Global Economy

India likely to present Budget on July 22

Union Budget 2024 is expected to be presented on July 22, sources told ET. This will mark the first full Budget of the Modi 3.0 administration.

The main policy priorities for Prime Minister Modi’s government will focus on addressing challenges in the agriculture sector, generating employment, maintaining the momentum of capital expenditure, and boosting revenue growth to adhere to the fiscal consolidation trajectory. Simplifying GST and reducing tax compliance burdens are also expected to be prominent on the agenda.

The upcoming Budget is anticipated to include components of the 100-day plan that Prime Minister Narendra Modi instructed his team to develop. Furthermore, the government plans to extend its production-linked incentive (PLI) schemes to encompass more sectors that generate significant employment, such as the leather industry.

Finance Minister Nirmala Sitharaman‘s last Budget presentation was a vote on account due to Lok Sabha elections scheduled between April and May. This will be Sitharams’s seventh budget presentation in a row.

Earlier in the February interim budget, the government focused on economic policies that foster growth, facilitate inclusive development, improve productivity, and create opportunities for various sections, while noting that it will pay utmost attention to the eastern region, including the states of Bihar, Jharkhand, Chhattisgarh, Odisha, and West Bengal, to make them growth engines as part of the goal to make India a developed country by 2047.



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