Nirmala Sitharaman To Present First Budget Of Modi 3.0 Today — All You Need To Know

Union Finance Minister Nirmala Sitharaman will present the first Union Budget of Modi 3.0 today (23 July).

In her seventh Union Budget presentation, Sitharaman is expected to introduce tax breaks for new manufacturing units and promote local procurement in various sectors to generate employment.

Whether Sitharaman will announce tax relief for the middle class will be the most expected part in her Budget speech.

The middle class has high expectations from the budget, especially on the issue of the income tax, as there were no such announcement in the pre-election interim Budget in February.

The fiscal deficit, the difference between government's expenditure and revenue, is budgeted at 4.5 percent, down from 5.8 percent in the previous fiscal year. The full Budget is expected to offer improved fiscal deficit projections.

The Modi government has put a lot of focus on infrastructure development, with planned capital expenditure (capex) at Rs 11.1 lakh crore, up from Rs 9.5 lakh crore in the last fiscal year.

The government has been advocating for infrastructure creation and pushing states to increase their capex.

Sitharaman has indicated she will announce measures to support micro, small, and medium enterprises (MSMEs), which are a significant part of the nation's growth engine.

MSMEs have growth potential in sectors like defense, electronics, and electric vehicle (EV) manufacturing.

The Union Budget 2024 is likely to be passed on 30 July, NDTV reported.

Earlier on Monday (22 July), Sitharaman tabled the Economic Survey in the Parliament.

The Survey has forecast 6.5-7 per cent growth for fiscal 2025.

Also Read: Economic Survey 2024: Here Are The 11 Key Highlights