Budget 2019

Budget 2024: In the Interim Budget, Finance Minister Nirmala Sitharaman revised India's divestment target for FY24 to Rs 30,000 crore, down from the previously budgeted Rs 51,000 crore. Looking forward to FY25, the target has been set at Rs 50,000 crore. Despite privatizing Air India and NINL, the government has consistently missed divestment targets for five years. So far this fiscal year, only Rs 10,051.73 crore has been raised, with major contributions from CPSEs' IPOs and OFS'.

Budget 2024: India struggles to meet the 4.5% GDP fiscal deficit goal for 2025-26, despite reducing from 9.5% due to COVID-19. The 5.9% target for 2023/24, down from 6.4% in 2022/23, faces scrutiny amid calls for fiscal flexibility. The fiscal glide path, proposed by the NK Singh committee, aims to decrease deficits gradually. Economic slowdown challenges hitting tax revenues may lead to missing targets, with an escape clause allowing a 0.5% GDP deviation. Government financing methods for deficits might trigger inflationary pressures, impacting spending and investments.

Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget 2024 in late July, her seventh budgetary address. Following the interim budget in February, expectations are high regarding potential income tax rate cuts to stimulate consumption and address economic priorities. Industry bodies like FICCI and CII have advocated for tax relief, while the Ministry of Finance explores measures targeting higher-spending individuals, potentially introducing a new tax bracket.

Budget 2024: The Union Budget, crafted annually by the Department of Economic Affairs within the Ministry of Finance, functions as a comprehensive financial blueprint for the nation. It details projected revenues and expenditures for the forthcoming fiscal year. The preparation process for Budget 2024 commenced six months ahead of its presentation, initiating with the dissemination of Budget Circulars to pertinent ministries and departments.

Union Budget 2024: Any political party that assumes government, whether through majority or coalition, in India shoulders significant responsibilities towards society, politics, and the economy. It is crucial to allocate resources in a manner that facilitates progress in a country as diverse as India, with its rich cultural, religious, and economic diversity.