Union Budget 2024: Watch Big Updates Of The Hour Only On ABP News

On July 23, Finance Minister Nirmala Sitharaman will present the first budget of Narendra Modi’s third term in Parliament, as announced by Parliamentary Affairs Minister Kiren Rijiju. The President has approved the convening of both houses of Parliament from July 22 to August 12 for the budget session. This budget will cover the financial year 2024-25. The industry sector has high expectations from this budget, with leaders emphasizing the need for continued structural reforms and infrastructure development to maintain economic growth and strengthen India's position as the world's third-largest economy. Industry chambers have highlighted the importance of focusing on infrastructure, central sector incentives, and a rational tax system in the budget to address current challenges and foster a competitive economy. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has suggested increasing investment in public-private partnerships (PPP) for transportation, energy, water supply, and digital infrastructure to enhance connectivity, productivity, and competitiveness. They also recommend promoting clean technology and renewable energy sources in agriculture, manufacturing, and transportation through new policies and incentives to address environmental challenges. Industry stakeholders have urged the government to streamline regulations, expedite approvals and permits, and leverage digitization to attract investment and speed up operations. The Confederation of Indian Industry (CII) has called for rationalizing stamp duties and gradually eliminating cross-subsidies on electricity tariffs to reduce business costs. Additionally, CII has suggested aligning captive power plant (CPP) coal pricing, allocation, and transportation with the power sector standards. This budget will be historic for Finance Minister Nirmala Sitharaman, as it will mark her seventh consecutive budget presentation, making her the first finance minister to achieve this milestone. Previously, Morarji Desai held the record for presenting six budgets. As she prepares to deliver the budget on July 23, Sitharaman will consider announcements made by Prime Minister Narendra Modi, focusing on significant measures against poverty over the next five years. The budget session will run from July 22 to August 12. In Unnao, business owners related to the leather industry are hopeful about the upcoming budget, expressing a demand for a separate ministry to promote the industry.