While presenting the interim budget on February 1, 2024, Finance Minister Nirmala Sitharaman had stated that, “In the full budget in July, our Government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’.” If India does aim to become a developed country by 2047 as per Prime Minister Narendra Modi’s vision of Viksit Bharat, the Union Budget 2024 which will be presented on July 23 must prioritise the education of children, who are the future of the country. Read on to find out what experts from the education sector shared with us at Brainfeed about their expectations from the Union Budget 2024.
The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, outlined several significant measures aimed at bolstering various sectors of the Indian economy while providing relief to taxpayers.
Key highlights included an increase in spending, job creation initiatives, and tax relief for the middle class. The new tax regime introduces modified personal income tax slabs, raising the standard deduction and revising tax rates for short-term and long-term capital gains, aiming to encourage long-term investments and increase disposable income. The budget also addresses specific sectors, such as agriculture, where Rs 1.52 lakh crore has been allocated for promoting productivity and climate-resilient crops. Further, customs duties have been adjusted to support domestic manufacturing and reduce the cost of essential imports.
The Securities Transaction Tax (STT) has been increased to curb speculative trading. For MSMEs, enhanced credit guarantees and Mudra loan limits aim to facilitate growth and working capital availability. Significant infrastructure investments include retaining a capital outlay of Rs 11.1 lakh crore and targeted projects in states like Andhra Pradesh and Bihar, ensuring balanced regional development.
The fiscal deficit is projected to decrease to 4.5% of GDP by the end of the next fiscal year, indicating fiscal prudence. The focus on employment and skilling, with Rs 2 lakh crore allocated for job creation over five years, aims to boost the labor market. Social welfare measures include increased support for women and youth, with dedicated schemes for housing, education, and employment. The introduction of the NPS Vatsalya scheme encourages savings for children’s futures. Custom duty adjustments on items like gold, silver, and key industrial inputs are expected to impact trade and manufacturing sectors positively.
Corporate tax rates for foreign companies have been reduced to attract more international investments. The budget also emphasizes technology and digitization, with plans for GIS mapping of land records and an IT-based system for property record management. In the tourism sector, significant investments aim to develop key cultural and religious sites into world-class tourist destinations.
The establishment of a Rs 1,000 crore venture capital fund for the space industry highlights the government’s commitment to advancing high-tech sectors. Apparently, the budget aims to drive economic growth, enhance infrastructure, and support various demographic groups, contributing to a stable and prosperous economic future for India.
Dr Rajat Gera, Professor, Cluster Dean, Management, Economics, Commerce, Liberal studies, Director School of Management, OMBR, CMR University, Bangalore
