Union Budget 2024: After Prime Minister Narendra Modi assumed power for the third time, the central government will present its first full budget today. This time the service class is hopeful that the government will give them some relief in income tax. The scope of standard deduction or 80C will increase. On the other hand, people of the business class are looking forward to concessions from the government. Women also have great expectations. According to sources, the government can make some big announcements for farmers in this budget. The government’s focus can be on railway network, airport and water transport.
When Finance Minister Nirmala Sitharaman presents her seventh consecutive budget for the financial year 2024-25 on Tuesday, a record will be registered in her name. With this budget, she will break the record of former Prime Minister Morarji Desai. According to experts, the government can make some big announcement regarding the economic prosperity of the general public. A big decision can be taken regarding farmers. At the same time, some new announcements can be made about renewable energy.
Table of Contents
Most of the announcements revolve around Modi’s statement
The Prime Minister has already announced to make India the third largest economic power in the world in the next five years. Therefore, most of the announcements in the budget are going to be made around that. Assembly elections are going to be held in Maharashtra this year. In such a situation, the government can make some announcement regarding Maharashtra. A big package can be given for Bihar and Andhra Pradesh. Because the Chief Ministers of both the states are demanding it. Bihar was earlier demanding special status, but the government has told that it is not possible.
Economic survey shows the pace of growth
Before the budget, Finance Minister Nirmala Sitharaman presented the Economic Survey on Monday. It estimated that India’s GDP growth rate could be between 6.5 percent to 7 percent in the financial year 2024-25. This shows that India’s economy will perform well in the current financial year as well. Experts estimate that the government will try to reduce the fiscal deficit. There may also be some cuts for this.
Budget 2024: Modi 3.0 First Budget, know everything
Finance Minister Nirmala Sitharaman will present the Union Budget on July 23 at 11 am. The monsoon session of Parliament has started on July 22 and will continue till August 12. This will be the first budget of the third term of the Bharatiya Janata Party (BJP) under the leadership of Prime Minister Narendra Modi and the seventh consecutive budget of Finance Minister Sitharaman.
All documents related to the budget will be available on indiabudget.gov.in . The budget can be seen live on Doordarshan, Sansad TV and various official government YouTube channels. At the same time, Nirmala Sitharaman will break the record of former Prime Minister Morarji Desai. However, the record of presenting the budget the most number of times is still with Desai. Sitharaman will turn 65 next month.
Nirmala Sitharaman will make a record
She was made the first full-time woman finance minister of India in 2019. This year, Prime Minister Narendra Modi formed the government for the second consecutive time at the Center. Since then, Sitharaman has presented six consecutive budgets, including an interim in February this year. The full budget for the financial year 2024-25 (April, 2024 to March, 2025) will be her seventh consecutive budget. She will surpass the record of Desai, who presented five consecutive full budgets and one interim budget between 1959 and 1964.
Moody’s Analytics has these expectations from the budget
At the same time, Moody’s Analytics said that capital expenditure may increase in the full budget for the financial year 2024-25 to be presented in Parliament on Tuesday. Moody’s Analytics economist Aditi Raman said on Monday that after losing its absolute majority in the Lok Sabha in June, Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) will try to instill public confidence in the new coalition government.
He said tax rates had been kept unchanged in the interim Budget but any increase in planned government expenditure would require higher taxes, either through direct or indirect taxation, to prevent the deficit from widening.
He said that at present no major change is expected in India’s economic policy. This post-election budget will strengthen the goals set earlier. Earlier, the interim budget emphasized on spending on infrastructure, support to the manufacturing sector and fiscal prudence.
Moody’s Analytics said the budget will have an impact on business and consumer confidence. The budget will maintain or perhaps even increase funding for capital expenditure on infrastructure and production-linked incentive schemes. Raman said the budget is likely to introduce a more standardized approach to taxation, but the broader emphasis will be on continuation of policies.
Also Read :
Budget 2024: Common Man Pleads for Tax Relief; Will This Budget Finally Deliver?
Budget 2024: Will the NDA Deliver on Common Man’s Hopes Post-Election?
