Budget 2024 Date: Finance Minister Nirmala Sitharaman is reportedly to table the Union Budget for FY25 on July 23 or 24. This will be the full Union Budget of the Modi 3.0 government. Earlier on February 01, an interim budget was presented.
According to a report by FinancialExpress.com, the Budget presentation will coincide with the commencement of the Monsoon Session of Parliament, set to begin on July 22 and likely to continue until August 9.
The first session of the 18th Lok Sabha, which began today, will run until July 4 and will adjourn sine die as it is a special session.
Budget 2024 Expectations
India Inc has pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget.
During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum.
The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
President of industry body CII Sanjiv Puri put forth eight points for consideration for the finance minister.
These include relief in income tax at the lower end of income slabs, streamlining of employment inked incentive schemes like Production Linked Incentive (PLI), and promoting ease of doing business. CII also made recommendations for agriculture and rural development.
Recommendations of Ficci centred around capex drive, innovation and tax simplification.
Another leading industry body Assocham expressed confidence that the Narendra Modi 3.0 government would proceed with a strategic focus on capital expenditure, prioritising investment in infrastructure, education and healthcare in Union Budget for 2024-25.
“We welcome the government’s emphasis on fiscal consolidation and believe it would proceed with a strategic focus on increasing capital expenditure. in infrastructure, education, healthcare, and other critical sectors, government can stimulate economic growth while maintaining fiscal discipline,” Assocham President Sanjay Nayar said.
Vivek Jalan, Chairman of National Fiscal Affairs and Taxation Committee of the Bengal Chamber of Commerce and Industry, suggested easing of licensing requirements for imports of electronics.
Industry body PHDCCI made recommendations on several matters, including implementation of the four labour codes across the states to enhance competitiveness of the industry and strengthen university-industry linkages to enhance R&D activity in the country.
