Union Finance Minister Nirmala Sitharaman presented the maiden Budget of the third consecutive NDA administration led by Prime Minister Narendra Modi today, at 11 am.
The Union Budget 2024 would be the first significant economic document issued by the Modi 3.0 administration, and it is projected to set the groundwork for India’s transformation into ‘Viksit Bharat’ by 2047.
On Monday, Sitharaman’s pre-Budget Economic Survey, submitted in Lok Sabha, established a cautious growth prediction of 6.5 to 7% for the current fiscal year. It emphasised the need to generate more employment in the economy and advocated for increased Chinese direct investment to promote exports. The bad trade climate last year, which resulted in a 5% drop in India’s merchandise exports in FY24, is likely to alleviate this year and the next year, according to the poll, while geopolitical tensions and policy uncertainty may restrict the breadth of trade recovery.
Meanwhile, some experts have encouraged the government to grant tax relief to the general public in order to increase consumption and control inflation. The following two budgets saw no substantial changes in taxation policy, with the exception of making the new tax regime the default option and implementing the standard deduction feature.
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