Budget 2024 Updates: Tourism likely to be the Highest Contributor of GDP by 2030

Budget 2024 will soon be announced on February 1, 2024, by the finance minister Nirmala Sitharaman of the Modi government’s second five-year term.

Written by: Supriya Kadu

Edited by: Krutarth Ghosalkar

Last Updated: January 24, 2024

Summary: Budget 2024 will soon be announced on February 1, 2024, by the finance minister Nirmala Sitharaman of the Modi government’s second five-year term.

Our finance minister Nirmala Sitharaman, on the first of February will be introducing this year's budget for the financial year 2024-25. The budget will be disclosed by the incoming government with the upcoming general election in April-May.

A budget session of parliament would be held on January 31 followed by the announcement the next day.

It is to be believed that tourism could be the biggest contributor to the GDP by 2030.

Lets us Know the Importance of Union Budget

Union budget, also known as the financial statement for the year. It’s a statement of the assessed expenditure and receipts of the government for a particular year.

The Union Ministry of Finance is responsible for the preparation of the union budget and it is tabled by the union finance minister in the Lok Sabha.

It acts as a deciding factor for the government's fiscal policies for the next year. It is the most important aspect of financial planning and policy making decisions.

Earlier union budgets were announced on April 1, but since last year, after Arun Jaitley announced the budget a month earlier on February 1, this year’s budget will also be announced on the same date. It gives extra time to prepare policies and discuss the changes to make for the upcoming financial year.

Union minister Nirmala Sitharaman said this about last year’s union budget, “It helps to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. We visualize a prosperous and inclusive India, in which the fruits of development reach all regions and citizens.”

Key Areas to Look Out for Budget 2024:

● Promoting the National Pension System (NPS) and offering tax concessions to senior citizens above the age of 75.

● Employment generation through the manufacturing sector.

● Access to institutional credit for the farmers.

● Government might impose a 15% income tax rate on corporate sectors if they are to set up manufacturing units to promote private investments.