Budget 2024: Finance Minister Nirmala Sitharaman has concluded consultations with various stakeholders, including representatives of industry and social sectors, as part of the budget preparation exercise.
The Finance Ministry in a statement said the pre-budget consultations for Union Budget 2024-25 that started from June 19 onward concluded on July 5, 2024.
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Union Budget 2024 Date
Sitharaman will present her seventh Budget on July 23. This would be the first full budget of Modi 3.0 which is going to set the path for Vikshit Bharat (developed India) by 2047.
Last month, President Droupadi Murmu, while delivering her address to the joint sitting of Parliament, had said that many historic steps and major economic decisions will be taken in the upcoming budget session.
In her first address to the joint sitting of Parliament since the constitution of the 18th Lok Sabha, the President said, “This budget will be an effective document of the government’s far-reaching policies and futuristic vision”.
“Along with major economic and social decisions, many historic steps will also be seen in this budget,” she said.
Budget 2024 Consultations
In the course of in-person consultations, more than 120 invitees across 10 stakeholder groups, including experts and representatives from farmer associations and agriculture economists; trade unions; education & health sector; employment & skilling; MSME; trade & services; industry; economists; financial sector & capital markets; as well as, infrastructure, energy and urban sector, participated in the meetings, it said.
During the consultations, Sitharaman thanked the participants for sharing valuable suggestions and assured experts and representatives that their suggestions would be carefully examined and considered while preparing the Union Budget 2024-25.
Union Budget 2024 Expectations
With India’s strong GDP growth, the budget will likely prioritise infrastructure development in areas like railways, renewable energy, and defence.
An increase in the standard deduction limit for income tax is a popular expectation, offering some relief to salaried taxpayers
The budget might offer clarity on whether the government will incentivise people to shift towards the new tax regime or retain the existing structure with deductions.
Measures like increased interest rate subsidies for housing loans could be announced to stimulate the real estate sector.
(With agency inputs)
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