As Modi 3.0 begins, anticipation is high for the Union Budget 2024, set to be presented by Finance Minister Nirmala Sitharaman in July. From tax reforms to economic growth, we break down what various sectors can expect.

Key Topics Covered:

• New Tax Regime: Introduced in 2020 with lower slabs but without traditional deductions. Expected adjustments to increase adoption.
• Section 80C Deductions: Anticipated increase from ₹1.5 lakh to ₹2 lakh, extending benefits to the new tax regime.
• Income Tax Reforms: Possible changes in tax slabs to boost disposable income and stimulate economic activity.
• Economic Growth Targets: India’s goal to become a USD 5-trillion economy by 2047 and achieving ‘Developed India’ status.
• Government’s Fiscal Strategy: Balancing growth acceleration and inflation control, while fulfilling coalition commitments.

Economic Outlook:

• RBI’s Growth Forecast: 7.2% economic growth driven by rural demand and easing inflation.
• Positive Feedback: S&P’s upgrade of India’s sovereign rating outlook to positive, contingent on meeting fiscal targets.

Pre-Budget Consultations: Starting June 20, with industry groups providing input on expectations and potential reforms.

Join us as we delve into the much-anticipated Union Budget 2024 and explore its potential impacts on industries, farmers, taxpayers, and the middle class. Stay tuned for more insights and updates!