The Finance Minister, Nirmala Sitharaman, will share the Interim Budget 2024 on February 1, 2024. People are hopeful about improvements in infrastructure, healthcare, education, and changes in income tax. Many are interested in the Interim Budget 2024 because the government wants to keep India’s GDP growing while also managing the country’s finances carefully. India is growing fast and is expected to become the world’s third largest economy with a $5 trillion GDP in the next few years. It is expected that the Finance Minister’s Budget 2024 Vote On Account will help India move closer to this target.
What is an Interim Budget?
In an election year, the current government cannot present a complete budget. So, they present an Interim Budget instead, which outlines the government’s spending and income for a brief period.
What is there in the Interim Budget?
The Interim Budget contains predictions about how much money the government will spend, how much it will earn, its fiscal deficit, financial performance, and projections for only a short period of time.
What is the Union Budget?
The Union Budget is a yearly financial plan that outlines the government’s expected expenses and costs for the upcoming financial year.
When will the full Budget be Released?
The new government unveils the full Budget after the Lok Sabha elections.
Top Expectations of Budget 2024
In Nirmala Sitharaman’s Budget 2024 speech, we may hear about several important areas such as healthcare, defense, education, manufacturing, and services. There could also be a focus on affordable housing through the Pradhan Mantri Awas Yojana.
Even though the global economy is facing challenges, the Indian economy is doing well. While there may be some impact from global issues, strong domestic spending is expected to help India overcome these challenges. The Interim Budget might not include major announcements, but the government is likely to show its commitment to sustaining growth by continuing to invest while also assuring investors that it will manage fiscal deficit responsibly.
Budget 2024 Income Tax Expectations
In Budget 2024, people are hoping for some relief from income tax, especially since inflation is high right now. The common man, middle-class families, and people who earn salaries are all looking to the budget for some help. They hope to see changes in income tax slabs, rates, and deductions, like Section 80C, which could reduce the amount of tax they have to pay. Even though it is an Interim Budget in an election year, experts think there might be some popular measures introduced to please the voters.
Budget 2024 for Business and Agriculture
Businesses in India are also waiting for Budget 2024, hoping it will make things easier for them. They want to hear about plans to support small and medium enterprises (MSME) and startups. Agriculture remains an important area for the government, and experts think that the government might increase the amount of money given to women farmers from Rs 6,000 to Rs 12,000.
Budget 2024 Record Infrastructure Capex
In Budget 2024, we anticipate hearing about a lot of money being spent on building things like roads, highways, and railways. The government wants to boost India’s economy by investing in infrastructure. It is likely that a huge amount, almost Rs 3 lakh crore, will be set aside specifically for improving Indian Railways. Since 2017, the Railway Budget has been included as part of the Union Budget speech, rather than being presented separately.
