Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024–25, which includes a number of noteworthy initiatives meant to promote innovation, increase employment prospects, and accelerate economic growth. It is anticipated that these activities will have a significant influence on a number of industries, with paid workers, entrepreneurs, and young people benefiting most. These are the main conclusions from the budget, with an emphasis on how applicable they are to MBA candidates and graduates of Mumbai's best management schools.
The government has adjusted the tax slabs under the new income tax regime in an effort to provide the salaried class more disposable money. With the 50% rise in the standard deduction to Rs 75,000, salaried employees can now save up to Rs 17,500 a year. It is anticipated that this shift will increase consumer spending, which may increase demand in a number of industries, including services and retail. Understanding these fiscal measures is essential for MBA students and graduates, especially those from Mumbai's top management colleges, as they prepare for careers in consumer behaviour analysis, marketing, and finance.
The budget has implemented a program that offers new workers in all sectors of the economy one month's compensation in an effort to combat unemployment and promote labor participation. With a maximum eligibility of Rs 1 lakh salary, this programme would be given in three installments and is expected to help almost 2.1 crore young people. This action not only offers quick financial assistance but also promotes young employment in a variety of businesses, an important topic of study and interest for MBA schools that concentrate on labor economics and human resources.
Acknowledging the role that education plays in economic development, the budget has allocated up to Rs 10 lakh in loans for further education at home. In addition, a new program has been introduced to offer 1 crore youth internship opportunities in 500 elite organizations. Due to their ability to provide access to high-quality education and invaluable industry experience, these efforts are especially helpful for MBA candidates and recent graduates. With their strong corporate contacts, students from Mumbai's best management colleges are well-positioned to take advantage of these opportunities and improve their employability and career prospects.
The government removed the angel tax for all investment classes, which is a huge relief for the startup ecosystem. Once a hardship for fledgling businesses, this tax discouraged investment and slowed their expansion. Eliminating it should facilitate fundraising, lessen administrative workloads, and encourage creativity. Understanding these shifts is crucial for MBA students interested in entrepreneurship and venture capital, as they improve the conditions for starting and growing new businesses.
Additionally, a 15% reduction in customs duty on mobile phones and a 6% reduction on gold and silver commodities are recommended in the budget. These actions should lower the cost of these products, which will help customers and increase demand. This offers a chance for management experts and students to research how pricing tactics, market dynamics, and consumer behavior are impacted by fiscal policy.
The budget year 2024–25 offers a framework that looks ahead and fits the changing needs of India's economy. The need of incorporating practical economic strategies into the curriculum is highlighted by these budgetary modifications for establishments such as IES MCRC and other top management colleges in Mumbai. It is imperative to comprehend the ramifications of tax reforms, employment incentives, and startup support systems in order to prepare the upcoming generation of business leaders to steer and mould India's economic trajectory.
To sum up, the Union Budget 2024–25 is a thorough plan that covers important topics including consumer goods, employment, education, startup assistance, and income taxation. For MBA students and alumni, especially those from Mumbai's top management schools, it provides insightful opportunity to apply theoretical knowledge to real-world situations. Anyone hoping to have a big influence in the corporate sector needs to stay on top of such policy developments as India grows and changes.
Source: https://www.indiabudget.gov.in/doc/budget_speech.pdf
