Budget 2024: With a major relief for the middle class, experts predict that Nirmala Sitharaman will raise the basic exemption levels under both the old and new tax regimes in her seventh straight budget.
Budget 2024 LIVE Updates:
On 23 July 2024, Finance Minister Nirmala Sitharaman’s 7th straight budget presentation in Parliament. The Modi 3.0 government’s action plan, which outlines a blueprint for India’s development over the next five years, is being evaluated in relation to the budget for 2024–25.
Nirmala Sitharaman is anticipated to deliver a significant relief for the middle class in her seventh consecutive Union Budget by raising the basic exemption levels under both the old and new tax regimes.
Budget 2024 LIVE Updates: Lok Sabha
Due to the Lok Sabha elections in February, an interim budget was provided; however, this year’s budget is being presented during the monsoon session. Starting on July 22, the Monsoon session will last for 19 sittings till August 12. PM Modi stated that the budget is “important for Amrit Kaal” in his remarks on it. The course of the next five years of our tenure will be determined by the budget. Additionally, this budget will serve as a solid base for our vision of “Viksit Bharat.”
About the Interim Budget:
Finance Minister Nirmala Sitharaman presented the Interim Budget on February 1 this year, presenting a detailed financial plan ahead of the Lok Sabha elections in 2024. The Interim Budget proposes a total spending of ₹47.65 trillion for FY 2024-25, representing a 6% rise from the revised projection for FY 2023-24. It expected total receipts of ₹30.80 trillion, a 12% increase from the previous fiscal year. The Interim Budget projected a fiscal deficit of 5.1% of GDP in 2024-25, down from 5.8% in the previous fiscal year. The Interim Budget proposed increasing capital expenditure by 11% to ₹11.1 trillion, or 3.4% of GDP.
Skill-building for Women:
The Finance Minister also declared that the government will establish women-only dormitories and collaborate with other organizations to run skill-building initiatives tailored to the needs of women in the workforce.
Budget for Industrial corridor:
According to Nirmala Sitharama, “We will support the development of an industrial nod at Gaya in Bihar as part of the Amritsar-Kolkata industrial corridor.” It will spur the eastern region’s development. Additionally, we would fund the construction of the Patna-Purnea expressway, the Buxar-Bhagalpur highway, the Bodhgaya- Rajgir-Vaishali-Darbhanga highway, and a second, ₹26,000 crore, two-lane bridge across the Ganga in Buxar.”
