With everyone having a different opinion on the new budget (2024), it has not even left the corporate streams.
And when it has reached the corporates, how can we even not expect it to reach the HR’s cabin?
For every field, apart from skills and qualifications, the new normal is how we perceive current affairs and political movements. with a topic like the budget which has a lot to do with job aspirants, it can be the new target for the interviewers.
Hence, being your interview guide, I have come up with 8 questions that can be asked in your interview . Especially when I want to pursue a designation in finance.
Let’s dive in
1) Can you tell me about the key features of Union Budget 2024, and what impact will they have on the economy?
Of course. In the Union Budget 2024, the government is focusing on important areas like changing tax rules, helping sectors like
- Farming
- Small businesses grow
- Improving infrastructure.
One of the big changes is how they’re adjusting tax rates, which should mean more money in people’s pockets, including mine. They’re also putting a lot of money into farming and rural areas, which should make a big difference to communities all over India.
And they’re making it fairer for people who invest money, so everyone has a better chance. These plans aren’t just about numbers; they’re about making sure everyone gets a fair shot at doing well. So, this is what I think about our new Union Budget and I hope I have covered most of it.
2) How would you evaluate the impact of reducing import duties on gold that has been shifted from 15 per cent to 6 percent in Budget 2024?
According to me, reducing import duties on gold from 15% to 6% in Budget 2024 is a smart move by the government. It’s aimed at stopping illegal smuggling and making gold jewellery cheaper, which helps shops that sell jewellery.
This change could mean more people wanting to buy gold, which is good for shops and could give more money to the government through taxes. Legal ways to bring in gold will now be more popular than sneaky ways, which help everyone follow the rules. It makes trade clearer and fairer. Overall, it’s about making sure things are done right and helping shops and customers.
3) Explain how an increase in the standard deduction & revision of tax slabs in Budget 2024 would affect personal finance.
According to me, the government has made some important changes in Budget 2024 that directly affect our finances. They’ve increased the standard deduction from 50,000/- to 75,000/- and adjusted tax slabs, like raising the income threshold for the 5% tax rate from 5 lakh rupees to 7 lakh rupees. I think this will put more money in the pockets of middle-class taxpayers like us. It means we might have extra money to spend, which could help businesses. It also encourages us to save and invest more, which is good for our future.
Overall, I see it as the government trying to help us out while still making sure taxes are fair for everyone.
4) How do you think changing the regime of capital gains tax will affect investor behaviour and market dynamics?
In my view, the changes in how capital gains taxes are proposed in Budget 2024. It could really influence how investors like me decide what to do and how we feel about the stock market. The idea is to encourage people to invest for the long term and discourage quick, speculative trades.
This could make taxes fairer for everyone. I think investors might change what they invest in based on these rules, which could help make the stock market more stable and sustainable in the long run.
5) What are your views on the fiscal deficit projection of 4.9% in FY2025 and whether the government is committed to bringing it further down to 4.5%?
From my perspective, the government’s plan to keep the fiscal deficit at 4.9% in FY2025 shows they are being careful with how they manage money based on what’s most important for the economy.
They also want to bring it down even more to 4.5%, which shows they’re serious about managing money wisely and making sure the economy keeps growing sustainably. To make this happen, they’ll need to spend money wisely, find better ways to bring in money throughtaxes and other means, and put in place smart plans that help the economy grow without putting too much pressure on finances.
6) How would you view the impact of the budget initiatives on MSMEs, particularly regarding the credit guarantee schemes & new models of credit assessment?
Accordingly, MSME-related emphasis has been on budget initiatives such as credit guarantee schemes and digital footprint-based credit assessments. This would help to promote access to credit by easing dependence on collateral. Hence spur growth in the manufacturing sector.
At the same time, this has eased access to finance & fostered digital financial inclusion that helps MSMEs scale their operation . They have an effective contribution to economic growth through improved productivity.
7) What are the pitfalls & opportunities brought forward by the budget for sectors related to agriculture and the rural economy?
In my view, the government’s decision to significantly increase funding for agriculture & rural development presents a major chance to improve :
- Farming productivity
2. Build better infrastructure
3. Increase incomes in rural areas
However, there are challenges like broken supply chains, climate change risks, and how well schemes are put into action. Solving these issues is crucial to getting the most out of these investments & ensuring that rural areas can develop sustainably.
In short, it’s about making sure the money spent helps farmers and rural communities grow stronger and more resilient.
8) In your view, how do the budget proposals on skill development and employment gainfully impact India’s economic trajectory?
In my opinion . The government’s focus on skill development and creating jobs, like the plan to train 20 lakh young people
It improves the technical schools, is a bold step towards building better human resources.
These efforts can make it easier for people to find jobs in fields like healthcare and manufacturing. They’re also pushing India to become more about knowledge.
Conclusion :
In brief, it is very important to keep our eye on what’s going on in the market. No matter that you are not a writer, still you must know the role of generative AI in the careers. Whether you are in medicine or not, it is important to know about the healthcare contribution of our government.
Similarly, the main target is to let you summarize the whole budget along with preparing you for the interview. Let you become an example of current awareness and a youth that values enthusiasm.
