Budget 2024 Expectations Live Updates: Income tax relief for salaried taxpayers, railways capex in focus
Budget 2024 Expectations Live: Encourage spending and investment
“To help boost the economy and tackle rising inflation, the government needs to focus on strategies that encourage spending and investment. Simplifying GST rules, investing in job training, and changing tax brackets for consumers are essential steps. Keeping the 15% corporate tax rate for new manufacturing ventures would attract both local and international businesses to set up shop in India. Additionally, expanding the Production-Linked Incentive (PLI) scheme in the electronics sector can help Indian manufacturers grow.
The Union Budget of 2024 plays a crucial role in keeping India as the world’s third-largest economy. With India contributing $3.7 trillion to the global economy and having the largest population of young people, there is a lot of untapped potential. To unlock this, the government must encourage spending.
One expected move is reducing the GST rate on LED TVs larger than 32 inches from 28% to 18%. This change aims to boost consumer spending in the electronics sector. Expanding PLI schemes to include smart TVs, refrigerators, and washing machines is also important for market growth and improving manufacturing capabilities.
Another proposal is to review income tax slabs to increase disposable income for taxpayers. This would likely lead to higher spending and boost consumption across various sectors. These measures are designed to harness India’s economic potential, empower its young population, and strengthen its global economic position.
To combat the current economic challenges and rising inflation, the government should focus on strategies that stimulate spending and investment. Simplifying GST rules, investing in job training, and revising tax brackets are crucial steps. Maintaining a low corporate tax rate for new manufacturing ventures will attract businesses to India, while expanding the PLI scheme in the electronics sector will support local manufacturers.
The Union Budget of 2024 is key to maintaining India’s position as the world’s third-largest economy. With India’s significant contribution to the global economy and a large youth population, there is enormous untapped potential that the government can unlock by encouraging spending. Reducing the GST rate for larger LED TVs and expanding PLI schemes to include other electronics will encourage consumer spending and market growth. Reviewing income tax slabs to increase disposable income will also boost spending across sectors. These measures aim to leverage India’s economic potential, empower its youth, and strengthen its global standing,” says Avneet Singh Marwah, CEO, Super Plastronics Pvt Ltd.