In less than a week, Minister of Finance, Nirmala Sitharaman, will be announcing the most awaited Union Budget for year 2024; As the date approaches, everyone directly or indirectly associated with this industry and also rest of them await as to what policies / allocations/ reforms will come off. Either we wait for a master stroke of the pocket money in 2019 budget or hope to get some income tax saving, which is expected from this year’s Budget like raising the income exemption limit till Rs.
The Halwa Ceremony: A Traditional Prelude to the Budget
In keeping with tradition, the customary Halwa ceremony was performed yesterday to mark the final stage of the Budget preparation process. The ceremony, held at North Block in New Delhi, was attended by Union Finance and Corporate Affairs Minister Nirmala Sitharaman and Union Minister of State for Finance Pankaj Chaudhary. Key officials, including secretaries of the finance ministry, the Chairman of the Central Board of Direct Taxes (CBDT), and the Chairman of the Central Board of Indirect Taxes and Customs (CBIC), along with other finance ministry and North Block Budget Press officials, were also present.
The Halwa ceremony serves as a symbolic send-off for the finance ministry officials and staff who are involved in drafting the Union government’s annual financial statement. Following this ceremony, these officials enter a ‘lock-in’ period, during which they remain in the basement of North Block, completely cut off from the outside world to ensure the utmost secrecy of the budget details until its official release.
Also read: Finance Minister Nirmala Sitharaman To Present Landmark Budget on July 23
Pre-Budget Consultations and Expectations
In the lead-up to the Budget presentation, Finance Minister Sitharaman has been actively engaged in a series of pre-budget consultation meetings with industry representatives and economists. These meetings are crucial for gathering diverse perspectives and suggestions, ensuring that the Budget addresses the needs and aspirations of various sectors of the economy.
Prime Minister Narendra Modi also held a high-level meeting with economists earlier this week. This meeting focused on understanding the expectations from the Union Budget and discussing potential measures to bolster the country’s economic growth.
Key Expectations from Union Budget 2024
- Policy Continuity and Reforms: Industry stakeholders are expecting the continuation of policies that have delivered results so far while rolling out fresh new ones to revive economic growth.
- Better Allocations: Strategic allocation of funds specifically in areas like healthcare, education and infrastructure that are essential for sustainable development as a party to the agreement better allocations.
- Tax Relief Measures: The most awaited announcement is the raising of income tax exemption limit. The limit is currently at Rs 3 lakh, and hike in this could benefit taxpayers by way of substantial savings that can further boost spending.
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