Confident in their return to power following the Lok Sabha elections, the BJP government under Narendra Modi’s leadership is gearing up for a significant July union budget, poised to unveil major announcements. Prime Minister Modi, speaking at the Network18 Rising Bharat Summit on March 20, expressed his vision of India leading global progress over the next five years, promising unprecedented growth and prosperity.
Emphasizing forward planning, Modi revealed the government’s initiative to draft a roadmap for the next 25 years and outline plans for the initial 100 days of the BJP’s third term in office. A senior government official confirmed the government’s assurance of a return to power and hinted at the upcoming July budget being a substantial event with a plethora of announcements.
Scheduled for July 2024, the new government will present the full-year union budget, following the interim budget announced on February 1, intended to bridge until the new government’s installment.
Anticipating the focus of the forthcoming budget, the government is expected to prioritize further decriminalization of key provisions in laws to enhance the ease of conducting business. Additionally, amendments to the Insolvency and Bankruptcy Code (IBC) are undergoing inter-ministerial discussions to introduce a fast-track mechanism, facilitating project-wise resolutions for distressed real estate firms.
In the realm of education, efforts to attract foreign universities to establish campuses in India may see policy announcements aimed at expediting the process. Furthermore, the government is contemplating bolstering the Companies Act to hold directors accountable for corporate governance lapses, with a review of the related party clause prompted by governance issues at companies like Byju’s and Zee.
Addressing concerns regarding Special Economic Zones (SEZs), the government is likely to introduce provisions in the Development of Enterprise and Services Hub (DESH) Bill to streamline company exits from SEZs, replacing the existing SEZs Act to facilitate smoother transitions.