Prime Minister Narendra Modi announced today that the Union Budget 2024, to be unveiled in Parliament tomorrow, aims to advance the vision of a ‘Viksit Bharat’ (Developed India) by 2047. Speaking at the start of the Parliament’s Budget session, PM Modi emphasized that India remains the fastest-growing major economy globally, with growth rates sustained at around 8% for some time.
Marking the first Monday of Sawan, an auspicious period, PM Modi expressed his greetings and emphasized the significance of the upcoming session. He noted that it is a momentous occasion as the government prepares to present its first Budget for the third consecutive term, a rare achievement in the past 60 years. He highlighted that this Budget would be pivotal for shaping the next five years and laying a solid foundation for achieving the dream of a ‘Viksit Bharat’.
Finance Minister Nirmala Sitharaman will present the first full Budget of the newly elected NDA government on July 23, 2024, the second day of the Budget session. Alongside, she will table the Economic Survey 2023-24, a key document prepared under the Chief Economic Advisor’s guidance by the Department of Economic Affairs. The Economic Survey is expected to offer crucial insights and direction for the Union Budget 2024.
The Budget 2024 is anticipated to maintain the government’s emphasis on record capital expenditure, particularly in infrastructure, while balancing fiscal consolidation. Experts also predict potential income tax reliefs for the common man, middle class, and salaried individuals to enhance disposable income.
