Tuesday , 23 April 2024
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Budget 2024 LIVE: Nirmala Sitharaman to Present Budget

Sectors to Watch Out For Finance minister Nirmala Sitharaman is set to present the Interim Budget 2024 in Parliament today. This budget, which marks the final budget in the second term of Prime Minister Narendra Modi, is interim in nature and will be followed by the comprehensive budget for the financial year 2024-25 after the formation of the new government following the general elections. The Interim Budget outlines expenditures and revenues until the formation of a new government, helping the government manage its financial obligations. President Droupadi Murmu highlighted that India has maintained its position as the fastest-growing major economy, with a growth rate of about 7.5% for two consecutive quarters in 2023, despite the global crisis. During an election year, the incumbent government cannot present a full budget.

Instead, an Interim Budget is presented, which covers the government’s expenses and revenues for a short period. It includes estimates for the government’s expenditure, revenue, fiscal deficit, financial performance, and projections for just a few months. The Union Budget, on the other hand, is the annual financial statement that provides the estimated costs and expenses of the government for the financial year. The full Budget will be released after the Lok Sabha elections, when the new government takes office. In other news, ahead of the Interim Budget, oil marketing companies (OMCs) have hiked the price of commercial LPG cylinders. The price of commercial LPG cylinders (19 kg) has increased, while the cost of domestic LPG cylinders (14.2 kg) remains unchanged. The Ministry of Finance, in its pre-Budget 2024 review of the Indian economy, highlighted the benefits of the Goods and Services Tax (GST), stating that it incentivizes production on a larger scale, reduces logistics costs, expands the tax base, strengthens the finances of the Union and state governments, and enables growth-enhancing public expenditures. As the Interim Union budget is presented, the Sensex and Nifty are expected to open higher, indicating a positive start. This comes despite muted global stocks following the US Federal Reserve’s remarks.

Looking back at last year’s Budget, some key points include an increase in capital expenditure outlay by 33% to ₹10 lakh crore in 2023-24, an increase in the agricultural credit target to ₹20 lakh crore with a focus on animal husbandry, dairy, and fisheries, the presentation of the budget in paperless form, and a fiscal deficit target of 5.9% of GDP for 2023-24. Overall, the Interim Budget is expected to provide a glimpse into the government’s financial plans and priorities until the new government takes office after the general elections.

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