Budget 2024: Date, Time, Where To Watch And Expectations Around Jobs, Income Tax, Welfare Push & More

Union Budget: Approved by President Droupadi Murmu, the Parliament's Budget Session will be held between July 22 and August 12. Finance Minister Nirmala Sitharaman will present the first budget of the Modi 3.0 government. The presentation of the Union budget by Finance Minister Nirmala Sitharaman will likely be preceded by the presentation of the Annual Economic Survey by Chief Economic Advisor Anantha Nageswaran on July 22.

An interim budget was presented in February due to the Lok Sabha polls, which were held in April-June.

The Budget Session, running from July 22 to August 12, will see deliberations over key policy measures aimed at bolstering growth, managing fiscal deficits, and enhancing welfare spending.

Finance Minister Nirmala Sitharaman will present the first Union Budget of Prime Minister Narendra Modi's third term on July 23, 2024. The Budget presentation will begin at 11 AM in the Lok Sabha.

Doordarshan and Sansad TV will air the Union Budget live on TV. Those who wish to watch it online can tune into the YouTube channels of PIB and Sansad TV on the day of the presentation.

The Union Budget 2024 will also be live-streamed on NDTV Profit's YouTube channel.

Digital access to comprehensive budgetary documents both in English and Hindi will be facilitated via the official government portal indiabudget.gov.in, ensuring transparency and accessibility.

Expectations from this year's budget are high across various sectors as stakeholders anticipate measures to stimulate economic growth while maintaining fiscal prudence. Here’s a snapshot of the key expectations and projections as per Goldman Sachs and SBI Research:

Goldman Sachs anticipates a continuation of fiscal consolidation efforts, targeting a fiscal deficit of 5.1% of GDP for FY25, potentially reducing it to below 4.5% by FY26. This move aims to balance economic stimulus with sustainability, given existing constraints on fiscal space due to high public debt and substantial interest expenses.

SBI Research underscores the importance of sector-specific reforms, particularly in agriculture, banking, and taxation. It expects the emphasis to remain on enhancing credit flow to agriculture, crop diversification to boost resilience, and reforming financial institutions to foster inclusivity and efficiency.

With a keen eye on social welfare, both Goldman Sachs and SBI Research expect the Budget to outline measures supporting marginalised communities and promoting inclusive growth. This includes provisions for health, education, and employment generation, aligning with the government's commitment to equitable development.

"India seems to be transitioning to a ‘welfare state’ with many states going for more welfare-oriented schemes for its citizens," said SBI Research.

This is the first time in the last ten years that the BJP will be running a government without a majority on its own in the Lok Sabha (the lower house of parliament). We think a reduced political mandate will require more political capital to be spent on structural reforms like land reform and farm sector reforms, said Goldman and Sachs.

Investments in infrastructure, digital initiatives, and renewable energy are likely to feature prominently, as per SBI Research. These investments will not only aim to modernise critical sectors, but also stimulate job creation and attract private investments essential for sustained economic growth.

"We think this budget will go beyond just fiscal numbers, and likely make an overarching statement about long-term economic policy of the government towards 2047 (100 years of Indian independence). We see an emphasis on job creation through labour-intensive manufacturing, credit for MSMEs, continued focus on services exports by expanding GCCs, and a thrust on domestic food supply chain and inventory management to control price volatility. The budget is also likely to lay out a path for the future of public finance in India, entailing: a) a roadmap for public debt sustainability, and b) green finance: the role of public finance in balancing India’s energy security vs. transition needs," said Goldman Sachs.

SBI Research also expects reforms in taxation, including potential alignments between corporate and personal income tax rates. This change is anticipated to simplify compliance and to spur investments. Continued emphasis on strengthening the financial sector through digital infrastructure and regulatory reforms is also expected.