The 2024 budget will be released on 23 July 2024, Tuesday. Everyone is curious to know more about this budget update. Finance Minister Nirmala Sitharam will be making the first budget of PM Modi’s third term. Everyone is curious to know about the initiatives and changes in the upcoming budget for the people’s betterment. Apart from that, this budget also plays a special role because it is the first budget of the third term which will set a base for the upcoming five-year trajectory.
Union Budget 2024 Current Updates
Union Budget discussions are going on currently all over India. The recent updates point out the following issues and concerns:
1. Optimism For Economic Growth: According to sources, India can achieve up to 7% of the growth rate in the financial year 2024-25. However, it may range between 6.5% to 7% including the uncertainties.
2. Impacts Of AI On Job Creation: We all know that AI is growing with a fast momentum. However, it may end up creating challenges for the workforce working at all levels. AI is replacing the workforce at all levels. Thus, it may be challenging for the jobs in the coming five to ten years.
3. Impact Of Climate Change On Economic Growth: According to sources, the economic growth of the country will also have to face challenges like climate change. The countries that are already developed did not have the challenges of climate change and geopolitical fragmentation during their growth time. However, developing countries like India that are thinking of becoming Viksit Bharat by 2047 have to go through these challenges. The countries are trying to become net zero all at once. Thus, it is leading to problems with resource availability.
4. Improvement In Farm And Agricultural Policies: The Chief Economic Advisor V Anantha Nageswaran mentions that there are agricultural policies that benefit the farms to some extent. It provides subsidies for water, electricity, and fertilizers. However, there is still a need for improvement in the policies. These benefits might help the farmers but it eventually turns out harmful to the environment. It causes issues like soil fertility degradation, groundwater depletion, pollution, and nutrition imbalance in crop production. The recent reports also point out the groundwater depletion in Punjab.
5. Reliance On Chinese Manufacturing Inputs: India has a huge dependency on Chinese inputs. The CEA also emphasizes ways to increase domestic manufacturing to promote dependence in the country. India has much more imports from China than exports. The budget expects to focus on this cause too.