Union Budget 2024: Comprehensive Analysis

• Overview

The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, aims to balance growth with fiscal prudence while addressing key sectors. The budget includes changes in tax regimes, import duties, and measures to boost domestic industries and financial markets.

• Pros

The budget brings several benefits, especially for the middle class and domestic industries. The capital gains exemption limit has been raised to ₹1.25 lakh per year, and the standard deduction for salaried employees has increased from ₹50,000 to ₹75,000.

These measures are expected to provide significant tax relief. Additionally, the customs duty on gold and silver has been reduced to 6%, which could boost retail demand and curb smuggling.

• Cons

However, the budget also has its drawbacks. The increase in securities transaction tax (STT) on futures and options trade aims to discourage retail investment in these risky instruments but may also reduce market participation.

Moreover, the opposition has criticized the budget for not adequately addressing fiscal deficit concerns and providing sufficient relief to the common man.

• Opposition Criticism

Opposition leaders like Rahul Gandhi and Manish Tewari have termed the budget as lacking substance and failing to address key issues such as employment and inflation. They argue that the budget is more of a political statement rather than a practical solution to economic challenges.

• Benefits to Middle Class vs. Rich

The budget provides mixed benefits across different economic strata. While the middle class enjoys tax relief and reduced import duties on essential goods, the increase in STT may affect wealthier investors more significantly. Additionally, the budget's focus on promoting domestic manufacturing and reducing import duties on critical minerals could benefit industries and create jobs, indirectly aiding the middle class.

• Conclusion

The Union Budget 2024 presents a balanced approach to fiscal management and economic growth. While it brings several benefits, particularly for the middle class, it also faces criticism for its perceived lack of depth in addressing broader economic issues. The success of the budget will depend on its implementation and the government's ability to navigate the economic challenges ahead.

References: (https://www.livemint.com/budget/budget-2024-for-common-man-complete-list-of-whats-cheaper-dearer-with-modi-3-0s-first-union-budget-11721714371025.html).

(https://www.livemint.com/budget/budget-2024-for-common-man-complete-list-of-whats-cheaper-dearer-with-modi-3-0s-first-union-budget-11721714371025.html).

(https://www.indiatoday.in/india/story/budget-2024-opposition-reacts-congress-india-bloc-interim-budget-nirmala-sitharaman-2496183-2024-02-01)

(https://www.dnaindia.com/india/report-lop-rahul-gandhi-slams-fm-nirmala-sitharaman-s-union-budget-2024-calls-it-kursi-bachao-3098049)

(https://www.dnaindia.com/india/report-lop-rahul-gandhi-slams-fm-nirmala-sitharaman-s-union-budget-2024-calls-it-kursi-bachao-3098049).

(https://www.livemint.com/budget/budget-2024-for-common-man-complete-list-of-whats-cheaper-dearer-with-modi-3-0s-first-union-budget-11721714371025.html).

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