Budget 2024 Live Updates: Anticipation Builds as FM Nirmala Sitharaman Unveils Interim Budget
New Delhi, February 1, 2024
As Finance Minister Nirmala Sitharaman prepares to deliver the Interim Budget 2024-25 today, a wave of anticipation and expectation sweeps across various sectors. The budget, scheduled to be presented after the commencement of the Budget Session on Thursday, is awaited with keen interest, particularly by stakeholders in sectors such as EV, real estate, healthcare, education, energy, auto, agriculture, FMCG, IT, and defense.
The interim budget is poised to provide insights into the government’s financial outlook, including expenditure, revenue, fiscal deficit, and financial projections for the upcoming months. While some speculations suggest a possible vote on account, experts foresee crucial announcements that could impact income taxpayers and salaried individuals. Additionally, the interim budget may introduce measures to enhance the attractiveness of the new income tax regime.
Finance Minister Nirmala Sitharaman is expected to take the stage to present the interim budget at Parliament today, with the full budget anticipated after the upcoming Lok Sabha elections.
Sector-Specific Expectations: Budget 2024
- EV and Renewable Energy: The electric vehicle and renewable energy sectors are eagerly anticipating significant announcements, possibly including incentives and policy measures to boost adoption and sustainability.
- Real Estate: Stakeholders in the real estate sector are looking for measures to stimulate growth, such as tax benefits, policy support, and initiatives to address challenges faced by the industry.
- Healthcare and Education: The healthcare and education sectors are hopeful for increased budget allocations, especially in line with the National Education Policy 2020, to foster growth and inclusivity.
- Cryptocurrency: With growing interest and debate around cryptocurrency, there is anticipation for regulatory clarity and measures to address concerns in this emerging sector.
Industry Voices:
NIIT Group Chairman’s Expectations: NIIT Group Chairman Rajendra S Pawar anticipates alignment with the National Education Policy 2020, stressing the need for a substantial increase in the education budget from 2.9% to 6% of the GDP.
Infinity Learn CEO’s Perspectives: Ujjwal Singh, CEO of Infinity Learn, emphasizes the imperative to bridge the digital divide in education, seeking support for digital infrastructure and measures to make education more accessible and inclusive.
UNIVO Education CEO’s Optimism: Siddharth Banerjee, CEO of UNIVO Education, expresses optimism about government support for online education, hoping for tax exemptions, lower GST rates, and reduced interest rates on educational loans.
Galgotias University CEO’s Vision: Dr. Dhruv Galgotia, CEO of Galgotias University, looks forward to a budget that integrates AI and technology into education, aligning with the ambitious Viksit Bharat vision.
President’s Priorities: In her address, President Droupadi Murmu highlights the government’s four key pillars: youth power, women power, farmers, and the poor. The focus is on strengthening women’s roles, making farming more profitable, and transforming India into a developed nation by 2047.
Market and Economic Expectations: Investors are advised to focus on sectors like capital goods, industrials, and infrastructure, anticipating increased capital expenditure to foster growth. The budget is expected to concentrate on capital investment, manufacturing, and renewable energy.
Conclusion: As the nation awaits Finance Minister Nirmala Sitharaman’s budget presentation, the expectations and voices from various sectors reflect the diverse needs and aspirations of the Indian economy. The interim budget is poised to set the tone for economic priorities and growth strategies in the coming months, offering a glimpse into the government’s vision for India’s development and prosperity. Stay tuned for live updates on Budget 2024.
