Union Budget 2024: Recommendations To Sustain 7-8% Growth Throughout The Next Decade

As the final quarter of the financial year unfolds, people of the nation are eagerly waiting for the Union Budget 2024. It is seen as an important moment, with various stakeholders including individual taxpayers to corporate giants eagerly anticipating policy pronouncements that will shape India’s economic trajectory for the coming years. Based on the current economic scenario and policy framework, here are some key expectations and recommendations from Union Budget 2024.

Individual Taxpayers:

Expectations are high for increased income tax slabs and deductions to boost disposable income and consumption. Simplification of the tax code, reducing compliance burdens and eliminating ambiguities are crucial. A shift towards direct taxes over indirect taxes can encourage economic growth.

Corporate Tax:

Streamlining corporate tax rates and eliminating exemptions can create a level playing field. It will help attract foreign investment. Introducing tax incentives for sectors aligned with the “Make in India” initiative can promote domestic manufacturing and job creation.

Infrastructure Development:

Increased allocations for infrastructure projects, especially in rural areas. It will improve connectivity, create jobs and stimulate economic activity. Exploring public-private partnerships and innovative financing models can help bridge the infrastructure gap.

Manufacturing and Exports:

Incentives for domestic manufacturing, such as tax breaks for research and development and skill development programs. It will enhance India’s export competitiveness. Simplifying export procedures and reducing transaction costs can further boost outbound trade.

Technology, Media and Telecommunication:

Increased investment in digital infrastructure, including high-speed internet connectivity and data centers. It is crucial for promoting digital literacy, online education and e-commerce. Incentives for adopting digital technologies in various sectors can boost efficiency and productivity.

Speaking about expectations of the media industry from Union Budget 2024, Pankaj Bansal, founder and CEO of Newspatrolling.com said, “Budget 2024 presents a golden opportunity to power the next wave of growth in India’s vibrant media landscape. It will be great if the 2024 Union Budget can introduce targeted tax breaks for content creation and local language production. I also propose increased investments in broadband infrastructure and digital skill development. By promoting innovation and nurturing domestic talent, we can unlock the immense potential of our stories. It will help attract global audiences and enable India to become a true content superpower.”

As India’s digital footprint expands, cybersecurity becomes paramount. Budgeting for robust cybersecurity measures and awareness campaigns can safeguard critical infrastructure and citizen data.

Healthcare:

Higher allocations for public healthcare infrastructure and medical insurance schemes. It will improve access to quality healthcare, especially for vulnerable populations. Investments in preventive healthcare and telemedicine can strengthen the healthcare system.

Education:

Continued focus on improving education quality at all levels is crucial. Increased funding for infrastructure, teacher training and scholarships can contribute to a skilled workforce. Skill development programs aligned with industry needs can bridge the skill gap.

Green Initiatives:

Promoting renewable energy sources and energy efficiency through tax incentives and subsidies. It can propel India towards a cleaner and more sustainable future. Investments in green infrastructure and clean technologies can create jobs and attract green investments.

Beyond these specific areas, a key expectation for Budget 2024 is a focus on fiscal consolidation and prudent financial management. Balancing growth-oriented spending with fiscal responsibility is crucial for maintaining macroeconomic stability and boosting investor confidence.

As the countdown to Budget Day 2024 begins, the hope rests on the government’s ability to introduce policies that address these diverse expectations. It is necessary for setting India on a course towards sustained economic growth, social inclusivity and environmental sustainability.