The Union Budget will be presented by Finance Minister Nirmala Sitharaman on July 23 at 11 am. This budget is significant as it marks the first budget of the Bharatiya Janata Party-led National Democratic Alliance (NDA) after winning the general elections for the third consecutive term in June.
Two Budgets in 2024
This year, India will see two budgets – an interim one in February and a full one in July. The interim budget was presented before the general elections, as the incumbent government cannot present a full budget before elections.
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Budget 2024 Expectations
The Union Budget outlines the government’s projected expenses and revenues for the upcoming fiscal year. Expectations are high, particularly for income tax relief and changes in the tax regime.
Sneha Poddar, VP of research, broking, and distribution at Motilal Oswal Financial Services (MOFSL), expects the government to maintain its tax and non-debt capital receipt projections and stick to its fiscal deficit consolidation path. There may also be increased fiscal spending due to higher RBI dividends.
Additionally, the government is expected to focus on enhancing consumption through higher allocation for the rural economy, welfare schemes, and agriculture, with a continued emphasis on infrastructure, capex, and manufacturing.