The Interim Budget for the fiscal year 2024–2025 was presented by Finance Minister Nirmala Sitharaman. Anticipatedly, the government has not declared any significant policy modifications in advance of this year’s parliamentary election.
The business tax and startup were the main topics of the interim budget for 2024. The budget statement focused on corporate tax policies and supporting the startup sector, rather than making any major policy changes. Specifically, the lack of any relief measures disappointed taxpayers.
The union finance minister announced in budget 2024 that corporate tax would drop from 30% to 22%, that new corridors such as railway and port corridors would be established, and that the development of tourism infrastructure on islands like Lakshadweep would be prioritized in order to create more jobs. Foreign Direct Investment (FDI) in the tourism industry was also referenced by the minister of finance.
“States would be incentivized to undertake the thorough development of renowned tourism destinations, branding and promoting them globally… In her budget speech, Finance Minister Nirmala Sitharaman stated, “There are a lot of opportunities for local entrepreneurship in tourism, including spiritual tourism.” Increasing diversity in both the formal and informal sectors is another goal of the administration.
It is anticipated that increased employment prospects will arise nationwide as a result of the emphasis on corporate taxation, startup assistance, and the tourism industry.
The tourism sector had a significant increase in foreign direct investment (FDI), which demonstrated the government’s attempts to improve India’s reputation as a top travel destination worldwide.