The Union Budget 2024 is scheduled to be announced by Finance Minister Nirmala Sitharaman on July 23, marking the first comprehensive budget under the Modi 3.0 government’s tenure. According to a report by ET, Prime Minister Modi’s administration aims to address challenges in agriculture, job creation, sustain capital expenditure momentum, and boost revenue growth to maintain fiscal consolidation.
Simplifying Goods and Services Tax (GST) and easing tax compliance burdens are also key priorities for the government. The upcoming budget is expected to integrate elements from Prime Minister Narendra Modi’s 100-day plan, focusing on expanding production-linked incentive (PLI) schemes, particularly in labor-intensive sectors like leather.
This will be Finance Minister Nirmala Sitharaman’s seventh consecutive budget presentation. Her previous budget in February was an interim one, coinciding with the Lok Sabha elections scheduled between April and May. The interim budget emphasized economic policies to foster growth, inclusive development, productivity enhancement, and opportunities across society.
The government has outlined special attention to the eastern region, encompassing Bihar, Jharkhand, Chhattisgarh, Odisha, and West Bengal, aiming to transform them into growth engines as part of the vision to achieve India’s development by 2047.
