As India eagerly awaits Union Budget 2024, expectations are high for policy pronouncements that will steer the country’s economic trajectory in the coming years. From individual taxpayers to corporate giants, various stakeholders are keenly anticipating measures that can sustain a 7-8% growth throughout the next decade. Based on the current economic scenario and policy framework, here are some key recommendations for Union Budget 2024.
There is a collective expectation for increased income tax slabs and deductions to boost disposable income and consumption. Simplifying the tax code, reducing compliance burdens, and ensuring clarity in regulations are crucial. A shift towards direct taxes over indirect taxes is seen as a measure that can encourage economic growth.
Streamlining corporate tax rates and eliminating exemptions can create a level playing field, making India more attractive for foreign investment. Introducing tax incentives aligned with the “Make in India” initiative can further promote domestic manufacturing and job creation.
Increased allocations for infrastructure projects, especially in rural areas, can improve connectivity, create jobs, and stimulate economic activity. Exploring public-private partnerships and innovative financing models will be essential to bridge the infrastructure gap.
Manufacturing and Exports:
Incentives for domestic manufacturing, such as tax breaks for research and development and skill development programs, can 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, is crucial for promoting digital literacy, online education, and e-commerce. Incentives for adopting digital technologies across sectors can boost efficiency and productivity.
Higher allocations for public healthcare infrastructure and medical insurance schemes are needed to improve access to quality healthcare, especially for vulnerable populations. Investments in preventive healthcare and telemedicine can strengthen the healthcare system.
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.
Promoting renewable energy sources and energy efficiency through tax incentives and subsidies can propel India towards a cleaner and more sustainable future. Investments in green infrastructure and clean technologies can create jobs and attract green investments.
As India’s digital footprint expands, budgeting for robust cybersecurity measures and awareness campaigns is crucial to safeguard critical infrastructure and citizen data.
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.
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.”