Union Budget 2024 Expectations from Industry Leaders
As India prepares for the Union Budget 2024, industry leaders, economists, and policymakers share their insights. The pre-budget estimates present key projections on fiscal policy, economic reforms, tax changes, and sectorial impacts. The budget is expected to push initiatives for various segments of the economy in line with the Viksit Bharat 2047 Vision, along with maintaining its fiscal prudence. The Make in India initiative is a cornerstone of the government’s vision to make the Indian economy a global manufacturing powerhouse. The Budget for the Union Territory of Jammu and Kashmir will also be presented on July 23. Here are the key insights shared by the top Industry leader about the Union budget 2024.
“The government’s commitment to infrastructure development, particularly in tier-2 and tier-3 cities, holds immense potential to transform India’s landscape. This focus on inclusive growth through ‘Viksit Bharat’ will unlock new opportunities and propel the nation forward. However, rising costs of raw materials present a big hurdle. The upcoming budget brings a strategic opportunity to address this challenge. Reducing the GST on essential building materials like steel, cement, and aluminum would significantly benefit the sector and contribute to cost-effective infrastructure projects across the country, ensuring rapid and world-class development.”
“Similar solutions can help revitalize the real estate market, where rising construction costs have impacted affordability. Lowering the GST on these materials, coupled with increased domestic production, would incentivize developers and stabilize the supply chain. This would translate into increased consumer demand and a more vibrant real estate sector. Looking towards a sustainable future, we also strongly support increased investment in research and development of eco-friendly construction materials and technologies. Incentivizing companies that prioritize environmental responsibility will be a significant step toward a greener future for the construction industry. By working together, the government and the industry can leverage the upcoming budget to ensure continued infrastructure growth, a thriving real estate sector, and a sustainable future for India,” adds Aparna.