Budget 2024: Pharma, Custom Duty, and More, Which Sector Will Be Impacted by The Upcoming Budget?

Budget 2024: In the budget of 2024, Finance Minister Nirmala Sitharaman can make many big announcements. According to the sources, the government can change the custom duty of items related to many sectors such as pharma, metal, and paper to boost domestic manufacturing. If there is a requirement to cut down on basic custom duty on raw materials, it is expected that the custom duty can also be increased on many things. Apart from this, Kaushik Basu, the former chief economist of the World Bank, has said that the Modi government can make big announcements for the welfare and manufacturing industry in the budget 2024. 

Budget 2024 Expectations For Different Sectors

Big announcements can be made for small businesses in the budget, which will increase the number of jobs. The fall in the prices of raw material will cause a lot of negative condemnation in the fertilizer subsidy. The space industry has also demanded GST relief and PLI scheme. Apart from this, the CARE Rating Agency says that the government can focus on increasing the consumption through a high investment in rural infrastructure, welfare projects and agriculture.