Union Budget 2024: Key Highlights and Announcements by FM Nirmala Sitharaman

Union Budget 2024: Key Highlights and Announcements by FM Nirmala Sitharaman

Union Budget 2024 is being presented today by Finance Minister Nirmala Sitharaman during the Monsoon Session of Parliament. This budget is the first major policy announcement by the Modi 3.0 government and marks Sitharaman’s seventh consecutive budget presentation. As the nation eagerly awaits the detailed roadmap, the focus is on nine priorities aimed at propelling India towards its economic goals.

Major Announcements and Focus Areas

Economic Growth and Fiscal Consolidation

Finance Minister Nirmala Sitharaman emphasized the importance of fostering economic growth while maintaining fiscal discipline. The Union Budget 2024 aims to support productive sectors by balancing investment and consumption. This approach is critical for achieving the goal of making India a $5 trillion economy and the world’s third-largest economy.

Also Read : Budget 2024 Live: FM Sitharaman Revises Tax Structure Under New Regime

Tax Reforms and Relief

One of the most anticipated aspects of the budget is potential tax relief for the salaried class. Sitharaman hinted at possible reductions in personal tax rates and increases in tax exemption limits under the new tax regime introduced in 2020. These measures are expected to boost disposable income and stimulate economic activity.

Infrastructure Development

New Airports and Medical Facilities

In a significant move to improve infrastructure, the budget allocates funds for the development of new airports and medical facilities in various states, including Bihar. This initiative aims to enhance connectivity and healthcare services, contributing to regional growth and development.

Also Read : Budget 2024: Will Your Tax Slabs Change?

Sports Infrastructure

The budget also includes provisions for developing sports infrastructure, with a special focus on promoting sports activities and nurturing talent across the country. This initiative aligns with the government’s vision of making India a global sports powerhouse.

Financial Assistance to States

Special Financial Assistance to Andhra Pradesh

Acknowledging the unique needs of different regions, the budget provides special financial assistance to Andhra Pradesh. This support is aimed at addressing specific developmental challenges and fostering balanced regional growth.

Strategic Economic Policies

Supporting Key Allies

The budget addresses the demands of key political allies, such as N Chandrababu Naidu’s Telugu Desam Party (TDP) and Nitish Kumar’s Janata Dal (United). Their support was crucial for the BJP to secure its third consecutive term, and the budget reflects the government’s commitment to fulfilling their developmental agendas.

Agricultural Sector and Employment

To support the agricultural sector and generate employment, the budget outlines several initiatives aimed at improving productivity and providing sustainable livelihoods. These measures are expected to boost rural income and contribute to overall economic stability.

Economic Stability and Growth

Reserve Bank of India Dividend

The government benefits from a substantial dividend of Rs 2.11 lakh crore from the Reserve Bank of India (RBI) for FY24. This bumper dividend will aid in accelerating fiscal consolidation, reducing the debt-to-GDP ratio, and lowering market borrowing. These steps are crucial for maintaining economic stability and fostering long-term growth.

Also Read : “Union Budget 2024: New Airports, Medical Facilities, and Sports Infrastructure Announced”

Real-Time Updates and Coverage

Stay tuned with [Your Website Name] for real-time updates on Union Budget 2024. Our comprehensive coverage includes detailed insights into finance minister Nirmala Sitharaman’s budget speech, potential changes to income tax slabs, and other significant highlights.

Conclusion

Union Budget 2024 presents a strategic roadmap for India’s economic future. With a focus on tax reforms, infrastructure development, and financial assistance to states, the budget aims to foster growth, stability, and prosperity. By addressing the needs of various sectors and regions, the government aims to create a balanced and inclusive economic environment.