Anticipating Budget 2024: Sectors Unveil Wish Lists

With the spotlight on the impending Budget 2024 in India, diverse sectors await Finance Minister Nirmala Sitharaman’s announcements, each harbouring expectations for growth and innovation. However, the Centre may not cut basic customs duty on gold, despite recommendations, due to revenue concerns. The Gem & Jewellery Export Promotion Council seeks reductions in import duty on Gold and Silver Bars.

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Market Expert Calls for Increased Allocations

Expectations for the interim budget include actions appealing to the masses, housing incentives, rural economy support through MNREGA, farmer incentives, and women-centric benefits. A focus on food storage capabilities, strategies for post-2024 elections, and support for domestic tourism may be part of the broader economic plan.

Expert Suggests HRA Policy Revisit

Suman Bannerjee, CIO of Hedonova, suggests revisiting HRA policies for relief, especially in urban areas matching current rental trends.

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MSME Sector Demands Balanced Banking Relationship

The MSME sector, constituting 29.15% of the country’s GDP, stresses the need for a balanced banking relationship. A customised package for improved credit access and competitive rates is anticipated to strengthen the sector’s role in India’s $5 trillion economy goal.

Expectations for Growth Momentum

The upcoming interim budget may contribute to advancing growth momentum with initiatives such as interest subvention schemes, eased collateral requirements, or initiatives like the Emergency Credit Line Guarantee Scheme.

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Tourism Sector’s Budget Expectations

With tourism projected to contribute $250 billion to GDP by 2030, the sector anticipates announcements on streamlining TCS, TDS removal, tax reduction, GST input credit, infrastructural focus, and support for inbound tourism.

Overall, Interim Budget 2024 Poised to Address Key Economic Challenges

The interim budget is expected to unfold post the crucial electoral process, addressing key economic challenges while fostering growth across various sectors.