Full Budget Expectations for Salaried Employees on July 1

New Delhi:

In the second term of the Modi government, Finance Minister Nirmala Sitharaman presented the interim budget for the financial year 2025 on February 1, 2024.

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However, the full budget is now slated to be presented by the new government.

It is anticipated that the full budget will be unveiled on July 1, 2024.

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Special Parliament Session Announced

A special session of Parliament is expected to convene between June 24 and July 3. Sources suggest that this session may witness the presentation of the first budget of the Modi 3.0 government on July 1.

Additionally, the election of the Lok Sabha Speaker is scheduled for June 26, and the President is anticipated to address the House on June 27.

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Achievements Under Nirmala Sitharaman’s Leadership

Nirmala Sitharaman has been reappointed as the Minister of Finance and Corporate Affairs in the Modi 3.0 government,

reflecting confidence in her ability to manage the country’s economic policy and corporate governance effectively.

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Under her leadership, India’s economy achieved a robust GDP growth of 8.2 percent in 2023-24, outpacing major economies worldwide.

Moreover, the inflation rate has dropped below 5 percent.


Strengthening the Economy

During Sitharaman’s tenure, the fiscal deficit has decreased from 9 percent of GDP in 2020-21 to 5.1 percent for 2024-25, signaling a stronger economic foundation.

S&P Global Ratings has upgraded India’s sovereign rating outlook from ‘stable’ to ‘positive,’ citing the country’s improved financial position and robust economic growth.


Expectations of the Salaried Class

The interim budget did not address the concerns of the salaried class, leading to heightened expectations from the upcoming budget.

Salaried individuals anticipate revisions in both the old and new tax regimes.

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Under the new tax regime, the exemption limit for the salaried class is expected to rise from Rs 7 lakh to Rs 8 lakh.

Additionally, relief is sought in the old tax regime, with hopes for an increase in the tax exemption from Rs 2.5 lakh to Rs 3 lakh.

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