India firmly embraces itself as the Union Budget 2024 looms over the country’s financial horizon. The Indian Finance Minister, Nirmala Sitharaman, recently stated that the upcoming budget is not expected to encompass any ‘spectacular announcements this year.’ However, officials familiar with the matter propose that small tax relief measures and increased welfare spending might exist.

Meanwhile, noteworthy announcements might be delayed till the 2024 general elections. Regardless, the upcoming budget is set to project an overview of lingering economic concerns, which might set the stage for the country’s economic growth ahead, when promptly addressed.

Some Key Expectations From The Upcoming Indian Budget:

Cryptocurrency Sector

India’s digital assets sector seems highly optimistic for the upcoming Union Budget. This being said, the country hopes to see a revised version of the existing taxation policies on virtual digital assets (VDAs), eyeing a more lenient approach.

Notably, ever since the country took a strict stance on trading VDAs, as seen in the existing taxation regimes, the trading volume on domestic crypto platforms has noted a substantial decline. Although the country’s recent decision to issue show cause notices to offshore exchanges offered a sigh of relief to these domestic exchanges, a traditional surge of users is still awaited.

Coinciding with this, the crypto industry anticipates the Union Budget will offer some relief to the industry, promptly empowering the sector.

Indian Startup Sector

Despite India’s startup ecosystem positioning among the world’s top five, a substantial jacking up by the nation’s government seems much awaited. While the Indian startup sector already leverages persisting schemes such as the SISFS (Startup India Seed Fund Scheme), a more dynamic scheme that supports startups’ ever-evolving nature is needed. Aligning with this, as the realm of AI advances globally, the budget will likely encompass strategies that enhance AI-driven innovations as well, although strictly regulated.

Also Read: India’s Union Budget 2024: When And Where To Watch

Healthcare Sector

As the Union Budget 2024 nears, rising healthcare costs are very much expected as the deduction limit under Section 80D for medical insurance premiums may increase. Empowering Medtech, Naturopathy, and the digital medical infrastructure will also likely be among the budget’s top priorities, aligning with the surge in med-related activities post-COVID.
Moreover, the pharma sector eyes initiatives that aid and streamline the export process, while also demanding a boost in healthcare allocations and spending.

Also Read: India’s Union Budget 2024: What’s In Store For The Economy?

The post Indian Union Budget 2024: A List of Few Key Expectations appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am