The Union Finance Minister, Nirmala Sitharaman, is set to present the Interim Budget 2024 on February 1. In anticipation of this, Sitharaman emphasizes that the budget will not include major announcements, and it is considered a vote-on-account due to the upcoming Lok Sabha elections in 2024.
Budget Presentation Details
- Date and Time: The Union Budget will be announced on February 1 at 11 am.
- Live Streaming: Nirmala Sitharaman’s budget speech will be broadcasted live on India Today and Aaj Tak TV channels, as well as the YouTube channel of Business Today. Live blogs on Business Today, India Today, and Aaj Tak will provide real-time updates. Additionally, the speech can be viewed on Doordarshan (DD) News and the YouTube channel and website of the Press Information Bureau (PIB).
Nirmala Sitharaman’s Budget Journey
This marks Nirmala Sitharaman’s sixth consecutive budget, aligning with the record set by Dr. Manmohan Singh. As the first full-time female finance minister of India, Sitharaman has presented five full budgets since taking office in July 2019. With the Interim Budget, she will surpass the five-budget record held by her predecessors, Arun Jaitley and Yashwant Sinha.
Expectations from Budget 2024
Despite being an interim budget, public expectations include:
- Tax Reductions
- Increased Income-tax Rebate Threshold
- Capital Gain Tax System Revision
- Additional Benefits under the New Tax Regime
- Exclusion of GST from Insurance Policies
Sector-wise Expectations
1 Gig Economy and Workforce Development
The recruitment industry hopes for budgetary allocations for workforce development, skill enhancement, and regulatory frameworks related to the gig economy.
2 Incentives for Select Sectors
Anticipating targeted incentives, sectors expect stimuli to boost investment, job creation, and industrial expansion. Allocations for skill development programs and support for job creation in the informal sector are also desired.
3 Women Entrepreneurs
Women entrepreneurs seek increased budgetary allocation to enhance their access to capital, particularly equity-based funding. The focus is on supporting diversity-focused funds to promote a more inclusive and accessible financial ecosystem.
In summary, the Interim Budget 2024 holds significance, not only as a prelude to the Lok Sabha elections but also as a platform to address diverse sector expectations and economic considerations.