First Budget of NDA 3.0 – Current Updates(July 2024)

July 12, 2024

Finance Minister Nirmala Sitharaman is going to give her seventh Union Budget, which will happen during the monsoon months, a time of natural renewal. This event shows that India’s government is stable and strong, and it especially shows how important it is for women to be in charge of making important decisions.

Context and Significance of the Current Budget

The next budget is important because it is the first one under NDA 3.0, which means that policymakers want to make big changes and keep things the same. After getting back on track after the Covid pandemic and global wars, the budget aims to support India’s long-term goal of becoming “Viksit Bharat” by 2047.

Expectations from the Union Budget

This budget cycle plans to focus on policies that will change four major groups in society: the poor (Garib), the young (Yuva), the farmers (Annadata), and the women (Nari). It is expected to strengthen the economic framework that has been weakened by recent events around the world. The Reserve Bank of India says that the financial stability matrix is strong, which suggests that the conditions are good for putting important economic changes into action.

Focus Areas and Strategic Initiatives

The Banking, Financial Services, and Insurance (BFSI) sectors are expected to get better, especially when it comes to digitalization, security, and making services easier for customers to access. Fintech and Non-Banking Financial Companies (NBFCs) are likely to get some good policies in the budget, which will help more people get access to money and encourage new ideas. Micro and small businesses make a big contribution to the GDP. To meet their needs, support systems are planned to make it easier for them to get money and follow the rules.

Challenges in Real Estate and Healthcare

Tax breaks are meant to get the real estate market going again after it has slowed down. They are expected to encourage both building and buying, which will keep prices low. More money could be put into expanding healthcare infrastructure, especially in places that aren’t metropolises. There could also be more pharmaceuticals made in the United States, thanks to new technologies like AI and IoT.

About Union Budget

The Indian Union Budget, which used to be given on the last day of February every year, was moved to February 1st in 2017 to speed up the process of allocating funds.
During the “Halwa ceremony,” which marks the beginning of the budget writing process, officials from the Finance Ministry are locked up to keep things secret.
In 1950, R. K. Shanmukham Chetty introduced India’s first Union Budget as an independent country.
The Budget had a separate Railway Budget until 2016. After that, it was combined for a more unified approach.
Article 112 of the law calls for the Budget, which is also known as the “Annual Financial Statement.”
In 2019, a “bahi-khata,” or ledger, was used instead of the briefcase that was usually used to bring the Budget documents to Parliament.
The process of making the budget starts about six months before it is shown.
The “black budget” of 1973–74, which was led by Indira Gandhi, was named after the fact that it focused on debt.
Its two main parts are the Revenue Budget and the Capital Budget.
The Union Budget has been given by Arun Jaitley the most times in the 21st century.

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