Blog

The Union Budget for 2024 is releasing in two phases overall. One which has been released prior in the month of February on 1st of Feb, 2024 in which FM Nirmala Sitaraman presented the Interim Budget. The proposed budget has a total expenditure of 47.65 trillion rupees for the financial year of 2024-25. And, it marks an increase of all over 6% than the previous FY OF 2023-24. And the second one is announced today at 11:00 am by our honorable FM Nirmala Sitaraman. Why the Budget is being released two times in 2024? There are multiple reasons that why the budget was decided to be split apart in two parts and two announcements. Some of the crucial reasons are listed below: Financial Flexibility The budget division decision allows the government to take a charge at the unexpected economic challenges that may arise mid-year more quickly rather than keeping it one time. Also, this change assures that the policies will be useful and efficient. Periodic Adjustments As soon as the seasons differ it pay impact on the economic sector as well. And by releasing two budgets in a year, it gets easier to resolve difficulties which appears anytime more precisely and easily. By using a mid-year budget, the decisions and actions get more effective and resolving. Citizens Feedback By releasing the first budget priorly the government can take feedback all around and incorporate the changes required in the second budget 2024 so that the issues and the disagreements can be resolved easily giving you a precise and effective budget. What’s new in the Budget 2024? Let’s have a look at it: The 2024 budget has a number of new programs and modifications which has been taken place as to boost the social welfare, boost the economic growth and to solve the internal as well as external issues going on. GDP Growth & Infrastructural development The major expenditures which incur are of energy, digital and transportation which comes under infrastructure development. These things boost the economic growth and generate employment opportunities. Sustainable Energy As of now the government is investing on the lower carbon emissions, supporting the renewable energy resources and also having focus on the green energy initiatives to promote sustainability and have a green, brighter future ahead. The Tax buzz With the updated tax slabs and the expansion of exemptions the middle households have some kind of relief with them. Also, if we talk about the corporate tax the rates might be adjusted to improve the economy, and specially for the SMESs (Small and Medium- Sized Business) Farmer Assistance Efforts to assist farmers encompass enhanced market infrastructure, increased loan availability and sophisticated farming methods. Conclusion The release of budget in two phases proves a dynamic and drastic shift in the formulation and the execution of the policies in the Indian policies of 2024. By taking this step the government fosters towards a more dynamic and well-grown economy promoting growth in the areas of infrastructure, green energy, social welfare, digitalization and agriculture.