Budget 2024: Taxes to tourism

Budget 2024 Expectations: A Deep Dive into Sectoral Demands

The finance Budget is yet to come but speculations about what might br in the budget for various sector is what spreading all over the country. As Finance Minister Nirmala Sitharaman gears up to present Budget 2024 on February 1, stakeholders across various sectors eagerly waits for   announcements of coming policies . plans  and incentives that could shape or benefit their industries. Well  expectations are high for measures that could provide relief to income taxpayers and salaried individuals. Speculation abounds regarding revisions to income tax  particularly impacting both the old and new income tax regimes.

New Changes in Budget that may introduce by Nirmala Sitaraman.

In the previous year’s budget, significant changes were introduced to the new income tax regime, now the default tax structure, alongside historic capital expenditure aimed at building  economic growth. Speculations are the following :

sustainable development

  •  A greener, more sustainable path forward. There is a shared desire for a budget that not only promotes economic growth but also demonstrates a commitment to environmental sustainability.
  • Industry voices echo this sentiment, with leaders emphasizing the need for a budget that efficiently allocates resources, promotes environmentally friendly activities, and fosters green initiatives. Sunith Reddy, CEO of Beforest Lifestyle Solutions Pvt. Ltd., underscores the potential for Budget 2024 to serve as a transformative force, combining economic growth with environmental conscientiousness for future generations.

 AI and Tech driven society

  •  The digital frontier emerges as another focal point, with stakeholders in the technology sector calling for a transformative approach to digital transformation and artificial intelligence (AI). Bhaskar Ganguli, Director Sales and Marketing at Mass Software Solutions Pvt. Ltd., highlights the expectation for smart resource allocations to increase  AI innovation and accelerate digital efforts, envisioning a tech-driven upcoming budget envisioning a tech-driven society.
  •  Similarly, Vinet Kuumar, CEO of ThoughtSol Infotech Pvt. Ltd., emphasizes the critical role of technology in the economic landscape, anticipating strategic allocations to drive digital innovation, strengthen cybersecurity, and enhance research and development. The IT sector anticipates not only sector growth but also a future-ready workforce through skills development initiatives.
  •  In parallel, Lalit Mehta, Co-Founder and CEO of Decimal Technologies, underscores the strategic focus on AI integration and digital infrastructure in Budget 2024. Mehta envisions a comprehensive strategy aimed at actively shaping change through initiatives such as national skill programs and tax advantages for AI adoption, fostering innovation and inclusivity.

Behavioral skills development

Beyond technology, the importance of behavioral skills development alongside technical skills is highlighted by Abhishek Joshhi, Founder of Strengths Masters. Joshhi emphasizes the need for budgetary support for educational initiatives integrating behavioral aspects, aligning with the evolving demands of the job market.

Real estate sector

Meanwhile, Sandeep Runwal, President of NAREDCO Maharashtra, underscores the real estate sector’s pivotal role in the economy, anticipating measures that could profoundly impact its trajectory. Runwal highlights the sector’s potential for transformative changes, emphasizing the need for sustained momentum and supportive policies.

Tourism and hospitality sector.

The budget 2024 is set for taking optimistic and impactful measures for economic growth. Initiatives includes the introduction of new airports, new terminals at existing airports and expansion of flight routes, coupled with the growing popularity of domestic destinations. The tourism and education sectors also present their expectations, with Sumit Prakash, Country Director at Collinson, advocating for policies and incentives to enhance travelers’ experiences, and Akshay Munjal, Founder & CEO of Hero Vired, calling for a review of GST on education services to foster growth and innovation.

As Budget 2024 approaches, stakeholders across sectors await with bated breath, hoping for measures that will not only address immediate challenges but also pave the way for sustainable growth and development in the years to come. Stay tuned for live coverage of Budget 2024 expectations spanning various sectors.