Union Budget 2024 – A Step Towards Viksit Bharat

The Finance Minister, Smt. Nirmala Sitharaman created history on 23rd July, 2024 by presenting the 7th Union Budget in a row. This was also the first budget of the 3rd term of PM Narendra Modi-led government, and therefore, it attempts to lay a road map for the next five years. The budget has identified 9 priorities for sustained efforts towards ‘Viksit Bharat’. In each of the priority areas, sizable allocations are made, and various schemes are announced to achieve the goals. The government must be complimented for keeping the fiscal deficit in check and clearly listing priorities which will keep the growth momentum high.

The budget claims to focus on employment, skilling, MSMEs, and the middle class. Let’s look at some of these focus areas:

THE MIDDLE CLASS

The general perception of the middle class is that the budget has not given enough to them and, in some sense, taken away more than giving. Various schemes announced by the government are beyond the reach of the middle class due to various conditions attached and red tape. Some of the longstanding expectations of the middle class include restoration of travel concessions to senior citizens, exemption of dividend income/long-term capital gains, higher deductions for school fees paid for children’s education, inc