Interim Budget 2024: Key policy announcements and their impact
In the latest episode of our budget podcast series, we engage in a conversation with Rajnish Gupta, Partner, Tax and Economic Policy Group, EY India. Here, he explores macro-fiscal stability, Atmanirbharta in manufacturing, and provides insights into future reforms. From green initiatives to navigating the economic landscape, each facet unveils a strategic roadmap for India's future.
In conversation with:
Rajnish Gupta
Partner, Tax and Economic Policy Group, EY India
Key takeaways
- The projected fiscal deficit of 5.1% for 2024-25 safeguards India from future economic shocks, helps keep inflation low, and directs more savings toward private investment.
- Focus on manufacturing and atmanirbharta continues as the government recognizes that while the era of global manufacturing is over, integration of global supply chains will continue.
- Announcements on rooftop solar, promoting biofuels or investments in coal gasification and liquefaction capacity support the use of domestic resources and reducing energy import.
- To usher in the next generation of reforms, the Union government will need to build consensus with state governments.
- The high-powered committee to be set up to address challenges related to India’s demography and fast population growth indicates the government’s thinking in this area.
By announcing that there would be viability gap funding for 1 GW of offshore wind, the government is signaling that it will push these technologies to the extent the fiscal space in India allows.
Rajnish Gupta
Partner, Tax and Economic Policy Group, EY India
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Duration 12m 13s
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