Budget session to commence today, Economic Survey to be tabled
The Monsoon Session of Parliament kicks off today with Union Finance Minister Nirmala Sitharaman set to table the Economic Survey 2023-24 along with a statistical appendix, a day ahead of the highly-anticipated Union Budget 2024.
Speaking ahead of the session for a customary press statement, Prime Minister Narendra Modi said India is moving forward with a growth rate of 8 per cent.
Appealing to the Opposition to participate in parliamentary proceedings “for the nation” and not for “parties”, he claimed that the voice of the newly-elected government and the prime minister were strangulated in an “undemocratic manner” in the first session of the 18th Lok Sabha in June.
The Budget for 2024-25 will be the first major economic document of the newly-formed government, which, among other things, is expected to lay the road map for making India a developed nation by 2047.
The last two budgets saw no significant changes in taxation policies, aside from making the new tax regime the default option and introducing the Standard Deduction feature.
Pre-budget expectations have been centered around tax relief to the common man in order to boost consumption and to take steps to check inflation and accelerate economic growth.