With the Finance Minister scheduled to present the Union Budget on July 23, 2024, anticipation and expectations across different sectors are exceptionally high.
Quote on behalf of Dr HK Pradhan, Senior Research Professor of Finance and Economics at XLRI-Xavier School of Management Jamshedpur who has shared her perspectives on the upcoming budget. :
The India Union Budget 2024 is anticipated to reinforce post-pandemic fiscal consolidation efforts while pursuing the long-term objectives of Vikshit Bharat. It aims to positively impact the aspirations of India’s youth and women by balancing fiscal discipline with strategic investments in physical, social, and digital infrastructure. The electoral mandates of 2024 have underscored the importance of a development strategy centered on youth employability, fostering entrepreneurship through skill development, and improving access to capital, resources, and markets.
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India emerged as the biggest sweet spot in global growth, attracting significant attention from global investors who are anticipating pragmatic and progressive outcomes from the Union Budget 2024. Multinationals are optimistic about investing in India, aided by the US-China rivalry, which offers favorable conditions. The budget is expected to address three major trends: global offshoring, digitalization, and energy transition. The Production Linked Incentives (PLI) scheme is likely to receive renewed emphasis, with a particular focus on the defence sector to bolster the Make in India initiative.
Both the equity and sovereign bond markets have witnessed significant buying opportunities by the global investors expecting growth momentum under a favorable policy environment. Sustained GDP growth requires greater resource mobilization through vibrancy in capital markets, specifically in bond markets enabling financing projects in emerging green economies. There is also the possibility of tweaking the short term capital gains tax (STCG) or introducing indexation benefits as the regulators and policy makers have been expressing concerns about short-term speculation over long-term investment.
There is a possibility of more allocations in the social sector (rural housing, health and sanitation, water supply), agricultural and farmers (crop insurance, animal and human), climate and sustainability (renewables, EVs). Credit flows to MSMEs and micro loans could be another area that would find a place in the policy roadmap.
Digital infrastructure and build up of technology-enabled new business models need to boost employment and innovation, and these are expected to bring massive change in how India spends, borrows and accesses financial services. The ecosystem built post-Jan Dhan needs revamp requiring investments in rural digital infrastructure and connectivity facilitating rural internet penetration. empowering women through SHGs with greater access to digital tools can improve access to credit and rural employment.
Quote by Mr. Vijay Kumar Agarwal,the Founder and CEO of Makoons Group of Schools
According to Vijay Kumar Agarwal, The education sector is at a crossroads, waiting for legislative moves to virtually turn the tide as we prepare for subsequent funding. Makoons Group of Schools sees training funding as a strategic imperative for the country’s development, not just an expense. We demand that the government’s main priorities are to expand access to special education, help with creative teaching strategies, and promote virtual literacy in all areas. These programs are critical to equipping our children with the data and competencies needed to thrive in a rapidly changing international economy. Furthermore, incentivizing private sector participation in education infrastructure development and teacher training will be critical steps toward meeting universal education objectives. We look forward to a budget that demonstrates a strong commitment to our country’s future through robust educational reforms and long-term investments.
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