Highlights of the Union Budget 2024 Current Updates: Presenting the Union Budget 2024 in Parliament right now is Finance Minister Nirmala Sitharaman. She has now exceeded the late Morarji Desai’s record of six consecutive budgets with her seventh consecutive budget. This budget is anticipated to be focused on measures to facilitate doing business in India and adjustments to the income tax system.
As Prime Minister Narendra Modi begins his third term in office, this budget is his first significant economic document. One of its objectives is to create a blueprint for turning India into “Viksit Bharat” by 2047.
Union budgets differ from household budgets in that they have the ability to impact the course of the entire nation, unlike the latter. In addition to preventing people from becoming overly indebted, a government can utilise the budget in two main ways to affect how Indian citizens and businesses behave. The first is by adjusting who and how much is taxed, and the second is by adjusting where and how much government spending occurs.
The main features of the Union Budget 2024 are listed below.
The first Budget of Prime Minister Narendra Modi’s third consecutive government will be presented by Finance Minister Nirmala Sitharaman on Tuesday, July 23. In India, a presentation of this kind on the budget is usually held every five years. The Union Budget is presented twice every five years; initially, by the departing government as an interim budget (in February), and then by the incoming government as a full budget. An interim budget for the current fiscal year (2024–2025) was presented by Sitharaman on February 1.
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