Budget 2024: Top 10 Key Expectations Across Sectors
By Priyanka Roshan | July 22, 2024
Finance Minister Nirmala Sitharaman is preparing to unveil her seventh complete budget on July 23, 2024. Budget 2024 is expected to address a wide range of sectors, from healthcare and education to logistics and real estate. Let's take a look at some of the key expectations.
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1. Taxpayer Relief
Individual taxpayers are requesting a revision of income tax slab rates. An increase in Section 80C tax deduction benefits, which currently allow a Rs 1.5 lakh reduction in taxable income, is also anticipated.
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2. Education and Research
Educationists are hopeful for a significant increase in the allocation for the education sector. Greater investment in research is urged to foster innovation and keep pace with global advancements.
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3. Healthcare Sector
Experts from the healthcare sector are calling for increased government spending. There is a demand for improved infrastructure and enhanced innovation to build a robust healthcare system.
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4. Logistics Industry
The logistics sector expects further measures to improve the ease of doing business. There is anticipation for incentives and benefits for green initiatives within the sector.
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5. MSME Sector
The finance ministry is urged to double the MUDRA Yojana loan limit to Rs 20 lakh and expand the credit guarantee for unsecured MSME loans to Rs 5 crore. Incentives for global product sales are also anticipated.
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6. Cybersecurity
Cybersecurity players expect measures to enhance the safety of the country’s digital space through increased allocation of funds and incentives.
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7. Travel Industry
The travel industry is eager for provisions such as infrastructure status and GST rationalization. Adjustments to LTA and incentives to boost domestic tourism destinations are also expected.
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8. Realty Sector
The realty sector expects tax relief, industry status, funding for the SWAMIH scheme, new subsidies, and revisions to tax slabs, standard deductions, and home loan interest deduction limits.
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9. Agriculture Sector
The agriculture sector hopes the upcoming Budget will bolster rural infrastructure. Improvements in roads, irrigation, and warehousing are expected to reduce post-harvest losses and boost the rural economy.
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10. Aviation Sector
The aviation sector is proposing tax deductions and rationalizations to enhance profitability and alleviate the impact of soaring fuel costs.
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