Union Budget 2024 Highlights: Record High Capex In Budget Will Drive The Economy, Says PM Modi
Union Budget 2024 Highlights: Please follow this space for all the latest updates related to Budget 2024, to be tabled by Finance Minister Nirmala Sitharaman today
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Union 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 Budget Presentation scheduled for Tuesday, July 23, 2024.
Finance Minister Nirmala Sitharaman will table the Union Budget 2024 in Parliament today. This will mark the seventh consecutive Budget presentation for Sitharaman.
The Budget Presentation will begin at 11 AM. This will be the first full term Budget for PM Modi's third term in office. The live Budget announcement can be viewed on several government channels, such as Doordarshan, Sansad TV, and the YouTube channels of the Government of India.
The budget speech can be accessed online on the website of India Budget along with the documents related to it.
Budget 2024 Live GDP Growth Rate:
On Monday, the FM presented the Economic Survey ahead of the final Budget and set the focus points for the nation ahead. The survey projected India to clock a growth rate of 6.5 per cent to 7 per cent in the current 2024-25 fiscal year (FY25). This slowdown was observed as a caution with respect to the geopolitical, financial market, climate-related risks.
The survey observed that the economy grew in the 2023-24 fiscal year (FY24) at 8.2 per cent. It added that the Indian economy has managed to recover from the COVID-19 pandemic and its real GDP in FY24 stood 20 per cent higher than the pre-pandemic levels.
Regarding inflation, the survey said that, “Inflationary pressures have moderated in most economies with declining global commodity prices and easing of supply chain pressures. However, core inflation remains sticky and driven by high service inflation.”
Geopolitical conflicts, if escalated, could pose a severe threat to the supply chains and commodity prices. This can also impact the monetary policy view of the Reserve Bank of India, the survey stated.
Union Budget 2024 Trade And Hirings:
The survey projected a positive outlook for global trade in 2024 as merchandise shipments are projected to recover after seeing a contraction in volumes in 2023. However, the document highlighted that any rise in geopolitical divisions could further emphasise protectionism, resutling in an undesirable impact on trade growth and the external sector of the economy.
In terms of job generation, hiring in the information technology sector is expected to not decline further, however, an increase in the trend is not anticipated either.
Stay in touch with ABP LIVE for comprehensive coverage of the Union Budget 2024, including updates on Income Tax Slabs, Share Market impact, Key Highlights, and Corporate Reactions.
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