Union Budget 2024: Highlights and Expectations
Budget Presentation and Significance
Union Finance Minister Nirmala Sitharaman will present the Union Budget for the fiscal year 2024-25 on Tuesday, July 23 at 11 am in Parliament. This will be her seventh consecutive budget under the Modi government and the first under Modi 3.0.
Economic Survey and Growth Outlook
The budget session commenced on Monday and will conclude on August 12, 2024. On Monday, the Finance Minister released the Economic Survey 2024, which indicated a resilient Indian economy with a real GDP growth rate of 8.2% in FY23-24. Core inflation declined during the year, contributing to a drop in retail inflation. The Reserve Bank of India projects inflation to remain around 4.5% in FY25.
Key Industry Expectations
Manufacturing Sector:
* Enhanced support and policies to attract investments, create jobs, and boost consumption.
Individuals:
* Revision of tax brackets and deductions to counter the impact of inflation on disposable income.
Real Estate:
* Extension of corporate tax benefits, removal of surcharges, and regulatory reforms.
Other Cross-Sector Expectations:
* Development of a robust digital payment infrastructure.
* Simplified tax frameworks for better compliance.
* Focus on research and innovation in healthcare.
* Promotion of hybrid learning models in education.
Live Broadcast and Access
The Budget presentation will be broadcast live on:
* Doordarshan
* Parliament channels
* Government of India’s YouTube platform
* Sansad TV
The official website, www.indiabudget.gov.in, will provide online streaming and access to all relevant Budget documents.
