What to Expect from Union Budget 2024 Under Modi’s Leadership

The upcoming Union Budget 2024 is highly anticipated as it will be the first budget presented in Prime Minister Narendra Modi’s third term. Finance Minister Nirmala Sitharaman is expected to address the multifaceted demands from different sections of society and industry.

Middle Class and Tax Reliefs

The middle class is expecting substantial tax reliefs to ease the financial pressure. There is a strong call for an increase in the standard deduction and introduction of more tax-saving instruments. These changes could provide much-needed relief amid the rising cost of living.

Industry and Economic Growth

Industries are hoping for policies that foster growth and innovation. Expectations include incentives for manufacturing, infrastructure development, and support for startups and MSMEs. A business-friendly budget can drive investments and create employment opportunities.

Agricultural Focus

Farmers are looking forward to enhanced support from the government. Key areas of focus include better irrigation facilities, subsidies, and access to modern agricultural practices. These measures can significantly improve productivity and profitability in the agricultural sector.

Taxpayers’ Wishlist

Taxpayers across the spectrum are hoping for a simplified tax regime. An increase in the standard deduction, introduction of new tax slabs, and enhanced exemptions for savings and investments are some of the key expectations.

Conclusion

As the Union Budget 2024 draws near, the nation awaits the announcements with bated breath. FM Nirmala Sitharaman has the challenging task of balancing the needs of diverse sectors while setting a strong economic foundation for the future. This budget is expected to set the tone for India’s growth in Modi’s third term.

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