Infotainment content creator, Mohmed Abubacker Samsudeen talks about how the Union Budget 2024 will benefit the Indian economy as well as the creator community.
Known for his tips on saving money and choosing the right investment, Mohmed Abubacker Samsudeen is also the Co-Founder of Tint Tone and Shade Interiors along with being a creator. In a conversation with us, Abubacker offers insight into the crucial policies in the Union Budget 2024 presented by Finance Minister Nirmala Sitaraman yesterday and how they are expected to benefit both the economy and the creator community.
Here's everything that Abubacker wants you to know!
Powering India's creator economy
It brings about a number of measures that may uplift the Indian economy, particularly the creator community. Key among these are new tax slabs, support for small and medium enterprises, and betterment in digital infrastructure—all things that are good for content creators and digital influencers.
New tax regime and cutting down fiscal deficit
The Budget brings in new tax slabs, which mean potential tax savings for everyone — including content creators. This simply means that they will have more money in their hands to invest in their work and growth. The government's plan to cut the fiscal deficit to 4.5% by 2026 from the estimated 4.9% in 2025 shows enough commitment to economic stability, hence providing the right environment for creators to prosper.
In a nutshell, the budget strengthens through increased digital infrastructures and a new package of financial and technology support to MSMEs. In addition, e-commerce export hubs will help the creator economy widen its turf in monetizing its content internationally. Enhanced Mudra loans and widened credit availability will also further empower creators to grow their businesses.
Supporting employment and skill development
The budget also supports employment and the development of skills by revising the skilling loan scheme and providing financial support for higher education. This becomes significantly more noteworthy for a content creator because she or he has to learn new skills each passing day. The new Prime Minister's Package offers direct benefit transfers for first-time employees, including creatives in the space of content creation, thereby making it more inclusive and skilled.
Conclusion
Abubacker believes that the Budget supports the growth of content creators and contributes to the country's economic and cultural advancement. However, with the rise in short-term capital gains by 20% and long-term capital gains by 12.5%, this has been perceived as unfair to investors. The changes in capital gains taxes and the increased Security Transaction Tax (STT) on derivatives could be viewed as harsh by those investing in financial markets. While the budget may benefit job seekers, as an investor, he feels that it could have been more balanced.
What are your thoughts on this budget? Let us know in the comments below
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