Budget 2024: Hope govt addresses inflation by considering tax reductions, say co-founders of Goela School of Finance

livemint.com:

Harsh Goela and CFA Aditya Goela, Co-founders, Goela School of Finance, believe the upcoming budget will focus on rural economy's revival. They hope the government addresses inflation by considering tax reductions. Meanwhile, for the next year 2024, they advise diversifying beyond equities for a resilient portfolio to asset classes like real estate, fixed income, and precious metals.

Edited Excerpts: As the upcoming budget looms, we look for a focus on rural economy's revival. We hope the government addresses inflation by considering tax reductions, both direct and indirect, putting more money in the hands of the people. In anticipation of the 2024 budget, consider a portfolio aligned with the government's ongoing initiatives like Make in India, National Logistics Policy, and infrastructure development.

Focusing on sectors set to benefit, such as railways and ethanol production, could position your portfolio for potential growth in the coming fiscal year. As India retains its position as the fastest-growing major economy in the financial year 2024, and with the global slowdown, FIIs have no better choice than to invest here. India remains a compelling destination for foreign investments.

Start 2024 with financial prudence- prioritise term life insurance, secure health coverage, and build an emergency fund with liquid options. Embrace strategic stock market investments for potential growth. Follow the 40% EMI rule to manage loans wisely.

In 2024, diversify beyond equities for a resilient portfolio. Consider allocating to promising asset classes like real estate, fixed income, and precious metals. A well-balanced mix can enhance stability and capitalise on varied market opportunities.