Mumbai, January 30: The Interim Budget 2024 will be presented by Finance Minister Nirmala Sitaraman on February 1 at 11 am. The annual procedure of delivering a budget is a very crucial aspect of governance that gives people a glimpse into the changes in policies made by the government as well as the key areas of focus for government spending in the coming years. From tax reforms to increased returns, the budget can soothe the struggles of consumers and businesses alike.

Even though Budget 2024 will be an interim budget, it is crucial to set the tone of the key focus of the current government as it enters General Elections 2024. As we prepare for Budget 2024, here are the key expectations from Interim Budget 2024 that are expected from different sectors. Union Budget 2024: From Changes in Income Tax Slabs to Additional Allowances, List of Changes Salaried Class Expects From the Interim Budget This Year.

Interim Budget 2024 Expectations

Tax Concessions

Taxation has been the key focus of the budget every single year. Even as we enter Interim Budgets, experts are hopeful that new tax deductions and concessions will be introduced specifically to promote the New Tax Regime. Even as the New Tax Regime was introduced in 2020, the benefits it offers are more focused towards lower-income individuals, and many people with the higher tax bracket range are, therefore, sticking to the old tax regime. Introducing policies and products that will change this is crucial.

Ease Of Business - Simplified regulatory procedures

Even as India offers some of the most beneficial policies and tax systems for new businesses as well as MSMEs, there is a lot of scope for reforms when it comes to regulatory procedures and the ease of starting a business. People are hopeful that the Interim Budget 2024 will further simplify the regulatory processes, increasing the ease of doing business in the country.

EV to continue being the focal point?

For the past few years, the announcements and changes in the auto sector of the Budget have been focused on promoting EVs. With the need to achieve our climate accord goals, the focus is sure to be on EVs, renewable energy and other ways to reduce India’s carbon footprint. Automakers as well as buyers are sure to be looking for key motivation to help drive more people to choose EV. Union Budget 2024-25: From Changes in Income Tax Slabs to Increased Deduction Limits and More, List of Changes Common Man Expects From Interim Budget.

Green Energy

In addition to promoting EVs, Budget 2024 is also expected to help promote the generation and use of power from renewable and green energy sources.

Digitalisation benefits

With the previous budget introducing DigiLocker to promote digitalisation, Interim Budget 2024 is expected to further build on this launch and promote digital India.

The Interim Budget 2024 will be followed by a complete Union Budget presentation in June when the new government is formed.

(The above story first appeared on LatestLY on Jan 30, 2024 09:49 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).