The anticipation for the Union Budget 2024 is at an all-time high as Finance Minister Nirmala Sitharaman gears up to present the historic seventh budget in the Modi 3.0 era. This will mark the first annual budget under Modi’s third consecutive term as Prime Minister. The official date and time of the budget announcement is yet to be confirmed but will be revealed after Parliament’s monsoon session schedule.
Nirmala Sitharaman is on track to create history by becoming the first Finance Minister to deliver seven consecutive Budget presentations, surpassing the record previously held by Morarji Desai. Her immediate focus, as she reassumes her role, will be on sustaining economic growth and fostering private sector investments.
Industry leaders and economists speculate that Sitharaman’s 100-day agenda will address crucial issues such as rural distress, employment generation, and the rationalization of GST and income tax rates. Measures to curb inflation are also expected to be a significant part of her agenda.
The Reserve Bank of India recently announced the increased GDP growth forecast for FY25 to 7.2%, up from 7% earlier. The central bank also retained the FY25 inflation forecast at 4.5%. With the Narendra Modi-led government back in power for the third time, focus on generating jobs, especially in the rural economy, is expected to be a key highlight of the upcoming budget.
There are speculations that the budget will outline the government’s roadmap for the next five years, incorporating input from NDA allies and showcasing the promised next-generation reforms. As the budget session approaches, all eyes are on Nirmala Sitharaman as she prepares to unveil the financial plan that will shape India’s economic trajectory in the coming year.
