Budget 2024: Major Announcements Expected on July 23, PM Kisan Samman Nidhi Scheme and Various Sectors

The budget session for the fiscal year 2024-25 will run from July 22 to August 12, with Finance Minister Nirmala Sitharaman presenting the budget on July 23. The government is anticipated to make significant announcements regarding social security schemes such as the New Pension System and Ayushman Bharat. Given the concerns about inflation, the government's primary focus will be on addressing these critical issues. Relief in terms of income tax appears unlikely. Instead, the emphasis will be on boosting the economy through increased infrastructure spending, enhanced allocations for rural and agricultural sectors, and measures to support micro and small industries.

Key Announcements Expected for PM Kisan Samman Nidhi Scheme

As the Union Budget is set to be presented on Tuesday, July 23, all eyes will be on Finance Minister Nirmala Sitharaman and her announcements for the agricultural sector. There is speculation that the government may increase the annual amount provided under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme. Currently, farmers receive an annual sum of ₹6,000, which may be increased to ₹8,000. So far, 17 installments of this scheme have been disbursed.

Government Focus on Infrastructure

The government's focus on infrastructure development remains strong. The Confederation of Indian Industry (CII) has urged the government to rationalize land stamp duty and eliminate cross-subsidies on electricity tariffs to reduce the cost of doing business. Additionally, CII has suggested bringing captive power plants (CPPs) on par with the power sector in terms of coal pricing, allocation, and transportation.

Overall, the budget aims to balance social welfare with economic growth. By addressing social security, supporting farmers, and focusing on infrastructure, the government seeks to foster a robust economic environment. The detailed budget announcements on July 23 will provide more clarity on these anticipated measures and their potential impact on the nation.