Interim Budget 2024: On February 1, Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024 to the Parliament. Union Finance Minister Nirmala Sitharaman stated prior to D-Day that it is unlikely that there will be any significant announcements made regarding this budget. Since this is not a complete budget, Sitharaman did not present the Economic Survey today.
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| Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024 to the Parliament |
Since 2024 is a Lok Sabha election year, this budget will only be a vote-on-account and a full-fledged budget will be presented after the polls. The new government, likely to be formed around June, will come up with a final 2024-25 budget sometime in July.
What time is best to watch Budget 2024?
February 1st, at 11 a.m., will see the announcement of the Union Budget.
Where can I watch the live streaming of Budget 2024?
The budget speech by Nirmala Sitharaman will be broadcast live on the Business Today YouTube channel, Aaj Tak TV, and India Today TV channels. You can also follow the live blogs on Business Today, India Today, and Aaj Tak to stay up to date. The Press Information Bureau's (PIB) website, YouTube channel, and Doordarshan (DD) News all feature Sitharaman's speech.
The Budget 2024 will also be streamed live on the official website of the Ministry of Finance, as well as on a number of news websites and financial news apps. Keep a close eye on these channels during the budget presentation to stay informed about all the major announcements and analyses.
Expectations by sector from the Union Budget 2024
The average person wants Nirmala Sitharaman to announce a reduction in taxes, an increase in the income-tax rebate threshold, a change to the capital gain tax system, an expansion of benefits under the new tax regime, and the elimination of goods and services tax (GST) from insurance policies—even though this budget is merely up for a vote on account.
The recruitment industry is concentrating on regulatory frameworks concerning the gig economy and contingent workforce, along with budgetary allocation for workforce development and skill enhancement. It is anticipated that a flexible and well-balanced strategy will encourage cooperation between tech companies and job boards in order to promote innovation and maintain a leading position in the market. It is being considered to increase investment, create jobs, and encourage industrial expansion to implement targeted incentives for specific sectors. It is anticipated that funding for skill-development initiatives, incentives for creating jobs in the unorganized sector, and the advancement of fair working conditions will increase.
In addition to raising equity-based funding, female entrepreneurs are also looking for greater budgetary allocation to improve their access to capital. There are only three diversity-focused funds in India at the moment: AWE, She Capital, and Arise, all of which have relatively small fund sizes. The next budget has to give women's entrepreneurship top priority and set aside significant funds to facilitate their access to capital. In particular, more equity-based funding is desperately needed. The government should not only rely on loan-based strategies, but also allocate funds for risk capital.
The CEO of EcoRatings, an AI-powered platform for ESG ratings of goods and services, and co-founder Aditi Balbir highlights the need for a more accessible and inclusive financial ecosystem for female entrepreneurs. More money should be allotted to diversity-focused funds in the budget in recognition of the critical role that female entrepreneurs play in promoting a more equal business environment in India.
To what extent has Nirmala Sitharaman presented budgets?
Nirmala Sitharaman has now balanced the budget for six consecutive years, tying Dr. Manmohan Singh's record. Since taking office in July 2019, Sitharaman—India's first female finance minister—has presented five complete budgets. Arun Jaitley and Yashwant Sinha will be surpassed by Sitharaman with the release of the interim budget on Thursday.
