Budget 2024 Highlights: FM Nirmala Sitharaman to Present Full Budget on July 24 – Latest Updates!
The Union Budget for the fiscal year 2024-25, scheduled to be presented by Finance Minister Nirmala Sitharaman on July 23 or 24, 2024, is set against the backdrop of evolving economic landscapes and transformative policy initiatives. This pivotal financial document not only outlines the government’s expenditure and revenue plans but also serves as a roadmap for economic growth, sectoral development, and social welfare enhancements.
Overview and Context
The anticipation surrounding Budget 2024-25 is heightened due to its alignment with the Monsoon Session of Parliament, commencing on July 22 and concluding on August 9, 2024. This session marks a critical juncture where legislative deliberations will accompany fiscal policy announcements, ensuring a comprehensive review and debate of proposed measures.
Economic Landscape and Priorities
India’s economic trajectory leading up to Budget 2024-25 reflects resilient recovery post-pandemic, characterized by improving GDP forecasts and sector-specific resilience. Fitch Ratings’ upward revision of GDP growth projections to 7.2% for FY25 underscores optimism amidst global economic recalibrations. Key economic indicators, such as the current account surplus in Q4 FY24 and manufacturing PMI trends, offer insights into sectoral dynamics shaping fiscal policy priorities.
Sectoral Focus: Key Expectations
Infrastructure and Capital Expenditure
Infrastructure development remains a cornerstone of India’s growth strategy, with robust allocations expected in Budget 2024-25. Reports suggest heightened capital expenditure for roadways under the Ministry of Road Transport and Highways, underscoring the government’s commitment to enhancing connectivity and logistical efficiencies.
Healthcare and Pharmaceutical Sector
Amidst calls for increased funding and policy support, the healthcare sector anticipates substantive allocations to bolster public health infrastructure and address critical gaps exposed during the pandemic. Stakeholders, including industry leaders like Kiran Mazumdar-Shaw, advocate for a research-linked incentive scheme to foster innovation and elevate India’s global standing in pharmaceuticals and biotechnology.
Education and Skill Development
The Modi government’s vision for a ‘Viksit Bharat’ by 2047 necessitates strategic investments in education and skill development. The upcoming budget is poised to introduce transformative policies aimed at bridging urban-rural divides, enhancing digital literacy, and fostering industry-relevant vocational training. Public-private partnerships are expected to play a pivotal role in scaling educational initiatives and nurturing a skilled workforce.
Agricultural Reforms and Rural Development
Agriculture remains a linchpin of India’s socio-economic fabric, with the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme reflecting ongoing efforts to support small and marginal farmers. Budget 2024-25 is anticipated to introduce reforms aimed at enhancing agricultural productivity, ensuring sustainable practices, and mitigating climate risks through targeted interventions and technological advancements.
Fiscal Policy and Tax Reforms
The budgetary framework will likely incorporate measures to streamline GST applicability, refine tax rates, and incentivize compliance, echoing deliberations from the 53rd GST Council meeting. With an emphasis on promoting ease of doing business and fostering investor confidence, fiscal reforms are poised to stimulate economic activity across sectors.
Conclusion
As Finance Minister Nirmala Sitharaman prepares to unveil Budget 2024-25, the overarching theme of economic resilience and inclusive growth pervades expectations. From infrastructure augmentation to healthcare advancements and educational reforms, the budget holds promise as a transformative document shaping India’s trajectory towards sustainable development and global competitiveness.
Stay tuned for comprehensive coverage and analysis of Budget 2024-25, as we decode its implications for sectors, stakeholders, and the broader economy. Join us in navigating the fiscal contours that will define India’s path towards a prosperous and resilient future.
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