Union Finance Minister Nirmala Sitharaman on July 23, 2024, will present the Budget 2024. The Union Budget 2024 will be the first financial roadmap of India presented in the Modi Government 3.0. As a result, stock markets in India and even the world are buzzing. Many are keeping a close watch over reports and speculations that which sector will get how much funds. Now, the question arises what are Budget Expectations 2024, and what it may bring for the middle class of India? Below is everything you need to know-
Cybersecurity
Seeing the Microsoft Outage and its effect worldwide, the Central Government bolster its cybersecurity infrastructure. A news portal quoted Dr. Sanjay Katkar, Jt. Managing Director of Quick Heal Technologies Limited Katlkar said, "The government's commitment to innovation, evident in the one lakh crore rupees fund and fifty-year interest-free loan announced in the Interim Union Budget earlier. In addition, allocating nearly double for cybersecurity requirements in the government sector and further fortifying deep-tech technologies for defence purposes will further expedite atmanirbharta." However, to bolster India's cybersecurity especially to curb cyber crime that mostly affects the middle class, the government can mull to enhance India's cybersecurity.
Tax Relief
The biggest talking point before any budget is the tax cuts or tax reliefs. For the unversed, the standard deduction was first introduced at Rs 40,000 in the 2018 budget and subsequently raised to Rs 50,000 in the 2019 budget. The deduction amount has not changed since then. Apart from this, salaried persons can use Section 80C exemptions to reduce their taxable income by Rs 1.5 lakh in a fiscal year. Therefore, multiple experts have appealed for revising of the Section 80C limit, which has remained unchanged since 2014 despite escalating inflation rates.
As per reports, the Modi Government plans to increase the income threshold before imposing any tax from Rs 3 lakh to Rs 5 lakh in the upcoming budget. This adjustment will specifically affect taxpayers filing under the new tax regime.
Connectivity Infrastructure
The Modi government takes pride in improving the road infrastructure of India. Nitin Gadkari si widely respected for delivering high-class roadways in India. During the interim budget, budgetary allocation of the Ministry was increased from about Rs. 31,130 Crore in 2013-14 to about Rs. 2,76,351 Crore in 2023-24. Budgetary allocation for 2024-25 was Rs. 2,78,000 Crore. Since, there are many delayed projects, the Centre may allocate more funds for road infrastructure. In addition to boosting economic growth, enhanced infrastructure boosts productivity creates jobs, and attracts new investment.
Railways
Some routes and states have not got PM Modi's ambitious Vande Bharat Express. The Centre has also started to roll out sleeper version of Vande Bharat Trains. Therefore, the railway and defence industries are also being scrutinised. The country's development and security depend heavily on the modernisation of defence capabilities and railroads. The stock market anticipates significant budgetary commitments to these industries, which may lead to positive developments for businesses operating in these sectors. Increased railroad investment can strengthen supply chains and logistics, which will increase economic efficiency even further.
Home Loans
Home Loans are one of the most beneficial kinds of loans for both the common people and even for the banks. An expert was quoted by a news portal saying that calls for increasing the tax rebate on home loan interest under Section 24 of the Income Tax Act from Rs 2 lakh to Rs 5 lakh to stimulate demand for budget homes amidst post-pandemic sales declines.