In a nutshell

The budget will be presented by Nirmala Sitharaman on July 23.
She will be on her seventh budget in a row.
The budget will prioritize rural development, tax relief, and infrastructure.

Monday marked the start of the monsoon session. On July 23, 2024, Finance Minister Nirmala Sitharaman will deliver the Union Budget for 2024–25.

She will have presented a budget for seven straight years, breaking the record held by former prime minister Morarji Desai, who presented five complete budgets and one interim budget between 1959 and 1964.

On July 23, at 11:00 AM, Nirmala Sitharaman, who has been India’s first permanent female finance minister since 2019, will begin her speech.
Where Will this 2024 Be Shown?

Parliament’s monsoon session will continue from July 22 to August 12, with everyone focusing on July 23 to examine how the this responds to the nation’s economic requirements and goals.
this 2024’s Primary Focus Areas

While remaining prudent with its finances, this is anticipated to prioritize a number of important topics in keeping with the ‘Developed India 2047’ agenda.

Infrastructure and Capital Expenditure: Roadways and Indian Railways are expected to receive a disproportionate amount of attention in the upcoming record capital expenditure announcement. This is a component of a larger initiative to support national infrastructure development.

Income Tax Relief: A lot of people anticipate that the income tax system would alter, particularly for middle-class and salaried taxpayers. To give even more relief, changes might be made to the new tax regime, which is now the default. Specialists recommend increasing the exemption threshold to ₹5 lakh.
    There are rumors that tax slabs will be rationalized, especially for individuals earning between ₹15 and 20 lakh annually, and that the standard deduction will be raised from ₹50,000 to ₹1,000,000 as well.

Support for agricultural and Rural Development: It is anticipated that measures pertaining to agricultural and rural areas will be emphasized. Increased funding for agricultural projects and rural infrastructure that support balanced growth between urban and rural areas as well as a stronger rural economy may fall under this category.

Fiscal Deficit and Employment Creation: The interim this states that the projected fiscal deficit for FY25 is 5.1% of GDP. The ‘Developed India’ initiative’s capital expenditures and focused social spending will also be emphasized in order to create jobs. There might possibly be a plan for fiscal consolidation after FY26.

Principal Aspects of the Union Budget 2024

On July 23, 2024, Finance Minister Nirmala Sitharaman will deliver the Union this for the seventh time in a row.

This fiscal plan represents the National Democratic Alliance’s (NDA) first full budget during Prime Minister Narendra Modi’s third straight term in office.

Changes to the income tax system that will benefit taxpayers in all industries and make doing business in India easier will be the key draw of the Union this 2024–2025.
Date, Time, and Location of the 2024 Union Budget

On July 23, 2024, at 11 A.M., Finance Minister Nirmala Sitharaman will deliver the Union this 2024 in Parliament.
Sitharaman will break Morarji Desai’s record of six consecutive budget presentations since this will be her seventh consecutive budget.

Prime Minister Narendra Modi stated, “It is a matter of pride that a government is presenting its first budget in its third term after 60 years,” on the eve of the budget presentation. We are working to make what I have promised the nation’s citizens a reality. For Amrit Kaal, this budget is essential because it will determine the course of the next five years of our government. Additionally, this budget will solidify the groundwork for our aspiration of an advanced India.”
Financial Analysis

The Statistical Appendix and the Economic Survey 2023–24 were submitted to the Lok Sabha on Monday by Finance Minister Sitharaman.

The government reviews the state of the economy every year before presenting the Union Budget with the Economic Survey.

It also gives a general summary of the economy’s short- to medium-term prospects.

Prime Minister Modi emphasized in a post on X (formerly known as Twitter) that the Economic Survey showcases the present strengths of our economy and illustrates the results of numerous reforms implemented by the government.