What is the Budget going to provide for women?
On July 23, Finance Minister Nirmala Sitharaman unveiled her seventh consecutive budget, breaking the previous record held by former Prime Minister Morarji Desai, for the fiscal year 2024–25. The BJP-led NDA government’s first budget following its June reelection will be presented on July 23.
The BJP presently has 240 seats in the Lok Sabha, down from 303 in 2019. It is impossible to overlook coalition politics and the goals of the regional coalition partners. The BJP’s lower number of seats could indicate discontent with and opposition to the economic policies implemented by the government in its second term, which runs from 2019 to 24. The public appears to have expressed dissatisfaction with the government’s inability to allay their worries and anxiety. As a result, everyone is closely observing this budget.
With a target of 5.1% for FY 2024–2025, the budget deficit for FY 2023–2024 was 5.63% of GDP. The government is unlikely to enact policies that would significantly reduce personal tax revenue given its considerable portion of total direct tax receipts.
Today, Tuesday, July 23, is Finance Minister Nirmala Sitharaman’s eighth straight budget presentation in Parliament. The Modi 3.0 government’s action plan, which outlines a blueprint for India’s development over the next five years, is being evaluated in relation to the budget for 2024–25.
Key job initiatives were unveiled by Nirmala Sitharaman in her seventh consecutive record Union Budget. In a major win for the middle class, she is also anticipated to declare a rise in the fundamental exemption limits under the existing and new tax systems.
Live: Nirmala Sitharaman Budget Speech for 2024.
Nirmala Sitharaman said that a credit guarantee program for MSMEs in the manufacturing sector will be implemented.
Yesterday, Prime Minister Narendra Modi declared that the Finance Minister would propose a robust budget and guarantee that the promises made by the administration would be realised by the average citizen. The Economic Survey was presented to Parliament by Nirmala Sitharaman yesterday, the first day of the Monsoon Session of Parliament.
Follow our live blog as we provide you the pertinent updates and developments about the Union Budget 2024.
Finance Minister Nirmala Sitharaman is expected to unveil further job-creation initiatives at the presentation of the first budget of the Modi 3.0 government, marking her first significant policy announcement.
On July 22, Ms. Sitharaman presented the Economic Survey of the financial year 2024 to the Lok Sabha ahead of the Union Budget. According to the survey, the GDP growth rate for India’s fiscal year 2025 is expected to be between 6.5% and 7%. The economic growth rate of 8.2% estimated for the preceding fiscal year is higher than the growth predicted for 2024–25.
E-commerce firms will see a decrease in their TDS rate from 1% to 0.1%. I suggest decriminalizing late TDS payments up until the filing deadline. Reopening returns and streamlining the reevaluation process. According to the FM, this can now only be completed after three years if the income involved is ₹50 lakh or more, and there is a six-year time restriction.
The expected fiscal deficit for FM is 4.9% of GDP.
For this year, the expected net tax receipts are ₹25.83 lakh crore, whereas the estimated fiscal deficit is 4.9% of GDP. Lower than the previous year, the expected gross and net market borrowings through dated securities are ₹14.01 lakh crore and ₹11.63 lakh crore, respectively. According to the FM, the government is determined to continue with its fiscal consolidation strategy, with a deficit of less than 4.5% of GDP in 2025–2026 and ongoing reductions beyond that.
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She continued by saying that the GST has increased income and decreased the burden of compliance and logistics for business and trade. To multiply its benefits, we will strive to simplify and rationalise the tax structure and expand it to cover more goods, she said.
On July 23, 2024, Union Finance Minister Nirmala Sitharaman will deliver the Union Budget 2024–25.
For Ms. Sitharaman, it will be her seventh consecutive budget presentation, a record.
In the past, Morarji Desai delivered the Union Budget six times in a row. It’s interesting to note that previous finance minister P. Chidambaram presented budgets nine times, after record-breaking ten times from Morarji Desai.
