Budget 2023 vs 2024 - Key Areas of Comparison

Budget 2024 serves as a compass that will guide the nation through economic priorities and policy decisions and shape the trajectory of growth and development. Stakeholders from various sectors eagerly await the unveiling of measures that will shape India's economic destiny in the coming fiscal year. As we anticipate the forthcoming Union Budget for 2024 in India, we look into the expectation comparison between this year and last year’s Budget.

Announcement on Budget 2024 is out now! Read here: www.insurancedekho.com/investment/news/interim-budget-2024

Key Areas of Comparison Between Budget Expectations in 2023 and 2024

Here’s a general framework of comparison of budget expectations between Budget 2023 and 2024, highlighting key areas that often drive expectations:

1. Economic Recovery and Growth:

• In 2023, the expected focus was on recovering from the economic impact of the COVID-19 pandemic.
• In 2024, expectations are of sustaining and accelerating economic growth, assuming recovery measures have been implemented.

2. Healthcare and Pandemic Preparedness:

• In 2023, there were expectations for increased allocations for healthcare infrastructure and pandemic preparedness given the ongoing challenges.
• In 2024, expectations are on sustaining investments and incorporating lessons learned from previous crises.

3. Job Creation and Employment:

• In 2023, expectations were high for measures aimed at job creation and skill development to address post-pandemic unemployment.
• In 2024, the expectation is of focus shifting towards consolidating employment gains and supporting emerging industries.

4. Infrastructure Development:

• In both years, there have been expectations for substantial allocations to infrastructure projects, but the specific sectors and projects could vary.

5. Digital Transformation:

• Expectations in 2023 was regarding significant investments in digital infrastructure and technology-driven initiatives.
• In 2024, the focus may be on consolidating gains, improving digital literacy, and fostering innovation.

6. Tax Reforms:

• In 2023, expectations revolved around the simplification of tax structures and measures to boost compliance.
• In 2024, the emphasis may be on evaluating the effectiveness of previous reforms and introducing further adjustments if necessary.

7. Agriculture and Rural Development:

• In both years, expectations center on addressing challenges faced by the agricultural sector, but the specific measures might differ.

8. Environmental Sustainability:

• Expectations have been high for environmental initiatives in both years, with a focus on renewable energy, conservation, and sustainable practices.

9. Social Welfare and Inclusive Growth:

• Expectations from Budget 2023 and Budget 2024 have been increased allocations for social welfare programs, education, and healthcare to promote inclusive growth in both years.

10. Global and Geopolitical Factors:

• Changes in global economic conditions, geopolitical events, and international trade agreements can significantly influence budget expectations this year as was the expectation last year.

It's important to note that the specific expectations for each year is dependent on the prevailing circumstances, government policies, and evolving economic conditions. For the most accurate and up-to-date information, it's recommended to refer to official government announcements.

As we come closer to the time of revealing the Budget 2024 tomorrow, we will be sharing all LIVE updates.