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Finance Minister Nirmala Sitharaman to Presents Union Budget 2024

Jul 23, 2024

By: BlinkX Research Team

Finance Minister, Nirmala Sitharaman, is presenting Modi 3.0's first budget. All eyes are on Narendra Modi's 3.0 administration to offer income tax relief to the average man, stimulate economic development, and meet the budget deficit objective. The fundamental expectation for Budget 2024 is that it would maintain its record capital spending allocation, with a focus on infrastructure and Gati Shakti initiatives.

Key Takeaways from Budget 2024 

• Finance Minister Nirmala Sitharaman to represent Modi 3.0's first budget.
• Fundamental expectation for Budget 2024 would be to maintain its record capital spending allocation, with a focus on infrastructure and Gati Shakti initiatives.
• Both Indian Railways and the roads and highways sectors are expected to witness an increase in capital expenditure.
• Middle-class, common-man, and salaried taxpayers eagerly anticipate the Budget for adjustments in income tax slabs.
• The budget for 2024 is also being considered in order to stimulate the economy and create jobs.

Both Indian Railways and the roads and highways sectors are expected to witness an increase in capital expenditure. Budget 2024 is projected to prioritise safety improvements for Indian Railways, particularly in light of recent tragedies. The Railway Budget will not be submitted separately, as has been the practice since 2017. The railway budget may also include proposals for new economic corridors and improved passenger experiences with new trains such as Vande Bharat, Vande Bharat sleeper, Amrit Bharat, and Vande Metro. 

Every year, middle-class, common-man, and salaried taxpayers eagerly anticipate the Budget for adjustments in income tax slabs, increases in standard deductions, changes in the new tax system, housing subsidies, and other items. 

The budget for 2024 is also being considered in order to stimulate the economy and create jobs. Every major industry, including the automotive, retail, manufacturing, energy (renewable and green), and smartphone sectors, is looking to the government to signal greater business-friendly policies and Production Linked Incentive (PLI) programmes to encourage exports and local manufacture. Reforms aimed at increasing farmers' income are also being considered by the agriculture industry. Changes to the Atal Pension Yojana and more funding for the PM Awaas Yojana, Jan Dhan Yojana, Jal Jeevan Mission, and MNREGA are also anticipated.

India's economy is now the fifth largest in the world, but it will soon overtake China's to take the top spot in the coming years. Prior to the announcement of the Budget 2024, Prime Minister Narendra Modi declared that India's economy is the fastest growing in the world and that the plan will give the goal of "Viksit Bharat," or a developed India by 2047, even more focus. 

Read More About Budget 2024 Live Updates Here!