Budget 2024 Live: FM Sitharaman Revises Tax Structure Under New Regime
Union Budget 2024 Live Updates: In a significant policy announcement, Finance Minister Nirmala Sitharaman detailed the Modi government’s roadmap to address nine priorities for India’s economic opportunities. This is the first Union Budget of the Modi 3.0 government and Sitharaman’s seventh consecutive budget, presented during the Monsoon Session of Parliament. The Interim Budget on February 1 did not introduce major policy changes or new benefits for the middle class.
Focus on Economic Growth and Inflation Control
For the full Budget, Sitharaman faces the dual challenge of fostering economic growth while controlling inflation and maintaining fiscal consolidation. The Budget aims to support productive sectors by balancing investment and consumption. Additionally, the Finance Minister must address the demands of key allies such as N Chandrababu Naidu’s Telugu Desam Party (TDP) and Nitish Kumar’s Janata Dal (United), whose support was crucial for the BJP to secure its third consecutive term despite falling short of a majority in the recent Lok Sabha elections.
Strategies for Achieving a $5 Trillion Economy
Sitharaman will need to outline strategies to achieve India’s goal of becoming a $5 trillion economy and the world’s third-largest economy, a promise made by Prime Minister Narendra Modi ahead of the elections. The Budget must address the needs of the agriculture sector, generate employment, maintain public spending, and enhance tax revenues.
Anticipated Tax Relief for the Salaried Class
The salaried class is hopeful for potential tax relief, which could come through reductions in personal tax rates or increased tax exemption limits, especially under the new tax regime introduced in 2020.
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Strong Economic Foundation and RBI Dividend
The new government benefits from a robust economic foundation and a substantial dividend of Rs 2.11 lakh crore from the Reserve Bank of India (RBI) for FY24. This significant dividend will support accelerated fiscal consolidation, reduce the debt-to-GDP ratio, and lower market borrowing, setting the stage for sustained economic stability and growth.
Stay Updated with Real-Time Coverage
Stay tuned with Moneycontrol for real-time coverage of Finance Minister Nirmala Sitharaman’s Budget speech, potential changes to income tax slabs, and other important highlights of Union Budget 2024. Catch all updates on Income Tax here.
Conclusion
The Union Budget 2024 is poised to address multiple challenges and opportunities for India’s economic landscape. With strategic priorities, tax revisions, and a focus on growth and stability, the government aims to navigate the complexities of economic management while fostering an environment conducive to development and prosperity.
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