Union Budget 2024: Is the upcoming budget just a vote-on-account, with a full-fledged budget expected after the Lok Sabha elections in this election year?
On February 1, Union Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 in the Parliament, marking a crucial step in the nation's fiscal planning. In a prelude to the budgetary revelation, Sitharaman has hinted at a departure from grandiose announcements, signaling a more restrained approach this time around. Notably, the Finance Minister refrained from presenting the Economic Survey, underlining the interim nature of this budgetary exercise. Given the electoral context of 2024 as a Lok Sabha election year, the upcoming budget is slated to be a vote-on-account, deferring comprehensive policy revelations until after the polls. It is anticipated that a full-fledged budget for the fiscal year 2024-25 will be crafted by the newly formed government, expected to take shape around June, with a formal presentation anticipated in July. This strategic delay aligns with the democratic process, allowing the incoming administration to shape the financial trajectory in line with their electoral mandate.
When to watch Budget 2024?
The Union Budget will be announced on February 1 at 11 am.
Where can we see live streaming Budget 2024?
Nirmala Sitharaman's much-anticipated budget speech is set to be broadcast live on India Today and Aaj Tak TV channels, providing viewers with real-time insights into the country's financial roadmap. For those preferring online platforms, Business Today's YouTube channel promises a seamless streaming experience. Stay updated with the latest developments through live blogs on Business Today, India Today, and Aaj Tak. Additionally, Doordarshan (DD) News will also be airing Sitharaman's address, catering to a wider audience. The speech will be accessible on the YouTube channel and website of the Press Information Bureau (PIB), ensuring a comprehensive reach across various media outlets. Don't miss out on the crucial fiscal updates as Sitharaman unveils the budget, shaping India's economic trajectory.
How many budgets has Nirmala Sitharaman presented thus far in her role as India's Finance Minister?
Nirmala Sitharaman is making history as she presents her sixth consecutive budget, a feat that equals the record held by Dr. Manmohan Singh. As India's first full-time female finance minister, Sitharaman commenced her role in July 2019 and has since delivered five comprehensive budgets. The Interim Budget presented recently not only marks a significant milestone in her tenure but also surpasses the records set by her predecessors, Arun Jaitley and Yashwant Sinha, both of whom presented five consecutive budgets. Sitharaman's consistent stewardship of the nation's financial policies underscores her pivotal role in shaping India's economic landscape.
Anticipating Change: Sector-wise Expectations from Union Budget 2024
In anticipation of Nirmala Sitharaman's budget, the common man is hoping for significant tax reductions, an extension of the income-tax rebate threshold, a revamped capital gain tax system, and additional benefits under the new tax regime. The appeal also extends to removing the Goods and Services Tax (GST) from insurance policies. Simultaneously, the recruitment industry seeks budgetary allocations for workforce development and skill enhancement, emphasizing the importance of addressing regulatory frameworks related to the gig economy and contingent workforce. According to Sekhar Garisa, CEO of foundit, a forward-looking budget should foster collaboration between recruitment platforms and technology firms, creating an environment conducive to innovation and industry advancement. The industry, eyeing incentives for select sectors, anticipates measures to stimulate investment, job creation, and industrial expansion. Rohet Ramesh, Director at Layam Group, emphasizes the need for increased allocations for skill development programs and incentives for job creation in the informal sector. Women entrepreneurs are specifically looking for enhanced budgetary allocation to improve their access to capital, particularly through increased equity-based funding. Aditi Balbir, CEO of EcoRatings, stresses the importance of allocating more capital to diversity-focused funds, recognizing the pivotal role of women entrepreneurs in fostering a more equitable business landscape in India.
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