Budget 2024: The Finance Minister, Nirmala Sitharaman, will introduce her seventh sequential Union Budget in Parliament at 11 a.m. today, 23rd July 2024. She will attempt to reconsider the income tax structure and work on the ‘Ease of Doing Business in India’ in the Union Budget 2024-25. Sitharaman has also made history by becoming the primary finance minister who introduced seven successive budgets, breaking the record of former PM Morarji Desai. This will be the central entire budget of the Narendra Modi-drove NDA government in its third term.
Budget 2024 Date and Time
Budget Date: 23rd July, 2024
Time Start and End: 11 a.m. – 1 p.m.
Budget 2024 Expectations
This Budget is extraordinary in numerous ways. In 2019, the BJP had 303 seats in the Lok Sabha; the count now stands at 240. There may be some nervousness over the economic policies in the second innings of the Modi government, reflected by the decline. Coalition politics and the requirements of regional allies will play an immense role in shaping this budget.
Fiscal Deficit and Financial Development
For FY 2023-24, the fiscal deficit was pegged at 5.63 per cent of the Gross Domestic Product, against a target of 5.1 per cent in FY 2024-25. The Economic Survey by Ms Sitharaman on July 22 assessed India’s Gross domestic product development for FY 2025 at 6.5%-7%, lower than the 8.2% for FY 2024 gauge taken in the past budgetary activity.
Budget 2024 Highlights
However, the specific declarations will be proclaimed on July 23; here are the standard highlights:
Income Tax Changes: There is an extraordinary hypothesis around plausible changes in tax slabs and rates. Given individual tax’s enormous commitment to b,y and large direct-tax assortments, uncommon slices will probably not come.
Financial Improvement: The spotlight will probably stay on measures to spike development, SMEs’ help, and foundation advancement.
Social Welfare Schemes: Patching up existing social government assistance plans might be declared.
Green Drives: With the developing impulse on the practical turn of events, new arrangements would be formed that would empower efficient power energy and the preservation of the climate.
Budget 2024 Outcome
The budget catered to the agricultural sector by provisioning, announcements of schemes connected with employment and loan schemes, announcing financial support to the MSME sector; and infrastructural development. Committed fiscal deficit projection at 4.9%, with a commitment to reduce it to 4.5%. The government cut customs duties at the same time making changes in the capital gain taxes for the financial year. The “Taxation budget” has arrived in the form of revision in tax slabs under the new tax policy.
Besides, increasing the Mudra loan limit, the TReDS platform is primarily dedicated to easing financial pressures and capacity building for the MSMEs. The budget emphasis on urban housing through the PM Awas Yojana, heavy investments, and interest subsidies provided are directed at making it easier to get a house for many. These plans point to something: a well-thought-out move toward greater financial inclusion and rising infrastructure—both rudimentary ingredients of balanced economic growth.
Income Tax News
Budget 2024 Income Tax: The Public authority will probably take on an extremely mindful mentality, all things considered, and won’t care to see a severe decrease in tax income. Nonetheless, the tax slabs could be minor changes to carry cheer to the working class.
New Budget Tax Slab: The progressions one will ponder are in the tax slabs. Taxpayers expect some alleviation as far as expanded exception restrictions and modified tax sections are concerned.
FAQ
What is the new budget for 2024?
It provided for a total expenditure of ₹47.65 trillion for FY 2024-25, bringing a rise of 6% over the revised estimate in FY 2023-24.
What is the budget request for 2024?
The 2024 GAA sanctions an expenditure program totalling P5,767.6 billion, which is 9.5 per cent higher than last year’s level of spending and equivalent to 21.8 per cent of the projected GDP this year.
Which sectors will benefit from the budget in 2024?
Infrastructure-related projects, Utilities and Power sectors, Capital Goods and Consumer Durables and Pharma and Healthcare sectors.
What are the highlights of the budget in 2024?
The highlights of this Budget will be related to readjustments of the income tax slabs for middle-class relief, increased spending on infrastructure, and enhancement of social welfare programs. It also aims to help SMEs and support the ‘Ease of Doing Business in India.’
