Union Budget 2024 may see Modi government fasttracking reforms to focus on unfinished agenda from previous term
Narendra Modi would likely focus on undertaking reforms to take care of unfinished agenda from his previous term.
«The Union Budget 2024-25 is significant being the first from new regime. The focus will be on taking the unfinished agenda and fast tracking some of the pending reforms,» Jiten Doshi, Co-founder & CIO, Enam AMC told ETNow.
«One can expect special focus to boost the income opportunities at the bottom of the pyramid, rationalization of taxes, driving capex cycle (public and private) while maintaining the balance on twin deficits,» he added.
Doshi says one can also expect a special focus on sectors that can support self-dependency through import substitution and cater large domestic market.
Budget 2024 reforms
PM Modi during his elections speeches said that if voted to power, the electorate could expect strong economic reforms in the coming years as the nation attempts to become a developed economy by 2047.
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One highlight of the Modi government, as per economists, has been their focus on fiscal consolidation. Fiscal deficit has been brought under control from Covid-era highs to 5.8 per cent of GDP in FY24.
The government intends to bring the fiscal deficit below 4.5 per cent of GDP by the financial year 2025-26. In the Interim Budget earlier this year,
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