Budget 2024 Expectations Live Updates: As anticipation builds, various sectors are expressing their expectations and demands for this significant Budget, which President Murmu has described as potentially “historic.” Stay tuned to Livemint for comprehensive live coverage of all Budget-related news.
India Must Address IQ Gap to Achieve ‘Viksit Bharat,’ Says Education Expert
V.P. Singh, Program Director for PGDM and Professor of Managerial Economics and Statistics at the Great Lakes Institute of Management, emphasizes that one of the primary hurdles to realizing the ‘Viksit Bharat’ (Developed India) vision is the significant disparity in IQ levels between India and competing nations. India, with an average IQ of 77 and a global rank of 96, faces stiff competition from China, which boasts an average IQ of 104 and ranks 5th globally.
Singh asserts that substantial efforts are required to elevate the national IQ level, especially given the crucial role of cutting-edge technologies in driving global growth. Beyond general IQ improvements, Singh advocates for enhancing the nation’s Artificial Intelligence quotient, necessitating a substantial boost in the education sector this year.
“Just as significant investments were made in agriculture in 2019 and capital expenditure in past budgets over the last decade, it is now imperative to focus on education,” Singh stated. He further highlighted that the knowledge economy’s proportion is rising globally, and increased spending on education will support growth across all sectors.
Budget 2024 Expectations Live: National Education Policy Aims to Double Higher Education Enrolment by 2035 Amidst Supply and Quality Challenges
Vidya Mahambare, Union Bank Chair Professor of Economics and Director at the Great Lakes Institute of Management, has highlighted a significant target of the National Education Policy (NEP) to elevate the Gross Enrolment Ratio (GER) in higher education to 50% by 2035. Currently, GER stands at approximately 28%, representing the proportion of the 18-23 age group enrolled in higher education.
Mahambare emphasizes that while increasing the demand for higher education is crucial, India faces a severe shortage of quality educational institutions and qualified faculty. This supply crunch poses a significant challenge to achieving the NEP’s ambitious goal.
“Utilizing technology and expanding online education are the only viable solutions to accommodate millions of additional students seeking higher education,” said Mahambare. However, she pointed out that the government must implement robust supervisory measures to ensure the quality and effectiveness of higher education. Monitoring and improving learning outcomes in online education is particularly challenging compared to traditional methods, which themselves suffer from inadequate learning results.
Budget 2024 Expectations Live: Tax Benefits for Homebuyers and Streamlined Approvals Crucial for Real Estate Growth, Emphasizes Hitesh Avhad
Hitesh Avhad, Managing Director, Avhad Group, said, “The real estate sector serves as both a major catalyst for economic growth and a vital provider of employment in India. As we look towards the Union Budget 2024-25, there is an urgent need for the sector to be granted industry status, which would facilitate access to lower-cost financing and tax benefits. High taxes on essential materials such as cement and steel, particularly the 28% GST on cement, are inflating project costs and must be addressed to sustain growth.”
“Implementing a single-window clearance system would significantly streamline approval processes, accelerating project timelines and reducing costs. Additionally, enhancing tax benefits for homebuyers by raising the deduction limit for home loan interest payments and providing income tax relief on second homes would spur demand and make homeownership more attainable.”
“The sector’s growth is vital not just for economic metrics but for improving the livelihoods of millions, particularly casual laborers. By addressing these pressing issues in the upcoming budget, the government can ensure sustained growth in the real estate sector, drive job creation, and stimulate broader economic development.”
Budget 2024 Expectations Live: Expect Policy Continuity and Positive Allocations for Rural Economy in Budget 2024-25, says Nimesh Chandan
Nimesh Chandan, CIO, Bajaj Finserv Asset Management, said, “Indian economy is moving on a strong growth trajectory. This makes the government finances comfortable on the revenue side. The Budget is expected to maintain the fiscal deficit and borrowing targets same as the February interim budget. There could be some positive announcements on allocations towards rural economy. Also, there is a possibility of tax benefits for the lower income brackets. Focus on capital expenditure is also expected to continue with increasing central expenditure, persuading state level capex and also incentivising private capex. Overall, we are likely to see policy continuity.”
Budget 2024 Expectations Live: Budget 2024-25 Crucial for Balancing Capital Conservation and Aggressive Reforms Amid Global Economic Pressures
Vishal Bali, Executive Chairman, Asia Healthcare Holdings, said, “India’s Budget 2024-25 comes on the back of a changed political environment in India however India’s growth story and potential in a world reeling under economic pressure remains more optimistic than ever. This is an opportune time for India to strike a balance between capital conservation and undertaking some aggressive reforms. The government has already indicated that the forthcoming budget would be aimed at sustaining the current economic growth trajectory of India. Countries aiming for self-sufficiency by driving domestic manufacturing as well as consumption would be the ones to float through swiftly in this much-anticipated economic turmoil.”
Budget 2024 Expectations Live: Vehant Technologies’ CEO Reflects on Budget 2024’s Impact on India’s Aviation Sector and Security Enhancements
Kapil Bardeja, CEO and Co-Founder, of Vehant Technologies, said, “Looking ahead to the forthcoming budget, the recent election results provide a unique opportunity to reflect on India’s evolving aviation industry. The interim Budget 2024, presented by Finance Minister Nirmala Sitharaman, aims to double airports to 149 and introduce 517 new air routes, highlighting a commitment to infrastructure as a driver of economic growth. A significant trend in recent budget allocations is the emphasis on modernization and indigenization. The government’s “Make in India” initiative has spurred the development and production of advanced technologies to enhance security within the country. There is a significant increase in budget allocation and this increase aims to tackle the changing security challenges and ensure the armed forces are fully equipped to handle any threat. This development not only promises to elevate passenger experience but also significantly boost tourism and create myriad economic opportunities. We are excited to contribute to this new chapter in India’s aviation story, ensuring security and seamless travel for all.”