Interim Budget 2024: The Finance Minister, Nirmala Sitharaman, is scheduled to present the Interim Budget 2024 for the current year on February 1, 2024. This year’s budget is considered the Interim Budget 2024 due to the upcoming Lok Sabha polls. The comprehensive Budget for the year 2024 will be presented after the new government is elected. As per tradition, there are high expectations from various sectors and the general public regarding this year’s budget.
Salaried taxpayers are eagerly awaiting changes in income tax slabs, adjustments in the standard deduction, and modifications in Section 80C limits, which could potentially provide them with increased tax relief. MSMEs, on the other hand, are seeking simplification of regulatory processes and easier access to loans and financial assistance. The middle class is hoping for policies that will stimulate employment opportunities, as well as provide access to housing schemes and healthcare. For more information, please stay tuned to Financial Express Online for live coverage of the expectations for Interim Budget 2024.
Interim Budget 2024: वित्त मंत्री के इन फैसलों पर रहेगी नजर
Sitharaman is set to break the records of her predecessors, including Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, by presenting the Interim Budget 2024. This budget, for the year 2024-25, will serve as a vote-on-account, granting the government the power to allocate specific funds until a new government takes office after the general elections in April-May.
Given the upcoming parliamentary elections, it is unlikely that Sitharaman’s Interim Budget 2024 will introduce any significant policy changes. Once approved by Parliament, the vote-on-account will enable the government to withdraw funds from the Consolidated Fund of India on a proportional basis to cover expenses during the period from April to July.
Where to watch the Interim Budget 2024 session?
- The presentation of the Union Budget 2024 is scheduled to take place on February 1, 2024, at 11:00 a.m.
- This will be an interim budget or a vote on account for the fiscal year 2024-25, considering it is an election year. The Finance Minister, Sitharaman, will deliver the budget speech.
- The live broadcast of the speech can be watched on Parliament Sansad TV and Doordarshan, both on television and their official YouTube channels.
- Additionally, individuals can access digital updates and documents related to the budget through the Union Budget Web Portal, available in both English and Hindi, at http://www.indiabudget.gov.in.
- It is important to note that a comprehensive Union Budget may be presented again in July, depending on the outcome of the Lok Sabha elections, either by the re-elected government or a new government.
- The budget documents for Budget 2024 can be obtained after the conclusion of the presentation. These documents will be accessible on the official website as well as the mobile app. Android users can acquire the app from Google Play, while iOS users can locate it on the App Store.
Interim Budget 2024 Expectations Highlights
- Analysts are eagerly anticipating the projected nominal GDP growth for the fiscal year 2024-25.
- The current forecast suggests that India’s nominal GDP will increase by 8.9 percent this year, reaching Rs 296.58 lakh crore.
- The Ministry of Finance had initially estimated a growth rate of 10.5 percent, projecting the nominal GDP to reach Rs 301.75 lakh crore.
- However, various brokerage firms hold a slightly more optimistic outlook, with their estimates ranging from 10 percent to 11.5 percent.
- It is worth noting that the government has successfully reduced its fiscal deficit to an anticipated 5.9 percent of GDP this year, down from 9.2 percent in the previous fiscal year of 2020-21.
Budget 2024 Anticipations LIVE
The industry lobby emphasizes the need to enhance manufacturing
- Prolongation of the preferential tax system for establishing new manufacturing facilities for an additional five-year period
- The scope of the Production Linked Incentive should be broadened to encompass labor-intensive sectors, including apparel, toys, footwear, and chemicals
Budget 2024 Anticipations LIVE: CII proposes alterations to tax policies before the interim budget
- The threshold for tax exemption for individuals should be raised and linked to inflation
- Evaluate the structure of capital gains tax by establishing uniform tax rates for various asset classes such as debt, equity, and immovable assets.
Budget 2024 Expectations LIVE
Confederation of Indian Industry (CII) lobby’s investment outlook
- Maintain infrastructure spending, enhance manufacturing incentives, and adjust import taxes for specific goods.
- Prioritize infrastructure spending, aiming for a 20% increase to reach 12 trillion Indian rupees.
- Provide continued assistance to states through interest-free 50-year loans, with a 23% allocation boost to 1.6 trillion rupees in 2024/25.