Jaipur, January 2024.
“The 2024 budget for India, amidst global recession and a 6.4% fiscal deficit, demands a nuanced approach from the Finance Minister. Balancing economic growth, tax concerns, and citizen relief is crucial. While hopes for a new 25% high-income tax slab are slim, expectations include increased basic exemption, standard deduction, and higher limits for 80C & 80D. Additional relief in children’s education, hostel allowances, and boosted home loan deductions could alleviate burdens. Though fulfilling every wish may be challenging, strategic concessions might be the key to navigating these challenging times,” S Ravi, Founder, Ravi Rajan & Co, said.
“The budget also prioritizes sustaining economic growth through increased infrastructure spending, alongside social welfare boosts for farmers, rural workers, and the elderly. Education and healthcare are likely to receive more funding, complemented by initiatives for clean energy, pollution reduction, and sustainable agriculture. Anticipated tax changes, industry-specific incentives, and support for sectors like gems & jewellery, MedTech, and IT underline the budget’s goal of balancing fiscal prudence with populist measures, paving the way for a greener, more inclusive future,” Rajan added.
Mohan Lakhamraju, Founder, Great Learning Said” “With technological advancements happening every minute, relying just on a college education is not enough for the Indian youth. They will have to keep updating and upskilling themselves to utilise their full potential in strengthening our economy. Removal or Reduction of GST rate from upskilling programs in the upcoming Union Budget will help solve this by democratising access to quality education, fostering innovation and employability. Formalising the edtech sector and streamlining operations through regulations and policies instils confidence among stakeholders, fostering an environment conducive to growth. These changes ultimately align with the national goal of developing a more responsive education system, equipping the workforce in this knowledge-driven economy to meet the evolving demands of the job market.”