Union Budget 2024 news: India Inc wants Finance Minister Nirmala Sitharaman to announce more measures in her interim Budget to boost manufacturing, earmark larger funds for infrastructure development, and accord more focus on social sector schemes, while giving relief on taxation front. Sitharaman, who has already presented five annual Budgets, will be unveiling an interim Budget for fiscal 2024-25 on February 1 in the Lok Sabha. It will be the last major economic document before the next general elections. Industry says that it is imperative for the government to take measures to boost economic growth in the country as India marches towards becoming the third largest economy in the coming years. Industry body CII has suggested launch of 'National Mission for Advanced Manufacturing' to enhance quality and productivity in manufacturing. Finance Minister Nirmala Sitharaman today said the centre will focus its policies towards the betterment of four groups—youth, women, farmers, and the poor—identified by Prime Minister Narendra Modi. The minister said that the centralgovernment today is close to achieving saturation in various social sector schemes to ensure these fundamental things are available irrespective of who they are.
On Wednesday, Finance Minister Nirmala Sitharaman took part in the traditional 'halwa' ceremony, symbolisng the final stage for preparation of the Interim Budget 2024 set to be delivered on February 1 in the Lok Sabha. The 'halwa' ceremony is an annual custom in the finance ministry in which 'halwa' is made and served to officials and staff members who are involved in the preparation of the Budget. The ceremony is performed before the 'lock-in' process of Budget preparation begins, an official statement stated. The Minister also took a round of the Budget press and examined the preparations besides extending her wishes to officials, Interim Union Budget 2024 will also be delivered in paperless form like the previous three full Union Budgets. The Interim Union Budget 2024 is scheduled to be presented on February 1, 2024.
In their proposals to the Finance Ministry for the upcoming interim budget, industry bodies have asked for continued thrust on capital expenditure (capex) in their proposals. The Confederation of Indian Industry (CII) has urged for a in capex by at least 20 per cent to Rs 12 trillion from last year's allocation of Rs 10 trillion. The Federation of Indian Chambers of Commerce and Industry (FICCI) asked said the central government to maintain focus on investments, with the gross fixed capital formation to gross domestic product ratio estimated to have grown to a decadal high at 34.9 per cent in FY24. CII also asked the Centre to expand the central support to state capex, in the form of an interest-free, 50-year loan, by about Rs 30,000 crores, to Rs 1.6 trillion.
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