New Delhi: Union Finance Minister Nirmala Sitharaman will present the budget for the year of 2024-25, is the first budget of Modi 3.0 on Tuesday.  The pre-Budget Economic Survey has forecast 6.5-7 per cent growth for fiscal 2025.

Union Finance Minister Nirmala Sitarama is likely to give tax incentives for new manufacturing facilities and encourage local procurement across sectors to create jobs in the budget.

Whether she will announce tax relief for the middle class will be the most anticipated part in her Budget speech. The middle class got nothing in the pre-election interim Budget, and so their expectations are high. The Modi Government has put a lot of focus on developing infrastructure. The Government’s planned CAPEX is at ₹ 11.1 lakh crore, higher than ₹ 9.5 lakh crore in the last fiscal. The government has been pushing infrastructure creation and also incentivizing states to step up CAPEX.

She has indicated she would announce steps to boost micro, small and medium enterprises (MSMEs) which form a chunk of the country’s growth engine. MSMEs have room for growth in defence, electronics, and electric vehicle (EV) manufacturing.

PM Modi had said the Economic Survey highlighted the strengths of the Indian economy and showcased the outcomes of his government’s reforms. It also identifies areas for further growth and progress as we move towards building a Viksit Bharat, he added.