Union Budget 2024 | Focus on national skill development should extend to specialised training in plumbing, says Acquaviva Group CEO Bantwal Ramesh Balinga

Balinga also said that the budget should also address evolving consumer behaviors by making home buying easier and reducing construction costs through technological advancements.

Finance Minister Nirmala Sitharaman will present the Union Budget on July 23, having already presented an Interim Budget ahead of the Lok Sabha elections.

Finance Minister Nirmala Sitharaman presented the interim Budget on February 1, 2024. Ahead of the Union Budget 2024 presentation, news emerged that Prime Minister Narendra Modi may face troubles this time, to accommodate the wishes of his alliance partners JD(U) chief Nitish Kumar and TDP supremo Chandrababu Naidu. However, it is more likely that the Budget will be a feel-good one, coming on the back of the Rs 2.11 lakh crore record dividend to the union government from the RBI.

“The upcoming budget is highly anticipated by the hospitality and retail sectors, both of which are experiencing significant growth. In the hospitality sector, with over 400 hotels announced and luxury retail growing rapidly, the government should consider policies that facilitate the purchase of second homes with reasonable interest rates. This will drive growth, reduce rental pressures, and promote market stability," said Bantwal Ramesh Balinga, Group CEO of Acquaviva.

"Skill development is another critical area. The government’s focus on national skill development should extend to specialised training in plumbing, including engineering degrees, diplomas, and plumbing labs nationwide. This will elevate service standards and operational efficiency in the hospitality sector," he added.

"In terms of taxation policies, no major changes are expected, but the budget should support retail expansion, especially in tier 3 and 4 cities. As the IT industry moves to semi-urban areas, it’s creating employment opportunities and driving economic growth. Government incentives for rural employment, finance, and technology adoption will further boost these markets."

"The budget should also address evolving consumer behaviors by making home buying easier and reducing construction costs through technological advancements. Additionally, promoting sustainability practices, such as energy efficiency and waste management, is crucial for long-term growth."

He said, "Post-Covid recovery requires continued support for MSMEs, infrastructure development, and financial aid for second-home buyers. Prioritizing tourism infrastructure, non-urban sanitation, solar-powered electricity, and reducing registration costs in semi-urban towns will foster robust growth and competitiveness in the hospitality and retail sectors.”

Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.