Finance Minister Nirmala Sitharaman is going to present the general budget today. In this budget, there may be an increase in capital expenditure in the full budget for the financial year 2024-25. Also, the government may announce an initiative to adopt a more standardized approach to taxation. Moody’s Analytics has expected this from the budget to be presented. According to Bhasha news, Moody’s Analytics economist Aditi Raman says that after losing its absolute majority in the Lok Sabha in June, Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) will try to instill public confidence in the new coalition government.
No major change is expected in economic policy
According to the news, Raman said that tax rates were kept intact in the interim budget but any increase in planned government expenditure would require more tax through direct or indirect taxation to prevent the deficit from widening. He said that no major change is expected in India’s economic policy at the moment. This post-election budget will strengthen the goals set earlier. Earlier, the interim budget emphasized spending on infrastructure, support to the manufacturing sector and fiscal prudence.
There will be an emphasis on continuing the policies
Moody’s Analytics said the budget will have an impact on business and consumer confidence. The budget will maintain or perhaps even increase funding for capital expenditure on infrastructure and production-linked incentive schemes. Raman said the budget is likely to introduce a more standardized approach to taxation, but the broader emphasis will be on continuation of policies.
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