India eagerly awaits the Union Budget 2024, under Prime Minister Modi’s re-elected government. Finance minister Nirmala Sitharaman will present the Union Budget 2024 on July 23. Here’s a breakdown of key expectations:
- Tax Relief: From salaried individuals to gold traders, many hope for tax breaks. The common man expects income tax relief, while the gold industry seeks import duty cuts and tax-free Sovereign Gold Bond interest.
- Gems & Jewellery Industry Seeks Reform: This sector desires a single regulatory body and complete shift of bullion trade through commodity exchanges. Mandatory hallmarking across India is also anticipated.
- Boost for Electronics Exports: The electronics industry urges policies that support domestic production and exports. Streamlining supply chains and reducing overseas dependence are key asks.
- Sustainability Push: Experts call for prioritizing renewable energy, green infrastructure, and sustainable agriculture in the budget. Lower GST on renewable components and skilling initiatives for a sustainable future are desired.
- Pharmaceutical Industry Seeks Innovation Boost: Investment in R&D, faster drug development approvals, and financial incentives for innovation are top priorities for this sector.
- Businesses Want Tax Stability: Leading industry body CII appreciates the government’s stable tax rates and suggests their continuation for business certainty.