Japanese Financial Services Company Nomura predicts the Budget 2024 top 5 themes. Budget 2024 is a major topic of concern at the moment. Thus, everyone is curious to know which sector will the Modi government focus the most in this budget. The final budget will be released on 23 July 2024. Following are the top 5 themes that Nomura predicts must be the focus of the upcoming budget. Let us have a detailed look at it below.
Where Will Budget 2024 Focus? Which Sectors Will Benefit The Most In This Budget?
According to Nomura’s prediction, the government must focus on these 5 themes. The first one is the Consumption lift. The government will focus on increasing consumer demand by taking some actions. It will include some changes in the tax rates and tax regime. There can be alternate regimes where there won’t be any exemptions but there will be lower tax rates. It will eventually benefit everyone increasing the demand among consumers. If the taxes will be lower, the consumer’s demand will increase. They will save money and prefer to buy more. Apart from that, the government may also focus on lowering the income tax on income of Rs. 5 lakhs to Rs. 15 lakhs per annum.
The second segment of focus in budget 2024 can be rural development and public healthcare. The upcoming budget may look to spend more money on rural development. The budget prediction is that the government may increase the spending of money on rural road construction. The government may introduce programmes to promote public health and provide better infrastructure. The third focus might be on the expansion of domestic manufacturing. It will boost the employment rate and also help in increasing exports.
Another area of focus can be infrastructure development. The infrastructure development will take place leading to more facilities. The construction of highways and new buildings will lead to smooth transportation and more opportunities. The interim budget presented a capex outlay of 3.4% of GDP. However, Nomura expects it to be 3.5% of GDP. Nomura expects the government to present its vision for India in the next five years. The Indian government dreams of a developed economy by 2047. It is crucial to know how will the government plan it in the next five days to lay its foundation. As it is the first budget of the government post-election, it will lay down a base for the government to take the economy towards growth in future. Stay tuned for more information on our website.