Union Budget 2024: This budget is merely a vote-on-account; a full-fledged budget will be presented following the polls, as 2024 is a Lok Sabha election year.
Interim Budget 2024 : Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024 to the Parliament on February 1. Union Finance Minister Nirmala Sitharaman stated before to D-Day that it is doubtful that there will be any significant announcements made on this budget. Since this is not a complete budget, Sitharaman did not present the Economic Survey today.
This budget is simply a vote-on-account since 2024 is an election year for the Lok Sabha; a full budget will be presented following the polls. The next administration, which is anticipated to be constituted in June, will draft the final budget for 2024–2025.
Sector-wise expectations from Union Budget 2024
The average person wants Nirmala Sitharaman to declare a reduction in taxes, an increase in the income-tax rebate threshold, changes to the capital gain tax system, an expansion of benefits under the new tax regime, and the elimination of goods and services tax (GST) from insurance policies—even though this is merely a vote-on-account budget.
In addition, the hiring sector considers how much money should be set aside for skill development and workforce development. It also anticipates that the budget will examine the legal structures around the gig economy and temporary labor.
“Regulatory frameworks pertaining to the gig economy and contingent workforce should also be addressed in a forward-looking budget to ensure a flexible and balanced approach that benefits companies and employees alike. Fostering a collaborative atmosphere between technology firms and recruitment platforms is crucial for advancing innovation and maintaining a leading position in the industry. The CEO of foundit, Sekhar Garisa, stated, “By fostering such an atmosphere, we can not only maintain the growth that has been observed, but also establish a landscape where the gig economy becomes a driving force in shaping the future of work.”
In addition to emphasizing the gig economy, the industry is considering specific incentives for particular industries in order to increase investment, foster job growth, and encourage industrial expansion.
It is possible that the budget includes specific incentives for specific industries to encourage investment, job development, and industrial growth. According to Rohet Ramesh, Director of Layam Group, a provider of staffing management and talent acquisition services, “These incentives can be reinforced by increased allocations for skill development programs, incentives for job creation in the informal sector, and promotion of equitable and stable working conditions.”
In addition to raising equity-based finance, women entrepreneurs anticipate greater budgetary allocations to improve their access to capital.
“AWE, She Capital, and Arise are the only three diversity-focused funds in India at the moment, and they are all struggling with relatively small fund sizes. The next budget has to give women’s entrepreneurship top priority and set aside significant funds to facilitate their access to capital. In particular, more equity-based funding is desperately needed. The government should not just rely on loan-based measures, but also prioritize funding for risk capital.
The fact that many female entrepreneurs frequently learn they are not eligible for current programs highlights the need for a more accessible and inclusive financial ecosystem. Aditi Balbir, co-founder and CEO of EcoRatings, an AI-powered platform for ESG ratings of goods and services, stated that the budget should allocate more capital to diversity-focused funds in recognition of the critical role that women entrepreneurs play in fostering a more equitable business landscape in India.