Union Budget 2024-2025: Key Announcement Expectations
Today Finance Minister Nirmala Sitharaman will present the Union Budget 2024 in the Parliament.
The speech will start at 1100 AM, marking the first budget under Prime Minister Narendra Modi 3.0 Government.
Ahead of the Lok Sabha election, the FM had presented an interim budget in the month of February.
The budget speech will be streaming live on official government websites as well as on various media platforms like YouTube channels, etc. The budget for 2024is expected to put forward a map for the “Viksit Bharat” by 2027.
The budget is likely to introduce cuts on income tax rates, especially for the middle class, which can enhance consumer spending, ultimately resulting in higher consumption. Moreover, the budget is expected to shed some light on the Government's renewed trust for jobs and focus on capital expenditure.
The Indian railway and roadways are likely to see some changes in the capex portion. Budget 2024, especially for the railways, would bring some changes, especially in terms of increasing the number of coaches to fulfill the demand. We can also expect the FM to address safety measures to decrease railway mishaps that have risen in recent months.
The Budget 2024 might also present new plans for the latest economic corridors, improving travelers' experience by introducing advanced trains like the Vande Bharat Sleeper and Amrit Bharat, etc.
All the major automobile industries expect Budget 2024 to show some positive signs that will ease up the carrying out of business and Production Linked Incentives (PLI) schemes, which will help boost local manufacturing and exports. The agricultural sector is also expecting some changes regarding farmer income.
Another main focus of Budget 2024 could be creating jobs and starting social sector spending. It might also focus on improving the physical, social and digital infrastructures.