Budget 2024: With the second term of the PM Modi government drawing to an end, much anticipation is being created for the Union Budget for 2024, which is scheduled to be presented on February 1. In her sixth budget statement, Finance Minister Nirmala Sitharaman will present the interim budget for this election year.
Development Path for the Next Fiscal Year
According to sources who spoke with ZeeBiz.com, there is a good chance that the budget will include a development path for the next fiscal year. Sources indicate that this government budget, dubbed ‘GYAN’ (gareeb, yuva, annadata, naari) budget, may be especially important for women, farmers, and the impoverished.
Key Announcements Expected
- Launching a Housing Interest Subvention Programme.
- a focus on improving social security and increasing the popularity of the National Pension System (NPS).
- Potential rise in the Kisan Samman Nidhi, to make it Rs 9,000 instead of Rs 8,000.
- Possible addition of life and health insurance to crop insurance for farmers.
- Budget allocation for women has increased, accounting for a 30% rise in the last ten years.
- implementation of programmes for women that include direct financial transfers.
- Potential establishment of programmes aimed at developing women’s skills.
- Samman Nidhi for female farmers is increased by up to Rs 12,000.
- Under MGNREGA, women are entitled to special reservations and a greater honorarium.
- providing women with interest-free loans.
Commencement of Parliament’s Budget Session
Parliament’s budget session is set to begin on January 31 and run until February 9. On January 31, President Draupadi Murmu will address both Houses jointly, and thereafter the Economic Survey report will be presented.
Economic Survey Overview
The Economic Survey summarises the state of the economy from the previous year and offers information on gains, losses, and possible growth sectors. Forecasts for the budget for the upcoming year are based on this poll, which influences estimations of what might become more expensive or less expensive based on the economic patterns seen in the previous year.
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