Budget 2024: When will the full-fledged budget be presented this year?
Business | January 24, 2024 16:54 ISTThe government presents an interim budget in an election year to outline expenditures and revenues until a new government is formed.
The government presents an interim budget in an election year to outline expenditures and revenues until a new government is formed.
Union Finance Minister Nirmala Sitharaman will be presenting her sixth budget on February 1, 2024.
There is a disparity in employers' contributions to building the corpus for employees currently, with contributions up to 10 per cent of basic salary and dearness allowances being exempt from tax for NPS contributions.
The Union Budget was presented at 5 pm on the final day of February before 1999, following the practice in British India.
The government is considering expanding the Production-Linked Incentive (PLI) scheme in the upcoming interim budget, aiming to boost the manufacturing sector and employment. Sectors like garments, jewellery, and handicrafts may be included in the PLI scheme, currently available for 14 sectors.
The government has allocated a record-high provision of Rs 10 lakh crore for capital expenditure in FY24, a significant increase from Rs 4.39 lakh crore in FY21.
The event is a significant step in finalising the extensive budget-making process that spans several months.
The government might introduce support measures for sustainable growth in income for rural households, enhancing disposable income in the rural economy, according to Deloitte's budget expectations report.
The Finance Minister has indicated that the interim budget 2024 will not include major announcements and that it will be a vote-on-account to meet the government's expenses until a new government is in place.
Union Budget 2024: The budget is expected to include various financial indicators, including inflation, fiscal deficits, capital expenditures, revenue receipts, bad loans, and more.
The pharmaceutical industry aims to reach $120-130 billion by 2030 and further elevate to $400-450 billion by 2047 by calling for increased focus on innovation and expedited research and development efforts.
The interim budget to be presented by Union Finance Minister Nirmala Sitharaman is expected to feature fiscal measures, including potential tax reductions, aimed at tackling rising prices and addressing ongoing inflationary trends.
The proposal to trim the fiscal deficit by 50 basis points is currently being discussed, along with other potential scenarios for the upcoming budget year starting in April, as per government sources.
While the upcoming Budget Session is not expected to witness significant legislative changes, a noteworthy proposal on the horizon is the potential doubling of the PM Kisan Samman Nidhi scheme specifically for women farmers. The Union Finance Minister is set to present the interim Budget on Feb 1.
Interim Budget will be presented on February 1 in Lok Sabha. This will be the last Interim Budget of this tenure of the Narendra Modi government at Centre, as Lok Sabha polls are scheduled to take place this year.
Finance Minister Nirmala Sitharaman will present the Economic Survey in the Parliament on January 31. The Economic Survey is prepared by the Economic Division of the Ministry of Finance and covers economic matters.
Top News
Latest News
