Union Finance Minister Nirmala Sitharaman is poised to present her seventh consecutive Union Budget, with a focus on laying out a strategic roadmap to achieve ‘Viksit Bharat’ (Developed India) by 2047. The upcoming budget is anticipated to include substantial reforms aimed at enhancing consumption, improving the rural economy, and promoting local manufacturing. Key highlights of the budget are expected to be announced at a press conference following the presentation.
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- Union Finance Minister Nirmala Sitharaman will present her seventh straight Union Budget on Tuesday.
- The budget will outline a roadmap for achieving ‘Viksit Bharat’ by 2047.
- A press conference will follow, with Finance Secretary T.V. Somanathan and other key officials.
- Focus Areas: Increased support for consumption, rural economy, taxation reforms, infrastructure, local manufacturing, and job creation.
- The budget is likely to feature changes in the income tax structure and improvements in the ease of doing business.
- Capital Expenditure: An increase is anticipated, along with a more standardized approach to taxation.
- The budget may boost production-linked incentive (PLI) allocation to labour-intensive sectors.
- Emphasis on creating rural areas as champions of sustainability and circularity.
- Economic Growth Projection: India’s GDP growth rate is projected at 6.5 to 7 percent for 2024-25.
- The Economic Survey 2023-24 highlights strengths in the economy, with increased Gross Fixed Capital Formation and a focus on non-farm sectors.
