Union Budget 2024: What To Expect From Nirmala Sitharaman’s 7th Budget as FM?

The Union Budget 2024 is the buzz all over India and worldwide. Internationally countries are waiting to see what marvel does the NDA led coalition government bring to the table this year. While CA’s, entrepreneurs and many other finance fanatics look out for the good and bad, it is interesting to see how this is Nirmala Sitharaman’s seventh time presenting the budget.

The last record was set by Morarji Desai who had presented the Union budget six times.

Whether it was the tax slab changes or changing the digital currency landscape, the Government and its budget has always had something interesting to offer. As one is moving towards “Amrit Kaal” these things can be expected from Union Budget 2024.

When will Union Budget 2024 be presented?

The Union Budget 2024 will be presented on July 23, 2024 at 11am in the Parliament. It will be live streamed on all major news channels. Newzzy will also add updates here.

As per Prime Minister Narendra Modi, “It is a matter of pride that after 60 years, a government has come to power for the third time and will present the first Budget for the third time. I have been giving guarantees to the people of the country and our mission is to bring this to the ground.

This Budget is an important budget for Amrit Kaal. Today’s budget will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of Viksit Bharat.”

In a post on X (Formerly Twitter) this is what Narendra Modi explained, “The Economic Survey highlights the prevailing strengths of our economy and also showcases the outcomes of the various reforms our Government has brought.” These surveys will throw light on the budget.

What to expect from Union Budget 2024?

The Union Budget 2024 will take India to a more digital and cashless space.

Tax slabs will be further revised to suit the needs of a middle class taxpayer

More schemes to adhere to the BPL members will be introduced

A change in budget allocation of road, rail and other developments can be seen

Taxes on currencies like cryptocurrencies and encouragement to setup technological communications can be seen

After the UP policy on cars, one can expect some significant rules on car purchases as well

The budget has always encouraged startups and their growth, union budget 2024 is expected to do the same

Income tax returns and other filing processes can be changed

As per Business standard, the following changes can be seen;

Rural schemes can get more weightage

Electric driven vehicles can see a boom that can lead to the rise of share prices of Tata vehicles or Ola scooters

The manufacturing and trading sector can also see a rise.

Why has the union budget time and date been changed?

The parliamentary elections 2024 pushed the budget further as that can impact the votes or create biases. However, the date was changed from March end to February 1 as this was a colonial set date. The earlier time was evening 5pm and it is now 11am to signify how it is for Indians by Indians. The 5pm time was set by British to announce the budget both in London and India at the same time. This information has been provided by Deccan Herald.

There is also a possibility of the union budget 2024 to focus on Viksit Bharat 2047 vision which takes India to another level.

While many discrepancies are running around the budget, everyone is waiting to see what happens next. Follow Newzzy for live updates.

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