UNION BUDGET EXPECTATIONS 2024

UNION BUDGET EXPECTATIONS 2024

Thursday, January 25 2024

The Budget 2024, which is actually a ‘Vote on Account’, will be presented against the backdrop of decelerating global growth because of geopolitical tensions and the lagged effect of cumulative tightening of the central banks. While the US would outperform Europe, China’s growth momentum could peter out in the second half of 2024. UK’s recessionary concerns stem from shrinkage of UK’s GDP by 0.1% in Q3 of 2023.

India has been the fastest-growing major economy for the third successive year. Despite global headwinds, including geo-political realignment, India’s economy would continue its strong and resilient growth of 6.7% in FY 2024 and 6.2% in FY 2025. The first Advance Estimates of National Income 2023-24 placed macro-economic growth at 7.3% in FY 24 vis-a-vis 7.2% last year. However, the nominal GDP growth is estimated at 8.9% as against 16.1% in FY 23. These are likely to change following improved data coverage, actual tax collection and expenditure on subsidies, etc.

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