Union Budget 2024: Expectations Soar High as FM Sitharaman Wraps Up Consultations
Finance Minister Nirmala Sitharaman wrapped up her pre-budget consultations for the Union Budget 2024-25. The marathon meetings began on June 19 and ended on July 5, 2024. Given the high participation in these stakeholder meetings representing industries, agriculture, and the social domain, an element of high expectations is tagged to the budget presentation scheduled on July 23.
This will be Sitharaman's seventh and the first full budget of the Modi 3.0 government. It would set the strategic course for 'Vikshit Bharat' by 2047. In addressing the joint parliament sitting, president Droupadi Murmu said that the forthcoming budget would have historic measures and key economic decisions earmarked for it.
The President has said in her address, "This budget will be an effective document of the government's far-reaching policies and futuristic vision", indicating some really transformative economic and social policies. She says the budget will include significant measures to formulate India's long-term growth trajectory.
The ministry of finance has said that over 120 stakeholders representing 10 groups of farmer's associations and trade unions, and representatives from Education, Health, MSME, Trade and Industry and Financial Markets contributed their inputs through the consultations. Sitharaman thanked the participants for raising valuable inputs and assured that their suggestions will be carefully examined while preparing the budget.
The expectations from Union Budget 2024 have been varied but seem to carry a single viewpoint of continuing India's strong GDP growth. Infrastructural development will most possibly be one of the prime focus areas, especially in sectors like Railways, Renewable Energy, and Defence. Standard deduction limit is also expected to be increased for the benefit of income tax-paying salaried staff, say experts and other stakeholders.
This could bring clarity to the government's stance over the new regime whether to incentivize its shift or to continue with the old one and its deductions. With the government set to come out with its fiscal road map, all the attention was on the slew of measures that would be placed as drivers of economic progress in India and aligned to its vision for a developed nation by 2047.
