Budget 2024 Live Updates
India eagerly awaits the unveiling of the Union Budget 2024 by Finance Minister Nirmala Sitharaman today. With expectations running high, key areas like infrastructure development, income tax relief, fiscal consolidation, and job creation are under the spotlight. This live blog will track all the major announcements and reactions as they unfold throughout the day.
Focus on Infrastructure Boom:
Record capital expenditure:
Budget 2024 is anticipated to announce a historic increase in capital spending on infrastructure, especially for roads, highways, and Indian Railways. This aligns with the Modi government’s strategy to fuel economic growth through infrastructure investment.
Digital infrastructure push:
Experts predict investments in digital infrastructure like data centers, fiber optic networks, and 5G rollout to bridge the digital divide and bolster India’s technological prowess.
Green infrastructure focus:
Sustainable infrastructure projects like renewable energy, waste management, and electric vehicle charging stations could gain importance in the budget to address climate concerns and promote clean energy transition.
Income Tax Relief:
Will there be any cheer for taxpayers?
Tweaks to income tax slabs and rates:
Some analysts expect adjustments to income tax slabs and rates, particularly for the middle class, to boost disposable income and consumption.
Simplification of the new tax regime:
Further simplification of the new tax regime, introduced in 2020, by widening its ambit and making it more attractive could be on the cards.
Increased deductions for specific expenses like healthcare, education, and skill development could provide tax relief and encourage responsible spending.
Fiscal Deficit: Balancing Growth and Consolidation:
Managing the deficit:
The government will likely walk a tightrope between maintaining fiscal prudence and fueling growth. A realistic deficit target is expected, balancing infrastructure needs with debt sustainability.
Revenue generation measures:
Initiatives to improve tax compliance, widen the tax net, and explore alternative revenue sources like asset monetization could be announced.
Focus on welfare schemes:
Continued support for crucial social welfare schemes like PM Kisan Samman Nidhi could be factored in, balancing expenditure with fiscal goals.
Job Creation: A Crucial Priority:
Skilling and training programs:
Investments in skill development and vocational training programs targeted at specific sectors could be announced to bridge the skill gap and create employable youth.
Support for MSMEs:
Measures to boost Micro, Small, and Medium Enterprises (MSMEs), major job creators, through easier access to credit, tax breaks, and market access initiatives are anticipated.
Startup ecosystem boost:
Continued support for the burgeoning startup ecosystem through funding, incubation facilities, and regulatory reforms could be on the agenda.
Stay tuned for live updates throughout the day as we bring you the latest announcements and expert reactions on Budget 2024. This blog will be constantly updated with key highlights, analysis, and insights on the implications of the budget for different sectors and individuals.