Anticipations for Budget 2024 Live: The interim budget includes measures to increase demand for consumption and progress the agricultural sector
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| Anticipations for Budget 2024 Live: The interim budget includes measures to increase demand for consumption and progress the agricultural sector |
Anticipated Budget for 2024 Live: The government's attempt to directly give farmers more money and quadruple their income has been the central thrust of each of its budgets. The sector's budget allocation has grown five-fold in the previous ten years, from Rs 22,652 crore in FY2015 to Rs 1.15 lakh crore in FY24. The industry will be hoping that in Budget 2024, the government would keep up this trend.
India Union 2024 Live Updates for the Interim Budget Expectations: According to economists, at the next interim budget, Finance Minister Nirmala Sitharaman would announce a goal of around 5.3% of GDP for the 2024–25 fiscal year.
'If not a direct tax rate drop, at least ease of compliance' is one of the expectations for the 2024 budget.
Procedure modifications to increase compliance simplicity
Demands for simplicity of compliance are always growing, particularly in light of the fact that tax authorities have used technology to streamline the filing of tax returns and associated procedures.
Cities classified as "metropolitan" are expanding.
In the past, the development rates of Indian cities have accelerated, drawing many investors to establish offices in places like Pune, Bengaluru, and Hyderabad.
2FA and foreign mobile numbers for e-verification
One of the requirements is to enable non-residents to use foreign mobile phones or emails for e-verification. The disadvantage now faced by individuals outside of India who do not have an India cell number is that they are unable to validate their tax returns, even if Aadhaar OTP and Net Banking EVC cover a substantial portion of individual taxpayers.
Expectations for the Budget in 2024 Live: Irrational expectations have no place among the world's challenges
With the impending general elections and unstable financial markets, the Interim Budget 2024 is crucial.
-The war's effects on geopolitics, the instability of energy prices (Brent oil reached $78.51 a barrel), hazards associated with traveling around the Cape of Good Hope, the lengthier trade route across the Red Sea, and the resulting shipping delays, The US Federal Reserve's February statements were not without controversy. Important causes of the present stock market volatility and macroeconomic uncertainty
Therefore, the key challenge is how to influence voter consent math in the general elections of 2024 while also boosting investor confidence. The interim Budget 2024 does not cover this dual duty.
Expectations for the Budget 2024: Will consumption stocks recover from the interim Budget?
It is anticipated that consumption equities, which are often considered defensive investments, would once again find stability and support amid heightened market volatility in the run-up to the elections.
It is anticipated that the government would act to boost consumer spending and demand while refocusing on rural development, which is trailing behind metropolitan markets.
India's consumer narrative is still underdeveloped and requires assistance. As to Amar Dev Singh, senior vice president of research at brokerage company Angel One, out of 1.4 billion people, demand is mostly distributed among around 100 million individuals. "Sales of two-wheelers, a crucial gauge of mass consumption, continue to fall short of the pre-pandemic high, suggesting a general difficulty in driving up consumption throughout the population," he said.
