Accordingly, the Union Budget for the fiscal year 2024-2025 will be introduced by the Finance Minister Smt. Nirmala Sitharaman on the 23rd of July in the year 2024 at 11:00 AM Indian Standard Time in Parliament. This budget shall spell out the government’s revenues and expenditures for the next financial year.
The Union Budget for India for the financial year 2024-2025 will be presented on July 23, 2024 at 11 AM by Finanace minister Smt Nirmala Sitharaman.
Key Highlights of the Budget 2024:
- Economic Growth:
- For the GDP growth rate for the fiscal year 2024-2025 is depicting growth and is likely to range between 6. 5% and 7%.
- Stress on the continuance and build-up of the present economic growth rate.
- Capital Expenditure:
- A notable improvement in capital intensity has been noted meaning that capital investment has rose by 11. This climbed a meagre 1%, and had attained ₹11,11,111 crore; or 3. 4% of the GDP.
- Establishment of basic physical foundations for economic activity and financing in the state sector.
- Fiscal Deficit:
- An attempt to reduce the fiscal deficit along with the objective of promoting economic growth.
- Coming up with specific measures to be adopted in the enhancement of revenues and control of expenditure.
- Taxation:
- Possibility of adjustments made to the income tax slabs and rates to favor taxpayers and increase expenditure.
- Bolstering the measures of compulsion to effect good collection of taxes.
- Social Sector Spending:
- Higher spending on health, education and social, welfare programs.
- Formulation and launching of new policies regarding problems of unemployment, training and skill development, and social security.
- Agriculture and Rural Development:
- Hiked up the agricultural spend and expenditure on the development of the physical infrastructural facilities in the rural areas.
- The new measures that were adopted in the sphere of farmers’ support and the increase in the productivity of the agricultural sector.
- Green Initiatives:
- Increased emphasis on the concept of sustainable development and the processes related to the use and development of renewable energy sources.
- Subsidization of RE and climate change adaptation funding.
Additional Information and Sources:
More on about Union Budget 2024 in terms of the actual text of the budget speech, by sectoral breakdowns and policy overtures is available from the official Ministry of Finance, India Budget 2024 page or the dedicated page in the Hindustan Times newspaper. The required budget section of this page will include documents and summaries that are pertinent to the budget.
Budget :
- The Indian Union Budget for the fiscal year 2024-25 is to be presented by the Union Minister of Finance, Nirmala Sitharaman on the 23rd of July, 2024 at 11 in the forenoon. I would classify it to be pro-growth, infrastructure, climate, social spending, fiscal consolidation budget.
- There are more than proportionate intended investments in Infra, especially Railways, as follows: Conversion of 40000 rail bogies to Vande Bharat Coaches and augmentation of some of the key Railway Infra projects. The ‘Lakhpati Didi’ scheme targets to develop 3 crores women in the villages from the previous 2 crores of the member of scheme. Moreover, there is a focus on ideas involving decarbonisation, digitalisation, and distribution that play a role in climate change and the use of sustainable energy.
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