It's time for India's Union Budget presentation today as the country gears up for a pivotal moment in its economic roadmap. All eyes are on New Delhi as Finance Minister Nirmala Sitharaman presents the Union Budget of India.

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The Indian economy continues to demonstrate resilience and stability despite global geopolitical challenges, according to the Economic Survey 2023-24. Presenting the 476-page Economic Survey in the Indian Parliament on Monday (July 22), Union Finance Minister Nirmala Sitharaman said that the Indian economy has successfully consolidated its post-Covid recovery.&nbsp;

As per the survey, both fiscal and monetary policymakers have played pivotal roles in ensuring economic and financial stability and have led to continued economic expansion.&nbsp;

However, the survey said that global market volatility means that for a country with high growth aspirations, change is the only constant.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/budget-session-of-indian-parliament-modi-asks-all-political-parties-to-rise-above-party-lines-742974">Budget session of Indian Parliament: Modi urges political parties to rise above party lines</a>

<h2>Investment momentum</h2>

As per the Survey document, for a sustained recovery, "there has to be heavy lifting".

"For the recovery to be sustained, there has to be heavy lifting on the domestic front because the environment has become extraordinarily difficult to reach agreements on key global issues such as trade, investment and climate," read the Survey.

"Public investment has sustained capital formation in the last several years even as the private sector shed its balance sheet blues and began investing in FY22. Now, it has to receive the baton from the public sector and sustain the investment momentum in the economy," it added.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indias-economic-survey-to-be-tabled-in-parliament-today-742963">India's Economic Survey to be tabled in Parliament today</a>

"The signs are encouraging," the survey notes, citing the robust economic growth rates of 9.7 per cent and 7.0 per cent in the previous two financial years leading up to FY24.

The survey report adds that the headline inflation rate remains largely under control, even as specific food items have seen elevated inflation rates. The trade deficit in FY24 was lower compared to FY23, and the current account deficit stands at approximately 0.7 per cent of GDP. Additionally, the current account registered a surplus in the last quarter of the financial year, and foreign exchange reserves have been deemed ample.

(With inputs from agencies)

The Indian economy continues to demonstrate resilience and stability despite global geopolitical challenges, according to the Economic Survey 2023-24. Presenting the 476-page Economic Survey in the Indian Parliament on Monday (July 22), Union Finance Minister Nirmala Sitharaman said that the Indian economy has successfully consolidated its post-Covid recovery.

The Indian economy continues to demonstrate resilience and stability despite global geopolitical challenges, according to the Economic Survey 2023-24. Presenting the 476-page Economic Survey in the Indian Parliament on Monday (July 22), Union Finance Minister Nirmala Sitharaman said that the Indian economy has successfully consolidated its post-Covid recovery. As per the survey, both fiscal and monetary policymakers have played pivotal roles in ensuring economic and financial stability and have led to continued economic expansion. However, the survey said that global market volatility means that for a country with high growth aspirations, change is the only constant. Also read | Budget session of Indian Parliament: Modi urges political parties to rise above party lines Investment momentum As per the Survey document, for a sustained recovery, "there has to be heavy lifting". "For the recovery to be sustained, there has to be heavy lifting on the domestic front because the environment has become extraordinarily difficult to reach agreements on key global issues such as trade, investment and climate," read the Survey. "Public investment has sustained capital formation in the last several years even as the private sector shed its balance sheet blues and began investing in FY22. Now, it has to receive the baton from the public sector and sustain the investment momentum in the economy," it added. Also read | India's Economic Survey to be tabled in Parliament today "The signs are encouraging," the survey notes, citing the robust economic growth rates of 9.7 per cent and 7.0 per cent in the previous two financial years leading up to FY24. The survey report adds that the headline inflation rate remains largely under control, even as specific food items have seen elevated inflation rates. The trade deficit in FY24 was lower compared to FY23, and the current account deficit stands at approximately 0.7 per cent of GDP. Additionally, the current account registered a surplus in the last quarter of the financial year, and foreign exchange reserves have been deemed ample. (With inputs from agencies)

Economic Survey 2023-24: Indian economy demonstrates resilience and stability amid global challenges

We focus on the changing economic landscape in India ahead of the budget. Traditionally, urban-driven manufacturing is decentralising, with rural areas now contributing over half the value addition in the sector. However, farmer income has not risen as fast as promised. Can the budget fix that? Take a look at this next report for more….

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Expectations are running high as india approaches the budget on July 23. The government is pushing a plan to boost manufacturing and create jobs. But inflation remains a concern, with food prices sticking high. Our next report looks at what the government says regarding policy reforms in the budget…

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In order to promote economic development in the face of shifting election dynamics, the anticipated Union Budget 2024 has a strong emphasis on digital infrastructure, budgetary restraint, and assistance for important industries like manufacturing and agriculture.

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As India positions itself as a global economic powerhouse, the aspirations of its people take center stage. What will the upcoming 2024-25 Union Budget have in store? What will it bring for every Indian? Join WION as we decode what to expect in this union budget of the world's biggest democracy.

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Now, we turn our attention to the wish list of India's tech sector from the budget. An industry group said the country's tech sector is going to need over a million engineers with sophisticated AI and other capabilities in the next two to three years. So, there needs to be a major increase in government funding for education and training in India to meet that demand. Take a look at this report for more.

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India's Finance Minister Nirmala Sitharaman will present the full Budget for 2024-25 in the Lok Sabha (lower house of the Indian parliament)&nbsp;on July 23, said&nbsp;Parliamentary Affairs Minister Kiren Rijiju on Saturday (July 5).

This will be the first Budget of the Prime Minister Narendra Modi 3.0 government.

Minister of Parliamentary Affairs, Kiren Rijiju took to&nbsp;X and said, “Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July, 2024.”

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Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget,…
— Kiren Rijiju (@KirenRijiju) <a href="https://twitter.com/KirenRijiju/status/1809529286744739908?ref_src=twsrc%5Etfw">July 6, 2024</a></blockquote>
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Notably, Sitharaman, appointed as&nbsp;Finance Minister for a second consecutive term, will become the first to present seven&nbsp;Union Budgets in a row, surpassing Morarji Desai, who presented six consecutively.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/outrage-in-india-as-telecom-giants-hike-prices-boycottjio-trends-on-x-738500">Outrage in India as telecom giants hike prices: #BoycottJio trends on X</a>

Earlier, President Droupadi Murmu had indicated that the upcoming Budget would be ‘historic’ and carry ‘major social and economic decisions’. Sitharaman had presented an interim budget in February ahead of the Lok Sabha elections.

The interim budget presented in February saw a lower FY25 fiscal deficit target of 5.1 per cent&nbsp;of the GDP. The government had announced no changes in the tax slabs in both the old and new regimes.

While addressing a joint sitting of Parliament, the finance minister had said key social and economic decisions will be the highlight of the Budget.

“This Budget will serve as an effective document of the government's far-reaching policies and futuristic vision. It will include major economic and social decisions, along with many historic steps. The pace of reforms will be further accelerated, aligning with the aspirations of the people of India for rapid development,” she said on June 27.

Sitharaman also held a meeting with finance ministers of several states and Union Territories towards the end of June to take&nbsp;proposals for the upcoming Union Budget.

(With inputs from agencies)

India's Finance Minister Nirmala Sitharaman will present the full Budget for 2024-25 in the Lok Sabha (lower house of the Indian parliament) on July 23, said Parliamentary Affairs Minister Kiren Rijiju on Saturday (July 5).

India's Finance Minister Nirmala Sitharaman will present the full Budget for 2024-25 in the Lok Sabha (lower house of the Indian parliament) on July 23, said Parliamentary Affairs Minister Kiren Rijiju on Saturday (July 5). This will be the first Budget of the Prime Minister Narendra Modi 3.0 government. Minister of Parliamentary Affairs, Kiren Rijiju took to X and said, “Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July, 2024.” Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget,… — Kiren Rijiju (@KirenRijiju) July 6, 2024 × Notably, Sitharaman, appointed as Finance Minister for a second consecutive term, will become the first to present seven Union Budgets in a row, surpassing Morarji Desai, who presented six consecutively. Also read: Outrage in India as telecom giants hike prices: #BoycottJio trends on X Earlier, President Droupadi Murmu had indicated that the upcoming Budget would be ‘historic’ and carry ‘major social and economic decisions’. Sitharaman had presented an interim budget in February ahead of the Lok Sabha elections. The interim budget presented in February saw a lower FY25 fiscal deficit target of 5.1 per cent of the GDP. The government had announced no changes in the tax slabs in both the old and new regimes. While addressing a joint sitting of Parliament, the finance minister had said key social and economic decisions will be the highlight of the Budget. “This Budget will serve as an effective document of the government's far-reaching policies and futuristic vision. It will include major economic and social decisions, along with many historic steps. The pace of reforms will be further accelerated, aligning with the aspirations of the people of India for rapid development,” she said on June 27. Sitharaman also held a meeting with finance ministers of several states and Union Territories towards the end of June to take proposals for the upcoming Union Budget. (With inputs from agencies)

Indian Finance Minister Nirmala Sitharaman to present budget on July 23

Now, we look at what analysts expect from the new coalition government's full budget. India's upcoming budget is expected to continue prioritising capital expenditure, given the government's emphasis on large-scale infrastructure projects. Take a look at this next report for more.

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The government's upcoming budget is expected to prioritise rural demand due to its crucial role in economic growth. As rural areas make up a significant portion of the population, boosting their spending power can drive overall consumption and economic activity. To address this, the budget is anticipated to increase funding for rural schemes.

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As the Narendra Modi-led NDA government prepares its first full budget in its third term, investors are hopeful for relief in capital gains taxes. Simplifying long-term capital gains could help investors rebalance their portfolios while it could help governments ensure better compliance and more tax collections.

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