As Finance Minister Nirmala Sitharaman presents her seventh consecutive Union Budget on July 23, 2024, the spotlight will be on several key figures and potential fiscal measures.
1. Fiscal Deficit Projection: The government has forecast a fiscal deficit of 4.5% of GDP for FY26. This figure will be closely watched to gauge the government’s financial health and its impact on economic stability.
2. Tax Relief for the Middle Class: There is considerable anticipation around whether Sitharaman will announce tax relief for the middle class. Such a move would aim to increase disposable income and stimulate consumer spending. Given the current tax buoyancy, many are hoping for measures that could ease the tax burden on individuals.
3. Revenue and Expenditure Estimates: Key numbers related to revenue generation and expenditure plans will also be critical. These figures will help analysts and businesses understand the government’s spending priorities and its approach to managing national finances.
4. Allocation for Key Sectors: Watch for specific allocations in crucial areas such as infrastructure, healthcare, and education. These figures will reveal the government’s strategic focus and its commitment to fostering growth in these sectors.
5. Debt Management Strategies: Details on strategies for managing national debt and any plans for fiscal consolidation will be essential for understanding the government’s approach to maintaining economic stability.
The budget will provide insights into how the government plans to balance growth, fiscal responsibility, and social welfare. All eyes will be on these key numbers as they will shape the economic landscape for the coming year.
