Finance Minister Nirmala Sitharaman will present her seventh consecutive Budget today – Tuesday, July 23, the only finance minister after Morarji Desai to do so.
Notably, this is also the first complete financial budget of the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government in its third consecutive term.
The Budget is an annual financial statement from the center which outlines its proposed expenditures and revenues for the upcoming fiscal (FY25) — from April 1, 2024 to March 31, 2025. The Union Budget 2024-25 is expected to focus on revising the income tax structure to benefit taxpayers in all segments and enhancing the ease of doing business in India
The budget speech is expected to begin at 11 AM today. The Budget for 2024-25 is being considered the action plan for the Modi 3.0 government to outline a roadmap towards India’s development in the next five years.
In her 7th record Union Budget, Nirmala Sitharaman is expected to announce an increase in the basic exemption limits under both old and new tax regimes in a huge relief for the middle class.
Earlier on Monday, Prime Minister Narendra Modi had said that the Finance Minister will present a strong budget, adding that he will ensure that the government’s guarantees reach the common man. Nirmala Sitharaman yesterday – on the first day of the Monsoon Session of Parliament – tabled the Economic Survey in Parliament. The Session is likely to have 16 sittings over 22 days, and is expected to conclude on August 12.
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