Finance Minister To Present Record-Setting Budget Amid Economic Projections

New Delhi, Jul 23 (KNN) Finance Minister Nirmala Sitharaman is set to present the Union Budget for fiscal year 2024-25 on July 23, marking her seventh consecutive budget presentation.

This achievement surpasses the record previously held by former Prime Minister Morarji Desai. The upcoming budget will be the first since the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government secured re-election in June.

The fiscal landscape leading up to this budget presentation shows a deficit of 5.63 per cent of GDP for FY 2023-24, with a targeted reduction to 5.1 per cent for FY 2024-25.

Given the substantial contribution of personal tax to overall direct-tax revenue, analysts suggest that significant tax relief measures are unlikely to be introduced.

In preparation for the budget announcement, Sitharaman presented the Economic Survey for the financial year 2024 in the Lok Sabha on July 22.

The survey projects India's GDP growth for FY 2025 to fall within the range of 6.5 per cent to 7 per cent. This forecast indicates a potential slowdown compared to the estimated 8.2 per cent growth rate for the previous financial year.

The upcoming budget presentation is anticipated to address these economic projections and fiscal targets, as the government navigates post-election economic strategies in a dynamic global financial environment.

(KNN Bureau)