Union Finance Minister Nirmala Sitharaman is set to present the 2024-25 Budget in the Lok Sabha on July 23. This will be the first major economic announcement under the Modi 3.0 government and is expected to outline a roadmap for India’s goal of becoming a developed nation by 2047.
Key Expectations from Budget 2024
Economic experts have emphasized the need for tax relief for the common man to boost consumer spending. Additionally, there is a call for measures to control inflation and accelerate economic growth. In the past two budget cycles, there have been no major tax policy changes, apart from making the new tax regime the default option and introducing the Standard Deduction feature.
Government’s Economic Strategy
On July 11, Prime Minister Narendra Modi met with top economists to discuss economic priorities, focusing on:
- Job creation and employment growth
- Strengthening the manufacturing sector
- Boosting rural businesses
The Prime Minister also addressed challenges in Centre-state relations, particularly regarding the funding and execution of government schemes. While the Centre funds several programs, ensuring accountability in implementation remains a key concern, as reported by The Indian Express
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