Union Budget 2024: Finance Minister Nirmala Sitharaman will present the first budget of the third term of the Narendra Modi government in Parliament on July 23. This information was given by Parliamentary Affairs Minister Kiren Rijiju on Saturday. The President approved the proposal to convene both the Houses of Parliament for the budget session from July 22 to August 12. After this, it has been announced to present the budget for the financial year 2024-25 on July 23.
The industry has high expectations from the general budget
The Government of India will present the general budget for the current financial year in the Parliament on 23 July. The industry has high expectations from this budget. Industry leaders believe that structural reforms will have to be continued to maintain the economic growth rate. Along with this, infrastructure will also have to be developed so that India can become the third largest economy in the world.
to budget of the industry chambers Key Objectives
According to the industry chambers, the government should give priority to structural reforms, strategic infrastructure, central sectoral incentives and rational tax system in the budget. Through this, India can face the current challenges and move forward strongly and remain a competitive economy in the long run.
ASSOCHAM’s pre-budget suggestions and aspirations
Assocham has suggested that investments for public-private partnerships (PPP) should be increased in transportation, energy, water supply and digital infrastructure. This will increase connectivity, increase productivity and also help in increasing competitiveness. Giving suggestions on the increasing challenges regarding the environment, the country’s leading chamber of commerce said that the government should bring new policies and incentives to promote clean technology and renewable energy sources etc. in agriculture, manufacturing and transportation.
These are the important demands of the industry from the budget
- Industry insiders said the government should simplify regulations and expedite approvals and permits, and leverage digitisation to attract investments and speed up operations.
- Confederation of Indian Industry (CII) has urged the government to rationalise stamp duty on land and phase out cross-subsidy on power tariff to reduce the cost of doing business.
- CII has also suggested that captive power plants (CPPs) should be brought at par with the power sector for coal pricing, allocation and transportation.
- The government should continue digitization for paperless logistics under the National Logistics Policy. This will save time and reduce costs.
- CII further said that the government should keep corporate tax at the current rate so that businessmen can be assured of tax. It also stressed that the capital gains tax structure should be rationalised.
Finance Minister Nirmala Sitharaman will create history
This will be the first budget of the third term of the Modi government. This time, by presenting the budget, Finance Minister Nirmala Sitharaman is going to create a new record. In fact, she will also become the first Finance Minister to present 7 Union Budgets consecutively. Earlier, Morarji Desai had made the record of presenting the budget six times. When Finance Minister Nirmala Sitharaman presents the budget on July 23, Prime Minister Narendra Modi will also present the budget on the occasion of the first day of the budget. Narendra Modi Keeping in mind the announcement made by the Prime Minister, she will make announcements that the next five years will be very important against poverty. The budget session of Parliament will run from 22 July to 12 August.
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