GUWAHATI: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on July 23.
The union minister is expected to introduce measures to support domestic manufacturing and increase subsidies on rural housing and food.
The taxpayers, however, are optimistic about potential income tax cuts as experts predict changes in the new tax regime.
India, currently the world’s fifth-largest economy, is eyeing the third position.
The upcoming budget is expected to provide a roadmap for sustained economic growth to achieve this milestone.
The Modi government has been emphasizing high capital expenditure, particularly in infrastructure, in its budgets to fuel GDP growth.
The union minister is also expected to announce key policies for sectors such as manufacturing, services, and agriculture.
To facilitate the widespread adoption of technology, the budget is expected to incentivize the private sector participation in building a robust agricultural innovation ecosystem for the country.
In response to the demand for a guaranteed minimum support price (MSP) for agricultural products, the experts suggest that the government can explore alternative methods to assist farmers in the upcoming budget.
Notably, in the last two budgets, there have been no major changes in the taxation policies except making new tax regime the default option and introducing the Standard Deduction feature.
It is expected that the finance minister might announce some significant tax breaks for taxpayers in the forthcoming budget.
