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How will be Budget 2024: Will it transform India's Economy?

Mitali , Last updated: 11 June 2024  
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Release Date of Union Budget 2024

The exact date for the upcoming Union Budget 2024 is not yet known. 

Typically, in general election years, the full-year budget is presented in the first or second week of July.

How will be Budget 2024: Will it transform India s Economy

Boosting Growth 

Finance Minister Nirmala Sitharaman will present the first budget of Modi 3.0 is expected to focus on measures to stimulate economic growth without hurting Inflation.

Key Policy Priorities

  • Addressing challenges in the agriculture sector to alleviate stress in the agriculture sector, ensuring the welfare of farmers and agricultural productivity.
  • Focusing on generating employment opportunities. Job creation remains a significant focus, with policies aimed at generating employment opportunities across various sectors.
  • Maintaining the momentum in capital expenditures is crucial for continued economic growth, with investments in infrastructure and development projects.
  • Ensuring revenue growth to adhere to fiscal consolidation.
 

Fast-Tracking Reforms for a $5-Trillion Economy

The budget will include initiatives to achieve the goal of making India a $5-trillion economy and a 'Viksit Bharat' by 2047.

Strong Economy

The government is starting with a strong and well-managed economy. Additionally,  the Reserve Bank of India (RBI) has given the government large financial boost amounting to Rs 2.11 lakh crore for the fiscal year 2024.

 

GST Reforms

The GST Council will need to address tax rate and slab rationalisation to implement GST 2.0, enhancing the tax system's efficiency.

Extending coverage under the Ayushman Bharat scheme

Expanding the Ayushman Bharat scheme to include senior citizens aged 70 and above is an important move to improve their access to health insurance.

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Published by

Mitali
(Finance Professional)
Category Union Budget   Report

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