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Budget 2024 Highlights: Please follow this space for all the latest updates related to the upcoming presentation of the Union Budget 2024 by Finance Minister Nirmala Sitharaman
Background
Budget 2024 Highlights: Hello and welcome to ABP Live's Budget 2024 LIVE blog. Please follow this space for all the latest updates on the upcoming Budget Session and news around it.
Union Minister Nirmala Sitharaman is scheduled to table the Union Budget for the 2024-25 fiscal year (FY25) this week on July 23. This budget presentation will be the seventh consecutive Budget for the Finance Minister and the first complete budget for Prime Minister Narendra Modi’s third term in office.
The Budget will be keenly observed by the common public, along with industry executives and experts. The Budget Session will begin on Monday and will last till August 12, 2024. The Economic Survey will be released on July 22, a day ahead of the Union Budget presentation. The survey aims to provide a thorough analysis of the economy over the last year and sets the foundation for the incoming Budget.
The live telecast of the Budget will be done via several government channels, such as Doordarshan, Parliament channels, and the Government of India’s YouTube platform. The event will also be covered by Sansad TV. The official website, www.indiabudget.gov.in, will provide users access to the online viewing link and all the key documents related to the Budget will be uploaded here.
Experts anticipate the Budget to focus on tax simplification and a reduction in the GST slabs to aid the corporate sector in the country. Anirudh A Damani, Managing Partner, Artha Venture Fund, noted that the government should look into setting up a business bank to cater to SMEs and start-ups in the country as the traditional banking system fails to cater to the unique needs of these entities.
Mahesh Ramamoorthy, Chief Information Officer, YES Bank, pointed out that the economy needs to boost innovation to attract and retain the top tech talent in the country. The executive said that the government can achieve this by providing policy support and funding for technology initiatives and reskilling programmes.
Healthcare Expert Calls For Tax Incentives For Research And Development In Budget 2024
Chander Shekhar Sibal, Senior Vice President and Head of Healthcare Business at FUJIFILM India, expressed optimism regarding the 2024 budget and its potential to bolster the healthcare sector. Emphasising the importance of tax incentives for research and development in healthcare, he highlighted their potential to stimulate innovation and advance the development of state-of-the-art diagnostic and therapeutic solutions.
Sibal also underscored the value of public-private partnerships, suggesting they could synergise resources and expertise from both sectors, ultimately enhancing healthcare delivery and infrastructure nationwide.
Public Debt To GDP Ratio Likely To Come Down In Coming Years: Tata Asset Management's Murthy Nagarajan
Murthy Nagarajan, Head of Fixed Income at Tata Asset Management, states that the Economic Survey aims for GDP growth between 6.5 per cent and 7 per cent this year, aligning with RBI projections of CPI inflation at 4.5 per cent and 4.1 per cent for the current and upcoming years, respectively. "They are targeting a GDP growth rate of 6 per cent on a long-term basis which converts into a nominal GDP growth rate of 9.5 to 10.5 per cent. Public debt to GDP ratio is expected to come down in the coming years due to a higher nominal growth rate," Nagarajan said.
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