Last Updated on February 1, 2024 by Wenivesh Team
Here we will be providing all the information about budget 2024 from union budget date to what people are expecting from the Indian governments budget.
Union Budget 2024 Date And Time
The Union Budget 2024 date and time, slated for presentation on February 1, 2024 at 11 am, holds immense significance as it unveils the government’s fiscal roadmap for the fiscal year 2024-25.
This marks Finance Minister Nirmala Sitharaman’s sixth budget, and as it is an election year, it will only be a vote-on-account, with a full-fledged budget to be presented after the Lok Sabha elections. The live broadcast of the budget speech can be seen on various platforms, including DD News and the official channels of the Parliament.
This blog delves into the anticipated policies, fiscal targets, and sectoral priorities expected to shape the budget announcement by Union Finance Minister Nirmala Sitharaman.
Budget 2024 Expectations And Highlights
Here are some expectations and possibilities from the budget 2024 for citizens of India:
1. Balancing Economic Development and Fiscal Consolidation
A core objective of the Union Budget 2024 is to navigate the delicate balance between fostering economic growth and maintaining fiscal prudence. The government aims to achieve this equilibrium by prioritizing strategic investments while simultaneously managing the fiscal deficit.
2. Fiscal Targets and Capital Expenditures
The budget outlines ambitious fiscal targets, aiming for a fiscal deficit of 4.6% while ramping up capital expenditures to fuel growth. Significant allocations are expected towards infrastructure development, green initiatives, and bolstering key sectors to stimulate economic activity.
3. Emphasis on Inclusive Development and Strategic Tax Adjustments
Aligned with the Modi government’s focus on inclusive growth, the budget underscores schemes like Ujjwala, Jal Jivan Mission, PM Kisan, and Swachh Bharat. Moreover, strategic tax adjustments are anticipated to promote economic inclusivity and incentivize growth across sectors.
4. Tax Reforms and Expectations
While the exact tax slabs for the upcoming fiscal year remain undisclosed, expectations linger around potential revisions aimed at providing tax relief to individuals. This includes expanding slab rates, introducing standard deductions, and extending benefits to taxpayers opting for the new tax regime.
Also Read: Top 10 Mutual Funds To Invest In 2024
Income Tax Slabs for the New Tax Regime: The income tax slabs for the new tax regime, as anticipated for the Union Budget 2024-25, are as follows:
| Income Range | Tax Rate |
|---|---|
| Up to Rs. 3,00,000 | Nil |
| Rs. 3,00,000-6,00,000 | 5% |
| Rs. 6,00,000-9,00,000 | 10% |
| Rs. 9,00,000-12,00,000 | 15% |
| Rs. 12,00,000-15,00,000 | 20% |
| Above 15,00,000 | 30% |
This table illustrates the expected tax rates for different income brackets, providing insights into potential tax liabilities for taxpayers in the upcoming fiscal year.
5. Populist Policies and Sectoral Allocations
Anticipated populist measures are expected to target job creation, agricultural revitalization, income tax relief, social security enhancements, and provisions for senior citizens. Additionally, sectors like railways may witness heightened capital allocations to bolster infrastructure development and spur economic growth.
Hope this blog on Indian Union Budget 2024 has been informative and insightful.
Please feel free to leave a comment below if you have any questions or thoughts.