Indian Upcoming Budget 2024: Aiming for Economic Stability and Growth
The upcoming Indian budget for 2024, which Finance Minister Nirmala Sitharaman will present, has many people interested and hopeful. Here are some key points and expectations for the budget in simpler terms:
1. Tax Changes:
o Income Tax: There might be changes to the income tax system to give relief to the middle class. One possible change is raising the limit for tax deductions under Section 80C from ₹1.5 lakh to ₹3 lakh. This means people could save more on taxes if they invest in certain savings schemes. The government may also add more benefits to the new tax system to make it more attractive.
2. Welfare Programs:
o Existing Programs: There probably won't be any new welfare programs, but the government might increase funding for current ones, especially those helping farmers and rural communities. For example, there could be more money for fertilizer subsidies and affordable housing .
3. Infrastructure Development:
o Investment in Infrastructure: The budget is likely to put more money into building roads, railways, and digital infrastructure. There might also be a focus on green technologies like hydrogen and electric vehicles to help the economy grow in a sustainable way .
4. Fiscal Discipline:
o Balancing the Budget: The government aims to reduce its budget deficit to 4.5% of GDP by 2026. This means they will need to be careful about spending and make sure money is used wisely.
5. Economic Growth and Stability:
o Boosting the Economy: The budget will likely support policies that help India become a $5 trillion economy by 2030. The Reserve Bank of India expects the economy to grow by 7.2% this year, thanks to strong rural demand and controlled inflation.
In summary, the budget is expected to offer small but important benefits to support economic stability and growth. It will likely focus on improving the tax system, supporting existing welfare programs, boosting infrastructure, and maintaining fiscal discipline.
#Source: News
