Reduction of LPG prices; revision of tax slabs: Expectation from 2024 Budget

Finance Minister Nirmala Sitharaman will on Tuesday present the Union Budget for the seventh consecutive time and the people expect LPG and petrol prices to be reduced and the income tax slab to be revised.“We are expecting the budget to be better than the previous year. The tax slab should be revised by the government. We expect the prices of petrol and LPG to be reduced. The connectivity of railways has improved in the last 5-10 years, this should continue…,” Amit Sharma, a resident from Howrah said speaking to ANI.

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Another resident expected the government to reduce the prices of gas cylinders and to control inflation.

“The first thing is that the prices of gas cylinders should be reduced. Women face a lot of difficulties because of this. We expect inflation should be controlled,” Komal Singh, a local from Howrah said. Meanwhile, a resident of Chennai was optimistic about the budget.”We are waiting for the Nirmala Sitharaman’s budget. I think, this time also the budget will be good. People are upset in the villages and I think, assembly elections are there and hence they must improve. They’ll give a lot of concessions, the economy is growing and people needn’t worry. Everybody’s income has increased,” Chennai resident Mahavir Dugar said speaking to ANI. Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai’s record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India.

At 11 am today, the much-awaited full budget for 2024-25, the first under the Modi 3.0 government, will be presented on the floor of the Parliament.

All eyes will be on the major announcements made by the finance minister and the government’s forward-looking guidance about the overall economy.

Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha.

She will table the budget one hour after the conclusion of the presentation of the Union Budget 2024-25 in the Lok Sabha.

The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement.

The economic survey presented in the Parliament by finance minsiter Nirmala Sithraman says in the medium term Indian economy can grow at a rate of 7 per cent

Earlier, the economic survey presented in the Parliament by finance minsiter Nirmala Sithraman said that in the medium term Indian economy can grow at a rate of 7 per cent.