Expectations for budget 2024 live: Will taxpayers with a salary get big tax breaks? Big deductions, exemptions likely – Budget news 2024

The upcoming budget is eagerly awaited by the hospitality and retail sectors, both of which are experiencing significant growth. In the hospitality sector, with over 400 hotels announced and a fast-growing luxury retail sector, the government should consider policies that facilitate the purchase of second homes at reasonable interest rates. This will stimulate growth, reduce rent pressure and promote market stability.

Skills development is another important area. The government’s focus on national skills development should extend to specialized training in plumbing, including engineering degrees, diplomas and plumbing laboratories across the country. This will enhance service standards and operational efficiency in the hospitality sector.

No major changes are expected on the tax policy front, but the Budget should support retail expansion, especially in tier 3 and 4 cities. As the IT industry moves to semi-urban areas, it will create employment and boost economic growth. Government incentives for rural employment, finance and technology adoption will further boost these markets.

The budget should also respond to changing consumer behavior by making home buying easier and reducing construction costs through technological advances. In addition, promoting sustainability practices, such as energy efficiency and waste management, is crucial for long-term growth.

“The post-COVID recovery requires continued support for SMEs, infrastructure development and financial assistance for second home buyers. Prioritising tourism infrastructure, non-urban sanitation, solar power and reducing registration fees in semi-urban cities will promote robust growth and competitiveness in the hospitality and retail sectors,” said Bantwal Ramesh Balinga, Group CEO of Acquaviva.