Finance Minister Nirmala Sitharaman All Set To Present Modi 3.0’s Budget

Union Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25 on July 23, 2024 at 11 am in the Lok Sabha. Additionally, she will present documents under the Fiscal Responsibility and Budget Management Act, including the Medium-Term Fiscal Policy Strategy Statement and the Macro-Economic Framework Statement.This will mark her seventh consecutive Budget presentation, setting a new record.Previously, Morarji Desai held the record for six consecutive Budget presentations. Notably, Desai presented the Union Budget a total of 10 times, a record followed by former Finance Minister P. Chidambaram, who presented it nine times.All Eyes On The BudgetThe monsoon session of Parliament commenced on July 22 with the tabling of the Economic Survey 2023-24.The survey projected India’s GDP growth for the financial year 2025 to range between 6.5% and 7%. This forecast is lower than the 8.2% economic growth rate estimated for the previous financial year.The Lok Sabha’s business advisory committee has scheduled discussions on issues related to the ministries of railways, education, health, MSME, and food processing, in addition to the Union Budget.A total of 20 hours has been allocated for the budget debate.Major Expectations From The BudgetCapital Expenditure and Infrastructure: The Budget is expected to announce record capital expenditure, with a strong focus on roadways and Indian Railways, as part of a broader infrastructure development push.Income Tax Relief: Anticipated changes in the income tax regime, especially for salaried taxpayers and the middle class, are expected. The new default income tax regime might see adjustments, potentially increasing the exemption limit to Rs 5 lakh.Rural Development and Agricultural Support: The Budget is likely to highlight measures supporting rural areas and agriculture, including increased investment in rural infrastructure and initiatives.Fiscal Deficit and Job Creation: The fiscal deficit target for FY25 is projected to remain at 5.1% of GDP. The focus will also be on job creation through capital expenditure and targeted social spending, aligned with the ‘Viksit Bharat’ initiative.

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