Union Budget 2024
With the approaching Paris Olympics and growing expectation for the Union Budget 2024, all eyes are on the sports sector’s allocation. The sector received a record-breaking ₹3397.32 crore in budget allocation last year, a significant rise of more than ₹300 crores over the previous year. As Finance Minister Nirmala Sitharaman prepares to unveil the interim budget on February 1, anticipations are high for more financial increases to support India’s athletic capabilities.
Sudeep Kulkarni, the founder of Game Theory, stated that in the tech sector, entrepreneurs are preparing for a status quo Union budget 2024, and the mood is still cautious. But there’s hope because the National Sports University was previously given ₹100 crore, which is a step in the right direction for improving sports facilities. Kulkarni highlights how crucial it is to keep making investments in order to create an environment that is favorable to the growth of sports, including facilities for training and jobs for coaches and other personnel.
Stakeholders in the tourism and aviation industries, meantime, are anxiously awaiting clarification on the customs challenges encountered by non-scheduled operators. They anticipate exemptions and shortened procedures to enable more seamless operations. The founder of JetSetGo, Kanika Tekriwal, urges putting aviation fuel under the GST to lessen costs on the sector and supports greater clarity on customs taxes, particularly in sale and leaseback transactions.
Thoughts on previous economic evaluations underscore India’s advancements in a number of areas as the budget debate develops. The country’s economic trajectory is highlighted by the increase of UPI transactions, the drive for women’s empowerment, and estimates of GDP growth exceeding 7% in FY25. But this year’s lack of the Economic Survey—which comes with elections coming up—marks a break from the norm.
According to Saroj Kumar Mahapatra, Executive Director of PRADAN, the sector’s goals for social development are to integrate digital literacy into rural areas, promote agriculture, and expand access to education. Stakeholders in the digital marketing and healthcare sectors are expressing excitement about the next budget’s supportive policy initiatives.
In light of this, anticipation is high for Finance Minister Nirmala Sitharaman’s sixth consecutive budget presentation, which will be a landmark event in the history of Indian economic narrative. The budget’s effects on industries ranging from manufacturing to e-sports continue to be a major topic of conversation, especially with the stage set for significant announcements and policy orientations.
In summary, the union budget 2024 plays a pivotal role in guiding India toward equitable development and sustainable progress as the country negotiates the challenges of global uncertainties and economic resurgence. Expectations are high across the board, and the interim budget is a critical chance to accelerate India’s path to wealth and adaptability in a world that is changing quickly.
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Source_ CNBC