Highlights of the Union Budget for 2024 Real-time updates: Finance Minister Nirmala Sitharaman is currently presenting the Union Budget 2024 in Parliament. With her seventh consecutive budget, she has exceeded the record of six consecutive budgets held by the late Morarji Desai. This budget is anticipated to prioritize measures to facilitate business operations in India and modify the income tax system.
This budget is the first significant economic plan of Prime Minister Narendra Modi’s third term in office. One of its objectives is to create a blueprint for turning India into “Viksit Bharat” by 2047.Prime Minister Narendra Modi will lead the first budget of the third consecutive government, which Finance Minister Nirmala Sitharaman will deliver on Tuesday, July 23. In India, a budget presentation of this kind usually takes place every five years. The Union Budget is presented twice every five years, first by the departing government in February as an interim budget and then by the incoming government in February as a full budget. On February 1, Sitharaman unveiled the interim budget for the current fiscal year (2024–25).
India’s GDP growth in the fiscal year 2024 was 170 basis points higher than the estimate made by the Economic Survey in the previous year, at 8.2 percent. Numerous global risks and a muted agriculture sector could not slow growth. The fiscal space has expanded due to the higher growth, better tax collections, and additional dividend payments from the Reserve Bank of India (RBI).
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