Finance Minister Nirmala Sitharaman introduced the Finance Bill 2024 and the Final Budget for the fiscal year 2024-25 in the Lok Sabha on July 23, 2024. This budget, which marks her seventh consecutive presentation, outlines the government’s financial strategy and priorities for the upcoming year. The budget aims to stimulate economic growth, ensure fiscal discipline, and enhance public welfare through various measures and allocations.
Key highlights of the budget include significant tax reforms aimed at providing relief to the middle class, increased allocations for infrastructure development, healthcare, and education, and initiatives to boost investment and employment. The budget also emphasizes the importance of climate resilience, with specific allocations for promoting sustainable agricultural practices and environmental protection.
The Finance Bill 2024 includes provisions to streamline tax administration, reduce compliance burdens, and enhance transparency in financial transactions. It also outlines the government’s plans to achieve a fiscal deficit target of 4.5% of GDP by 2025-26, reflecting a commitment to maintaining fiscal prudence while supporting economic growth.
