By Mr. Aakash Patel, Director, Atul Projects India Private Limited
The Interim Budget for 2024-25, as outlined by Finance Minister Nirmala Sitharaman, offers a mix of continuity and new initiatives, reflecting a blend of optimism and practical considerations in the face of India’s current economic landscape.
The Government’s focus on the youth reflects a strategic move to harness the potential of India’s demographic dividend. The acknowledgment of the country’s young population’s aspirations and optimism is crucial. This focus could lead to policies that not only empower the youth through education and skill development but also fuel innovation and entrepreneurship.
The proposed scheme to assist the middle class in acquiring or building their own homes is a significant step towards addressing the housing crisis. While the lack of direct tax benefits for homebuyers might be a point of contention, the government’s focus on infrastructure and the new housing scheme for the middle class are steps in the right direction.
Extending tax benefits to start-ups for an additional year is a strategic decision that could significantly impact the Indian start-up ecosystem. This extension provides much-needed support to budding entrepreneurs and emerging businesses, encouraging innovation and risk-taking. Furthermore, this move could have a positive ripple effect on the commercial real estate sector, potentially leading to its rejuvenation.
Overall, the Interim Budget 2024-25 seems to be aligned with the broader goals of economic growth addressing immediate needs like housing, while also laying a foundation for long-term growth through support to start-ups and youth empowerment.
