New Delhi: Former Chairman of the Bombay Stock Exchange and chartered accountant Sethurathnam Ravi anticipates that the Union Budget 2024 will closely resemble its predecessor.

He predicts a strong emphasis on expanding infrastructure and capital expenditure (capex), with job creation being a central priority across all policy initiatives. The government is expected to promote capex in the manufacturing sector through public-private partnerships. Incentives for clean and green energy, including e-vehicles, waste-to-energy, and sustainable practices, are likely to be featured prominently to align with global sustainability goals and India's vision of a developed nation.

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Ravi suggests that the budget may grant infrastructure status to the tourism and hospitality sectors, recognizing their significant role as the second largest employers. This move could facilitate easier access to funding at lower costs, crucial for achieving targets like 15 million foreign tourists and 20 billion domestic travellers.

Given the consistent rise in GST collections each quarter, Ravi speculates that the forthcoming budget might rationalise GST, potentially revising rates, especially in the clean energy domain.

The upcoming budget is expected to introduce changes to the new tax regime, possibly raising exemption limits and offering exemptions for health, pension, and education, impacting personal taxation.

Moreover, reforms in national pension schemes are likely to be considered to ease the long-term burden on government pensions, addressing concerns raised by employees and stakeholders.

Overall, the budget is poised to set the course for infrastructure development, job creation, and tax relief for the middle class.

With PTI inputs