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Budget 2024: Key Sectors to Watch and Expected Announcements
Budget 2024 is just around the corner, and everyone is eager to see what's in store. Finance and Corporate Affairs ...
Updated: June 24, 2024 6:48 PM IST Budget 2024 is just around the corner, and everyone is eager to see what’s in store. Finance and Corporate Affairs Minister Nirmala Sitharaman, before presenting the Union Budget held four pre-Budget meetings. She talked with top economists, financial and market experts, industry leaders, and representatives from farmer associations and agriculture economists.
There is no official date yet for presenting the Union Budget, but reports suggest it will be shown in Parliament during the Monsoon Session in the third week of July. But what can we expect from Budget 2024, let me give you some clues. So the Sources suggest a major development related to earlier government efforts to lower taxes, especially for middle-class taxpayers. The government has started discussing ways to make the new tax system more appealing by adding extra relief for taxpayers. They are also likely to introduce a new tax bracket under this new tax system.
In addition, taxpayers who earn up to Rs 5 lakh a year and those who earn more than Rs 15 lakh are expected to get tax relief through reductions.
The government is also planning to simplify tax processes, which is expected to be announced in the upcoming budget, according to sources. Although these discussions are still in the early stages, starting them is a positive move. Final decisions will be made by top officials, including the Prime Minister’s Office, showing a careful effort to create policies that meet taxpayers’ needs. Importantly, there is hope for tax relief for the middle-class population in the next Union Budget.
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With this according to experts main policy priorities for Prime Minister Narendra Modi’s government in its third term will include tackling food inflation, reducing unemployment, addressing issues in the agriculture sector, creating jobs, maintaining investment in infrastructure, and boosting revenue growth to keep the budget balanced.
While tax revenues are doing well, non-tax revenue is still a problem because the government’s efforts to sell stakes in state-owned companies have not been very successful, except for the sale of Air India.
Increasing the MSP or providing price guarantees, along with removing export bans on agricultural products such as onions, wheat, and sugar, will be advantageous too.
So in conclusion, The 2024-25 Budget will likely outline the economic plans of Modi’s third term in office. Sitharaman will need to find ways to increase growth without causing prices to rise too much. She will also need to find money to meet the coalition government’s needs. The economic plans will include speeding up reforms to make India a $5-trillion economy soon and achieve ‘Viksit Bharat’ by 2047.
#budget2024 #budget #nirmalasitharaman
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