The interim budget is unlikely to change significantly. However, FM Sitharaman may unveil some populist policies aimed at the average person, with an emphasis on jobs, agriculture, income tax, comfort, and senior citizens.
Reetu | Jan 30, 2024 |
Budget 2024: Key Expectations and Financial Priorities
Finance Minister Nirmala Sitharaman will present the Union Budget 2024 for the financial year 2024-2025 to the legislature on February 1, 2024, as part of the budget session. The budget that will be presented on February 1st, however, will be a temporary financial plan or a vote on account due to the election year.
Based on previous trends, the interim budget is unlikely to change significantly. However, FM Sitharaman may unveil some populist policies aimed at the average person, with an emphasis on jobs, agriculture, income tax, comfort, and senior citizens.
The unveiling of the Union Budget 2024 comes as the Indian economy continues to develop at the world’s fastest rate of any major economy. The budget for 2024 is expected to focus on policies that would support India’s economy as it grows and approaches $5 trillion.
With the world experiencing headwinds and war-like scenarios creating unpredictability, Budget 2024 will be crucial in making the Indian economy more competitive.
Expectations from this Union cum Interim Budget 2024-25
The Union budget 2024-25 is going to provide many types of facilities. Here are some important expected benefits.
According to the CII’s pre-Budget 2024 note, the budget deficit of 5.9% of GDP for FY24 is justified. For FY25, the budget deficit must be reduced to approximately 5.4% of GDP.
One Expert suggests that the Indian government fund artificial intelligence (AI) to eliminate linguistic hurdles and boost fintech companies’ accessibility.
Experts want standardised interfaces for financial apps with AI capabilities, as well as the establishment of a national AI development mission similar to the National Payments Corporation of India. According to experts, this would reduce the need to import experience and equipment from other countries.
In the soon-to-be-announced interim budget for 2024-2025, Tax professional expects the government will continue to prioritise infrastructure, railroads, and defence.
One Tax Professional believes that in order to spur business expansion and promote cutting-edge technologies in India’s fintech countryside, Union Finance Minister Nirmala Sitharaman’s interim budget presented in February should prioritise financial empowerment and creative lending options for MSMEs and the country’s youth.
It prospects for expansion in the forthcoming interim budget, prioritising budgetary restraint while also funding agriculture, healthcare, and development.
In addition, improved investor confidence and a positive outlook for the year as a result of efforts to lower inflation and streamline tax regulations.
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