Budget 2024: Expectations for Indian Economy

New Delhi, 15 July (H.S.): The Union Budget 2024, set to be presented by Finance Minister Nirmala Sitharaman on July 23, is expected to focus on increasing private sector participation in airports and Indian Railways projects. Key expectations include privatizing existing airports and listing Dedicated Freight Corridor (DFC) corridors.

Prime Minister Narendra Modi held a meeting with finance minister Nirmala Sitharaman and economists, including planning minister Rao Inderjit Singh, chief economic advisor V Anantha Nageswaran, economists Surjit Bhalla and Ashok Gulati, and experienced banker K V Kamath.

The Electric Vehicle (EV) industry is anticipating several key measures to drive growth and adoption. Increased subsidies will make electric vehicles more affordable for a wider range of consumers, fostering widespread adoption. Expanding the network of charging stations, especially those powered by renewable energy, is essential for supporting EV infrastructure and addressing range anxiety. Reducing the GST on batteries and components will lower costs, making electric vehicles more accessible to the masses. Simplifying financing options for EV purchases will encourage adoption by easing the financial burden on consumers. Promoting fleet electrification can significantly cut emissions and showcase the viability of electric vehicles for commercial use. Export incentives will help Indian EV manufacturers compete globally and expand their market reach.

Kunal Arya, Co-Founder & Managing Director of ZELIO Ebikes, believes these measures will collectively propel the EV sector towards a sustainable and prosperous future. Individual taxpayers also have expectations from the Union Budget 2024, including increased limits on exemptions and deductions.