its debut in Parliament on February 1, Union Finance Minister Nirmala Sitharaman provides insights into what lies ahead.
Budget 2024:- No Big Bang Announcements Expected
Sitharaman sets the tone, indicating that the upcoming budget may not witness any groundbreaking announcements. Notably, this budget is not a full-scale one, and Sitharaman refrains from presenting the Economic Survey in anticipation of the Lok Sabha elections later in the year.
Vote-on-Account: A Prelude to the Main Act
Given the election year status, Budget 2024 is labeled as a vote-on-account. The full-fledged budget, shaping the financial landscape for 2024-25, is expected post-election, likely in July.
When and Where to Watch Budget 2024 Live Streaming?
Catch the live unveiling of the Union Budget on February 1 at 11 am. Sitharaman’s budget speech will be broadcasted on various platforms, including India Today, Aaj Tak TV channels, India TV, Business Today‘s YouTube channel, and more.
Sitharaman’s Budgetary Journey
This marks Nirmala Sitharaman’s sixth consecutive budget, aligning her with the record set by Dr. Manmohan Singh. As India’s first full-time female finance minister, Sitharaman surpasses her predecessors Arun Jaitley and Yashwant Sinha with this presentation.
Expectations Across Sectors
Despite being a vote-on-account budget, expectations run high. The public anticipates tax decreases, increased income-tax rebate thresholds, revised capital gain tax structures, expanded benefits under the new tax regime, and the removal of GST from insurance policies.
The recruitment industry looks for budgetary allocations in workforce development and skill enhancement. Attention is also directed towards regulatory frameworks concerning the gig economy and contingent workforce.
Industry Voices on Regulatory Frameworks
Sekhar Garisa, CEO of foundit, emphasizes the importance of a forward-looking budget addressing regulatory frameworks related to the gig economy and contingent workforce.
Incentives for Growth
The industry eyes targeted incentives for select sectors to stimulate investment, job creation, and industrial expansion. Rohet Ramesh, Director at Layam Group, highlights the potential reinforcement of these incentives through increased allocations for skill development programs and support for job creation in the informal sector.
Empowering Women Entrepreneurs
Women entrepreneurs seek increased budgetary allocations to enhance their access to capital and equity-based funding. Aditi Balbir, CEO of EcoRatings, emphasizes the need for a more inclusive financial ecosystem and calls for increased capital allocation to diversity-focused funds, acknowledging the pivotal role of women entrepreneurs in fostering equity in the business landscape.