HomeNewsBudget 2024 Highlights: A Glimpse Into Anticipated Fiscal Moves

Budget 2024 Highlights: A Glimpse Into Anticipated Fiscal Moves

Budget 2024: As the anticipation builds for Union Finance Minister Nirmala Sitharaman’s presentation of the interim budget for the fiscal year 2024-25 on February 1, market experts are closely watching for potential highlights that might shape the economic landscape.

Here’s a glimpse into some key areas of focus:

1. Budget 2024 Fiscal Deficit Expectations:

Market observers are anticipating a lower fiscal deficit projection in the interim budget. Managing fiscal discipline while addressing the need for increased public spending is expected to be a delicate balancing act.

2. Continued Emphasis on Capital Expenditure (Capex):

Despite being a “vote on account” before the general elections, experts foresee a continued emphasis on capital expenditure. Investments in infrastructure, development projects, and key sectors are crucial for economic growth.

3. Interim Budget’s Nature and Scope:

Nirmala Sitharaman has indicated that this budget will primarily serve as a “vote on account,” ruling out major announcements. The interim budget typically allows for essential government spending until the comprehensive budget is presented by the new government post-election.

Budget 2024

4. Enhanced Security Measures:

In preparation for the budget session, security around Parliament has been heightened. The deployment of the Central Industrial Security Force (CISF) signals a proactive approach to ensure the smooth conduct of proceedings.

5. Market Reaction:

Historically, markets have experienced significant movements post-budget announcements. Experts suggest that a surge of up to 1000 points could be witnessed. The market’s response will likely be influenced by the government’s economic policies and fiscal strategies outlined in the budget.

6. Focus on Renewable Energy and Electric Vehicles (EVs):

Nirmala Sitharaman Given the global push for renewable energy, the budget may see increased funding for the EV and green hydrogen sectors. The emphasis on sustainable practices aligns with broader environmental and economic goals.

7. Import Duty Adjustments:

Import duty adjustments, such as the increase in import duty on gold and silver, are notable highlights. The government’s move to impose Agriculture Infrastructure Development Cess (AIDC) and related adjustments may impact specific sectors.

8. Telecom Sector Wishlist:

Telecom infrastructure providers are expressing their wishlist, including seeking input tax credit on telecom towers and proposing an increase in tax depreciation rates. Rationalization of Tax Deducted at Source (TDS) provisions is also part of their budget expectations.

9. Budget Session Commencement:

The budget session is set to commence on January 31, with the interim budget presentation scheduled for February 1. This marks the beginning of a significant legislative process that will shape the economic trajectory for the upcoming fiscal year.

As the nation awaits the unveiling of budgetary allocations and economic policies, these highlights provide a preliminary overview of the key areas that may be addressed in the upcoming interim budget presentation. Stay tuned for comprehensive coverage and insights as the budget session unfolds.

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