Budget Predictions 2024-
Finance Minister Nirmala Sitharaman is scheduled to present the final Budget for the current Narendra Modi government on February 1, 2024. Since this Budget precedes the Lok Sabha elections, it is anticipated to be either an Interim Budget or a Vote on Account. The crucial question is whether Sitharaman will introduce significant relief measures for income tax payers and salaried individuals. There is speculation about potential changes to the income tax slab rates for the fiscal year 2025, affecting both the old and new income tax structures. People are also curious if there will be efforts to make the new income tax regime more appealing to taxpayers. In the previous year’s Budget, Sitharaman made significant adjustments to the new income tax regime, which is now the default tax structure. Additionally, a historic capital expenditure was announced to boost economic growth. Stay tuned to Mint Online for live coverage of the expectations for Budget 2024 across various sectors.
Low-cost housing
One significant area of focus for the Government remains affordable housing. Sandeep Runwal, President of NAREDCO Maharashtra, emphasizes the crucial role of the real estate industry as the second-largest employment generator and highlights its potential for bringing about transformative changes in the economy. As the sector eagerly anticipates the budget announcements for 2024-25, there is a sense of expectation for measures that could have a profound impact on its trajectory. Runwal acknowledges the reforms and incentives introduced by both Central and State governments in the past year to stimulate economic growth, emphasizing the sustained momentum in the real estate sector.
Policy regarding EV Batteries
R K Misra, Co-Founder and President – Ecosystem Partnerships at Yulu, has underscored the need for establishing and implementing a National Battery Swapping Policy. Such a policy would bring clarity to incentives, taxation, certifications, and network expansion, thereby playing a crucial role in boosting investor confidence. Yulu also advocated for a reduction in the Goods and Services Tax (GST) on Li-ion battery packs used by Battery as a Service (BaaS) operators, proposing a decrease to 5% to align it with the tax rate applicable to battery-fitted Electric Vehicles (EVs). Additionally, Yulu called for a decrease in GST on transactions related to EV charging and battery-swapping from 18% to 5%. This proposed adjustment aims to benefit cost-conscious retail customers and promote the growth and adoption of institutional setups for charging and battery management.
Online Gaming gets a stronger turf
“Over the past few years, online skill gaming has experienced significant growth. With appropriate regulatory support, this industry has the potential to establish a thriving environment for gamers and game developers. It also offers an opportunity to showcase the capabilities of Indian-made games globally, according to Namratha Swamy, COO of MPL. The industry eagerly awaits clear and long-term guidelines, along with a progressive taxation system in the upcoming financial budget. Such clarity is essential for driving the next phase of growth, creating a favorable business environment, and restoring investor confidence in the sector. Swamy believes that a progressive taxation system will not only encourage investment but also result in the generation of more job opportunities for the talented youth.”
“Furthermore, we express optimism that the budget will facilitate the creation of specialized courses in gaming. These programs are anticipated to be instrumental in fostering the development of future game developers and professionals, ensuring a consistent influx of skilled talent to drive the industry’s expansion,” he continued.
“I eagerly anticipate the forthcoming financial budget with optimism, as we believe that appropriate government policies and support will propel the online skill gaming industry to new heights. This, in turn, will contribute to the economic goal of making India a $5 trillion economy,” Swamy concluded.
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