As the nation awaits the unveiling of the Union Budget 2024, all eyes are on Finance Minister Nirmala Sitharaman as she prepares to present her sixth consecutive budget on February1. This significant milestone positions Sitharaman to equal the record set by former Prime Minister Morarji Desai, solidifying her legacy as the first full-time woman finance minister of India.
Finance Minister Nirmala Sitharaman: A Trailblazer in Union Budget 2024 Presentations
Since assuming office in July 2019, Sitharaman has diligently presented five full-fledged budgets, demonstrating her commitment to steering India’s economic trajectory. With the upcoming interim budget presentation, she is poised to surpass the records set by esteemed predecessors such as Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, all of whom have presented five consecutive budgets.
Historical Context: Morarji Desai’s Legacy
Morarji Desai, during his tenure as finance minister, delivered five annual budgets and one interim budget between 1959 and 1964. His contributions laid the groundwork for fiscal policies that shaped India’s economic landscape for years to come.
Insights into Interim Budget 2024–25: A Vote-On-Account
The interim budget slated for presentation on February 1, 2024, will function as a vote-on-account, granting the government the authority to allocate funds for essential expenditures until a new administration assumes office following the general elections in April and May. Unlike a comprehensive budget that outlines the government’s financial plans for the upcoming year, the interim budget serves as a provisional declaration estimating the funds required by the government during the transitional period.
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Anticipated Focus Areas: Relief Measures and Capex Push
Industry experts, including Radhika Rao, Executive Director and Senior Economist at DBS Group Research, anticipate a focus on relief measures for the rural and farming sectors in the upcoming budget. Amidst the challenges posed by adverse weather conditions, climate change, and inflationary pressures, there is a growing need to bolster support for these critical sectors. Rao emphasizes the significance of addressing these challenges through strategic measures while maintaining momentum for capital expenditure initiatives.
As the nation braces for the unveiling of the Union Budget 2024, stakeholders across various sectors await insights into the government’s fiscal priorities and policy directions. Finance Minister Nirmala Sitharaman’s tenure has been marked by a steadfast commitment to economic reform and resilience, and her upcoming budget presentation holds the promise of addressing key challenges while charting a course for sustainable growth and development.
Budget 2024 Expectations LIVE: Insights from the Travel Industry
As the anticipation builds for Union Budget 2024, Rama Mahendru, Country General Manager-India at Intrepid Travel, shares insights into the expectations of the travel industry. Mahendru underscores the immense potential of inbound international travel in India and emphasizes the need for the budget to prioritize essential aspects.
Transformative Power of Tourism: A Key Focus
Mahendru urges the Union Budget 2024–25 to recognize the transformative power of tourism and the crucial role played by infrastructure in enhancing India’s global appeal. He highlights the significance of prioritizing necessities such as hygienic public spaces and heightened security awareness to ensure a memorable experience for foreign guests.
Boosting Inbound International Travel: Economic Benefits
Emphasizing the economic benefits, Mahendru stresses the importance of supporting businesses that contribute to the influx of foreign capital into the country. He suggests including incentives for inbound tour operators under the foreign trade policy, showcasing India’s commitment to international collaboration.
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Enhancing Accessibility: A Priority
In addition to economic considerations, Mahendru advocates for enhancing accessibility to historical sites and monuments. He emphasizes the need for infrastructure improvements that facilitate easy access for wheelchair-bound or elderly visitors, enhancing inclusivity and promoting tourism growth.
Hospitality-Driven Infrastructure: A Strategic Investment
Mahendru concludes by urging the allocation of resources towards hospitality-driven infrastructure. By prioritizing this aspect, India can further solidify its reputation as a welcoming destination while simultaneously fostering economic growth and development.
In summary, the travel industry anticipates Union Budget 2024 to address key priorities such as infrastructure enhancement, economic incentives, and accessibility improvements, setting the stage for sustainable growth and prosperity in the tourism sector.
Budget 2024 Expectations LIVE: Insights from Dr. Nilanjan Banik, Economist, Mahindra University
Dr. Nilanjan Banik, an esteemed economist from Mahindra University, provides valuable insights into the expectations surrounding the Union Budget 2024. With a growth rate surpassing 6.5%, India stands as one of the fastest-growing large economies globally, setting an optimistic tone for the economic landscape.
Targeted Measures for Economic Stability
Dr. Banik emphasizes the importance of targeted measures amid immediate concerns, such as subsidies for cooking gas and support for small enterprises. These measures aim to bolster economic stability and stimulate growth in key sectors.
Capex Push: Driving Sustained Economic Growth
Infrastructure development, particularly through a robust capex push, emerges as a pivotal driver for sustained economic growth. Dr. Banik highlights the potential multiplier effect associated with investments in infrastructure, which can fuel broader economic expansion.
Digital Integration and Financial Inclusion
The integration of digital platforms like UPI, Google Pay, and PhonePe, alongside initiatives like the Jan-Dhan Yojana, has played a significant role in formalizing the informal economy. Dr. Banik underscores the importance of these initiatives in expanding financial inclusion and fostering a more inclusive economic environment.
Viewing Public Debt-to-GDP Ratio in Context
Dr. Banik argues for a contextual understanding of the public debt-to-GDP ratio within the framework of a growing economy. He suggests that while this ratio may fluctuate, it should be interpreted in light of India’s overall economic trajectory and potential for future growth.
Import Duty Rationalization and Domestic Manufacturing
Rationalizing import duties emerges as a critical component for ensuring a level playing field in domestic manufacturing. Dr. Banik advocates for a comprehensive approach to addressing import duties, thereby supporting domestic industries and enhancing competitiveness.
Focus on Real GDP Growth for Economic Resilience
Despite potential fluctuations in nominal GDP growth, Dr. Banik underscores the paramount importance of focusing on real GDP growth for sustained economic resilience. This emphasis reflects the broader goal of fostering long-term economic stability and prosperity.
In conclusion, Dr. Banik’s insights shed light on the nuanced considerations and strategic priorities that should guide the Union Budget 2024. By implementing targeted measures, promoting infrastructure development, fostering financial inclusion, and adopting a holistic approach to economic policies, India can chart a course towards sustainable growth and prosperity.
Budget 2024 Expectations LIVE: Insights from Varun Chaudhary, Managing Director, CG Foods
Varun Chaudhary, the Managing Director of CG Foods and the proprietor of the brand WAI WAI, underscores the significance of technology in the FMCG sector and its potential for transformative growth. Positioned at the intersection of technological innovation and evolving consumer dynamics, the FMCG sector holds promise for unprecedented advancement.
Embracing Technological Advancements
Chaudhary highlights the rapid advancements in generative AI, propelled by initiatives like Digital India, the rise of direct-to-consumer (D2C) brands, and the expanding e-commerce landscape. These developments pave the way for substantial growth opportunities within the FMCG sector.
Catering to Changing Consumer Preferences
With Millennials and Gen Z driving consumption patterns, Chaudhary emphasizes the importance of aligning product offerings with their preferences. Increased disposable income among these demographics necessitates innovative product development strategies to cater to their evolving tastes and demands.
The Role of Generative AI
Generative AI emerges as a pivotal tool for FMCG brands, offering hyper-personalized products and marketing strategies tailored to emerging consumer trends. By leveraging generative AI, companies can enhance their understanding of consumer behavior and refine their offerings accordingly.
Digital Transformation and Direct Engagement
The digital transformation in India presents new avenues for FMCG brands to engage directly with consumers. Chaudhary underscores the importance of leveraging digital platforms to foster more direct and effective interactions with customers, thereby strengthening brand engagement and loyalty.
Prioritizing Sustainability
Amidst technological advancements, Chaudhary emphasizes the importance of sustainability. The growing environmental consciousness among younger consumers underscores the need for eco-friendly practices in production and packaging. By prioritizing sustainability, FMCG brands can align with consumer values and contribute to environmental stewardship.
Unlocking Success through Innovation and Sustainability
Chaudhary concludes by advocating for a strategic focus on innovation and sustainability in the FMCG sector. By embracing technological advancements, catering to evolving consumer preferences, and prioritizing sustainability initiatives, FMCG brands can unlock new levels of success and contribute significantly to India’s economic growth. These considerations should be central to the upcoming budget deliberations, ensuring support for the continued advancement of the FMCG industry.
Budget 2024 Expectations LIVE: Insights from Sunil Sisodiya, Founder, Geetanjali Homestate
Sunil Sisodiya, the founder of Geetanjali Homestate, sheds light on key expectations for the upcoming Union Budget, with a particular focus on increased deductions for home loans. Sisodiya emphasizes the importance of supportive policies aimed at bolstering affordable housing initiatives and revitalizing the real estate market.
Boosting Affordable Housing Initiatives
Sisodiya underscores the significance of increased deductions for home loans as a means to provide a substantial boost to affordable housing initiatives. By incentivizing homebuyers through enhanced deductions, the budget has the potential to stimulate demand and encourage investment in the housing sector.
Stimulating Growth in the Real Estate Market
Beyond facilitating homebuyers, Sisodiya highlights the broader impact of supportive policies on the real estate market. He stresses the importance of measures that not only cater to individual homebuyers but also contribute to overall market growth, thereby fostering economic resilience and resurgence.
Crucial Opportunity for Sector Revival
The upcoming budget presents a critical opportunity to implement measures that can catalyze the revival of the real estate sector. Sisodiya emphasizes the need for proactive policies that address the sector’s challenges and create an enabling environment for sustained growth and development.
Contributing to India’s Economic Resurgence
Sisodiya concludes by emphasizing the significant role of the real estate sector in India’s economic resurgence. By implementing supportive measures in the budget, policymakers can unlock the sector’s potential as a key driver of economic growth, job creation, and infrastructure development.
In summary, Sunil Sisodiya’s insights underscore the importance of increased deductions for home loans in bolstering affordable housing initiatives and revitalizing the real estate market. As policymakers prepare for the Union Budget 2024, they have the opportunity to enact measures that not only support individual homebuyers but also contribute to India’s broader economic resurgence.
Budget 2024 LIVE: Insights from Ashwajit Singh, Managing Director, IPE Global
Ashwajit Singh, the Managing Director of IPE Global, shares insights into the expectations surrounding Budget 2024, emphasizing the importance of promoting ‘Make in India’ innovation and boosting private investments. Singh notes the significance of continuity in previous budget measures to sustain economic growth and foster employment opportunities.
Continuity for Sustained Growth
As an interim budget, Singh anticipates continuity in the government’s approach, focusing on sustaining economic growth and creating employment opportunities. He underscores the importance of building on previous measures while also addressing the needs of vulnerable sections of society.
Inclusive and Long-Term Growth
Singh emphasizes the government’s commitment to inclusive and long-term growth, aiming to cater to the needs of all segments of society. He highlights the importance of reforms aimed at enhancing the ease of doing business, promoting innovation under the ‘Make in India’ initiative, and encouraging private investments.
Opportunity for Confidence Building and Investment
Budget 2024 presents an opportunity to instill confidence and attract investment, according to Singh. By prioritizing reforms that foster a conducive business environment and incentivize innovation and private investment, the government can pave the way for sustainable economic growth and development.
Vision for a Developed Nation
Singh concludes by outlining a vision for a developed India by the centenary of its independence in 2047. He highlights Budget 2024 as a crucial step towards realizing this vision, emphasizing the importance of transformative policies and investments that lay the foundation for long-term prosperity.
Budget 2024 LIVE: Insights from Nikhil Chopra, CEO and Whole-Time Director, JB Pharma
Nikhil Chopra, CEO and Whole-Time Director of JB Pharma, shares his expectations for Budget 2024, emphasizing the need for incentivizing domestic API manufacturers and bolstering the pharmaceutical industry’s infrastructure and competitiveness.
Commitment to Healthcare Allocation
Chopra highlights the importance of allocating approximately 2.5%–3% of the budget towards healthcare. This allocation is critical for empowering the industry to meet the nation’s growing healthcare needs, reflecting the government’s commitment to enhancing healthcare infrastructure and accessibility.
Investment in Pharmaceutical Supply Chain
Anticipating the allocation of funds towards enhancing the pharmaceutical supply chain and distribution infrastructure, Chopra emphasizes the integration of digital technologies. By leveraging digital advancements, the pharmaceutical supply chain can be streamlined, leading to improved access and uninterrupted deliveries of essential medications.
Stimulating Indigenous Pharmaceutical Manufacturing
Chopra advocates for streamlined implementation of the Production-Linked Incentive (PLI) scheme to incentivize indigenous pharmaceutical manufacturing. By encouraging domestic production, the industry can enhance global competitiveness, address pricing challenges, and contribute significantly to the nation’s economic resilience.
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Incentivizing Domestic API Manufacturers
Chopra proposes incentivizing domestic API manufacturers to stimulate increased production domestically. Financial incentives can encourage domestic manufacturers to ramp up production, reducing reliance on imports and fostering a more stable and self-reliant pharmaceutical industry.
Reduction in GST and Import Duty on APIs
Chopra suggests reducing GST and import duty on APIs to alleviate the burden on pharmaceutical companies and make the production process more cost-effective. This measure not only supports domestic manufacturers but also enhances the overall competitiveness of the pharmaceutical sector.
In conclusion, Nikhil Chopra’s insights underscore the importance of strategic measures to bolster the pharmaceutical industry’s competitiveness and self-reliance. By prioritizing healthcare allocation, investing in infrastructure, and incentivizing domestic manufacturing, Budget 2024 can catalyze growth and resilience in the pharmaceutical sector, contributing to India’s overall economic prosperity.
Budget 2024 LIVE: Addressing the Needs of the Real Estate Sector
Amit Gossain, Managing Director of KONE India, sheds light on the requirements of the real estate sector, emphasizing the significance of affordable and sustainable housing alongside measures to stimulate growth and enhance safety standards.
Adaptability and Stability in the Real Estate Market
Gossain highlights the real estate sector’s adaptability and responsiveness to market dynamics, positioning it as a beacon of stability amidst economic changes. The surge in demand and sales underscores the sector’s resilience and potential for growth.
Promoting Affordable and Sustainable Housing
Affordable housing, coupled with sustainable building practices, influences consumer preferences significantly. Gossain advocates for incentives and financial support targeted at this segment to drive widespread home ownership and propel industry growth.
Linkage with Electronics and Electrical (E&E) Sector
The symbiotic relationship between real estate and the electronics and electrical (E&E) sector is pivotal. Addressing mid-income housing needs directly impacts consumer adoption of electronic devices, highlighting the interconnectedness of these industries.
Stabilizing Interest Rates for Affordable Luxury
Stabilizing interest rates is crucial for making luxurious living affordable. Gossain suggests incentives like a 1% GST without ITC and government subsidies, along with strategic housing rebates, to benefit a larger number of homebuyers in India.
Unlocking Liquidity for Stalled Projects
To address liquidity challenges in stalled real estate projects, bolstering financial systems is imperative. Gossain notes that such measures will not only stimulate the growth of the elevator industry but also facilitate progress in the real estate sector.
Prioritizing Safety and Standardization
Prioritizing safety is paramount, especially in affordable housing. Gossain advocates for a Uniform Lift Act to ensure standardized safety measures, streamline lift regulations, and foster innovation, thereby enhancing passenger and product safety.
Government Support for Infrastructure and Eco-Friendly Urban Growth
Government support for infrastructure development and eco-friendly urban growth is anticipated. Gossain emphasizes the importance of such initiatives in driving sustainable development and enhancing the livability of urban areas.
In conclusion, Amit Gossain’s insights underscore the multifaceted needs of the real estate sector, ranging from affordable housing and safety standards to financial stability and sustainability. By addressing these requirements in Budget 2024, policymakers can foster growth, inclusivity, and resilience in the real estate industry, contributing to India’s overall economic prosperity.
Budget 2024 Expectations LIVE: Insights from Vinayak Kamath, Co-founder of Hearth Ventures
Vinayak Kamath, co-founder of Hearth Ventures, shares his expectations for Budget 2024, emphasizing the importance of inclusive and long-term rural and economic development. Kamath highlights several crucial areas where budgetary allocations can have a significant impact on rural communities and economic growth.
Focus on Rural Development
Kamath underscores the need for infrastructural improvements, livelihood enhancement, and promoting export potential in rural areas. He anticipates enhancements in rural roads, energy infrastructure, and agricultural supply chains to uplift rural livelihoods and stimulate economic growth.
Promotion of Indian Crafts and Cultural Representation
A focused emphasis on promoting Indian crafts, particularly handmade crafts, is expected through government-initiated programs like ODOP (One District, One Product) and ONDC (One Nation, One Digital Platform). Kamath advocates for increased funding and support to showcase India’s cultural legacy at international trade shows, thereby boosting exports and preserving traditional craftsmanship.
Simplify Compliance for Startups and MSMEs
Kamath calls for simplifying compliance procedures for startups and MSMEs while ensuring governance standards are maintained. Streamlining compliance processes can ease the burden on small businesses and encourage entrepreneurship, fostering economic growth and job creation.
Catalyst for Inclusive Development
In conclusion, Kamath emphasizes that Budget 2024 should serve as a catalyst for inclusive and long-term rural and economic development. By addressing the diverse needs and ambitions of rural communities, the budget can drive holistic growth, empower rural populations, and contribute to India’s overall economic prosperity.
Budget 2024 LIVE: Expect Enhanced Funding for Cybersecurity, AI, 5G, and IoT
Anticipating Budget 2024: The Thrust on Cybersecurity, AI, and Emerging Technologies
In the upcoming budget announcement, there’s a growing anticipation for increased allocations towards critical areas like cybersecurity, coupled with robust backing for emerging technologies such as 5G, AI, and the Internet of Things (IoT). Insights from industry leaders suggest that this budget could mark a significant milestone in fostering innovation and technological advancement within the country.
Sukesh Madaan Foresees Game-Changing Potentials in Budget 2024
Sukesh Madaan, CEO of Blaupunkt India, expressed optimism regarding the forthcoming budget, highlighting its potential to propel business growth within the retail sector. He emphasized the need for measures that accelerate technological advancements, skill development, and infrastructure enhancement, foreseeing this budget as a potential game-changer for the industry’s resilience and competitiveness.
Reevaluation of GST on Hospital Room Rents in the Spotlight
Rajitha Boorugu, Partner at BDO India, sheds light on the healthcare sector’s expectations, particularly urging a reevaluation of GST levied on hospital room rents exceeding Rs. 5,000. Boorugu also emphasizes the need for exemptions on interstate movements of medicines and equipment, along with a reconsideration of the treatment of revenue from medical tourism.
Demands and Expectations from the Real Estate Sector
Payal Thaker, Partner at BDO India, outlines key demands from the real estate sector, including options for GST payment mechanisms for developers and clarifications on various land-related transactions. Thaker also advocates for GST exemptions on certain construction services and defines affordable residential apartments based on carpet area considerations.
Streamlining Tax Structures in the Motown
Gyanendra Tripathi, Partner & Leader at BDO India, calls for rationalizing tax structures within the automotive sector, particularly focusing on customs duties, GST rates, and compensation cess. Tripathi also highlights the EV industry’s plea for GST rate reductions on components and batteries to spur growth and address input tax credit accumulation challenges.
Lumikai’s Expectations on AI Research Support
Salone Sehgal, Founding General Partner at Lumikai, stresses the importance of budgetary allocations for AI research and development, advocating for incentives to promote AI adoption among startups. Sehgal identifies interactive and applied game mechanics as potential transformative areas, urging investments in early-stage research to disrupt various sectors.
Fintech Sector’s Call for a Self-Sustaining Economic Model
Raman Khanduja, co-founder and CEO of Mintoak, underscores the role of government initiatives in driving financial empowerment, particularly in Tier 3 and beyond regions. Khanduja emphasizes the need for policies supporting digital literacy and fostering financial inclusion through collaborative efforts between fintech firms and banks.
The logistics sector awaits incentives for Sustainability and Innovation
Soham Chokshi, CEO and co-founder of Shipsy, highlights the need for financial incentives for EV deployment and emissions tracking across transportation modes. Chokshi calls for budgetary support to accelerate AI adoption in supply chain logistics, emphasizing its potential for significant productivity enhancements.
Potential Boost for ONDC Platform and MSMEs
Ketaki Karnik, Partner at Xynteo, anticipates further investments in the ONDC platform to promote e-commerce adoption among MSMEs. Karnik also emphasizes the need for comprehensive e-commerce and retail policies to facilitate digitalization, access to finance, and infrastructure development, along with social security measures for gig workers.
Rural Schemes Could Receive Higher Allocation
Ketaki Karnik from Xynteo anticipates increased allocations for rural schemes in light of potential inflation risks and softening rural demand. Karnik emphasizes the importance of measures to boost rural consumption, aligning with the government’s broader economic objectives.
Prioritizing Cyber-Resilience in Budget 2024
Parag Khurana, Country Manager at Barracuda Networks (India), emphasizes the importance of cybersecurity investments in the face of evolving threats, particularly those leveraging AI. Khurana underscores the potential impact of budgetary allocations on enhancing India’s cyber-resilience and safeguarding digital assets.
Real Estate Startups Seek Tax and Regulatory Relief
Prasoon Chauhan, founder and CEO of JustHomz, calls for incentives to promote technology adoption in real estate and support for PropTech startups through funding and policy initiatives. Chauhan advocates for streamlined tax and regulatory frameworks to stimulate industry growth and enhance affordability for homebuyers.
Fostering Green Practices through Budget Support
Amitt Nenwani, founder of Wahter, anticipates incentives for eco-friendly practices and investments in renewable energy solutions. Nenwani emphasizes the role of sustainability in enhancing market competitiveness and looks forward to budgetary support for eco-conscious initiatives.
Focus on Welfare Spending and Economic Dynamics
Experts anticipate a focus on welfare spending in the upcoming budget, considering the impending Lok Sabha polls and economic dynamics. Strong tax receipts and growing GST revenues provide financial leeway for adjustments or expansions in subsidies to mitigate rising food and oil costs.
Empowering EV Sector Growth through Budgetary Measures
Chakravarthi C., Managing Director of Quantum Energy, advocates for crucial measures to sustain and enhance the EV industry’s growth, including the extension of subsidy programs and GST reductions on lithium-ion batteries. Standardized policies for battery-swapping markets are also sought to ensure safety and reliability for EV users.
Education and Healthcare Priorities in Budget 2024
Experts emphasize the importance of addressing rising costs in education and healthcare through budgetary measures. Scholarships, improved facilities, and enhanced tax rebates are anticipated to support education, while increased healthcare deductions and infrastructure improvements aim to alleviate healthcare burdens.
Insurance Sector’s Wishlist for Budget 2024
Pankaj Gupta, MD and CEO of Pramerica Life Insurance, calls for distinct tax deductions for life insurance and pension products to incentivize long-term financial planning. Gupta highlights the potential of such measures to promote insurance-based retirement solutions and foster industry competition.
High Hopes for Luxury Residential Real Estate Sector
Ramesh Ranganathan, CEO of K Raheja Corp. Homes, anticipates impactful policies to elevate the real estate sector, including tax incentives and reduced holding periods for residential properties. Measures to boost home ownership affordability are emphasized to stimulate industry growth.
Indian IT’s Expectations on AI Investments
Shreeranganath Kulkarni, Managing Director of InfoVision, underscores AI’s potential to drive business efficiencies and calls for government support in AI investments and upskilling initiatives. Kulkarni emphasizes the importance of collaborative governance models and ethical data use in advancing India’s AI ecosystem.
Here’s a summary of the expectations and insights from various sectors ahead of the Union Budget 2024:
- Extension of Formal Job Scheme ABRY: There are talks about extending the Aatmanirbhar Bharat Rozgar Yojana (ABRY) to incentivize job creation by subsidizing provident fund contributions, as more than half of the allocated funds remain unspent.
- Microfinance Sector Expectations: The microfinance sector seeks dedicated funding and policy support, including low-cost funding windows, to broaden outreach and extend credit assistance to underserved regions and populations.
- Automotive Sector Wishlist: The automotive sector expects continued focus on infrastructure projects, encouragement for green mobility, and support for electric vehicles to drive inclusive income generation and foster economic empowerment.
- Bond Market Outlook: Indian government bond yields are expected to remain largely unchanged, influenced by key economic events such as the US Federal Reserve policy decision and the forthcoming local Federal Budget.
- Tech Sector Expectations: Anticipation for a progressive approach that emphasizes ‘Make in India’, streamlining Advanced Pricing Agreements (APAs), and addressing taxation structures to stimulate technology transfer and innovation.
- Electric Vehicle (EV) Sector Hopes: Hopes for continued support for the EV sector through potential extension of incentives, reevaluation of taxes on lithium-ion batteries, and continuation or expansion of schemes like FAME and PLI.
- Budget Session Dates: The budget session of Parliament, the last session before general elections, will begin on January 31, with Union Finance Minister Nirmala Sitharaman presenting the interim budget on February 1.
- Assam Tea Industry Needs: The Assam tea industry seeks proper promotion, particularly overseas, to tap new markets and address oversupply in the domestic market, calling for a tea promotion policy from the government.
These expectations and insights reflect the diverse needs and priorities of various sectors as they look forward to policy interventions and support from the government in the upcoming budget.
FAQs
Q. What is the Union Budget?
Ans. The Union Budget is a comprehensive financial statement of the government’s estimated revenue and expenditures for the upcoming fiscal year. It outlines the government’s economic policies, priorities, and allocations for various sectors.
Q. Who presents the Union Budget in India?
Ans. The Union Budget is presented annually by the Finance Minister of India in Parliament.
Q. What is an interim budget?
An interim budget is a temporary budget presented by the government when it is in the last year of its term. It typically covers the financial needs for the intervening period until a new government is formed after elections.
Q. What is the purpose of the Union Budget?
Ans. The Union Budget serves multiple purposes, including:
Allocating funds for various government schemes and programs.
Outlining economic policies and priorities.
Providing transparency in government spending.
Facilitating fiscal discipline and accountability.
Q. How does the Union Budget impact individuals and businesses?
Ans. The Union Budget can impact individuals and businesses in various ways, including changes in taxation, subsidies, incentives, and government spending. It can influence economic growth, inflation, employment, and investment climates.
Q. What are some key components of the Union Budget?
Ans. 1. Some key components of the Union Budget include:
2. Revenue receipts and expenditures.
3. Capital receipts and expenditures.
4. Fiscal deficit and borrowing targets.
5. Allocation for different sectors like health, education, infrastructure, etc.
6. Tax proposals and policy changes.
Q. When is the Union Budget usually presented?
Ans. The Union Budget is typically presented in Parliament in the last week of February, except in election years when it may be presented earlier.
