Union Budget 2024: Sitharaman all set to present 7th consecutive budget
Union Finance Minister Nirmala Sitharaman is all geared up to present her seventh consecutive Union Budget on July 23, 2024. This will be an important budget as it will be the first full financial budget of Prime Minister Narendra Modi’s National Democratic Alliance or NDA government in its third term. It has completed six months of being in power and the fourth since winning elections.
The major focus of Union Budget 2024-25 would be the reforming of income tax structure, which had sought to gain from every segment of taxpayers. Besides this, there will be a strong impetus to the ease of doing business in India.
Union Budget 2024: Date, Time and Venue
The Union Budget 2024 will be presented to Parliament by Finance Minister Nirmala Sitharaman on July 23, 2024. Her budget speech will commence at 11:00 am. With this presentation, she will not only be delivering her seventh consecutive budget but also surpassing Morarji Desai’s record of six consecutive budgets.
Ahead of the Budget presentation, Prime Minister Narendra Modi took to Twitter to emphasize the importance of this budget. He stated that it is a matter of pride for the nation, as after 60 years, a government has come to power for the third consecutive time, and now it will present the first budget of its third term. Moreover, he has been assuring and guaranteeing the people of the country because of the government’s mission to implement its promises on the ground. This budget is especially important for Amrit Kaal, a critical period for India’s development. Furthermore, today’s budget will decide the direction for the next five years of the government’s term. Consequently, this budget will also become a strong foundation for the dream of Viksit Bharat, a developed India.
In essence, the Union Budget 2024 holds significant importance as it aims to address key economic and developmental goals, setting the stage for India’s future growth
Economic Survey
The Comptroller and Auditor General of India presented the Economic Survey 2023-24 to Finance Minister Nirmala Sitharaman in the Lok Sabha ahead of the Union Budget. The Economic Survey, prepared every year, reviews the status of the economy and gives an insight into the medium-term prospects. “The Economic Survey highlights the prevailing strengths of our economy and also showcases the outcomes of the various reforms our Government has brought,” PM Modi wrote in a post on X.
Where and How to Watch
Union Budget 2024 will get live broadcast across various regional and national news channels and online streaming platforms. The event will begin at 11 am whereby the delivering of the Budget speech would occur on all major national television channels; it will also go live on the official governments’ websites and social media handles.
What to Expect
Income Tax Reforms:Union Budget 2024-25 shall incorporate a heavy dosage of reforms in the income tax structure, with a view to alleviate the tax burden from all sections of taxpayers.
Ease of Doing Business: The Budget is likely to be replete with enabling provisions toward enhancing the ease of doing business in India, as desirable to attract more investments and thus increase economic growth.
Economic Growth: The budget will set out strategies to make/Dk economic growth and development sustainable, helping to realize the vision of a Viksit Bharat.
Infrastructure Development: The various outlays toward infrastructure, in all probability, will be a highlight. Of these, some of the key spending areas will be transportation, urban development, and rural infrastructure. Social Welfare Schemes: Much emphasis is laid on social welfare schemes for healthcare, education, and social security for the weaker sections of public life.
Conclusion
The Union Budget 2024 is going to be a defining moment for India’s economic journey because there is insight into radical reforms in the structure pertaining to income tax and business regulations. Finance Minister Nirmala Sitharaman will present her seventh consecutive budget in Parliament, duly expected to provide a sound basis for further growth and development diagrammatically.