Live Updates on Budget 2024 Expectations: Experts predict that social welfare programs and infrastructure will receive more attention in the budget.
Expectations for the Budget in 2024 Real-time updates: The first budget of the recently elected NDA administration led by Prime Minister Narendra Modi, the Union Budget 2024, will be presented by Finance Minister Nirmala Sitharaman on July 23. Check out the Economic Survey’s LIVE updates here. The average person, members of the middle class, and those in salaried positions have high expectations for Budget 2024 because they anticipate Nirmala Sitharaman to reduce income taxes.
Experts predict that social welfare programs and infrastructure will receive more attention in the budget. Follow Hindustan Times to learn about the main anticipations for the 2024 budget:
Budget 2024 Expectations Live Updates: What are the expectations of the gold industry from the budget?
The director of Augmont – Gold For All, Sachin Kothari, stated: “The first aim is to change import duties. The market anticipates that under CEPA, import duties on silver will be equal to those on gold, with a reduction from 15% to 10%. It is anticipated that import tariff benefits from LDC and FTA nations will be discontinued since several refineries in India have been importing unrefined gold (gold dore) from LDCs under zero duty, distorting the competitive landscape.
Bullion players want IIBX at GIFT City to handle all gold imports and exports since it is becoming a popular entry point for importing bullion. For importing gold, there should be a particular bonus of 0.5%. The location of a Jewellery Export Center at GIFT City for local small traders is another appealing feature to market participants.
Market participants seek a single regulator for the gem and jewellery industry, and they also want all bullion trade to go through commodity exchanges, as the market is now governed by multiple agencies, including SEBI, RBI, DGFT, Ministry of Finance, Ministry of Commerce, etc.
In India, Sovereign Gold Bonds are becoming increasingly well-liked and appealing. However, if redeemed before eight years, the interest received from Sovereign Gold Bonds is taxable in accordance with the rules. In order to encourage additional investors in this plan, market participants want the interest income on SGB to be tax-free.
Other anticipated developments include the creation of GST-bonded warehouses, the requirement for hallmarking by all jewelers in India, the ability to purchase jewelry with interest, and the ability to borrow and lend money through commodity exchanges.”
Expectations for the Budget in 2024 Real-time updates: Exports of electronics, such as televisions, may be encouraged
“We hope for policies in the upcoming Union Budget that will support an export-driven strategy, especially in television exports,” stated Sharan Maini, director of Veira Group. Focusing on increasing domestic output and strengthening Indian manufacturers is crucial to achieving this. By strengthening our domestic manufacturing environment, generating jobs, and boosting foreign reserves, we can strengthen our economy and lessen our reliance on foreign suppliers by streamlining supply chains and giving localization of components first priority.
We can strengthen India’s position in the world’s electronics industry by fostering an environment that supports innovation and streamlines company operations. By putting these policies into place, India may grow into a major force in the domestic and global electronics manufacturing industry.”
Expectations for the Budget in 2024 Real-time updates: The government might use taxes to encourage sustainability
According to Dr. Miniya Chatterji, CEO of Sustain Labs Paris and Founding Director of the Anant School for Climate Action, “It would be important to prioritize initiatives that drive sustainable growth in the Union Budget 2024.” Sustainable agriculture, green infrastructure, and renewable energy initiatives should be the main targets of investment. A decrease in the GST imposed on renewable energy components would be another wise decision. Provisions for encouraging innovation and skill development in the realm of sustainability should also be made.
Live updates on budget 2024 expectations: Government might help pharma by accelerating approval procedures and offering rewards for research and development.
“We need to invest more in R&D to encourage businesses to adopt new technologies and develop innovative products,” stated Salve Pharmaceuticals CEO Ajay Kakar. Pharmaceutical industry policies that expedite approval procedures and offer financial rewards for drug research are noteworthy.
Expectations for the Budget in 2024 Real-time updates: CII argues tax stability is crucial.
Live Updates on Budget 2024 Expectations: CII stated in its pre-Budget 2024 memorandum that it supports the government’s effort to keep tax rates stable. “It is suggested that the corporate tax rates be maintained at the current levels to provide tax certainty for businesses,” the statement read.
