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Budget 2024

Budget 2024
Budget 2024
What are indirect taxes?
Direct tax
Finance Bill
What is the Finance Bill?
What impact does the Budget have on the market and economy?


Finance Minister Nirmala Sitharaman will present the Interim Budget ahead of the 2024 Lok Sabha elections at 11 am on February 1. The Budget comes at a critical moment from a politico-economic perspective. First, of course, is the general election. Second, the next five years will be key in setting the stage for India to become a developed economy by 2047 as the country definitively moves into a post-pandemic era.

But the next half-a-decade is not without its challenges. Even as the Indian economy posts better-than-expected growth numbers — with GDP growth unexpectedly coming in at a stunning 7.6 percent in the second quarter of 2023-24 — weakness in global growth could prove to be a drag, especially for India’s exports.

The finance minister will have to do a fine balancing act as the Centre moves further along the path of fiscal consolidation. While it expects to meet this year’s fiscal deficit target of 5.9 percent of GDP, the road to 4.5 percent by 2025-26 will only get more treacherous.

While the Budget is usually preceded by the presentation of the Economic Survey, the practice ahead of the Interim Budget is different. The Survey, a key government document that captures the current economic scenario, is usually presented a day before the Union Budget. However, when it comes to an election year, the Economic Survey has normally been presented when the full budget is presented in July after the new government takes charge.
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