Budget Live Updates: Finance Minister to present Full Budget 2024 Today
Finance Minister Nirmala Sitharaman will give her seventh consecutive budget for financial 2024-25 on July 23, breaking the record set by former Prime Minister Morarji Desai. The presentation on July 23 will be the first Budget by the BJP-led NDA government since its re-election in June.
Compared to 2019, when the BJP held 303 Lok Sabha seats, it presently holds 240. Coalition politics and the aspirations of regional coalition partners cannot be overlooked. The BJP’s reduced seat tally may indicate resentment of and opposition to the government’s economic policies implemented during its second term in 2019-24.
The electorate appears to have shown unhappiness with the government’s ability to address their worries and anxieties. As a result, this budget is being closely examined.
The budget deficit for FY 2023-24 was 5.63% of GDP, with a target of 5.1% in FY 2024-25. Given personal tax’s considerable share of the total collection of direct tax, the government is unlikely to implement changes that would significantly cut tax income.
On July 22, Mrs. Sitharaman presented the Economic Survey for the financial year 2024 in the Lok Sabha, ahead of the Union Budget. According to the survey, India’s GDP growth in the financial year 2025 is expected to range between 6.5% and 7%. The expected growth rate for 2024-25 is lower than the previous financial year’s prediction of 8.2%.