India’s Budget 2024: Unveiling the Roadmap to a $5 Trillion Economy

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Shashi Prabha Singh
Shashi Prabha Singhhttps://thestarbiznews.com
Shashi Prabha Singh is an accomplished author and expert in the field of marketing, technology, and the latest trends. With a passion for staying ahead of the curve, Shashi has dedicated her career to understanding and analyzing the ever-evolving landscape of marketing and technology.

Budget 2024 (Interim): Key Information & Data

Since the full budget presentation is on February 1st, 2024, complete details are unavailable. However, here’s some key data and information based on pre-budget reports and expert analysis:

Overall:

  • Type: Interim Budget (sets the groundwork for the full budget in July)
  • Date: February 1st, 2024
  • Presented by: Finance Minister Nirmala Sitharaman

Economic Context:

  • GDP Growth: Projected at 7% for 2024-25
  • Fiscal Deficit: Targeted at 5.9% of GDP for 2023-24
  • Debt-to-GDP Ratio: 54% (above the target of 40%)

Potential Focus Areas:

  • Sustaining Economic Growth: Measures to support investment, exports, and job creation.
  • Fiscal Consolidation: Managing the deficit while funding key programs.
  • Taxation: Potential tweaks to income tax brackets, deductions, or incentives for specific sectors.
  • Agriculture & Infrastructure: Continued support for farmers and investments in infrastructure projects.
  • Social Welfare Schemes: Maintaining or expanding schemes like PM Kisan Samman Nidhi.
  • Electoral Considerations: Some populist measures might be announced, given the upcoming elections.

Data Points to Consider:

  • Net tax revenue growth: 11% (April-December 2023)
  • Non-tax revenue growth: 46% (April-December 2023)
  • Capex growth: 38% (YoY)
  • Defense budget: Approximately 15% of total budget (estimated)
  • Education budget: Approximately 6% of total budget (estimated)
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