Modi to Consult Economists and Experts Ahead of Union Budget 2024-25

News Mania Desk/Agnibeena Ghosh/10th July 2024

Prime Minister Narendra Modi is set to meet with leading economists and sectoral experts on Thursday to gather crucial insights for the forthcoming Union Budget. Union Finance Minister Nirmala Sitharaman will present the 2024-25 Budget in the Lok Sabha on July 23. This important meeting will also feature key members from Niti Aayog, including Vice Chairman Suman Bery.

This Budget is particularly significant as it marks the first major economic document from the Modi 3.0 government. It is anticipated to lay out a strategic roadmap aimed at transforming India into a developed nation by 2047. The government’s ambitious vision is expected to be reflected in this comprehensive economic plan.

In a recent address, President Droupadi Murmu hinted at major reforms in the upcoming Budget, signaling historic steps to accelerate economic reforms. Her remarks underscore the government’s commitment to implementing far-reaching policies and a futuristic vision for the country.

Finance Minister Sitharaman has been actively engaging with various stakeholders, including economists and industry leaders, in preparation for the Budget. These consultations have highlighted several key areas of focus. Many experts are advocating for tax relief measures to boost consumption, strategies to curb inflation, and initiatives to accelerate overall economic growth.

The Indian economy demonstrated strong performance in the fiscal year 2023-24, recording an impressive 8.2% growth rate. Ahead of the Lok Sabha elections, an interim budget was presented by Sitharaman in February. With the upcoming Union Budget set to be unveiled in a few weeks, there are high expectations from all quarters, particularly from Non-Resident Indians (NRIs) in the UAE.

Indian expats in the UAE are particularly hopeful for favorable announcements in this Budget, as they look forward to potential benefits that could help them save on taxes and increase their disposable income. This Budget, unlike previous ones traditionally presented at the end of the fiscal year on February 1, is being closely watched due to the interim Budget presented earlier this year because of the general elections.

The upcoming Budget presentation on July 23 is expected to address several pressing issues and provide a clear economic direction for the country. Stakeholders are looking forward to concrete steps that will bolster economic stability and growth, addressing concerns such as inflation and taxation.

The Modi 3.0 government’s first budget is seen as a pivotal moment for setting the tone for India’s economic future. The focus will be on how the government plans to navigate the complex economic landscape while driving reforms that will lead India towards becoming a developed nation by its centenary of independence in 2047.

As the Budget day approaches, the anticipation among various sectors continues to build. The government’s ability to balance short-term economic needs with long-term strategic goals will be crucial in determining the success of this Budget. The discussions and insights from the meeting with economists and experts will likely play a significant role in shaping the final document.

In summary, the forthcoming Union Budget 2024-25 is poised to be a landmark event, reflecting the Modi 3.0 government’s vision and commitment to economic development and reform. The insights from top economists and experts will be invaluable in crafting a Budget that aims to sustain growth, ensure economic stability, and pave the way for India’s journey towards becoming a developed nation by 2047.