Budget 2024 Expectations: What to expect from FM Nirmala Sitharaman in Major Sectors

As the Union Budget 2024 approaches, all eyes are on Finance Minister Nirmala Sitharaman to unveil measures that will steer India's economy towards sustained growth and development. With the country navigating through global economic headwinds, the budget is expected to strike a balance between fiscal prudence and growth-oriented initiatives.

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What to expect from FM Nirmala Sitharaman in Major Sectors in Union Budget 2024

The NDA government is likely to continue its focus on the infrastructure in the Union Budget on July 23. FM Nirmala Sitharaman may hike capex for public investment in infrastructure with a specific focus on renewable energy, City Gas Distribution and water. Here’s a look at how the government is likely to promote the infra sector, leading to an exponential growth of the  Indian economy. Here's a sector-wise analysis of what to expect from the Budget 2024:

• Income Tax: Middle-class individuals are hoping for a revision in tax slabs, increasing the exemption limit, and rationalising deductions to reduce their tax burden.
• Agriculture: Farmers are expecting increased allocation for irrigation projects, crop insurance schemes, and initiatives promoting organic farming and agricultural exports.
• Industry and Commerce: The sector is looking forward to incentives for MSMEs, measures to boost exports, and initiatives to promote ease of doing business.
• Infrastructure: Increased allocation for road, rail, and urban infrastructure projects is expected to improve connectivity and accessibility.
• Education and Skill Development: Initiatives to enhance vocational training, promote digital education, and allocate funds for skill development programs are anticipated.
• Healthcare: The sector is expecting increased allocation for healthcare infrastructure, medical research, and initiatives promoting affordable healthcare.
• Defence: A significant increase in defence allocation is expected to modernize the armed forces and enhance national security.

Overall, Budget 2024 is expected to be a growth-oriented budget, focusing on job creation, infrastructure development, and social welfare initiatives. While meeting the expectations of various stakeholders, the Finance Minister will also need to maintain fiscal discipline and address the challenges posed by global economic uncertainties. 

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