Jaipur, January 31,2024.
Union Budget 2024-25 is scheduled for February 1, with general elections looming on the horizon, this budget promises to be a delicate balancing act between fiscal prudence and populist measures. Various sectors including pharma, healthcare, auto, real estate have shared their wishlist from Budget 2024.
Ahead of the presentation of interim budget, travel and tourism industry experts are hoping for a reduction in income tax levels, and standardisation of tax collected at source (TCS) to boost the sector.
“Reduced income tax levels to provide increased disposable income in the hands of the people which create a boost for travel & tourism spends,” said Madhavan Menon, Executive Chairman, Thomas Cook India Ltd.
‘’Coalesce the TCS rate on outbound tours into a single five per cent slab to reduce the significant advantage enjoyed by international competitors (exempt from this levy),” said Vishal Suri- Managing Director, SOTC Travel.
Amit Mohan, President – Logistics & Infrastructure, Kotak Mahindra Bank Said “The upcoming Union Budget can be a directional budget for many core areas even though it is a “vote on account” before the general elections. The government is expected to ensure continuity in policies and investment in strategic areas to spur the domestic demand while managing the inflation. The focus is likely to be on infrastructure, healthcare and green and sustainable energy. The government may continue to take concrete steps towards an integrated logistics and infrastructure model while the digital infra can get a boost to unlock the true potential of a connected nation. Fiscal consolidation will be a priority given the flexibility and buoyancy provided by the high tax collections and the 7.6% GDP growth last quarter,”
With the India’s booming EV sector achieving huge growth, EV industry experts are hoping for another extension of FAME scheme subsidy in the upcoming interim budget.t
Chakravarthi C., Managing Director of Quantum Energy, stressed the industry’s anticipation of crucial measures in the upcoming budget to sustain and enhance its growth. With the FAME II subsidy program set to expire in March 2024, stakeholders are collectively calling for its extension to ensure ongoing efforts to enhance the affordability and accessibility of EVs.
Chakravarthi C. pointed out that an extension would align with the government’s ambitious target of achieving 30% electric vehicles on Indian roads by 2030.
