Priorities Unveiled: Examining the Core Elements of India's 2024 Interim Budget
The India Finance Minister Nirmala Sitharaman tabled her sixth straight Budget on 1 February 2024. The interim budget will come into effect from 1 April until the general elections and the formation of a new government that will present a full-fledged budget.
In addressing India's distinctive challenges, the 2024-2025 Union Budget strategically responds to recent geopolitical events taking place worldwide. Prioritizing economic growth, it introduces targeted stimulus measures and incentives to rejuvenate businesses, with a strong focus on digital transformation, cyber security, and digital infrastructure to fortify economic resilience globally.
Infrastructure
Emphasizing the crucial role of infrastructure development, the budget allocates resources for vital sectors like roads, railways, airports, and digital networks, essential for the rebuilding and modernising the country. Social welfare remains a focal point, addressing healthcare, education, and social security needs.
Start-ups
The budget takes significant strides in fostering innovation and entrepreneurship, with a special emphasis on supporting start-up businesses in India. It introduces favourable policies, financial assistance, and mentorship programs to encourage the growth of start-ups, recognising their pivotal role in driving economic dynamism and job creation.
Empowerment of women
The budget also aims to support women empowerment by allocating resources to initiatives aimed at enhancing education and employment opportunities for women. This includes targeted skill development programs, financial assistance for women-led enterprises, and measures to ensure a more inclusive and equitable workforce.
A big thank you to our firms in India who have prepared budget highlights to share with fellow members.
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Our thanks to our members
Bagaria & Co, Mumbai; C.R. Sharedalal & Co., Gujarat; Kamdar Desai & Patel, Mumbai, S.R. Dinodia Consulting, New Delhi.
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