Budget 2024: 5 key things to watch out for in the medium-term budget

Budget 2024: Finance Minister Nirmala Sitharaman will unveil the last budget of the Modi 2.0 government ahead of the upcoming general elections on Thursday, February 1. The budget is expected to combine economic measures and specific initiatives targeting key constituency groups, including farmers and farmers. female. While the 2024 Budget is a provisional budget with a limited scope, there are specific aspects that may affect your daily life. However, just weeks before the Model Code of Conduct comes into effect, the interim budget presents an amazing opportunity.

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Although as a rule no major policy will be announced during the accounts vote, following past practice has not stopped the government from making major announcements such as the cash relief package for farmers announced in the 2019 interim budget.

The budget is expected to focus on infrastructure and reverse a trend of spending heavily on new get-out-the-vote measures.

However, the budget will provide an opportunity to assess the fiscal health of the economy against the backdrop of strong growth. This will provide the government with an opportunity to develop a clear roadmap for achieving the goals of the Fiscal Responsibility and Budget Management Act (FRBMA).

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Here are 5 key things to note:

While the 2024 Budget is a provisional budget with a limited scope, there are specific aspects that may affect your daily life. Here are 5 key things to note:

1. Tax changes: While major reforms are unlikely, there may be adjustments to income tax standards, deductions or other tax provisions. Please be aware of changes that may affect your tax filing procedures or digital plans.
2. Basic service distribution: Watch for changes in funding for health care, education and public transportation. Increased funding could mean improved services and affordability, while cuts could impact access.
3. Subsidies and social welfare programs: Please keep an eye out for changes to existing subsidies for fuel, food or other necessities. Changes to social welfare schemes such as pensions or scholarships may have a direct impact on your family’s financial situation. The government may also increase subsidy allocation to some groups such as farmers, women, informal sector workers and unemployed youth to strengthen domestic private consumption, which is expected to show weak growth of 4.4% in fiscal 2024.
4. Rural development initiatives: If you live in a rural area, be aware of grants for agriculture, irrigation and rural infrastructure. These may affect agricultural yields, employment opportunities and overall rural development.
5. Indirect taxes: Although unlikely to happen in the interim budget, potential changes in GST rates or exemptions on essential items may affect your purchasing power.

Other things to consider:

• Impact on inflation: Any changes in government spending or taxes can affect inflation levels and therefore the cost of everyday goods and services.
• Job Market Outlook: Look out for announcements related to skills development, job creation programs or support for specific industries, which may impact employment opportunities.
• Overall economic sentiment: Budget speeches and their reception can reflect the government’s confidence in the economy, potentially influencing consumer spending and business decisions.

Remember, the ultimate impact of the budget depends on how specific measures are implemented. Generally speaking, interim budgets are temporary measures that are required under specific circumstances. While it ensures smooth operations during the transition period, it is important to remember that it does not replace a full budget with a comprehensive vision and long-term economic direction.