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With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

As expected and in relief for the citizens, the central government neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>. "Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties," Sitharaman said in her Budget speech on Thursday. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as well as tax exemption on certain income of some IFSC units are expiring in March 2024. To provide continuity in taxation, she proposed to extend the date by another year. Moreover, in line with the government's vision to improve ease of living and ease of doing business, she announced to improve tax-payer services. "There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax-payers and hindering refunds of subsequent years," she said. She proposed to withdraw such outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. "This is expected to benefit about a crore tax-payers," she added. Presenting the Union Budget 2023, Sitharaman on Thursday pegged the fiscal deficit target for 2024-25 at 5.1% of gross domestic product (GDP). In 2023-24, the government pegged the fiscal deficit target for 2023-24 at 5.9% of gross domestic product (GDP). Today, Sitharaman said that the fiscal deficit of 2023-24 was downwardly revised to 5.8%. The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may be needed by the government. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. A capital expenditure, or capex, is used to set up long-term physical or fixed assets. Last year, which was the last full Budget under the Prime Minister Narendra Modi-led government's second term, the government proposed to increase capital expenditure outlay by 33% to Rs 10 lakh crore in 2023-24, which was estimated to be 3.3% of the GDP. With the substantial increase in capex, it is central to the government's efforts to enhance growth potential and job creation, crowd in private investments and provide a cushion against global headwinds. The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July. With this Budget Presentation, Sitharaman equalled the record set by former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. The Indian economy is projected to grow close to 7% in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2% in 2022-23 and 8.7% in 2021-22. The Indian economy is expected to grow 7.3% in the current financial year 2023-24, remaining the fastest-growing major economy.

FM Nirmala Sithraman keeps tax slabs unchanged

<ul class="summary-list"><li>Business Insider looked at how young adults aged 25 to 34 spent their money in 1989 compared to 2022.</li><li>The findings show us how prices and habits changed since boomers were young adults.</li></ul>In 1989, you could see "Batman" and "When Harry Met Sally" in the movie theater. People wore <a target="_blank" href="https://www.businessinsider.com/i-tried-to-live-like-i-was-in-the-80s">brightly colored fashion</a> and bought <a target="_blank" href="https://www.businessinsider.com/nintendo-game-boy-history-evolution-ds-3ds-switch-2019-4">Nintendo Game Boy</a> consoles.In 2022, many people were still <a target="_blank" href="https://www.businessinsider.com/dream-job-in-office-work-full-time-flexibility-benefits-2024-3">working from home</a> amid the pandemic's disruptions to the workplace. They were wearing a lot of athleisure, and perhaps venturing back to movie theaters — this time to see "The Batman."In the intervening 33 years, how young adults spent their money changed dramatically. Business Insider analyzed spending data for young adults aged 25 to 34 in 1989 — which would cover part of the <a target="_blank" href="https://www.businessinsider.com/typical-baby-boomer-net-worth-debt-real-estate-retirement-2021-12">baby boomer generation</a> — and in 2022 — which would largely be people of the <a target="_blank" href="https://www.businessinsider.com/millennials-annual-income-price-of-happiness-wealth-retirement-generations-survey-2023-11">millennial</a> generation — on various kinds of food, housing, education, and more.Young adults in 1989 were spending more — when adjusted for inflation — on beef, alcohol, and homes they owned than this age group decades later in 2022.Here's how expenditures looked between the two:For this analysis, Business Insider compared average annual expenditures for <a target="_blank" href="https://www.bls.gov/cex/csxgloss.htm">households</a> that were headed by 25- to 34-year-olds in 2022 to similar 1989 households. We used data from the Consumer Expenditure Surveys program published by the Bureau of Labor Statistics, or BLS. BI calculated inflation-adjusted figures for 1989 using <a target="_blank" href="https://www.bls.gov/cpi/">consumer price index</a> data to put those costs into 2022 dollars.We wanted to examine how spending for baby boomers when they were young adults compared to millennials who were around the same age in 2022.The differences in average spending between young adults in 1989 and 2022 could be due to changes in prices or shifting habits.Take a look at rented dwellings, for example. The <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://fred.stlouisfed.org/series/CUUR0000SEHA">consumer price index data for rent of primary residence</a> suggests a lot of the increase between 1989 and 2022 is because of price increases but can also be explained by young adults being more likely to rent apartments.Millennials and <a target="_blank" href="https://www.businessinsider.com/gen-z-working-to-live-rather-than-living-to-work-2024-1">Gen Zers</a> also have different habits and living situations than their parents' generations. For example, millennials are finding it hard to become <a target="_blank" href="https://www.businessinsider.com/millennials-house-home-real-estate-mortgage-rates-rent-debt-boomers-2022-9">homeowners</a> in the US. <a target="_blank" href="https://news.gallup.com/poll/509690/young-adults-drinking-less-prior-decades.aspx">Young adults who drink alcohol are consuming fewer alcoholic drinks</a> on average than older peers in 2021-2023 or young adults back in 2001-2003, and diets have changed.Taken together, the data offers a window into how young adults' budgets have changed over the last three decades, either due to rising costs for things like healthcare, seafood, fresh fruits, housing, and used vehicles, or due to changing habits and lifestyles. Below is a closer look at what's going on. <h2 id="c8ec59cd-d329-4fbf-8c48-7568d2b85e03">Millennials are spending a lot more on healthcare and rented housing</h2>Health insurance spending stands out between the average young adult in 1989 versus in 2022. After adjusting for inflation, the average young adult spent $755 in 1989. In 2022, it was over 200% higher.A Bureau of Labor Statistics <a target="_blank" href="https://www.bls.gov/opub/btn/volume-12/how-did-the-covid-19-pandemic-affect-healthcare-spending.htm">report</a> from November 2023 by Grace Hill looked at the effects of the pandemic on healthcare spending overall and broken down by age groups and other groupings."The only age groups to increase overall healthcare spending in 2020 were the 25–34- and 45–54-years age groups," the report stated. "These age groups had the largest increases in health insurance expenditures: the largest component in healthcare spending."Additionally, young adults in 2022 were spending more on rent and related expenses than was the case in 1989. Based on average data, young adults were spending roughly 60% more on apartments and other rented housing.<h2 id="0ff748d5-9c31-4517-a485-9e80a72ee47f">Millennials are spending less on used vehicles and mortgage interest</h2>The average young adult in 2022 spent more on gas and motor oil than this group in 1989. However, they weren't spending as much on used cars and trucks.Data not adjusted for inflation shows that used cars and trucks expenditures increased more than the CPI for used cars and trucks between 1989 and 2022.A December <a target="_blank" href="https://www.bls.gov/opub/reports/consumer-expenditures/2022/home.htm">BLS report</a> about consumer expenditures said households in general, not just among young adults, spent more in 2022 on rent and related expenses and owned homes than in 2021."High home prices, high mortgage lending rates, and particularly high rental rates for apartments placed upward pressure on spending over the year," the BLS report said. "Mortgage interest and principal payments are essential expenditures for owned dwellings, and a rapidly changing mortgage environment sent an exogenous shock through the market."The report added that the high 30-year fixed rate mortgage in 2022 led to "consumers on the margin out of owned dwellings and into the rental market."While BLS doesn't directly track price changes for owned housing, it approximates them with a measure of owners' equivalent rent of residences, which is up over 160% between 1989 and 2022. Meanwhile, young adult spending for owned dwellings was up over 120% before adjusting 1989 expenditures for inflation.<h2 id="22a433a5-514a-4ec4-aa67-c64ab853a237">Young adults in 2022 spent more money on fresh fruits, vegetables, and seafood</h2>Young adults in 1989 were spending less on fresh fruits and vegetables — as well as processed vegetables — than those in this age range decades later. The average young adult in 2022 spent 71% more on fresh fruits than their counterparts in 1989. Plus, the average young adult in 2022 spent 22% more on fish and seafood and 4% more on poultry.While not the exact years we looked at for our analysis, an analysis from the <a target="_blank" href="https://www.pewresearch.org/short-reads/2016/12/13/whats-on-your-table-how-americas-diet-has-changed-over-the-decades/">Pew Research Center</a> shows how food consumption has changed between 1970 and 2014 including a big increase in chicken and cheese per year.We can also look at consumer price index data to see how inflation impacted food spending. Before adjusting 1989 data for inflation, young adults in 2022 spent 304% more on fresh fruits than young adults in 1989. Over that period, prices for fresh fruits based on CPI were up by nearly 170%, meaning that while part of the change in spending between the two years can be explained by price increases, young adults were also eating a lot more fresh fruit in 2022 than in 1989.<h2 id="4a62dd21-8983-457f-80b3-798e0dfc5e5d">In 2022, young adults spent less on alcohol, beef, and dairy products</h2>Average annual spending data shows that the average young adult in 2022 spent almost 40% less on beef than the average young adult in 1989. The average young adult also spent around 55% less on fresh milk and cream. The Pew Research Center report mentioned earlier also showed people were eating a lot less beef in 2014 than in 1970. The same was true for drinking milk.Based on our analysis, the average young adult in 2022 was spending more on nonalcoholic beverages and less on alcoholic beverages than the average young adult in 1989. A <a target="_blank" href="https://news.gallup.com/poll/509690/young-adults-drinking-less-prior-decades.aspx">Gallup post</a> shows alcoholic beverage drinkers who were between 18 and 34 years old for 2021-2023, which would also include <a target="_blank" href="https://www.businessinsider.com/gen-z-drinking-less-alcohol-bad-news-concert-venues-promoters-2023-6">Gen Z</a>, had an average of 3.6 alcoholic drinks in the past seven days. For 2001-2003, the average consumption was 5.2 alcoholic drinks among drinkers aged 18 to 34.Our analysis shows young adults weren't spending as much on <a target="_blank" href="https://www.today.com/video/why-cereal-is-losing-its-popularity-over-grab-and-go-options-193180229829">cereals</a> and cereal products, which was <a target="_blank" href="https://www.bls.gov/cex/csxgloss.htm#cu">defined</a> as including "ready-to-eat and cooked cereals, pasta, flour, prepared flour mixes, and other cereal products such as cornmeal, corn starch, and rice," in 2022 as young adults in 1989. Based on reporting from multiple outlets, <a target="_blank" href="https://www.wsj.com/finance/investing/cereal-decline-breakfast-trend-6dd591e8">cereal's popularity</a> has fallen while <a target="_blank" href="https://www.washingtonpost.com/food/2023/10/24/breakfast-sandwich-popularity-cereal/">breakfast sandwiches</a>, bars, and other items that are easy to take with you are now favorable.

Millennial vs. boomer budgets: How spending has changed for young adults in the last 30 years 

New Delhi [India], February 1 (ANI): Ahead of the presentation of the interim budget 2024-2025, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> arrived at the Ministry of Finance on Thursday. MoS finance Bhagwat Karad and Pankaj Chaudhary also accompanied her to the finance ministry. The Union Finance Minister will table the interim budget as the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls are due to be held this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and <keyword id="19895369" type="General" weightage="20" keywordseo="rajya-sabha" source="keywords">Rajya Sabha</keyword>. <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy. "The year 2023 was a historic year for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters," she said. The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days. A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President's Address. However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties. In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted. The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The last full Budget of Modi government 2.0 had proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP. It was almost three times the outlay in 2019-20. (ANI)

Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

New Delhi, The <keyword id="2734036" type="PERSON" weightage="20" keywordseo="halwa-ceremony">Halwa ceremony</keyword>, marking the final stage of the Budget making process, was held in North Block on Saturday afternoon in the presence of <keyword id="309842" type="COMPANY" weightage="20" keywordseo="Union-Finance">Union Finance</keyword> and Corporate Affairs Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>. A customary Halwa ceremony is performed every year before the "lock-in" process of the Budget preparations gets underway. This normally happens around middle of January when the exercise to finalise and print budget details starts in the basement of North Block. This year, as the budget is going paperless, the ceremony got delayed since the need for lock-in is not required. The <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword> 2021-22 is to be presented on February 1. The Halwa is prepared in a large utensil in the presence of <keyword id="47209" type="COMPANY" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> officials, including ministers, and sharing the sweet dish is considered auspicious before starting any good work. Due to the Covid-19 pandemic, there was question mark over the ceremony this year. On the occasion, the Finance Ministry also launched the 'Union Budget Mobile App' for hassle-free access to Budget documents by the MPs and the general public using the simplest form of digital convenience. The app facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution. The Budget documents will be available on the app after the completion of the Budget speech by the Finance Minister on February 1. At the Halwa ceremony, Sitharaman was accompanied by Union Minister of State for Finance &amp; Corporate Affairs Anurag Singh Thakur; A.B. Pandey, Finance Secretary &amp; Secretary (Revenue); T.V. Somanathan, Secretary, Expenditure; Tarun Bajaj, Secretary, Economic Affairs; Tuhin Kanta Pandey, Secretary, DIPAM; Debashish Panda, Secretary, Financial Services; K.V. Subramanian, Chief Economic Advisor; Rajat Kumar Mishra, Additional Secretary (Budget) and other officials of the Finance Ministry. Later, Sitharaman reviewed the status of the compilation of the Union Budget 2021-22 and extended her best wishes to the officials concerned. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/recession-in-india-will-end-latest-by-march-says-a-top-economist/articleshow/80399198.cms">Recession in India will end latest by March, says a top economist</a> <a href="https://www.businessinsider.in/tech/news/amazfit-smartwatch-gts-2-review-feature-rich-but-theres-still-room-for-improvement/articleshow/80398998.cms">Amazfit GTS 2 review – feature-rich, but there’s still room for improvement</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-to-soon-introduce-voice-and-video-calls-for-web-multi-device-support-jiomart-integration-and-more/articleshow/80398791.cms">WhatsApp to soon introduce voice and video calls for Web, multi-device support, JioMart integration and more</a>

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Union budget 2024-25 : When will it be presented, what to expect and more

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