Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024-25 on July 23, as announced by Parliamentary Affairs Minister Kiren Rijiju. The Budget Session will commence on July 22 and conclude on August 12.
Economic Growth and Job Creation
The forthcoming budget aims to maintain India’s high economic growth and enhance job creation. With an 8.2% growth rate in 2023-24, India stands as the fastest-growing major economy globally. The fiscal deficit has been reduced to a target of 5.1% of GDP for 2024-25, down from over 9% in 2020-21. This improvement in fiscal health has earned India a positive outlook from S&P Global Rating, indicating strong economic growth and improving finances.
Fiscal Measures and RBI Dividend
The budget benefits from a substantial Rs 2.11 lakh crore dividend from the Reserve Bank of India (RBI). This, coupled with buoyant tax collections, provides significant leeway for Sitharaman to push forward with policies focused on growth and social welfare. These measures are expected to bolster the macroeconomic fundamentals and help uplift the economically weaker sections of society.
Government’s Vision
Prime Minister Narendra Modi has articulated a vision for the next five years, focusing on a decisive fight against poverty. The budget is anticipated to include several initiatives aimed at achieving this goal. These initiatives are likely to encompass various sectors, including infrastructure, education, healthcare, and social welfare schemes.
Parliamentary Approval
The Budget Session, approved by the President of India on the government's recommendation, is crucial for discussing and passing the budget. Both Houses of Parliament will deliberate on the budgetary proposals, which will influence India's economic policies and development agenda for the coming fiscal year.
Conclusion
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2024-25, expectations are high for measures that will sustain economic growth, create jobs, and improve fiscal health. With a strong foundation of reduced fiscal deficit and substantial RBI dividends, the budget is poised to advance India’s development goals and address social welfare needs effectively.
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