Union Finance Minister Nirmala Sitharaman is presenting her seventh consecutive budget, with the middle class anticipating relief on taxes. Although the economy grew by 8.2% in the past fiscal year, private consumption—representing over half of the country’s GDP—rose at a slower rate of 4%.
To boost consumer spending, the government might consider lowering personal income taxes for those who spend most of their income, according to a Bloomberg News report from last month. This potential change could benefit individuals earning between ₹5 lakh and ₹15 lakh annually, who are currently taxed at rates between 5% and 20%.
Special Bonanza For Andhra Pradesh
Finance Minister Nirmala Sitharaman says, “Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state’s need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years.”
#Budget2024 | Finance Minister Nirmala Sitharaman says, “Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state’s need for capital, we will facilitate special financial support through… pic.twitter.com/72Fj8Us77j
— ANI (@ANI) July 23, 2024
