The Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman at 11 am today. It is Ms Sitharaman's seventh Union Budget since 2019. According to Article 112 of the Constitution, the government is required to present a statement of estimated income and expenses for each financial year, which runs from April 1 to March 31, to parliament. Budget 2024 comes at a time when the Indian economy has clocked 8.2 per cent growth in 2023-24 and inflation is coming down to below 5 per cent. The RBI has pegged economic growth this year at over 8 per cent. The fiscal deficit has also reduced from over 9 per cent of the Gross Domestic Product (GDP) in 2020-21 to the targeted level of 5.1 per cent for 2024-25, which has strengthened the economy's macroeconomic fundamentals. The industry expects key announcements to improve infrastructure while the middle class is hopeful the government would reduce taxes or at least increase the tax slab ceiling so that lower income groups who were earlier within the tax bracket are excluded now. A higher income tax exemption will allow more disposable income, leading to better spending. The micro, small and medium enterprises (MSME) sector expects to hear about a low-cost credit scheme; if this happens, it could be a game-changer for the future of MSMEs in India. With soaring property prices over the past few years and rising inflation, the government could announce an extension of this limit to give relief to taxpayers, which may boost the real sector's performance. The Budget will likely focus on job creation and tax sops in the first year of the Modi 3.0. It is also likely to strike a balance between capex spending and addressing rural challenges, suggest analysts. The government may also continue providing food and fertiliser subsidies to the section of citizens whose purchasing powers have been impacted by elected inflation levels.