Union Budget 2024: Sitharaman’s Seventh Budget to Shape India’s Economic Future
Union Budget 2024: Sitharaman’s Seventh Budget
Union Budget 2024: Sitharaman's Seventh Budget
Union Budget 2024 Sitharaman’s Seventh Budget will be presented in the Lok Sabha today, marking the first budget of the Narendra Modi government’s third term. With a nation of 140 crore people eagerly awaiting her announcements, the expectations are high for significant changes and reforms.
Finance minister Nirmala Sitharaman will present her seventh Union Budget on Tuesday. (Sansad TV)Key Expectations from the Budget
Taxpayers are hoping for adjustments in tax slabs, an increase in standard deductions, and additional exemptions. These changes are anticipated to provide relief and stimulate economic growth. The budget is also expected to include major announcements in crucial sectors such as health, infrastructure, education, defense, and real estate.
Vision for Viksit Bharat 2047
Prime Minister Narendra Modi’s vision of a developed India (Viksit Bharat) by 2047 will be a guiding theme for this budget. The government aims to present a roadmap that not only sets the direction for the next five years but also lays a strong foundation for achieving this long-term goal. The Prime Minister emphasized the importance of this budget, calling it a significant step in the ‘Amrit Kaal’ – a term referring to a period of auspicious time.
Economic Survey and Growth Forecast
Ahead of the Union Budget, Sitharaman presented the Economic Survey, forecasting a growth rate of 6.5 to 7 percent for the current financial year. This projection is lower than the 8.2 percent growth recorded in the 2023-24 fiscal year and the Reserve Bank of India’s (RBI) estimate of 7.2 percent for the current fiscal.
Chief Economic Adviser V Anantha Nageswaran noted the Indian economy’s resilience amid global geopolitical challenges. “The Indian economy is on a strong wicket and stable footing,” he wrote in the preface of the Economic Survey.
Stock Market Reaction
The stock market exhibited a cautious response ahead of the budget announcement. The Sensex closed lower, dropping 102 points to settle at 80,502.08. It had fallen by 504 points or 0.62 percent to an intra-day low of 80,100.65 but recovered most of the losses as Infosys and HDFC Bank saw gains. Similarly, the Nifty dipped 21.65 points or 0.09 percent to 24,509.25. During the day, it dropped 168.6 points or 0.68 percent to 24,362.30.
Historic Change in Budget Presentation
In her first budget in 2019, Sitharaman replaced the traditional leather briefcase with a ‘bahi-khata’ wrapped in red cloth, symbolizing a shift towards Indian traditions. This change highlighted the government’s commitment to integrating cultural heritage with modern governance.
As the nation awaits the detailed announcements, all eyes are on how Sitharaman will balance the diverse expectations and set the course for India’s economic journey towards 2047. The upcoming budget promises to be a crucial one, potentially shaping the future trajectory of the Indian economy.
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