ENA Economy 2024-07-23 10:28:19 <p><span style="font-size:14px"><strong>New Delhi, Jul 23 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Given the substantial contribution of personal tax to overall direct-tax revenue, analysts suggest that significant tax relief measures are unlikely to be introduced.</span></p> <p><span style="font-size:14px">In preparation for the budget announcement, Sitharaman presented the Economic Survey for the financial year 2024 in the Lok Sabha on July 22.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38692 https://knnindia.co.in/news/newsdetails/economy/finance-minister-to-present-record-setting-budget-amid-economic-projections 2024-07-23 10:28:19 knnindia.co.in