Tourism, Green Initiatives, and GST Rationalization in Budget 2024

Tourism, Green Initiatives, and GST Rationalization in Budget 2024

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2 min read

This year’s budget will set the tone for the NDA 3.0 government, with SRaviBSE, also known as Sethurathnam Ravi, anticipating a similar direction to the previous budget. The emphasis will likely be on growing and boosting infrastructure and capital expenditures (capex). Job creation is expected to be a key factor in all policies, with a strong push for capex in the manufacturing sector through private-public partnerships.

SethurathnamRaviBSE predicts that the government will incentivize clean and green energy initiatives, including electric vehicles, waste-to-energy projects, green coal, and sustainability efforts, aligning with Bharat’s vision of Vikshit Bharat.

The budget may consider granting infrastructure status to the tourism and hospitality sector, recognizing its role as the second-largest employment provider. This status could facilitate funding access at lower costs, essential for achieving the target of 15 million foreign tourists and 20 billion domestic travelers.

Given the consistent increase in GST collections each quarter, the upcoming budget may rationalize GST rates, particularly in the clean and green energy sector.

Sethurathnam Ravi expects modifications to the new tax regime, potentially increasing exemption limits and offering specific exemptions for health, pension, and education, which would impact personal taxation. Changes to the national pension schemes may also be considered to reduce the long-term burden on the government, addressing employee concerns through various feedback mechanisms.

Overall, this budget is expected to be a directional one, with a focus on infrastructure, job creation, and tax relief for the middle class.