Historic Seventh Consecutive Union Budget Presentation
Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and surpassing the late Morarji Desai’s record of six consecutive budgets. This milestone underscores her enduring role in shaping India’s financial landscape. The presentation will take place at 11 AM, setting the stage for what is expected to be a landmark financial plan under the Modi 3.0 government.
Focus on Income Tax Reforms and Business Ease
The much-anticipated union budget is likely to focus on significant changes in the income tax structure and measures aimed at improving the ease of doing business in India. The government aims to create a more conducive environment for both domestic and foreign investments by simplifying tax laws and reducing bureaucratic hurdles. Key reforms are expected to include adjustments to tax slabs and the introduction of new incentives for startups and small businesses. The budget will also address the needs of the middle class by potentially increasing the basic exemption limits and offering more deductions.
Preparation and Traditional Rituals
The budget session of Parliament, which began on July 22, is scheduled to conclude on August 12. Sitharaman will follow the traditional process of meeting with ministry secretaries at the North Block before obtaining the President’s permission to present the budget. A Cabinet meeting headed by Prime Minister Narendra Modi will also be held, where ministers will be briefed on the budget’s key elements.
The preparation for the budget involves a meticulous and detailed process. Around September-October, the Ministry of Finance issues circulars to all ministries, Union territories, states, and autonomous entities, asking them to submit their budgetary demands and recommendations. This collaborative process ensures that the budget reflects a comprehensive view of the country’s financial needs and priorities.
The ‘Halwa Ceremony’
A key pre-budget event is the ‘halwa ceremony,’ marking the start of budget document printing. This ceremony is a significant tradition that also signifies a lockdown for officials involved in the budget preparation until the document is presented in Parliament. This measure ensures confidentiality and prevents any leaks of crucial budget details.
Economic Survey Highlights India’s Resilience
The government released its Economic Survey a day before the budget presentation. Chief Economic Adviser V Anantha Nageswaran, during a press conference, projected India to grow at 6.5-7.0 percent in 2024-25, reaffirming the country’s position as the fastest-growing major economy. The Economic Survey, which provides an overview of the economic performance and prospects, is prepared by the Chief Economic Advisor and serves as a critical input for budget formulation.
India’s economy is on a strong and stable footing, demonstrating resilience amid geopolitical challenges, according to the Economic Survey 2023-24. The survey, which was first introduced in 1950-51, was separated from the budget documents in the 1960s and has since been presented a day before the Union Budget.
India’s Commitment to Development and Heritage
Prime Minister Modi has emphasized the importance of balancing development with heritage conservation. Projects like the Kashi Vishwanath Corridor and the Shri Ram Mandir are examples of how the government aims to blend modern infrastructure with cultural preservation. This budget is expected to allocate funds for similar initiatives, ensuring that economic growth does not come at the expense of India’s rich cultural heritage.
Post-Budget Procedures and Digital Accessibility
Following the presentation, the Union Budget will undergo detailed debate and discussion in both houses of Parliament, allowing members to scrutinize its provisions, raise concerns, and propose amendments. This process is crucial for ensuring that the budget addresses the diverse needs of the country and incorporates feedback from various stakeholders. Once approved, the budget will set in motion post-budget activities aimed at implementing its provisions and achieving the outlined objectives.
As with recent years, the Budget 2024 will be delivered in a paperless format. The transition to a digital format not only aligns with the government’s push towards a Digital India but also enhances accessibility and transparency. All Union Budget documents will be available on the “Union Budget Mobile App,” providing hassle-free access for Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and available on both Android and iOS platforms. It can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).
Global Economic Context and India’s Role
In a global context marked by economic uncertainties, India’s budgetary decisions will be closely watched by international investors and financial institutions. The budget’s focus on sustainable growth, digital transformation, and infrastructure development is expected to position India as a key player in the global economy. Initiatives like the International Solar Alliance and Mission LiFE (Lifestyle for Environment) highlight India’s commitment to global welfare and environmental sustainability.
Conclusion
The Union Budget 2024 is poised to be a significant milestone in India’s economic journey. With a focus on tax reforms, business ease, and sustainable development, it aims to set the stage for robust economic growth while preserving the country’s rich cultural heritage. As Finance Minister Nirmala Sitharaman presents the budget today, all eyes will be on how these proposals will shape India’s financial landscape in the years to come.
Also read: MOIDAM BECOMES NORTH EAST’S FIRST CULTURAL WORLD HERITAGE SITE: PM MODI AT HISTORIC UNESCO EVENT
