Prime Minister Narendra Modi headed Union Cabinet convened on the Parliament ahead of the presentation of the Union Budget on Tuesday to approve the Budget. Finance Minister Nirmala Sitharaman is set to unveil the Union Budget for the year 2024-25.
Prime Minister Narendra Modi was reported to have arrived in the Parliament on Tuesday morning to attend the cabinet meeting.
On Monday, Prime Minister Modi had stated that the Economic Survey highlighted the prevailing strengths of the economy and identifies the areas that require further growth and progress as the government “moves towards building a Viksit Bharat”.
Union Ministers including Amit Shah, Rajnath Singh and Pralhad Joshi were also seen arriving in the Parliament for the Cabinet meeting today.
At 11 am, Finance Minister Nirmala Sitharaman will be presenting the Union Budget for the financial year 2024-25.
Earlier on Tuesday, Sitharaman was reported to have met with President Droupadi Murmu before leaving for Parliament.
This marks Sitharaman’s seventh consecutive budget and eclipses the late Moraji Desai’s record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India.
Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of “Sabka Saath Sabka Vikas”.
Union Minister Pralhad Joshi said that this budget would accelerate the country’s economic growth. “The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy,” Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday.
The budget session of Parliament began on July 22 and, according to schedule, will end on August 12.
On Monday, the economic survey presented in Parliament by finance minister Sithraman stated that in the medium term, the Indian economy can grow at a rate of 7 per cent. The economic survey stated, “In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector.
“The survey further added that India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space.
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