The Monsoon Session of Parliament begins today, marked by the Union Finance Minister Nirmala Sitharaman presenting the Economic Survey 2023-24, accompanied by a statistical appendix.
This comes a day before the much-anticipated Union Budget 2024. The Economic Survey provides a comprehensive report on the national economy’s status in the closing financial year.
The upcoming Budget for 2024-25 is significant as it will be the first major economic document of the newly-formed government. It is expected to outline the road map for making India a developed nation by 2047.
The last two budgets witnessed no major changes in taxation policies, except for making the new tax regime the default option and introducing the Standard Deduction feature. Pre-budget expectations focus on tax relief to boost consumption, measures to control inflation, and initiatives to accelerate economic growth.
Over the session, the government plans to introduce at least six Bills, with the session scheduled to continue until August 12. The session promises to be contentious, with a resurgent Opposition expected to maintain its aggressive stance from the previous session in June.
In an all-party meeting on Sunday, opposition leaders expressed their intent to challenge the NDA-led BJP government on issues such as the NEET paper leaks, railway safety, unemployment, and price rise.
The Monsoon Session is poised to be a crucial period for the government, balancing legislative goals while addressing the pressing concerns raised by the Opposition.
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