Budget 2024 Expectations: Encouraging Spending and Investment

The upcoming Union Budget of 2024 is generating a buzz as expectations are high for measures that will encourage spending and investment to boost the economy and tackle rising inflation. With India being the world’s third-largest economy and having a large population of young people, there is immense untapped potential that the government can unlock through strategic economic policies.

One of the key proposals expected in the budget is the reduction of the GST rate on LED TVs larger than 32 inches from 28% to 18%. This move aims to stimulate consumer spending in the electronics sector. Additionally, expanding the Production-Linked Incentive (PLI) scheme to include smart TVs, refrigerators, and washing machines will not only support market growth but also enhance manufacturing capabilities in India.

Another crucial aspect that is likely to be addressed in the budget is the revision of income tax slabs to increase disposable income for taxpayers. This is expected to lead to higher spending across various sectors, further boosting consumption and economic growth.

Avneet Singh Marwah, CEO of Super Plastronics Pvt Ltd, emphasized the importance of these measures in harnessing India’s economic potential, empowering its youth, and strengthening its global economic position. Maintaining a low corporate tax rate for new manufacturing ventures and expanding the PLI scheme in the electronics sector are seen as essential steps to attract businesses and support local manufacturers.

Overall, the Union Budget of 2024 is crucial in ensuring India’s economic stability and growth. By focusing on strategies that encourage spending and investment, the government aims to leverage the country’s economic potential and solidify its position on the global stage.