Finance Minister Nirmala Sitharaman Presents Union Budget 2024
Finance Minister Nirmala Sitharaman will present the Union Budget for the seventh consecutive time today. People are hopeful for reductions in LPG and petrol prices and revisions in the income tax slab.
Expectations from Howrah Residents
Amit Sharma, a resident from Howrah, expressed his hopes for a better budget than the previous year. He expects the government to revise the tax slab and reduce the prices of petrol and LPG. He also noted improvements in railway connectivity over the past 5-10 years.
Komal Singh, another local from Howrah, emphasized the need to reduce gas cylinder prices and control inflation, highlighting the difficulties faced by women due to high gas prices.
Views from Chennai
Mahavir Dugar, a resident of Chennai, is optimistic about the budget. He believes the budget will be good and expects the government to offer concessions, especially with upcoming assembly elections. He noted that the economy is growing and people’s incomes have increased.
Budget Presentation Details
At 11 am today, the much-awaited full budget for 2024-25 will be presented in Parliament. This budget is the first under the Modi 3.0 government. Nirmala Sitharaman will lay out the estimated receipts and expenditures for the year 2024-25 in both the Lok Sabha and Rajya Sabha. The economic survey presented by the Finance Minister suggests that the Indian economy can grow at a rate of 7% in the medium term.
Doubts Revealed
Finance Minister -: The Finance Minister is a person in the government who is responsible for managing the country’s money and finances. In India, this person is Nirmala Sitharaman.
Union Budget -: The Union Budget is a plan made by the government about how it will earn and spend money in the coming year. It includes details about taxes, expenses, and financial goals.
LPG -: LPG stands for Liquefied Petroleum Gas. It is a type of gas used for cooking and heating in many homes.
Income tax slabs -: Income tax slabs are different levels of income that are taxed at different rates. For example, people who earn more money might have to pay a higher percentage of their income as tax.
Inflation -: Inflation is when the prices of goods and services go up over time. This means that the same amount of money buys less than it used to.
Economic survey -: An economic survey is a report that gives information about the country’s economy, like how much it is growing and what challenges it faces.
7% growth rate -: A 7% growth rate means that the economy is expected to grow by 7% over a certain period. This is a measure of how much more goods and services the country is producing.