Harsh Goela helps us navigate through his budget expectations while we await to witness Union Budget 2024.
As we stand on the brink of Union Budget 2024, the landscape of economic priorities calls for a nuanced approach. Let’s delve into some key aspects that could shape fiscal policies and drive our nation’s growth with finance creator and Co-Founder of Goela School of Finance, Harsh Goela.
Firstly, the infusion of funds into the artificial intelligence (AI) sector is imperative. The World Economic Forum’s projection that over 50% of employees will need reskilling by 2025 due to automation and AI advancements underscores the urgency. Allocating strategic budgetary support for educational initiatives that integrate behavioral aspects is a progressive move. This not only aligns academic curricula with the evolving job market but also fosters a collaborative effort between government agencies, non-profits, and private organizations, maximizing resource efficiency.
The electric vehicle (EV) sector beckons attention, particularly regarding the establishment of a National Battery Swapping Policy. Clarity on incentives, taxation, certifications, and network expansion is vital for enhancing investor confidence. Yulu’s call for a GST reduction on Li-ion battery packs and transactions related to EV charging and battery swapping is a pragmatic step. It aims to benefit price-sensitive customers, promoting the growth and adoption of institutional setups for charging and battery management.
Tourism, a sector poised for resurgence, anticipates impactful economic measures. Initiatives like new airports, terminals, and expanded flight routes, coupled with the rising popularity of domestic destinations present significant opportunities. The focus should be on enhancing travel experiences through policies and incentives, aligning with the evolving preferences of Indian travelers.
Turning to the education sector, a critical review of the 18% GST on education services is warranted. This can alleviate financial burdens and promote research and development. Emphasizing skill development and recognizing online degrees are pivotal steps to bolster the credibility and operations of EdTech firms.
Affordable housing, a cornerstone of economic inclusivity, can receive a boost through an increased tax deduction limit on home loans. This move not only makes home loans more attractive but also stimulates demand for affordable homes. The subsequent positive ripple effect extends to the construction and real estate sectors, providing impetus to the overall economy.
Lastly, the infrastructure sector is poised for a significant uptick in budget spending, particularly for roads and railways. Analysts foresee a 5-10% rise, aligning with the National Infrastructure Pipeline’s strategic plan. This infusion of funds, focusing on roads, railways, and urban infrastructure, is a linchpin in India’s growth story.
In conclusion, as we anticipate Union Budget 2024, a judicious allocation of resources across these key sectors can pave the way for a resilient and thriving economy.
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