Top Sectors to watch for Budget 2024

Published : 30 January 2023

Automobile Sector

The automobile sector anticipates strong backing for the push for environmentally friendly travel. With the aid of new legislation, tax breaks and incentives, infrastructure development assistance, and government policies, the Indian auto sector hopes to transition to green mobility more quickly.

Consumer electricals and  Durables Sector

The consumer electronics and durables (CED) business in India is excited and a little nervous about Budget 2024. It is anticipated that the budget would support a strong local manufacturing environment, encouraging innovation and raising the country's standing internationally.

Infrastructure Sector

The government's main focus for this year's interim budget may be on increasing capital investment (capex) in infrastructure sectors such as urban infrastructure, railroads, and highways to promote economic growth.

Real Estate Sector

The forthcoming union budget will place a lot of emphasis on the real estate industry. The sector anticipates that this year's budget will include several significant announcements, such as raising the house loan interest refund, changing the regulations governing the GST input tax credit, and raising the upper threshold limit for the affordable housing segment.

Defence Sector

The defense industry expects a small increase in funding, if any, in the next budget for sectors including railroads, power, and defense. However, it may be too soon to expect any noteworthy announcements until after the election, when the entire budget will be released.

Renewable Energy Sector

It is hoped by the renewable and new energy industries that the government's interim Union Budget will facilitate easier and more access to funding for green energy projects. By 2030, the Center wants to have installed 50 percent of its power production capacity from non-fossil fuel sources. To do this, the nation must install around 50 GW of renewable energy capacity over the course of the following five years, beginning in 2024.