2, March, 2024
HomeIndiaAnticipating Union Budget 2024: Industry Projections, Market Desires, and Historical Anecdotes

Anticipating Union Budget 2024: Industry Projections, Market Desires, and Historical Anecdotes

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The upcoming Union Budget for fiscal 2024-25, scheduled to be revealed post-Lok Sabha elections in July, is generating heightened anticipation. As we eagerly await the government’s financial plans, let’s delve into the key expectations and projections across various sectors.

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Real Estate Sector’s Wishlist: Builders and developers are hopeful for an industry status grant to the real estate sector, enhancing access to loans. Their wishlist also includes provisions for reduced interest rates on project finance and a lower GST bracket for construction materials.

CryptoMarket Expectations: Despite the introduction of Central Bank Digital Currency (CBDC), the crypto market is looking forward to a comprehensive policy on cryptocurrency regulation, with a keen eye on G20 summit discussions.

Addressing Taxation Concerns: Market participants, including prominent investors like Vijay Kedia, express discontent with the current double taxation on dividends. Expectations include relief from this policy, potential policy announcements or extensions for manufacturing electric vehicles (EVs), removal or reduction of Security Transaction Tax (STT), and relief on Long-Term Capital Gains (LTCG) tax.

Agricultural Sector Reforms: The government’s commitment to doubling farmers’ income has led to various policies and reforms. As the FM could provide an update on recent numbers, expectations include further reforms to achieve this ambitious goal.

Poverty Index Debate: Amidst a lively debate on the poverty index, the Niti Aayog’s multidimensional poverty index indicates a decline in poverty. While the budget may not focus on poverty estimates, the FM’s speech could offer clarity on this ongoing discussion.

Market and Taxation Outlook: Capital markets hope for long-term measures, limitations on long-term capital gains, and 80C exemptions. However, a senior finance ministry official suggests an income tax rebate hike is unlikely. Efforts to boost consumption and rural economy, possibly through tax reductions, are anticipated.

Healthcare and Tourism Sector Expectations: The healthcare sector emphasizes the need for increased spending, particularly in rural areas, to strengthen the healthcare value chain. The tourism sector seeks GST credit for hotel construction and a broader policy framework affecting Aviation Turbine Fuel (ATF) costs.

Medical Devices and Pharma Industry: The Medical Technology Association of India seeks a reduction in customs duty and the removal of health cess on medical devices. The pharma industry emphasizes incentives for research and development, calling for conducive policies in the upcoming budget.

Historical Insight: Did you know? Until 1955, the Union Budget was exclusively published in English. Finance Minister CD Deshmukh initiated the printing of the Union Budget document in both English and Hindi for the first time during the 1955-56 Union Budget.

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As we await the unveiling of Union Budget 2024, these expectations and historical insights provide a comprehensive overview of the diverse areas the budget might impact. Stay tuned for the latest updates and insights.

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