Union Budget 2024: As India gears up for its full budget announcement for the financial year 2024-25, stakeholders from various sectors eagerly await the government’s fiscal roadmap. This year’s budget holds particular significance as the nation grapples with economic recovery post-pandemic, aims to sustain growth by stabilising inflation, and strives for equitable development.
Budget 2024 Expectations For Salaried Employees
There might be adjustments to income tax slabs under the old regime or an increase in the tax exemption limit for the new regime. This could benefit various income groups. The government might focus on providing tax relief to specific groups, like those with higher spending, through new tax brackets.
Union Budget 2024 Date
The full budget 2024-25 is expected to be presented in Parliament next month on July 23 or 24.
Here’s What Is Expected From Finance Minister Nirmala Sitharaman;
Reducing Tax Burden
India Inc. pitched for lowering the income tax burden on common people, increasing capital expenditure, and firm steps to contain food inflation in their interaction with Sitharaman ahead of the union budget.
The industry leaders and associations also urged the government to focus more on infrastructure development to maintain the economic growth momentum.
President of industry body CII Sanjiv Puri put forth eight points for consideration for the finance minister.
These include relief in income tax at the lower end of income slabs, streamlining of employment inked incentive schemes like Production Linked Incentive (PLI), and promoting ease of doing business. CII also made recommendations for agriculture and rural development.
Recommendations of Ficci centred around capex drive, innovation and tax simplification.
Another leading industry body Assocham expressed confidence that the Narendra Modi 3.0 government would proceed with a strategic focus on capital expenditure, prioritising investment in infrastructure, education and healthcare in the union budget for 2024-25.
Industry body PHDCCI made recommendations on several matters, including the implementation of the four labour codes across the states to enhance competitiveness of the industry and strengthen university-industry linkages to enhance R&D activity in the country.
8th Pay Commission, OPS
Constitution of the 8th Pay Commission, increase in tax rebate for the salaried class and restoration of the old pension scheme are some of the key demands made by trade union leaders during a pre-budget meeting Sitharaman.
The unions also asked the government to stop the privatisation drive of PSUs, scrap the new pension scheme and restore the old pension scheme (OPS).
Besides, they have sought that all the existing vacancies in the central government departments and PSUs must be filled immediately and the practice of contract and outsourcing should be stopped.
They further said resource mobilisation has to be done by increasing the corporate tax and wealth tax and introducing inheritance tax instead of burdening the common masses with the GST on essential food items and medicine.
Representatives from 12 trade unions including INTUC, AITUC, CITU, AIUTUC, TUCC and UTUC attended the meeting.
Some of the demands are that the scope of MGNREGA should be broadened with the provision for a guaranteed 200 days of work for each family. Besides, agriculture and allied sector works should be linked to MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act).
It also demanded providing health benefits to all persons above 60 years of age. It can be made contributory with a token amount of Rs 100 per month and coverage of Rs 5 lakh annually.
(With PTI inputs)
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