Industry Speaks: What Experts Think About Union Budget 2024

The budget has set aside ₹35.5 lakh crore for different areas like health, education, infrastructure and defence.

3 min read

What’s the talk of the town? Has to be the Union Budget 2024. If you too dream of achieving a financially secure future, carefully examine the new budget’s details to find the opportunities it offers. It goes beyond mere numbers, reflecting the aspirations of millions of people.  

However, understanding the Union Budget can be a bit challenging, particularly when it comes to making investment decisions. This is where expert guidance comes to help. Advice from an industry expert can help you grasp how the budget impacts various investment options and make decisions that align with your objectives. Let's delve into understanding what the new budget entails and explore insights from experts. 

The Numbers Speak 

The new budget has set aside a significant ₹35.5 lakh crore for different areas like health, education, infrastructure and defence. It expects to collect around ₹22.5 lakh crore in revenue, which underscores the importance of effective tax management and compliance. The government also aims to limit the fiscal deficit to 4.5% of GDP, indicating a careful strategy in handling public finances. Keeping this in mind, Sonam Srivastava, founder of Wright Research, advises investors to adopt a strategic, long-term approach, focusing on sectors poised for growth due to the government's latest policy initiatives. She also mentioned that investors should prioritise diversification, aligning their portfolios with sectors that stand to gain from the government's focus on sustainable development and digital transformation.

The budget has set aside ₹35.5 lakh crore for different areas like health, education, infrastructure and defence.

Infrastructure and Investment 

The Union Budget 2024 has well established the fact that it has a strong focus on directing resources towards improving country’s infrastructure and creating investment opportunities to boost economic growth. A significant amount of ₹1.8 lakh crore has been allocated for road and rail projects to enhance connectivity. Additionally, ₹1.4 lakh crore has been allocated for the development of smart cities and urban renewal. Devansh Jain, Executive Director of INOX Wind Energy Group, believes this initiative could create significant opportunities for the wind sector. Viral Bhatt, Founder of Money Mantra, stated, “The budget emphasizes a significant increase in capital expenditure (capex), with an 11.1% hike to ₹11.11 lakh crore. This suggests continued government focus on infrastructure development, which could benefit sectors like construction, engineering, capital goods, logistics, transportation, digitization, IT, and software."  

Health and Well-being: A Priority 

The pandemic has highlighted the importance of being prepared, leading to the allocation of funds for pandemic readiness, research and vaccine production in the budget. As a result, ₹2.2 lakh crore has been set aside for healthcare, with a specific focus on enhancing primary health centres, vaccination efforts, and disease monitoring. Tejinder Pal Singh, Founder & Director of TRANSEARCH India, said, “This year’s budget has paved the way for India to achieve universal health coverage. The focus on public health programs and health insurance coverage is commendable. We believe that the budget, along with continuity in conducive policies and regulatory reforms, will facilitate research and development.” 

Therefore, investing in a life insurance plan in 2024 will be a good move so that you and your family can be financially covered during a crisis. You can go for a plan like HDFC Life Click 2 Protect Super that provides comprehensive protection as per your evolving needs. Here are some of its features:  

  • Get back all premium(s) paid on survival till maturity with return of premium option.  

  • Get additional amount payable in case of accidental death during policy term.  

  • Provides acceleration of death benefit on diagnosis of specified terminal illnesses, till age 80 years.  

  • Option to choose increasing death benefit up to 200%.  

  • Option to vary your death benefit according to your needs.  

  • Avail waiver of premium on diagnosis of critical and total and permanent disability   

  • Option to choose additional cover for spouse.  

Environmental Sustainability  

The new budget also promotes clean energy by allocating ₹1.2 lakh crore for renewable energy projects, afforestation and pollution control. Incentives for electric vehicles and charging infrastructure are also part of the plan. In a bid to promote sustainable development, measures have been introduced to encourage environmentally conscious practices and initiatives. To this, Pratik Kamdar, CEO & Co-Founder Neuron Energy, comments, “The Interim Budget focused on key sectors and one of the promising ones is Electric Vehicles (EV). The initiatives will enhance and fortify the EV ecosystem by bolstering manufacturing and charging infrastructure”. 

The Union Budget represents country’s hopes, obstacles and chances for progress together. As you deal with the complicated money decisions, it's advisable to stay alert and knowledgeable while crafting your financial path. Remember, the budget isn't just about money figures; it's about creating a brighter future for the next generations. 

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