Budget 2024: Date, Key Timings, and What to Expect from the Budget Speech

Budget 2024: Date, Key Timings, and What to Expect from the Budget Speech

Introduction

The Monsoon session began on Monday, with Finance Minister Nirmala Sitharaman set to present the Union Budget for 2024-25 on July 23, 2024. This marks her seventh consecutive Budget presentation, surpassing the record of former Prime Minister Morarji Desai, who delivered five consecutive full Budgets and one interim Budget from 1959 to 1964. Sitharaman, who has served as India’s first full-time woman finance minister since 2019, will begin her speech at 11:00 AM.

Where to Watch Budget 2024?

The Budget 2024 presentation can be viewed on the Finance Ministry's official website and India Today TV will provide live coverage, including key announcements, highlights, and detailed analysis. As the Monsoon Session of Parliament begins on July 22 and runs until August 12, all eyes will be on July 23 to see how the Budget addresses the country’s economic needs and aspirations.

Key Expectations from Budget 2024

Capital Expenditure and Infrastructure

The Budget is likely to announce a record capital expenditure, with a strong emphasis on roadways and Indian Railways. This is part of a broader effort to boost infrastructure development across the country.

Income Tax Relief

Many are looking forward to possible changes in the income tax regime, especially for salaried taxpayers and the middle class. Taxpayers are expecting tax relief from 'Modi 3.0'. The new income tax regime, now the default regime, might see adjustments to provide additional relief. Experts suggest that the exemption limit could be increased to Rs 5 lakh. There is also speculation about rationalising tax slabs, particularly for those with an annual income of Rs 15-20 lakh, and potentially raising the standard deduction from Rs 50,000 to Rs 1,00,000.

Rural Development and Agricultural Support

Measures to support rural areas and agriculture are expected to be highlighted. This could include increased investment in rural infrastructure and agricultural initiatives aimed at strengthening the rural economy and promoting balanced growth between urban and rural regions.

Fiscal Deficit and Job Creation

The fiscal deficit target for FY25 is projected to remain at 5.1% of GDP, as indicated in the interim Budget. The focus will also be on job creation through capital expenditure and targeted social spending, aligned with the 'Viksit Bharat' initiative. There may also be a roadmap outlined for fiscal consolidation beyond FY26.

Conclusion

As Finance Minister Nirmala Sitharaman prepares to present the Union Budget for 2024-25, the anticipation is high. With key focuses on capital expenditure, income tax relief, rural development, and fiscal deficit, the Budget aims to address India's economic needs and aspirations while maintaining fiscal prudence. Tune in to the Finance Ministry's official website and India Today TV for live coverage and detailed analysis of the Budget 2024 presentation.

References:

• Budget 2024: Date and Time; FM Nirmala Sitharaman to Present 7th Budget in a Row - Where and How to Watch, What to Expect
• Budget 2024: Date and Time; When will FM Nirmala Sitharaman Present Budget 2024, How to Watch Budget Live
• Budget 2024: When and Where to Watch
• Budget 2024 Live: Where to Watch, Date, Key Timings, What to Expect from Budget Speech

Check out the above links for more details.