Finance Minister Nirmala Sitharaman recently presented the interim budget for the fiscal year 2024-25 before the upcoming 2024 Lok Sabha elections. This is her sixth budget, and it’s the last one in the current government’s second term of Prime Minister Narendra Modi’s government. Before revealing the budget, she followed the tradition of meeting with the President, Droupadi Murmu at Rashtrapati Bhawan, for approval.
The President wished her well. The Union Cabinet, led by Prime Minister Narendra Modi, too gave its approval. Sitharaman’s challenge is to keep India as the world’s fastest-growing economy while being financially responsible and meeting the public’s expectations for tax reductions during an election year. The official estimate predicts a 7.3% expansion in the current fiscal year.
Here are the key points from the interim budget:
- Transformation of Indian Economy: India has undergone significant changes over the past decade.
- Overcoming Challenges: In 2014, India faced tough challenges, but the government successfully addressed them through structural reforms.
- Pro-People Reforms: The focus has been on reforms that benefit the people, creating job opportunities and supporting entrepreneurship. Development initiatives have reached a large number of people, instilling a sense of purpose and hope.
- Strengthening Development Philosophy: The government, in its second term, reinforced its development philosophy, emphasizing inclusivity in both social and geographical aspects.
- Response to Covid-19: India effectively navigated the challenges posed by the Covid-19 pandemic through a united effort, moving towards a self-reliant India and laying the foundations for a transformative era.
- Youthful Aspirations: India’s young population has high aspirations, taking pride in the present and showing hope and confidence in a promising future.
- Inclusive Development: Development initiatives took a humane approach, targeting households and individuals with essential services like housing, water, electricity, cooking gas, and financial inclusion.
- Food Security: Concerns about food security were addressed by providing free rations to 80 crore people.
- Support for Farmers: Minimum Support Prices (MSP) for agricultural produce were increased regularly, ensuring support for farmers, who are the backbone of our nation.
- Enhanced Rural Income: Provision of basic necessities has led to a significant increase in real income in rural areas.
- All-Inclusive Development: The government is committed to comprehensive, inclusive, and widespread development, covering all castes and strata of society.
- Vision for 2047: Working towards the aspiration of making India a developed nation by 2047, efforts are directed towards holistic progress, encompassing every segment of society.
Also Read: Ahead Of General Elections, FM Sitharaman To Present Sixth Budget In a Row
