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We decode the provisions of Interim Budget 2024 and their impact on business.
With the country geared for the upcoming general elections, Budget 2024 expectations do not foresee a major shakeup. Finance Minister Sitharaman is scheduled to deliver the interim budget 2024 speech on 1 February, primarily meant to tide the economy over until the latest Union Budget 2024 later in the year.
Despite a global economic slowdown, India stands tall with a projected GDP growth of 7.3% in 2023-24, fueled by robust domestic demand and significant investment. This resilience is further strengthened by declining unemployment, a testament to the economy's job creation prowess. Over 24 crore individuals have also escaped multidimensional poverty thanks to government initiatives like Poshan Abhiyan, showcasing India's commitment to social welfare.
However, challenges remain. The low tax-GDP ratio presents an opportunity to improve efficiency and attract foreign direct investment (FDI) through better ease of doing business. By addressing these areas and capitalising on its inherent strengths, India is well-positioned to become a major global economic powerhouse in the years to come. India’s economic outlook is remarkably positive, characterised by strong domestic demand, resilient fundamentals, and a commitment to social welfare. By addressing remaining challenges and capitalising on its inherent strengths, India is poised to emerge as a major global economic powerhouse in the years to come.
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Abhishek Binaykia, Partner and Sports Industry Leader, Grant Thornton Bharat
India's performance in recent international events across multiple sporting disciplines is a testament to the grassroots-level initiatives that have been introduced by the government, including the Khelo India Games and Khelo India Para Games. The country's athletes and sportspersons have delivered record-breaking performances. With new investments in sports infrastructure, India is primed to bolster its bid for hosting the 2036 Summer Olympic Games as well as nurture athletes who will be instrumental in furthering our Olympic medal count.
Amit Kumar, Partner and Energy & Renewable Industry Leader, Grant Thornton Bharat
A comprehensive package will be rolled out for achieving net zero and decarbonation measures in the economy: VGF for offshore wind (1 GW) and coal gassification (100 MT) will be set up by 2030. CBG will be mandated in a phased manner. EV ecosystem will be enhanced by supporting e-buses through payment security mechanism and charging infrastructure.
Amit Kumar, Partner and Energy & Renewables Industry Leader, Grant Thornton Bharat
The Rooftop Solar Scheme will be launched covering one crore households in the country. 300 kWh/month free electricity will be provided to these households. This focused programme, involving PSUs under the Ministry of Power, Ministry of New and Renewable Energy, and state agencies will encourage vendors and banks to actively participate. Residential consumers will now be able to get the customised rooftop solar systems, which will fulfill a large part of their energy needs; they will receive free electricity and earn extra money by selling extra power.
Bhanu Prakash Kalmath S J, Partner and Healthcare Service Industry Leader, Grant Thornton Bharat
Women empowerment and public health are crucial for 'Viksit Bharat'. The government will prioritize preventive healthcare to reduce the burden on curative care and lower out-of-pocket healthcare expenses, which have decreased from 62% in FY15 to 47% in FY20. The construction of 2 crore new houses under PM Awas Yojana will improve sanitation. Initiatives like cervical cancer vaccination for girls, the inclusion of ASHA workers and Anganwadi workers and helpers in Ayushman Bharat Scheme, expedition of upgrading Anganwadis and improving financial position of women through Lakhpati Didi schemes are all aligned with these goals.
Chirag Jain, Partner and Food Processing Industry Leader, Grant Thornton Bharat
The acceleration of the Pradhan Mantri Matsaya Sampada Yojana aims to boost aquaculture productivity, double exports and create numerous employment opportunities through the establishment of five Integrated Aquaparks. Additionally, a substantial increase in allocation for the PM Formalisation of Micro Food Processing Enterprises scheme from INR 639 crore in FY24 to INR 880 crore in FY25 underscores the dedication to catalysing growth in this industry. The announcement of increasing the target of the 'Lakhpati Didi' scheme from two crore to three crore would further strengthen women’s participation in the agribusiness sector. This is poised to make India’s processed foods export globally competitive and give an impetus to the country in achieving the goal of 'Viksit Bharat' by 2047.
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