Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 on February 1, with heightened anticipation surrounding key sectors such as infrastructure, healthcare, education, and income tax. As India continues to be the fastest-growing major economy globally, the Modi government is aiming to propel the nation to become the world's third-largest economy with a projected $5 trillion GDP.
Infrastructure development is expected to be a highlight of Budget 2024, with a particular emphasis on record capital expenditure in areas such as roadways, highways, and Indian Railways. The Modi government's commitment to driving economic growth through significant infrastructure spending is evident, with a record allocation of nearly Rs 3 lakh crore expected for Indian Railways in the upcoming budget.
Income tax reforms are eagerly awaited, especially in the backdrop of relatively high inflation. The common man, middle class, and salaried individuals are hopeful for relief, whether through changes in income tax slabs, rates, an increase in standard deduction, adjustments in major deductions like Section 80C, or modifications in the new income tax regime to make it more attractive. Despite being an Interim Budget in an election year, experts anticipate a touch of populist measures.
India Inc is eyeing the budget for initiatives aimed at enhancing the ease of doing business and promoting the MSME and startup sectors. Agriculture remains a key focus, with expectations that the payout to women farmers may be doubled from Rs 6,000 to Rs 12,000.
FM Sitharaman's budget speech is likely to touch upon various sectors, including healthcare, defence, education, manufacturing, and services. Affordable housing under the Pradhan Mantri Awas Yojana may also receive attention.
The Indian economy's resilience amid global economic challenges positions it well for sustained growth, primarily driven by strong domestic consumption. While the Interim Budget may not unveil major announcements, the government is expected to signal its commitment to infusing funds to sustain growth while simultaneously assuring investors of credible fiscal deficit management. The budget is poised to strike a delicate balance between fueling economic growth and maintaining fiscal discipline in the face of global uncertainties.
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