Here’s 5 Five Points Mentioned in Union Budget 2023-24

New Delhi: Finance Minister Nirmala Sitharaman is presenting the Union Budget for fiscal 2024. This budget will set the foundation for taking India’s economic growth to the forecast rate of 6.8 per cent. The focus of this Budget is on “green growth, youth power, farmers and women,” she said in her opening remarks.

Here are 5 points of Budget 2023-24

• The farm sector went through difficult times in 2022 due to global supply problems, unseasonal rains and floods, the effects of climate change and the war in Ukraine. Ms Sitharaman would likely have something to cushion them from all these shocks. After all, farmers make for a large and influential voter base.
• Over half of India’s population is under 30. For them, the focus would be on job security and reduced tax on products that they prefer to buy, such as electronic goods. Better terms for education loans and other forms of financial help for school and higher education will be keenly watched.
• The real estate sector, which nosedived during the pandemic, expects the centre to announce favourable schemes and tax breaks to improve its luck after a slow but surefooted revival last year. In 2019, the goods and services tax, or GST, council cut the tax rate on affordable houses from 8 per cent to 1 per cent. The sector expects similar announcements in this Budget too.
• The Modi government may strengthen its “Make In India” and “Atmanirbhar Bharat” policies by giving financial benefits to manufacturers and suppliers who want to set up shop in the country. India has been advertising itself as an alternative to China in the global supply chain.
• The markets in India – Asia’s third-biggest economy – will be closely watched when Ms Sitharaman begins her Budget speech at 11 am. Adani group companies led most of the fluctuations last week, but on Tuesday its ₹ 20,000 crore follow-on share sale sailed through, bringing relief to the group that’s facing allegations of fraud made by US-based short-seller Hindenburg.