Budget 2024 Live Updates: In her speech, Finance Minister Nirmala Sitharaman is expected to outline the roadmap for transforming India into ‘Viksit Bharat’ by 2047.
Union Budget 2024 Live: Union Finance Minister Nirmala Sitharaman is set to present the first Budget of the third consecutive NDA government under the leadership of Prime Minister Narendra Modi tomorrow. The Union Budget 2024 will be the first major economic document of the Modi 3.0 government, which, among other things, is expected to lay the roadmap for transforming India into ‘Viksit Bharat’ by 2047.
On Monday, the pre-Budget Economic Survey, which was tabled by Sitharaman in Lok Sabha, set a conservative growth forecast of 6.5 to 7 per cent for the current fiscal. It flagged the need to create more jobs in the economy and pitched for more Chinese direct investments to boost exports. The adverse trade environment last year, that resulted in a 5 per cent decline in India’s merchandise exports in FY24, is expected to ease this year and the subsequent year, said the survey, however adding that geopolitical tensions and policy uncertainty could limit the scope of trade recovery.
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Meanwhile, several experts have urged the government to provide tax relief to the common people in order to boost consumption and take steps to check inflation. The last two budgets saw no significant changes in taxation policies, apart from making the new tax regime the default option and introducing the standard deduction feature.
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Budget 2024 Live Updates: Several experts have urged the government to provide tax relief to the common people in order to boost consumption and take steps to check inflation. Follow latest updates here
Artificial intelligence (AI) could cast a “huge pall of uncertainty” on workers across skill segments in India, with those working in more backend operations such as business processing outsourcing (BPO) under the most amount of threat, the Economic Survey 2023-24 said. The Survey also questioned the climate impact of AI, which needs a large amount of energy to run data centres around the clock.
This is perhaps the first time a government document has officially flagged the impact AI could have on jobs in India – while there is a veneer of pragmatism over the country’s general propensity towards embracing new technology and how the country’s start-up ecosystem could harness AI, the Economic Survey also draws a murky picture on how certain jobs in India could decline considerably in the next decade.
The Economic Survey 2023-24 cautioned against the possibility of overconfidence leading to speculation and the expectation of even greater returns in the stock market. This is “serious concern” as it might not align with the real market conditions and the significant increase in retail investors in the market calls for careful consideration, the survey has warned.
If equity market claims on the real economy are excessively high, it is a harbinger of market instability rather than market resilience, the survey further warned, referring to the high market capitalisation to GDP ratio of 124 per cent.
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First uploaded on: 22-07-2024 at 22:00 IST
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