Budget 2024: What to Expect from Tomorrow’s Union Budget

The Union Budget 2024, set to be presented by Finance Minister Nirmala Sitharaman on July 23, 2024, is one of the most highly anticipated events in India’s economic calendar. Various industries are eagerly awaiting announcements that will shape their future. The budget is expected to have a significant impact on sectors like auto, tech, transportation, banking, healthcare, and MSME.

Key Expectations:

• Tax Relief: India Inc. seeks tax relief for lower-income taxpayers, reduced corporate taxes, and a broader tax base in the Union Budget FY25.
• EV Industry: EV makers seek GST concessions, incentives like FAME 3.0, and support for R&D and local manufacturing.
• Tourism Sector: The tourism sector seeks simplified visa requirements, visa-free entry, reduced GST rates, GST credits, and industry status.
• Real Estate Sector: The real estate sector seeks tax rationalization, affordable housing incentives, and single-window clearance.
• Healthcare Sector: The healthcare sector seeks increased funding for Ayushman Bharat, aiming to double beneficiaries and raise coverage to Rs 10 lakh annually.

Frequently Asked Questions (FAQs) about Budget 2024

Q1. What is the Union Budget?
A1. The Union Budget is an annual financial statement presented by the Government of India, outlining its revenue and expenditure plans.

Q2. Who presents the Union Budget?
A2. The Finance Minister of India presents the Union Budget in the Lok Sabha.

Q3. What are the key sectors affected by the Union Budget?
A3. The Union Budget impacts various sectors, including auto, tech, transportation, banking, healthcare, and MSME.

Q4. What are the expectations from the Union Budget 2024?
A4. The expectations include tax relief, GST concessions, incentives for EV and tourism sectors, and increased funding for healthcare and education.

Q5. How does the Union Budget affect the common man?
A5. The Union Budget affects the common man through tax rates, employment opportunities, and allocation of funds for public welfare schemes.