Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2024-25 on July 23, 2024. This significant event will occur during the Monsoon Session of Parliament, which runs from July 22 to August 12, 2024. This presentation marks an important occasion as Sitharaman will be making history by being the first Indian minister to present seven consecutive Union Budgets, surpassing Morarji Desai’s record of six consecutive budgets.
Key Announcements and Focus Areas
- Taxation: The budget will introduce a new tax regime with revised tax slabs:
- No tax on income up to Rs 3 lakh.
- 5% tax on income from Rs 3-7 lakh.
- 10% tax on income from Rs 7-10 lakh.
- The standard deduction for those opting for the new tax regime will be increased from Rs 50,000 to Rs 75,000.
- Economic Growth: With the Indian economy growing at 8.2% in 2023-24, the budget aims to maintain this growth trajectory while addressing inflation, which has been reduced to below 5%. The fiscal deficit target is set at 5.1% of GDP, down from over 9% in 2020-21.
- Infrastructure: A significant portion of the budget will focus on infrastructure development. The government plans to invest Rs 11.1 lakh crore, which is 3.4% of GDP, in capital expenditure. Additionally, Rs 1.5 lakh crore will be allocated for long-term interest-free loans to support state-level infrastructure investments.
- Employment and Social Welfare: The budget will emphasize employment generation and social welfare schemes. This includes the introduction of schemes like NPS-Vatsalya for minors, enhancements in the PM Awas Yojana-Urban 2.0, and measures to facilitate natural farming practices among 1 crore farmers over the next two years.
- Digital Initiatives: The Union Budget documents will be accessible digitally through the “Union Budget Mobile App,” available in both Hindi and English on Android and iOS platforms. This move aims to provide hassle-free access to budget documents for MPs and the general public.
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How to Watch the Budget Presentation
The Union Budget 2024-25 presentation will be broadcast live on multiple platforms. Viewers can tune into:
- Lok Sabha TV
- Rajya Sabha TV
- DD News
- Sansad TV
- Official YouTube and Twitter accounts of Lok Sabha
- The live stream will also be available on news channels like Zee News and their respective mobile apps for detailed post-budget analysis and commentary.
This Union Budget is expected to outline the government’s fiscal policies and priorities for the upcoming year, focusing on economic stability, growth, and social welfare. Keep an eye on these channels to stay updated with the latest announcements and insights.
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