Everyone has different opinions about the new budget (2024), so the budget is yet to come out of the corporate stream.
And when it gets to the business, how can we not expect it to get to HR?
In any field, apart from skills and qualifications, the new normal is how to understand current affairs and political trends. Topics such as budgets, which are closely related to job seekers, may become new targets for interviewers.
So, to guide you through your interview, I have come up with 8 questions that you might be asked in an interview, especially if you are looking to obtain a finance related qualification.
Let’s begin
1) What are the key features of the Union Budget 2024 and how will it impact the economy?
Absolutely. In Budget 2024, the Government is focusing on key areas such as tax changes and support for sectors such as:
- Agriculture
- Growth of small and medium-sized enterprises
- Improved infrastructure.
One of the big changes is the way tax rates are adjusted, which means more money in people’s pockets, including mine. There’s also a lot of money being pumped into agriculture and rural areas, which should make a big difference to communities across India.
And we’re making it fair for people to invest so that everyone has a better chance. These plans aren’t just about numbers. They’re about making sure that everyone has a fair chance to succeed. So that’s my thoughts on our new federal budget, and I think I’ve covered most of it.
2) How do you assess the impact of the reduction in import duty on gold from 15% to 6% in Budget 2024?
In my opinion, reducing import duty on gold from 15% to 6% in Budget 2024 is a wise move by the government to curb illegal smuggling, make gold jewellery cheaper and help jewellery shops.
This change is likely to encourage more people to buy gold, which is good for merchants and could bring in more money for the government through taxes. Legal ways of bringing in gold will be more popular than sneaky ways and help everyone follow the rules. This will make trading clearer and fairer. Overall, it’s important to make sure things are done right and help merchants and customers.
3) Explain how the increase in the standard deduction and the revision of tax brackets in the 2024 Budget will affect personal finances.
In my opinion, the government has made some important changes in Budget 24 that will directly impact our finances. The government has adjusted the tax brackets by increasing the standard deduction from Rs 50,000 to Rs 75,000 and raising the 5% tax bracket from Rs 500,000 to Rs 700,000. This will put more money in the pockets of middle-class taxpayers like us. This means we may have more money to spend, which may help businesses. It will also encourage us to save and invest more, which will be good for our future.
Overall, it seems like the government is trying to help us out while ensuring that taxes are fair for everyone.
4) How do you think the changes to the capital gains tax regime will affect investor behaviour and market performance?
In my view, the proposed changes to the way capital gains tax is levied in Budget 2024 could have a big impact on what investors like me should do and how we feel about the stock market. The aim is to encourage people to invest for the long term and discourage short-term speculative trading.
This could make taxes fairer for everyone. Investors could potentially shift their investments based on these rules, which could make the stock market more stable and sustainable in the long run.
5) What are your thoughts on the fiscal deficit projection of 4.9% for FY2025 and is the government committed to further bring it down to 4.5%?
In my view, the government’s plan to limit the fiscal deficit to 4.9% in fiscal 2025 indicates that it is being prudent in managing its finances based on what is most important to the economy.
They also want to lower it to 4.5%, which would show they are serious about managing their money wisely and making sure the economy keeps growing sustainably. To achieve this, they need to spend money wisely, find better ways to raise funds through taxes and other means, and implement smart plans to stimulate economic growth without putting undue strain on the public finances.
6) What do you think about the impact of budget measures on small and medium-sized enterprises, especially with regard to the credit guarantee scheme and the new model of credit assessment?
Hence, in the MSME context, there has been emphasis on budget initiatives such as the Credit Guarantee Scheme and digital footprint based credit assessment, which will ease dependency on collateral, facilitate access to credit and boost manufacturing growth.
At the same time, this has facilitated access to finance and promoted digital financial inclusion that helps SMEs expand their business. SMEs effectively contribute to economic growth through increased productivity.
7) What are the pitfalls and opportunities presented by the Budget for sectors related to agriculture and rural economy?
In my view, the Government’s decision to significantly increase funding for agriculture and rural development offers a huge opportunity to improve:
- Agricultural Productivity
2. Build better infrastructure
3. Improving rural incomes
But there are challenges, including disruptions to supply chains, climate change risks and proper implementation of plans. Resolving these issues is essential to get the most out of these investments and ensure rural areas can develop sustainably.
This means ensuring that the money spent helps strengthen farmers and rural communities and make them more resilient.
8) How do you think the Budget proposals on skill development and employment will have a beneficial impact on India’s economic trajectory?
In my opinion, the government is focusing on skill development and job creation, like the plan to train 200,000 youth.
This is a bold step to improve our professional schools and develop better talent.
These efforts will help people find jobs in sectors like healthcare and manufacturing and also help India become a knowledge-based nation.
Conclusion :
Simply put, it’s crucial to pay attention to what’s happening in the market. Even if you’re not a writer, you should know about the role of generative AI in your career. Whether you’re in the medical profession or not, it’s important to know about the government’s contributions to healthcare.
Likewise, your main goal should be to outline your entire budget along with preparing for the interview. Make sure you are a role model for the youngsters who are current and enthusiastic.
