Union Budget 2024: Nirmala Sitharaman Presents Historic Budget

Union Budget 2024: Nirmala Sitharaman Presents Historic Seventh Budget Focuses On Tax Reform, MSP Increases, And Economic Growth Amid Global Uncertainty

At 11 a.m., Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25. Earlier that day, Sitharaman met with President Droupadi Murmu before heading to Parliament. This marked Sitharaman's seventh consecutive budget, surpassing the late Morarji Desai's record of six consecutive budgets. The budget will focus on changes to the income tax structure and improving the ease of doing business in India.

At 11 a.m., Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25. Earlier that day, Sitharaman met with President Droupadi Murmu before heading to Parliament. This marked Sitharaman’s seventh consecutive budget, surpassing the late Morarji Desai’s record of six consecutive budgets. The budget will focus on changes to the income tax structure and improving the ease of doing business in India.

In a dynamic address following the presentation of the Union Budget 2024-25, Finance Minister Nirmala Sitharaman expressed gratitude for the continued trust the people of India have placed in Prime Minister Narendra Modi, who has been re-elected for a historic third term.

Sitharaman highlighted that while the global economy is showing some improvement, it remains fraught with uncertainty. Despite these challenges, India’s economic growth stands out as a notable exception, with inflation remaining low and moving towards the 4% target, alongside a co-inflation rate of 3.1 percent.

Sitharaman emphasized the need to focus on the country’s poor, youth, women, and farmers, announcing higher minimum support prices (MSPs) for all major crops, in line with the promise of a 50% increase in MSP costs. The budget’s theme centers on employment, skill development, MSMEs, and the common man, with a special focus on generating opportunities across sectors.

A significant component of the budget is the announcement of a package of five schemes aimed at providing employment to 4.1 crore youth. Additionally, a substantial allocation of ₹1.48 lakh crore has been designated for education and employment initiatives. Sitharaman also promised a detailed roadmap for achieving a ‘Viksit Bharat,’ outlining sustained efforts on nine key priorities to drive the nation towards comprehensive development.

Minister of State for Finance Pankaj Chaudhary stated that the first Union Budget of the third Modi government was based on the mantra of “Sabka Saath Sabka Vikas.”

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