Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 today at 11 am in Parliament, following the tabling of the Economic Survey. This marks the first budget of Prime Minister Narendra Modi’s third term. Sitharaman, presenting her seventh consecutive budget, surpasses the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget. Former Prime Minister Manmohan Singh and Pranab Mukherjee each presented five consecutive budgets as well.
This year’s budget presentation occurs during the Monsoon session, which began on July 22 and includes 19 sittings until August 12. The budget presentation was shifted to this session due to the Interim Budget presented in February, owing to the Lok Sabha elections. Prime Minister Modi has emphasized the importance of this budget, calling it a crucial one for “Amrit Kaal” and foundational for the goal of a “Viksit Bharat.”
Watching the Budget Presentation
The Union Budget 2024 speech can be watched live on Sansad TV. Key announcements, highlights, and analyses will also be available through Hindustan Times.
Economic Survey Highlights
The Economic Survey portrays the Indian economy as strong and resilient despite global geopolitical challenges. It highlights the following key points:
- FY GDP growth expected between 6.5% to 7.0%
- High inflation in some goods
- Continued global conflicts affecting supply chains and RBI’s stance
- Local demand boosting industry growth
- Emphasis on local resources for investment and growth
- Increased private sector investment in R&D
- Importance of making Indian manufacturing competitive
- Urban unemployment rate falling to 6.7% in January-March 2024
- Chief Economic Advisor’s Insights
Chief Economic Advisor V. Anantha Nageswaran stated that the Indian economy is likely to achieve the 7 percent growth target despite potential risks from the monsoon and global financial market instability. He emphasized that inflationary pressures in India are under control, and proactive fiscal and monetary policies have helped maintain stability.
Economic Survey on China
The Economic Survey suggests that India can either integrate into China’s supply chain or boost foreign direct investment (FDI) to enhance global exports. It indicates that focusing on FDI from China could be more advantageous for boosting exports, similar to the strategy used by East Asian economies.
Prime Minister’s Remarks on the Economic Survey
Prime Minister Modi, in a post on X (formerly Twitter), highlighted that the Economic Survey underscores the strengths of India’s economy and the positive outcomes of the government’s reforms, while also identifying areas for further growth as India moves towards becoming a developed nation.
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