New Delhi: 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 will mark 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.
Nirmala Sitharaman, who has served as India’s first full-time woman finance minister since 2019, will begin her speech at 11:00 AM on July 23.
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.
This year’s Budget is anticipated to focus on several key areas, in line with the Viksit Bharat 2047 Vision, while maintaining fiscal prudence.
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.

Agencies