Budget 2024: Anticipation High as Finance Minister Nirmala Sitharaman Presents Her Seventh Consecutive Budget

New Delhi, India — Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Budget in Parliament today, Tuesday, July 23, 2024. This Budget, crucial for the Modi 3.0 government’s vision, is expected to outline a comprehensive roadmap for India’s development over the next five years.

In what is being hailed as a significant move for the middle class, experts anticipate that Sitharaman will announce an increase in the basic exemption limits under both the old and new tax regimes. This change is expected to provide substantial relief to middle-income earners and stimulate economic activity by increasing disposable incomes.

Prime Minister Narendra Modi, in his address yesterday, expressed confidence in the Finance Minister’s ability to deliver a robust budget. He emphasized that the government’s guarantees will be effectively translated into benefits for the common man. “The Finance Minister will present a strong budget, ensuring that our guarantees reach the common man,” Modi stated.

The Economic Survey for 2023-24, tabled by Sitharaman on the first day of the Monsoon Session of Parliament, has set the stage for today’s budget presentation. The survey projected a GDP growth rate of 6.5-7% for the current fiscal year, highlighting the resilience and potential of the Indian economy.

Today’s Budget for 2024-25 is seen as an action plan to advance the nation’s development goals. It is expected to focus on a range of key areas, including infrastructure development, digitalization, green energy initiatives, and socio-economic inclusivity.

Key Expectations from Budget 2024:

1. Tax Relief for the Middle Class: An increase in the basic exemption limits under both old and new tax regimes is highly anticipated.
2. Infrastructure Investments: Significant allocations are expected for infrastructure projects to boost connectivity and economic growth.
3. Digital Economy: Enhanced support for digital infrastructure and initiatives to drive further digitalization across sectors.
4. Green Energy: Policies and incentives to promote green energy and sustainable practices.
5. Socio-Economic Inclusivity: Measures aimed at inclusive growth, ensuring benefits reach the underserved and marginalized communities.

As the nation waits in anticipation, the 2024 Budget is expected to set the tone for India’s economic trajectory over the coming years. With a focus on growth, sustainability, and inclusivity, the budget aims to strengthen the foundations of a ‘Viksit Bharat’ (Developed India).

Stay tuned to our live blog as we bring all the relevant developments and updates on Union Budget 2024. For comprehensive coverage and analysis, visit Sarhind Times.