Union Budget 2024: 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.
This is Nirmala Sitharaman’s sixth straight budget.Interim Budget 2024: The Interim Budget 2024 will be tabled in the Parliament by Union Finance Minister Nirmala Sitharaman on February 1. Ahead of the D-Day, Union Finance Minister Nirmala Sitharaman said that this budget is unlikely to see any big bang announcements. Sitharaman did not present the Economic Survey today as this is not a full budget.
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.
When to watch Budget 2024?
The Union Budget will be announced on February 1 at 11 am.
Where to watch Budget 2024, Budget live streaming?
Nirmala Sitharaman’s budget speech will be streamed live on India Today and Aaj Tak TV channels as well as the YouTube channel of Business Today. For the latest updates, you can also follow the live blogs on Business Today, India Today, and Aaj Tak. Sitharaman’s speech can also be seen on Doordarshan (DD) News as well as the YouTube channel and website of the Press Information Bureau (PIB).
How many budgets has Nirmala Sitharaman presented?
This is Nirmala Sitharaman’s sixth straight budget, matching the record of Dr Manmohan Singh. Sitharaman, India’s first full-time female finance minister, has presented five full budgets ever since assuming office in July 2019. With the presentation of the Interim Budget on Thursday, Sitharaman will surpass her predecessors– Arun Jaitley, and Yashwant Sinha.
Arun Jaitley and Yashwant Sinha presented five budgets in a row.
Sector-wise expectations from Union Budget 2024
Despite this being only a vote-on-account budget, the common man wants Nirmala Sitharaman to announce a decrease in taxes, further increase in the threshold for income-tax rebates, revision in the capital gain tax system, addition of more benefits under the new tax regime, and the removal of goods and services tax (GST) from insurance policies.
Not only this, the recruitment industry is also looking at budgetary allocation towards workforce development and skill enhancement. It also expects the budget to look at regulatory frameworks related to the gig economy and contingent workforce.
“A forward-looking budget should also address regulatory frameworks related to the gig economy and contingent workforce, ensuring a balanced and flexible approach that benefits both employers and workers. Creating an environment that fosters collaboration between recruitment platforms and technology firms will be pivotal in driving innovation and staying at the forefront of industry advancements. By cultivating such an environment, we can not only sustain the growth witnessed but also create a landscape where the gig economy becomes a driving force in shaping the future of work,” Sekhar Garisa, foundit CEO, said.
Besides focusing on the gig economy, the industry is also eyeing targeted incentives for select sectors to boost investment, job creation and promote industrial expansion.
“The budget may have targeted incentives for certain sectors to stimulate investment, foster job creation, and promote industrial expansion. These incentives can be reinforced by increased allocations for skill development programmes, incentives for job creation in the informal sector, and promotion of equitable and stable working conditions,” said Rohet Ramesh, Director at Layam Group, a staffing management and talent acquisition services firm.
Women entrepreneurs are also looking forward to increased budgetary allocation to enhance their access to capital apart from hiking equity-based funding.
“In India, there are currently only three diversity-focused funds—AWE, She Capital, and Arise—each facing the challenge of relatively small fund sizes. To effectively advance the agenda of women entrepreneurship, the upcoming budget must prioritize and allocate substantial resources to support their access to capital. Specifically, there is a pressing need for increased equity-based funding. The government should focus on allocating funds for risk capital rather than relying solely on loan-based strategies. Many female entrepreneurs often discover that they are ineligible for existing schemes, emphasizing the necessity for a more inclusive and accessible financial ecosystem. Therefore, the ask in the upcoming budget is pretty straightforward: the budget should allocate more capital to diversity-focused funds, acknowledging the pivotal role women entrepreneurs play in fostering a more equitable business landscape in India,” said Aditi Balbir, co-founder and CEO of EcoRatings, an AI-powered platform for ESG ratings of products and services.
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