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A budget for all: What to expect from Sitharaman's address

Industry leaders like Jasvinder Bedi and Ramesh Alluri Reddy have rightly pointed out the need for a focus on skill development and formal job creation. The staffing industry plays a vital role in this regard and deserves official recognition and support. The upcoming budget must prioritize initiatives that bridge the skill gap and create a workforce ready for the demands of the modern economy.

News Arena Network - New Delhi - UPDATED: July 4, 2024, 03:03 AM - 3 mins read

As the Monsoon Session of the Parliament gears up to begin on July 22, the nation eagerly awaits the presentation of the Union Budget 2024 by Finance Minister Nirmala Sitharaman. This event is more than just a routine fiscal exercise, it marks a historic occasion as Sitharaman becomes the first finance minister to present seven consecutive Union Budgets.

A budget for all: What to expect from Sitharaman's address


As the Monsoon Session of the Parliament gears up to begin on July 22, the nation eagerly awaits the presentation of the Union Budget 2024 by Finance Minister Nirmala Sitharaman.

 

This event is more than just a routine fiscal exercise, it marks a historic occasion as Sitharaman becomes the first finance minister to present seven consecutive Union Budgets.

 

Sitharaman's interim budget earlier this year, presented on February 1, was a precursor to the more comprehensive plans expected in the full budget to be announced this July. 

 

Focused on women, the poor, youth, and farmers, it provided a snapshot of the government's priorities. However, the real test lies ahead, as the nation looks for substantive policies that will drive growth, create jobs, and ensure sustainable development.

 

Taxation Reforms

 

The interim budget's emphasis on streamlining taxation is commendable. By scrapping certain categories of outstanding direct tax demands, relief was provided to nearly one crore taxpayers.

 

This move was aimed to simplify the tax system and promote economic activity. However, the salaried class, which often bears the brunt of tax policies, still awaits significant relief.

 

The upcoming budget must address this imbalance for a more equitable tax regime.

 

Agriculture

 

Sitharaman's focus on agriculture, particularly through investments in post-harvest activities and modern supply chains, is crucial. The term "Annadata" featured prominently in her speech highlighted the importance of farmers in the nation's economy. I

 

Initiatives aimed at dairy farmers and fisheries are steps in the right direction, but the sector needs more than just increased spending.

 

Women Empowerment

 

The interim budget's emphasis on women's empowerment, through schemes like "Lakhpati Didi" and healthcare coverage for Asha and Anganwadi workers, signals a commitment to enhancing the socio-economic status of women.

 

The government needs to ensure that these schemes are effectively implemented and reach the intended beneficiaries.

 

Employment and Skill Development

 

Job creation remains one of the most critical challenges. The allocation of significant funds for research, innovation, and infrastructure is a positive step, but the real impact will depend on effective implementation and monitoring.

 

Industry leaders like Jasvinder Bedi and Ramesh Alluri Reddy have rightly pointed out the need for a focus on skill development and formal job creation.

 

The staffing industry plays a vital role in this regard and deserves official recognition and support.

 

The upcoming budget must prioritize initiatives that bridge the skill gap and create a workforce ready for the demands of the modern economy.

 

Sitharaman's interim budget speech was replete with references to "development" and "Viksit Bharat 2047," reflecting the government's ambitious vision for a developed India by 2047.

 

This vision requires more than just rhetoric, it demands concrete policies, robust implementation, and a relentless focus on inclusive growth.

 

The full budget presents an opportunity to lay down a detailed roadmap that addresses the immediate economic challenges while setting the stage for long-term prosperity.

 

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