Union Budget 2024: Here’s what traders, farmers and shopkeepers want from budget tomorrow

Union Budget 2024: The Union Budget 2024, to be presented by Finance Minister Nirmala Sitharaman on July 23, is eagerly awaited by various segments of society. Expectations are high, especially among farmers, traders, small shopkeepers and all stakeholders from agriculture and rural sectors, who are looking for specific measures to address their unique challenges and enhance their economic stability.

Farmers’ Expectations: Special Subsidies and Price Reductions

Farmers, particularly in Punjab, have expressed significant expectations from the Union Budget 2024. With previous grievances still fresh, they hope the new government will be more attentive to their needs. Farmers are calling for substantial subsidies on essential agricultural inputs such as seeds, fertilisers, and machinery. They argue that these subsidies are crucial for small-scale farmers, who often struggle to afford these necessities.

Moreover, farmers are pressing the government to reduce the prices of petrol and diesel, which are critical for agricultural activities. The high cost of fuel directly impacts their ability to cultivate and transport crops, making it difficult for them to sustain their livelihoods. A reduction in fuel prices would alleviate some of these burdens, enabling farmers to operate more efficiently and cost-effectively.

Traders seek GST rate reductions

Traders have also expressed their concerns and demands ahead of the Budget announcement. One of their primary requests is the reduction of GST rates, particularly on electronic goods such as laptops and mobile phones. Traders argue that lowering these rates would make electronic products more affordable for the average consumer, thereby boosting sales and benefiting the market as a whole.

The traders said the government should address various challenges they face, including high taxation and complex regulatory requirements. By simplifying tax structures and reducing rates, the government can create a more favourable business environment, encouraging growth and stability in the trading sector.

Small Shopkeepers: Special Attention and Packages Needed

Small shopkeepers are another group with high hopes for the Budget 2024. They are urging the government to introduce special packages aimed at supporting their businesses. These shopkeepers often operate on thin margins and face stiff competition from larger retailers and online platforms. Targeted financial support and incentives would help them sustain and expand their operations.

Small shopkeepers say the government should pay particular attention to their needs, considering their vital role in local economies. By providing financial aid and reducing bureaucratic hurdles, the government can ensure that these small businesses thrive, contributing to overall economic growth and employment.

The Upcoming Budget: A Crucial Test for the New Government

As the Budget approaches, the anticipation among farmers, traders, and small shopkeepers is palpable. Each group has outlined clear expectations and demands, hoping that the new government will take decisive action to address their concerns. The Budget is seen as a critical test for the new government, determining whether it can effectively cater to the needs of these essential sectors.