Union Budget 2024: Finance Minister Nirmala Sitharaman to present her 7th budget
IT News Desk | Jul 23, 2024, 07:20 IST
Highlight of the story: According to the Economic Survey 2023-24, the Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges.
Union Finance Minister Nirmala Sitharaman will present her seventh consecutive budget on Tuesday. Sitharaman will also surpass the record of Morarji Desai, who presented six consecutive budgets. This is also the first full financial budget of the third NDA government led by Prime Minister Narendra Modi.
Ahead of the budget, Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2023-24 in Parliament on the first day of the Monsoon session. The survey has been authored by a team led by Chief Economic Advisor (CEA) V. Anantha Nageswaran.
Also read: How Halwa Keeps The Lid Tight On Union Budget
According to the Economic Survey 2023-24, the Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges.The Indian economy has consolidated its post-Covid recovery with policymakers - fiscal and monetary - ensuring economic and financial stability, the Economic Survey document said while asserting that the economy continues to expand.
However, indicating global volatility, the Survey document asserted that change is the only constant for a country with high growth aspirations. While contemplating the challenges that lie ahead, one should not be daunted because the social and economic transformation of democratic India is a remarkable success story, the document stated.
"We have come a long way. The economy has grown from around USD 288 billion in FY93 (1992-93) to USD 3.6 trillion in FY23," it said. India has generated more growth per dollar of debt than other comparable nations and abject poverty has all but been eliminated. Human development indicators have improved, and more Indians, especially women, are getting educated, the 476-page document said.
"However, it would be a missed opportunity -- as there have been many in the past -- not to strengthen a system to steer the country through a future that has become immeasurably uncertain," the authors said.
Also read: Why FM Nirmala Sitharaman will present two Budgets this year
Ahead of the Union Budget, many in the salaried class said they are hoping for multiple changes in income tax, including tax slabs, a potential hike for the standard deduction, and increased exemptions.
For more news and current affairs from around the world, please visit Indiatimes News.
What Economic Survey said
Ahead of the budget, Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2023-24 in Parliament on the first day of the Monsoon session. The survey has been authored by a team led by Chief Economic Advisor (CEA) V. Anantha Nageswaran.
Also read: How Halwa Keeps The Lid Tight On Union Budget
Union Budget 2024: Financ
Economy is on strong wicket
According to the Economic Survey 2023-24, the Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges.The Indian economy has consolidated its post-Covid recovery with policymakers - fiscal and monetary - ensuring economic and financial stability, the Economic Survey document said while asserting that the economy continues to expand.
Major challenges
However, indicating global volatility, the Survey document asserted that change is the only constant for a country with high growth aspirations. While contemplating the challenges that lie ahead, one should not be daunted because the social and economic transformation of democratic India is a remarkable success story, the document stated.
Union Budget 2024: Financ
"We have come a long way. The economy has grown from around USD 288 billion in FY93 (1992-93) to USD 3.6 trillion in FY23," it said. India has generated more growth per dollar of debt than other comparable nations and abject poverty has all but been eliminated. Human development indicators have improved, and more Indians, especially women, are getting educated, the 476-page document said.
"However, it would be a missed opportunity -- as there have been many in the past -- not to strengthen a system to steer the country through a future that has become immeasurably uncertain," the authors said.
Also read: Why FM Nirmala Sitharaman will present two Budgets this year
`Union Budget 2024: Finan
Will there be changes in income tax slabs
Ahead of the Union Budget, many in the salaried class said they are hoping for multiple changes in income tax, including tax slabs, a potential hike for the standard deduction, and increased exemptions.
For more news and current affairs from around the world, please visit Indiatimes News.