Union Budget 2024-25 , Will it be populist or pragmatic? Is the key question .
Despite being a ‘Vote on Account,’ the Budget 2024 has raised significant expectations, given India’s role as a global growth driver and the prevailing belief in the continuity of government policies. Within the constraints of a Vote on Account, the anticipation is for the government to persist with an emphasis on fiscal consolidation, simplification of business and taxation laws, infrastructure development, support for MSMEs, and advancing financial inclusion. The likelihood of an expanded Production-Linked Incentive (PLI) scheme, with a focus on the manufacturing sector, rural welfare, farmer income transfer, and housing for all, is also on the horizon.
The BFSI sector could experience a boost through policy changes fostering innovation and refining regulatory frameworks. The overarching message is expected to convey a commitment to sustained and accelerated reforms across sectors. While steering economic growth and structural transformation, there might be an intensified focus on addressing the needs of the population at the bottom of the pyramid. There would surely be a Human angle to the budget .
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05 May 2025
