Budget 2024 Date: Finance minister Nirmala Sitharaman is likely to table the union budget for FY25 on July 23 or 24. This will be the full union budget of the Modi 3.0 government. Earlier on February 01, an interim budget was presented.
According to a report by FinancialExpress.com, the budget presentation will coincide with the commencement of the Monsoon Session of Parliament, set to begin on July 22 and likely to continue until August 9.
The first session of the 18th Lok Sabha, which began today, will run until July 4 and will adjourn sine die as it is a special session.
Budget 2024 Expectations
Constitution of the 8th Pay Commission, increase in tax rebate for the salaried class and restoration of the old pension scheme are some of the key demands made by trade union leaders during a pre-budget meeting with finance minister Nirmala Sitharaman on Monday.
The unions also asked the government to stop the privatisation drive of PSUs, scrap the new pension scheme and restore the old pension scheme (OPS).
Besides, they have sought that all the existing vacancies in the central government departments and PSUs must be filled immediately and the practice of contract and outsourcing should be stopped.
They further said resource mobilisation has to be done by increasing the corporate tax, wealth tax and introducing inheritance tax instead of burdening common masses with the GST on essential food items and medicine.
Representatives from 12 trade unions including INTUC, AITUC, CITU, AIUTUC, TUCC and UTUC attended the meeting.
Bharatiya Mazdoor Sangh (BMS) submitted a memorandum with its demand separately.
Some of its demands are the scope of MGNREGA should be broadened with the provision for a guaranteed 200 days of work for each family. Besides, agriculture and allied sectors works should be linked to MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act).
It also demanded providing health benefits to all persons above 60 years of age. It can be made contributory with a token amount of Rs 100 per month and coverage of Rs 5 lakh annually.
Moreover, Ayushman Bharat Scheme criteria should be extended from Rs 1.20 lakh to Rs 3 lakh, it said.
Tax Burden
India Inc has pitched for lowering the income tax burden on the common man, increasing capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the union budget.
During pre-budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development to maintain the economic growth momentum.
The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
President of industry body CII Sanjiv Puri put forth eight points for consideration for the finance minister.
These include relief in income tax at the lower end of income slabs, streamlining of employment inked incentive schemes like Production Linked Incentive (PLI), and promoting ease of doing business.
CII also made recommendations for agriculture and rural development.
Recommendations of Ficci centred around capex drive, innovation and tax simplification.
Another leading industry body Assocham expressed confidence that the Narendra Modi 3.0 government would proceed with a strategic focus on capital expenditure, prioritising investment in infrastructure, education and healthcare in the union budget for 2024-25.
Vivek Jalan, Chairman of National Fiscal Affairs and Taxation Committee of the Bengal Chamber of Commerce and Industry, suggested easing of licensing requirements for imports of electronics.
Industry body PHDCCI made recommendations on several matters, including implementation of the four labour codes across the states to enhance competitiveness of the industry and strengthen university-industry linkages to enhance R&D activity in the country.
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