On July 23, 2024, Finance Minister Nirmala Sitharaman presented her seventh consecutive Union Budget, marking a historic moment as she surpassed former Prime Minister Morarji Desai’s record. This budget, which Union Minister of Commerce and Industry Piyush Goyal has praised, aims to transform India into a global economic powerhouse by focusing on innovation, inclusivity, and comprehensive development.
According to Piyush Goyal, the Budget 2024-25 lays out a clear roadmap for India’s future. He believes that the nine priorities identified by the Finance Minister will propel the country toward becoming the third-largest economy in the world. Goyal emphasized that the budget is designed to set India on a fast track, benefiting the youth through skill development and job creation initiatives.
Finance Minister Sitharaman’s budget highlights nine priority areas, including enhancing productivity and resilience in agriculture, boosting employment and skill development, and driving innovation and infrastructure. Goyal noted that these priorities will significantly impact various sectors, such as manufacturing, services, and tourism, while also promoting global competitiveness.
A major focus of the budget is on infrastructure development, which Goyal believes will generate numerous job and business opportunities. The Minister also praised the balanced approach of the budget, which he feels will set the stage for a successful Modi 3.0 government term.
In her budget speech, Sitharaman introduced several reforms aimed at simplifying the tax system and encouraging economic growth. Notably, there are increased standard deductions and revised tax rates for salaried individuals under the new tax regime. These changes are intended to make tax compliance easier and to stimulate economic activity.
One of the budget’s significant proposals is the creation of 4.1 crore jobs over the next five years, supported by an allocation of Rs 2 lakh crore. Additionally, Rs 1.48 crore has been allocated to skill development, with plans to train 20 lakh youth and upgrade 1,000 industrial training institutes.
Goyal also took the opportunity to commend Prime Minister Narendra Modi’s leadership and fiscal management. He highlighted the PM’s consistent record of prudent fiscal policies, which he believes has set a strong foundation for the current budget and future economic plans.
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The Budget 2024-25 is poised to drive India’s growth trajectory, with a focus on inclusive development and global competitiveness. The significant investments in infrastructure, skill development, and tax reforms underscore the government’s commitment to creating a prosperous and resilient economy.
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