Finance Minister of India Nirmala Sitharaman presented her seventh straight Budget on July 23 for fiscal 2024-25, surpassing the record of former Prime Minister Morarji Desai. This is the first Budget presentation by the BJP-led NDA government since it was re-elected in June.
Indian people are curious about the budget’s impact on them. Ms. Nirmala Sitharaman, the Minister of Finance of India since 2019, has presented a comprehensive set of nine priorities for the budget. These priorities, ranging from Productivity and Resilience in Agriculture to Next Generation Reforms, aim to address a wide spectrum of economic and social issues, ensuring that all sectors of society are considered.
Ms. Sitharaman announced a range of measures in her budget, including initiating farmers into natural farming, achieving self-sufficiency in pulses and oilseeds, and developing digital public infrastructure.
The budget also includes three new employee-linked incentive schemes, each designed to support different aspects of Employment. One scheme supports EPFO enrollments for first-timers in the workforce, while the other two aim to create jobs in manufacturing and provide support to employers.
The Budget Session of Parliament started on July 22 and will continue until August 12, 2024. This budget aims to maintain India’s high economic growth, which stood at 8.2% in 2023-24, the highest among major global economies.
The government also aims to implement policies to accelerate growth and enhance social welfare programs, leveraging the substantial fiscal space provided by a significant dividend from the Reserve Bank of India and buoyant tax revenues.
The budget is getting positive and negative feedback from political parties and society.
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