The Interim Budget 2024 is set to be presented in the Parliament by Union Finance Minister Nirmala Sitharaman on February 1. As 2024 is a Lok Sabha election year, this budget will only be a vote-on-account, and a full-fledged budget will be presented after the polls. The new government, expected to be formed around June, will come up with a final 2024-25 budget sometime in July.
Nirmala Sitharaman’s budget speech will be streamed live on India Today and Aaj Tak TV channels, as well as the YouTube channel of Business Today. Additionally, for the latest updates, live blogs on Business Today, India Today, and Aaj Tak will also provide coverage. Sitharaman’s speech will also be aired on Doordarshan (DD) News, as well as the YouTube channel and website of the Press Information Bureau (PIB).
This is Nirmala Sitharaman’s sixth straight budget, matching the record of Dr. Manmohan Singh. Despite being only a vote-on-account budget, sector-wise expectations from the Union Budget 2024 are high, with the common man wanting Nirmala Sitharaman to announce a decrease in taxes, further increase in the threshold for income-tax rebates, revision in the capital gain tax system, addition of more benefits under the new tax regime, and the removal of goods and services tax (GST) from insurance policies. Additionally, the recruitment industry is looking for budgetary allocation towards workforce development and skill enhancement.
Women entrepreneurs are also looking for increased budgetary allocation to enhance their access to capital, apart from hiking equity-based funding. They are asking for the government to prioritize and allocate substantial resources to support their access to capital, and to focus on allocating funds for risk capital rather than relying solely on loan-based strategies.
The industry is also eyeing targeted incentives for select sectors to boost investment, job creation, and promote industrial expansion, as well as increased allocations for skill development programmes, incentives for job creation in the informal sector, and promotion of equitable and stable working conditions.
The presentation of the Interim Budget on February 1 will reveal how these expectations will be addressed and what the future holds for the Indian economy.
News Highlight :
– The Interim Budget 2024 will be tabled in Parliament by Union Finance Minister Nirmala Sitharaman on February 1
– This budget is unlikely to have any major announcements due to it being a vote-on-account and not a full-fledged budget
– It will be followed by a full-fledged budget to be presented after the elections
– Nirmala Sitharaman’s budget speech will be streamed live on India Today, Aaj Tak, Doordarshan, and YouTube
– This is Nirmala Sitharaman’s sixth budget, matching the record of Dr. Manmohan Singh
– Taxpayers and various industries have expectations for the budget, including a tax decrease, increased threshold for income-tax rebates, regulatory frameworks related to the gig economy, and targeted incentives for certain sectors
– Women entrepreneurs are also looking for increased budgetary allocation for access to capital and equity-based funding.
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