Ira Singh
Khabar Khabaron Ki,01 Feb’24
Union Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024-25 today, setting the stage for economic discussions in the run-up to the impending Lok Sabha elections. Against the backdrop of a politically charged atmosphere, the budget announcement has drawn attention for its potential impact on voters and the nation’s economic trajectory.This was the sixth consecutive budget presentation by Nirmala Sitharaman. She equalled the record of Former Finance Minister Morarji Desai.
The Indian economy has witnessed a profound positive transformation in the last 10 years, Sitharaman said. Presenting the interim Budget 2024-25, she said that the government is working to make India a developed country by 2047.
Meanwhile, the Finance Minister didn’t announce any populist measures and left the tax rates for direct and indirect taxes unchanged. Giving a vision for the next few years, Sitharaman said that the next five years will witness unprecedented growth. India is the fastest growing major economy in the world and in the coming years will become the world’s third largest economy with a $5 trillion GDP. FM Nirmala Sitharaman’s Budget 2024 Vote On Account is expected to provide a path to that goal.
The Finance Minister further stated that FY24 Fiscal Defict target revised to 5.8 per cent of GDP from 5.9 per cent.The Centre has committed to bring down its fiscal deficit to 4.5% of GDP by 2025-26, from a target of 5.8%(revised) of GDP this year.The government has increased the capital expenditure target to Rs 11.11 lakh crore.
Sitharaman further said that Garib Kalyan signifies the welfare of our nation. She said the focus is on empowering the impoverished. Through the commitment to Sab ka Saath, the government has successfully lifted 25 crore individuals out of multi-dimensional poverty. FM Sitharaman stated, “In the last 10 years, our dedication to Sabka Saath has liberated 25 crore people from multidimensional poverty.”