First budget of Modi Govt 3.0 — Nirmala Sitharaman to present budget for record 7th time

Team Udayavani, Jul 23, 2024, 9:05 AM IST

Modi government 3.0 is set to present its first full-fledged budget on Tuesday, July 23. Finance Minister Nirmala Sitharaman will make a record by presenting the Union budget for the 7th time. In February, a pre-election interim budget was presented.

Expectations for the upcoming budget are high, with hopes ranging from the common man to business magnates. Prime Minister Narendra Modi has expressed confidence that this budget will serve as a roadmap for the next five years of his government and lay the foundation for a developed India by 2047.

There are expectations that the budget will emphasize infrastructure, particularly the construction of roads and railways. The middle-class taxpayers are hoping for an increase in the tax exemption limit.

Budget Presentation at 11 AM:

Finance Minister Nirmala Sitharaman is expected to present the budget in the Lok Sabha at 11 AM on Tuesday. This will be Nirmala Sitharaman’s 7th consecutive budget presentation.

Previously, former Prime Minister Morarji Desai held the record with six consecutive budget presentations. Nirmala will break this record on Tuesday.

Morarji Desai also holds the overall record with 10 budget presentations. Following him are P. Chidambaram with 9, Pranab Mukherjee with 8, and Yashwant Sinha, Yashwantrao Chavan, and C.D. Deshmukh with 7 each. Former Prime Minister Dr. Manmohan Singh and former Finance Minister T.T. Krishnamachari presented 6 budgets each.

20 Hours Reserved for Budget Discussion in Lok Sabha:

The Lok Sabha Business Advisory Committee has decided to reserve 20 hours for the discussion of the budget presented on Tuesday. During this time, sectors such as railways, education, health, MSMEs (Micro, Small, and Medium Enterprises), and food processing will be discussed.

Expectations from the Budget:

• Standard Deduction may increase from ₹50,000 to ₹1 lakh.
• Tax exemption on home loan interest might increase from ₹2 lakh to ₹5 lakh.
• Fiscal deficit expected to reduce to 5%. It is currently at 5.1%.
• Tax relief for small and medium enterprises.
• Removal of export restrictions on rice, wheat, sugar, and onions.
• GST reforms expected from the electric vehicle industry.
• Real estate sector anticipates policies to aid developers.
• Continuation of government incentives for the manufacturing sector.
• Possible increase in wages under the rural employment guarantee scheme, MGNREGA.