On July 23, 2024, Finance Minister Nirmala Sitharaman will present the highly anticipated Union Budget 2024 at 11 AM in the Lok Sabha. This budget marks her seventh consecutive presentation, a record that underscores her pivotal role in shaping India’s fiscal policies. As the first full budget of the Modi 3.0 government, it is expected to lay a comprehensive roadmap towards achieving ‘Viksit Bharat’ (Developed India) by 2047, coinciding with the centenary of India’s independence.
The budget is poised to address pressing issues such as tax relief for the middle class, infrastructure development, and welfare schemes aimed at bolstering economic recovery amid global uncertainties.
The upcoming budget is anticipated to focus on several critical areas, reflecting the government’s commitment to economic revitalization. Tax relief is at the forefront of expectations, with calls for adjustments in income tax slabs and an increase in standard deductions to enhance disposable income for taxpayers.
Additionally, significant allocations for capital expenditure (Capex) are expected, particularly in infrastructure projects, which are crucial for job creation and economic growth. The government is also likely to emphasize welfare initiatives, including support for agriculture and rural development, as well as healthcare improvements, responding to the needs of a diverse population.
As the budget is presented, the implications for various sectors will be closely monitored by industry experts and citizens alike. The Economic Survey preceding the budget has set a conservative growth forecast of 6.5 to 7 percent for the fiscal year, highlighting the need for job creation and increased investments. Analysts are particularly keen on how the government will balance fiscal prudence with the need for stimulating growth amidst ongoing geopolitical challenges.
Discover more from Majhi Naukri
Subscribe to get the latest posts sent to your email.
