Budget 2024: With just a week left, Union Finance Minister Nirmala Sitharaman is all geared up to present the Union Budget for the fiscal year 2024-25 on July 23, amid heightened expectations and a host of different types of anticipations. All eyes are on what promises to be a crucial budget, particularly with respect to the recent political events and economic hiccups.
Anticipated Tax Cuts to Soothe the Middle Class
Much of the pre-budget buzz focuses on a few areas—among them, prospective cuts in income tax rates. Indeed, considering the recent electoral performance of the Bharatiya Janata Party and the need to meet divergent expectations of coalition partners, the grapevine has it that the budget will try to please the middle class. It may be of comfort to this angry and vociferous demographic that proposed tax cuts would raise disposable income and kick-start economic activity.
Apart from the taxation reforms, the finance minister is also likely to come up with big expansions of schemes for rural economy strengthening. It may further include increased agricultural support, infrastructure development, and rural employment schemes and Rising Price of Household Things. It will help to have balanced economic growth with a view to removing disparities between urban and rural areas.
Pre-Budget Consultations and Expert Input
Ahead of the presentation of the budget, Finance Minister Nirmala Sitharaman held a series of pre-Budget consultations with industry representatives, economists, and other stakeholders. These meetings offered invaluable inputs into the expectations and issues concerning different sectors, thus helping the government to formulate its budgetary strategy.
Moreover, a high-level meeting with economists was held by Prime Minister Narendra Modi to brainstorm and seek views for an action-oriented blueprint in the coming budget. This makes it clear that a well-rounded budget must encapsulate expert opinion and public sentiment.
Annual Economic Survey and Budget Preview
The annual economic survey is slated for release on July 22, a little before the Union Budget takes center stage. It will give an overview of the country’s performance and forecasts in respect to the economy, laying the groundwork for the detailed budgetary proposals to be presented later.
This budget will be the first presentation of NDA 3.0 and the seventh consecutive one of FM Nirmala Sitharaman. The interim Budget presented on February 1 set the scene for this coming comprehensive financial plan.
Public Sentiment and Expectations
People’s sentiments regarding the upcoming budget are mixed with hope and anticipation. Rosy, a citizen, adds that the budget has to give more support to education, especially for those who cannot afford to study. In her view, reduction in taxes and more initiatives with regard to inclusive education would change the scene of educational accessibility. Praveen opined similarly, arguing for a cut in the income tax that would spur spending and investment, eventually affecting economic growth.
Another citizen, Gaurav, said, “The most important thing is the creation of jobs. The upcoming budget should include such measures which boost employment opportunities.” With the Union Budget just a few days away, all eyes are now on Finance Minister Nirmala Sitharaman and what she has in store. The coming budget is seen to redress key issues pertaining to tax relief and rural development while presenting a blueprint on progress in the economic sphere for the coming year.
Anurag Said, “I just want that our FM Nirmala Sitharaman should do something about children development. Children are the backbone of country. Sone budget should be allocate for them for their better future and development.”