New Delhi. Addressing a joint session of Parliament on Thursday, President Draupadi Murmu declared that the upcoming Union Budget will be a visionary document. She said the budget will include provisions to speed up all reforms. Congratulating the newly elected MPs in his first address after the formation of the 18th Lok Sabha, the President emphasized that the representatives of the people will act as a medium to fulfill the aspirations of the Indian people. The President highlighted that the new government will present the first budget of its tenure in the upcoming session. This budget is expected to be a strong document reflecting the long-term policies and vision of the government. It will include many historic steps as well as important economic and social decisions. The President said that India is performing exceptionally in various sectors. He expressed pride in India’s strong performance in digital payments on the global platform.
#WATCH President Droupadi Murmu addresses a joint session of both Houses of Parliament, she says “Today, India is performing well in many areas. If India performs well in the world in terms of digital payments, then we should be proud. If Indian scientists successfully landed… pic.twitter.com/XtG0nBxA2u
— ANI (@ANI) June 27, 2024
India emerged as the fastest growing economy
Speaking about the Indian economy, President Murmu said that due to the principles of “Reform, Perform and Transform”, India has become the fastest growing economy in the world. Over the past decade, India has grown from the 11th to the 5th largest economy globally. This achievement has come amid ongoing challenges like the COVID-19 pandemic and various conflicts across the world affecting the global economy. This progress has been made possible by the reforms and decisions taken in the national interest in the last 10 years. Today, India contributes 15% to global growth. The President affirmed that her government is working towards making India the third largest economy in the world.
Big expectations from the government in the budget
The government is expected to announce a cut in income tax rates for certain categories of individuals in this year’s Union Budget. Experts suggest that new income tax slabs are likely to be introduced. A cut in personal taxes could boost consumption in the economy and increase savings for the middle class. There are discussions about giving income tax exemption to people earning more than Rs 1.5 million annually. The government may also consider reducing the income tax slabs for those earning up to Rs 1 million annually.