Union Budget 2024: Nirmala Sitharaman Set to Make History with Seventh Consecutive Budget

The day for the Union Budget 2024-25 has arrived. Today, Finance Minister Nirmala Sitharaman will present the budget of the Government of India in the Parliament at 11 AM and will offer the people some benefits from her budget portfolio. On Monday, the first day of the Monsoon Session, the Finance Minister presented the Economic Survey. The survey states that the GDP of the country is expected to be between 6.5-7% for the financial year 2024-25. The government has informed the Lok Sabha that the country’s internal debt has increased over the past 10 years. The internal debt now stands at over 55% of GDP, up from 48.8% in 2013-14. Government data also shows that the contribution of the salaried class to the total direct tax revenue is higher than that from corporates. It is clear that the salaried or middle class bears a significant tax burden, and people’s patience is wearing thin. The public is calling for the Finance Minister to either change the tax slabs or reduce the tax rates.