Finance Minister Nirmala Sitharaman Heads to Present Union Budget 2024-25

Finance Minister Nirmala Sitharaman on Tuesday left the North Block offices of the Finance Ministry with a copy of the Union Budget 2024-25, which, as has been the tradition, is in a digital format. Ahead of the budget presentation, Minister Sitharaman headed to Rashtrapati Bhavan to meet with President Droupadi Murmu.

The Finance Minister, along with her team, posed for a photo opportunity with the red ‘Bahi Khata’ digital tablet before they left for Rashtrapati Bhavan.

Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and surpassing the late Morarji Desai’s record of six consecutive budgets. This budget is likely to focus on changes in the income tax structure and improving the ease of doing business in India.

Speaking to 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.”

The budget session of Parliament began on July 22 and, according to the schedule, will end on August 12.

On Monday, the Economic Survey presented in Parliament by Finance Minister Nirmala Sitharaman stated that in the medium term, the Indian economy can grow at a rate of 7 percent.

The Economic Survey stated, “In the medium term, the Indian economy can grow at a rate of 7 percent 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.

It suggested that the government’s focus must shift to bottom-up reforms and strengthening governance to ensure that the structural reforms of the past decade result in strong, sustainable, balanced, and inclusive growth.

According to the Survey, the growth strategy for the medium term, termed “Amrit Kaal,” hinges on six critical areas. First, there must be a deliberate focus on boosting private investment. Second, the growth and expansion of India’s MSMEs (Mittelstand) should be a strategic priority. Third, the potential of agriculture as an engine of future growth must be recognized, with policy impediments removed. Fourth, securing the financing of India’s green transition is essential. Fifth, bridging the education-employment gap is necessary. Finally, focused building of state capacity and capability is required to sustain and accelerate India’s progress.

(With ANI Inputs)
Also Read: India’s 2024-25 Budget Outlook: Focus on Capital Expenditure and Taxation Reform