Budget 2024 Updates: Finance Minister Nirmala Sitharaman To Present Interim Budget in Parliament

Budget 2024 Updates Interim Budget: Nirmala Sitharaman arrives at Parliament to present a Budget announcement from Income tax, jobs, and infrastructure in focus.

During her pre-election Budget announcement, Finance Minister Nirmala Sitharaman expressed optimism about the state of the Indian economy. She emphasized the government’s dedication to creating job opportunities and promoting inclusion. After growing at a 9.1% annual pace in 2021–2022, the economy is expected to recover and reach $5 trillion in GDP, making it the third-largest economy in the world in three years.

Beginning with the Interim Budget 2024–25, Finance Minister Nirmala Sitharaman is laying the groundwork for the government’s last push before the Lok Sabha elections later this year.

According to Sitharaman, the government’s top priorities are the underprivileged, women, farmers, and young people. It was widely anticipated that the administration would prioritize increasing the income of farmers, empowering women, and giving young people greater employment opportunities.

In addition, she stated that the government’s emphasis on “Sabka Sath, Sabka Vikas” is helping the economy and that inflation has been effectively managed.

The following is a list of expectations from the country regarding Nirmala Sitharaman’s interim budget address.

• Infrastructure: more funding for this area must be maintained to complete the initiatives that have already begun, which will lower the cost of logistics and assist unlock economic multipliers.

• Healthcare: The government ought to keep pushing Ayushman Bharat to enroll as many people as possible in the insurance program. The funding for primary healthcare should also be prioritized since it contributes to long-term population health that will support India’s goal of being a developed country by 2047, in addition to providing immediate economic advantages by preventing workers from missing workdays.

• Education: To give young people employable skills, the government must describe how the New Education Policy is being implemented and integrate it with vocational education.

• Jobs: Due to a youthful population and annual labor force growth, the government must allocate more funds to job-generating programs rather than just low-potential initiatives.

• Government priority on poor, women, farmers and youth: The government’s priorities, according to Finance Minister Nirmala Sitharaman, include the underprivileged, women, young people, and farmers.”We need to focus on – Garib, Mahilayen, Yuva and Annadata (Poor, women, youth and farmers); Their needs and aspirations are our highest priorities,” she stated.

• Increasing the revenue of farmers: According to Nirmala Sitharaman, the government has been increasing farmer income through repeated increases in the minimum support prices for crops. “For the benefit of our annadata, 11.8 crore farmers receive direct financial help annually through the PM Kisan Samman Yojana, according to Finance Minister Nirmala Sitharaman. Under the PM Fasal Bima Yojana, 4 crore farmers receive crop insurance. Youth empowerment and equipping are essential to our prosperity.

• Inflation has moderated and the economy is doing well: The Indian economy is doing well, according to Finance Minister Nirmala Sitharaman, and every growth area is outperforming projections. “The macroeconomic environment is stable, and investments are strong. The economy is growing,” Sitharaman remarked. She added that inflation has eased and is under control.
• Fiscal prudence: Keeping expenditure under control is still important, even in times when it is necessary. By FY26, the government hopes to lower the budget deficit to 4.5% of GDP, demonstrating a tight balancing act between spending and revenue.

• Income Tax Relief: Some experts have urged for additional advantages under the old and new income tax regimes to help taxpayers offset the effects of rising inflation, even though there is little prospect that personal taxation will alter significantly.

• Social security boost: In line with the government’s emphasis on inclusive growth, a social security fund for workers in the unorganized sector, including gig workers, may be introduced.

• Affordable housing: The budget may see a large increase in financing for affordable housing projects to meet housing requirements, boosting the building sector.

• Asset monetization and divestment: To strengthen its finances without placing an undue burden on taxpayers, the government may try to sell off strategic assets to raise money.

• Women’s empowerment: Given their critical position in the electorate, special measures to empower women are envisaged, such as higher subsidies for loans and cooking gas.

• Investments in green energy: As the world moves toward sustainable energy, the budget might set aside money for projects involving electric vehicles and green hydrogen.