INDIA'S ECONOMIC FUTURE : UNION BUDGET 2024 INSIGHTS

-
On 23rd July 2024, Present Finance Minister Nirmala Sitaraman presented her seventh consecutive Budget in Parliament. Nirmala Sitharaman announced key employment schemes and also revised the tax structure in the new tax regime, while the slabs in old tax regime remain unchanged. The Finance Minister announced a major reduction in customs duty on cancer medicines and mobile phones. Imported gold, silver, leather goods and seafood will also get cheaper. The Budget for 2024-25 is the action plan for the Modi 3.0 government to outline a roadmap towards India's development in the next five years.
 
Every coin has two sides, one can choose one of the two sides. Similarly, there are supporters as well as oppositions. Many renowned economists and finance heads of various companies have spoken their views on Union Budget 2024. Some are discussed below.  
  
Neelkanth Mishra, chief economist at Axis Bank and head of global research at Axis Capital, believes that Budget 2024 may have a negative impact on India's economic growth in the near term due to fiscal consolidation. However, in the medium term, it signals the government's prioritization of macroeconomic stability, improving interest rates, inflation, and cost of capital, encouraging companies to invest. 

Thomas Cook (India) Limited's Executive Chairman, Madhavan Menon, has praised the Finance Minister's interim Budget for its focus on tourism, aviation, and allied sectors. Menon praised the government's plans to boost air connectivity, implement rail connectivity corridors, and focus on domestic tourism. He also highlighted the government's plans for long-term interest-free loans, development of iconic tourism centers, and marketing on global standards. Menon also highlighted projects for port connectivity, tourism infrastructure, and employment opportunities.

Parag Milk Foods Chairman Devendra Shah praised the government's initiative to support dairy farmers, control foot and mouth disease, and promote indigenous breeds, aiming for sustainable growth.

Deloitte India's Anand Ramanathan emphasized the Interim Budget 2024-25's focus on agriculture growth, productivity, and employment opportunities. The budget includes crop insurance, nano fertilisers, oilseed self-sufficiency, micro food processing, and dairy productivity.

Arya.ag CEO Prasanna Rao believes the Budget's investment in post-harvest infrastructure will enhance outcomes, reduce losses, and elevate productivity. The expansion of Nano DAP and oilseed self-reliance are crucial steps for sustainable agricultural advancement.

Panagariya believes with further reforms in the next five years, the GDP rate could reach 8-9%, a sustainable rate that can be easily maintained for decades. He dismisses skepticism about recent GDP numbers and emphasizes the integrity of the methodology.

Overall, the Union Budget 2024-25 is a comprehensive plan for economic growth and development that aims to create a robust and inclusive economic framework. The budget focuses on improving productivity, enhancing market efficiency, and leveraging technology to foster sustainable growth. It also prioritizes fiscal responsibility, ensuring that reforms are implemented within a sustainable financial structure. 

                           Credits : Stuti Gandhi 
                                             (TYBA) 
 

Comments

Post a Comment

Popular posts from this blog

Unveiling the Economic Impact of Ram Mandir Inauguration.

-
Image
The most auspicious moment awaited by all the religious followers all across the globe was on 22nd January 2024. The temple’s Pran Pratishtha ceremony was graced with the presence of the Prime Minister of India, Shree Narendra Modi as well as many more Icons of India. The temple holds immense cultural and historical importance, and its construction fosters a sense of unity and shared heritage among diverse communities. The Temple of Justice through which 500 years of exile of Lord Shri Ram came to an end. The never ending Babri Masjid and Ayodhya Ram Mandir issues which led to Hindu Muslim riots was settled through Supreme Court and as per court verdict Ayodhya Ram Mandir got constructed on the disputed land of Ayodhya whereas it directed the State to grant the Sunni Waqf Board five acres in a “prominent” location in Ayodhya for the construction of a mosque. The Inauguration of the Ram Mandir have caught interest of the investors and businessmen all around the world to inve
Read more

The Real Estate Crisis of the Dragon

-
Image
     With nearly one-third of China’s economic activities being driven by the real estate sector and the collapse of one of the giants in the real estate sector, the Evergrande Group, the situation in China looks grim and has been grabbing a lot of attention from countries the world over. Availability of cheap credit for the real estate projects, keeping bank deposits at near zero-level and reckless expansion spree followed by heavy borrowings by the developers led to what we now know as the real estate crisis of China, which has become quite noticeable to the world since 2020. The blog aims to provide the readers an insight into what exactly has been brewing in the Chinese economy due to the crisis and how it appears to be alarming for not just China but for the economies of the countries all over the world.      Even though China has been experiencing the crisis in 2022; it did not occur in a night. Its roots lie in 1990s when China was experiencing continuous rise in urban populatio
Read more

Book Review : "Anne Frank : The Diary of a Young Girl"

-
Image
Mahima with the book I thought I knew the story of Anne Frank and in a way I did, I knew about the world she lived in, the way she had lived in The secret annexe for 2 years, only to be captured so close to the end of the World War. However, I never really knew Anne's story; at least not until I read the diary, "Anne Frank : The Diary of a Young Girl”.             In this diary along with the personal reflections, thoughts and dreams, Anne Frank captures the grave tragedies inflicted by the madness of the Nazi regime and the Second World War.            Anne had mentioned of receiving a diary for her 13th birthday and soon had made up her mind that her diary wouldn't just be an account of what she did each day. "I hope I shall be able to confide in you completely, as I have never been able to do in anyone before, and I hope that you will be a great supporter and comfort to me,” was the first entry in her diary.               On Saturday 20 June,1
Read more