1. Finance Minister Nirmala Sitharaman will present the Union Budget 2024, her seventh consecutive budget speech.
2. This budget marks the first of the Modi government’s third term, with high expectations for the key announcements.
3. Anticipated highlights include updates on income tax, ease of doing business, and railway infrastructure.
New Delhi, July 23: Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament, marking her seventh consecutive budget speech, surpassing the record held by the late Morarji Desai.
This will be the first budget of the Modi government’s third term, and expectations are high for announcements related to income tax, ease of doing business, and railway infrastructure.
Sitharaman will also outline the Central government’s estimated receipts and expenditures for 2024-2025 in the Rajya Sabha.
On February 1, the interim budget was presented to address the financial needs ahead of the Lok Sabha elections.
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On Monday, Sitharaman presented the Economic Survey, which projected a growth rate of 6.5-7% for the current financial year, down from 8.2% in 2023-24 and below the RBI’s 7.2% forecast.
The survey praised government measures to manage retail inflation, which has dropped to 5.4%, the lowest since the pandemic began.
Additionally, the Economic Survey recommended boosting exports and suggested integrating into China’s supply chain or increasing foreign direct investment from China.
It highlighted that focusing on FDI from China could be beneficial for enhancing India’s exports to the US, akin to strategies employed by East Asian economies in the past.
