All eyes on first session of new Parliament ..... new Budget by FM Sitharaman will have to deal with joblessness, inflation... other challenges

Nirmala Sitharaman will present her seventh consecutive budget possibly in the third week of July. 

 Finance Minister Nirmala Sitharaman is lucky that she survived as Prime Minister Narendra Modi's key hand in the running of government - Modi 3.0 ... But .... Ms Sitharaman must find ways to stimulate the economy.  

As India is aspiring to become a $7 trillion economy by 2030, the logistics industry is set to play the role of a growth catalyst which will usher in the new era of economic progress. For that, the logistics industry requires consistency in policy, technology and infrastructure-led reforms. 

It is extremely encouraging to note that the NDA government in its third consecutive term has emphasised on the continuity and stability in the decision-making and policy measures and we expect the reflection of that intent in the full Budget.

Challenges are complex and multiple any Finance Minister of India.

But this time ... she is a continued Finance Minister ... even after electoral setback primarily in three major states of UP - that sends 80 MPs, Maharashtra with 48 MPs and West Bengal with 42 lawmakers.

FM will have to make higher social spending and higher capex outlays in her upcoming budget 

next month.

Considering the global slowdown, it will be challenging. 

People will have to agree that there is no quick-fix for rising unemployment.

Any FM in India needs to steer inflation to 'tolerable levels'. And then there is more whispering that the NPAs could be returning to the banking system. This too will have medium and long term impacts. 

One of the chief challenges thrown by the Opposition against the Modi regime during elections was that the BJP was going close to rich. This is entirely falsehood. 

The fact of the matter is the biggest beneficiaries 'Labh-hartis' of the Modi regime are the poor - Hindus - castes did not matter and also Muslims and Christians. But the motivated campaign and 'false alarm' by overseas channels, vested interest and Sickluar ecosystem were successful in their misleading adventurism. 

According to the IMF, India has sharply brought down extreme poverty. Another World Bank working paper said that the number of those suffering extreme poverty in India dropped from 22.5 percent in 2011 to 10.2 percent in 2019. 

But yet Modi paid a heavy price and falsehood thrived. 

Blogger 

In the Budget 2024-25, the government may prioritise tax cuts over increased welfare spending.

Budget 2024 is anticipated to introduce reforms to the income tax structure in India, focusing on reducing taxes for lower income brackets to stimulate consumption.  

India has set a goal of becoming a USD 5-trillion economy and achieving 'Developed India' status by 2047. 

The RBI forecasts a 7.2% economic growth this fiscal year, driven by rural demand and easing inflation.

India's economic policies have garnered positive feedback, with S&P upgrading the sovereign rating outlook to positive, contingent on meeting fiscal targets. However, non-tax revenue remains a challenge, except for the strategic disinvestment of Air India.  

Moneycontrol reports quoting government officials, that the Centre plans to raise the income threshold before any tax is levied from ₹3 lakh to ₹5 lakh in the upcoming budget. 

This change will apply only to those filing returns under the new tax regime.