When Finance Minister Nirmala Sitharaman rises to present the 2024 Union Budget at 11 am on July 23, she may perhaps be mindful of the record she will set: presenting seven consecutive budgets.
That, however, will be a secondary consideration. As the Narendra Modi government finds itself with a greater fiscal breathing space than previously expected, the first budget of its third term is a much anticipated one among industries, markets and citizens.
Here's all you need to know about the Union Budget 2024:
Expectations are that thanks partly to the bumper Rs 2.11-lakh crore dividend paid by the Reserve Bank of India to the government, Sitharaman may be able to provide tax relief to the salaried classes, bring down the cost of housing loans, announce a cash transfer scheme for poor urban women, increase the allocation for infrastructure spending and welfare schemes and expand the Production-Linked Incentive (PLI) scheme to cover more sectors.
The Economic Survey for the year 2023-24 was tabled in Parliament on Monday by the Finance Minister. Some of its key highlights are
- Projects economic growth at 6.5-7 per cent in FY25 versus 8.2 per cent in 2023-24
- Domestic growth drivers supported economic growth in FY24 despite uncertain global economic performance.
- Short-term inflation outlook benign, but India faces persistent deficit in pulses and consequent price pressures.
- Capital markets becoming prominent in India's growth story; market resilient to global geopolitical, economic shocks.
- A direct tax practitioners' body urged the government to reduce the income tax burden on citizens in the upcoming Union Budget. All India Federation of Tax Practitioners (AIFTP) President Narayan Jain stated that the exemption limit should be increased to Rs 5 lakh. He emphasised the need for simplifying the tax structure to ease compliance.
- Real estate developers in Noida and Greater Noida in western Uttar Pradesh expect the first budget of the Modi 3.0 government to accord 'industry status' to their sector for easier access to funds
- Ahead of the Union Budget, child rights activists and organisations have urged the government to put children at the centre of the development discourse and increase funding for their education, healthcare, and protection services.
- The Congress on Monday said the Centre must make three important announcements of making MSP a legal guarantee, fix MSP on the basis of the Swaminathan formula and establish a permanent commission to monitor the implementation of farm loan waivers.
- Confederation of Indian Industry National MSME Council Co-Chairman Ponnuswami on Monday said the government should actively support micro, small and medium enterprises, in their digitisation processes.
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All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy. Besides, the market also expects staying on the fiscal glide path to lower the fiscal deficit to 4.5 per cent of GDP by 2025-26.
Direct Tax - Direct tax refers to the taxes that are levied directly on the income or wealth of individuals or organisations. The primary characteristics of direct taxes are that they are imposed directly by the government and are paid directly by the taxpayer to the government
Indirect Tax - Indirect taxes are imposed on goods and services. They are paid by consumers indirectly at the time of buying goods and services. Simply put, Indirect taxes are applied to things that a person purchases.
Revenue Budget - The revenue budget is the sum of the government’s revenue receipts and expenditures. Revenue receipts are divided into two categories: tax and non-tax revenue.
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- The Wealth Tax Budget of 1957, the People-Centric Budget of 1968, and the Black Budget of 1973 are some of the most iconic Budgets in the history of independent India.
- The shortest Budget presentation in the Indian history was by Hirubhai Mulljibhai Patel, who was finance minister in Morarji Desai’s cabinet in 1977. The succinct speech was just 800 words long!
- Jawaharlal Nehru, Indira Gandhi, Rajiv Gandhi, and Morarji Desai are among the prime ministers who have presented the Budget.
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Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.