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Economists expect fewer handouts this year, after last year’s budget focused on social policies and cushioning the impact of inflation and a higher GST.
Budget 2024: Jefferies anticipated a mere 7-8 per cent growth in the government capex budget for FY25 and suggested that such a move could disappoint the stock market
Currently, various measures have been taken by the GOI, like the introduction of FAME subsidy, state policies, the setting up of EV charging ecosystems, and the rolling out of PLI schemes. For the Union Budget 2024, the industry expects long-term measures that promote EV adoption, such as reduced GST rates, extensions of FAME-II subsidies, and increased infrastructure spending for changing infrastructure.
Better-than-expected tax revenue could ease the governmen't task of balancing its books
The government is expected to increase spending in infrastructure and health sectors, but tax relief for the middle class doesn’t seem to be on cards.