Finance Minister Nirmala Sitharaman will present the Union Budget for the fiscal year 2024-2025 in the Lok Sabha on July 23. This highly anticipated budget will outline the government’s financial planning and priorities for the coming year.
Key Dates to Remember
- July 22, 2024: The budget session begins.
- July 22, 2024: The Economic Survey will be released.
- July 23, 2024: Finance Minister Nirmala Sitharaman presents the Union Budget.
- August 22, 2024: The budget session concludes.
President Draupadi Murmu has approved the summoning of both houses of Parliament for the budget session. This session will provide ample time for detailed discussions and deliberations on the proposed budget and related policies.
Focus on Job Creation and Macroeconomic Stability
This year’s budget will prioritize job creation while ensuring macroeconomic stability. As India recovers from the economic disruptions caused by the global pandemic, creating employment opportunities and maintaining economic resilience are crucial.
Finance Minister Nirmala Sitharaman’s presentation will be closely watched by industry leaders, economists, and the general public. The government aims to introduce policies that spur growth, attract investment, and enhance the quality of life for citizens.
Economic Survey Release
The Economic Survey will be released on July 22, a day before the budget presentation. The survey provides an overview of the country’s economic performance over the past year and outlines the major challenges and prospects for the future.
People’s Expectations from the Budget
Stakeholders across various sectors have high expectations for this budget. Key areas of focus may include:
- Simplify Capital Gains Taxation: There is a strong demand to simplify the complex capital gains tax structure to make it more investor-friendly.
- Increase Standard Deduction Limit: Currently set at ₹50,000, people are hoping for an increase in the standard deduction limit for income tax up to ₹1,00,000.
- Ease Tax Burden for Home Buyers: Homebuyers are looking for relief measures that reduce their tax burden, making homeownership more affordable.
- Tax-Free Life Insurance Premiums: Proposals to make premiums up to ₹10 lakh on life insurance products tax-free are gaining traction.
- Increase Provident Fund Limit: Raising the provident fund limit is another popular expectation, aiming to provide greater financial security to the workforce.
Sector-Specific Expectations
- Manufacturing Sector: Measures to boost production and competitiveness.
- Small and Medium Enterprises (SMEs): Support and incentives to promote growth and innovation.
- Technology and Innovation: Policies to encourage advancements and investment in the tech sector.
- Infrastructure and Social Welfare: Increased spending to improve public infrastructure and social programs.
