Written By- Shaushank Sharma
Reviewed By- Himanshu Kumar
The Union Budget is one of the most significant events in India’s economic calendar. It outlines the government’s financial plan for the upcoming fiscal year, detailing its revenue and expenditure. With the Union Budget 2024 on the horizon, there is a sense of anticipation and speculation. This article provides everything you need to know about the Union Budget 2024, from its date and time to the expected reforms and impacts.
What is the Union Budget?
The Union Budget, presented annually by the Finance Minister, is the government’s detailed financial statement. It includes estimates of revenue and expenditure for the coming fiscal year. Historically, the Union Budget has played a crucial role in shaping India’s economic policies and growth trajectory.
Union Budget 2024: Date and Time
The Union Budget 2024 will be presented on July 23, 2024, at 11:00 AM by our Finance Minister Nirmala Sitharaman. This timing is consistent with previous years, ensuring a streamlined process for financial planning and execution across various sectors.
Where to watch the Union Budget 2024?
You can watch the Union budget on the official Economic Times website, the official site of Union budget- indiabudget.gov.in, or live on Sansad TV.
Significance of the Union Budget Date
The timing of the Union Budget is crucial as it sets the tone for the financial year. Presenting it on July 23 allows for the necessary legislative approvals. This timeline ensures that budgetary allocations and schemes can be implemented without delay.
Expectations from the Union Budget 2024
With each budget, there are high expectations from various stakeholders. For 2024, the focus is anticipated to be on economic reforms, public welfare initiatives, and policies that drive sustainable growth.
Key Focus Areas
Here are the major key focus areas of Government in Union Budget 2024:
1. Infrastructure Development
Significant investments in infrastructure are expected to boost economic growth and create jobs. Projects related to roads, railways, and urban development are likely to receive substantial allocations.
2. Health and Education
Post-pandemic, health and education sectors remain a priority. Increased funding for healthcare infrastructure, medical research, and educational reforms are on the agenda.
3. Employment Generation
To tackle unemployment, the budget is expected to introduce schemes that promote job creation, particularly in the manufacturing and services sectors.
4. Environmental Sustainability
Sustainable development is another key focus. Investments in renewable energy, waste management, and green technologies are anticipated to address environmental concerns.
Taxation Policies
Here are some expected changes in taxation policies in Union Budget 2024:
1. Expected Changes in Direct Taxes
Taxpayers are eagerly awaiting potential changes in direct tax policies. Possible revisions in income tax slabs and increased tax benefits for savings and investments could be on the horizon.
2. Indirect Tax Reforms
The Goods and Services Tax (GST) regime may see further simplifications to enhance compliance and reduce the tax burden on businesses.
Impact on Various Sectors
Union Budget 2024 can leave an impact on various sectors:
1. Agriculture
The agricultural sector could benefit from increased funding for rural development, irrigation projects, and farmer welfare schemes.
2. Manufacturing
Policies aimed at boosting domestic manufacturing and reducing import dependence are expected, supporting the “Make in India” initiative.
3. Services
The services sector, a major contributor to GDP, might see initiatives that foster growth in IT, tourism, and other service industries.
Financial Markets and the Budget
Financial markets often react sharply to budget announcements. Historically, budgets that introduce pro-growth policies and fiscal discipline tend to have a positive impact on stock markets.
Challenges in Formulating the Budget
Formulating the budget involves balancing economic goals with political considerations. The government must address economic uncertainties, such as global market fluctuations and domestic inflation while catering to the electorate’s needs.
Government’s Revenue and Expenditure
Sources of Revenue
Major revenue sources include taxes, non-tax revenues, and borrowings. The budget will detail the projected revenue from these sources.
Major Expenditure Heads
Expenditures encompass defense, infrastructure, subsidies, and welfare schemes. The budget will outline the allocation for each sector.
Public Opinion and Feedback
Common Man’s Expectations
The average citizen looks forward to tax reliefs, subsidies, and welfare schemes that directly impact their daily lives.
Industry Experts’ Views
Experts analyze the budget for its impact on economic growth, industry-specific incentives, and overall fiscal discipline.
Comparing Previous Budgets
Looking at previous budgets helps identify trends and shifts in policy focus. It also provides insights into how past measures have fared and what new strategies might be introduced.
International Perspective
Global markets keep a close eye on India’s budget, as it influences foreign investment and trade relations. Comparisons with other countries’ budgets can provide a broader context of India’s economic strategies.
Conclusion
The Union Budget 2024 promises to be a comprehensive financial plan aimed at driving economic growth and ensuring public welfare. As the government balances various priorities, stakeholders across the spectrum await the detailed announcements with bated breath.
FAQs: Union Budget 2024 Date and Time
The Union Budget is the government’s annual financial statement, detailing revenue and expenditure for the upcoming fiscal year.
The Union Budget 2024 will be presented on July 23, 2024, at 11:00 AM.
Key focus areas include infrastructure development, health and education, employment generation, and environmental sustainability.
The Union Budget impacts the common man through tax policies, subsidies, and welfare schemes that influence daily living costs and financial stability.
The live presentation of the Union Budget 2024 can be watched on various news channels and government websites.
