On July 23, 2024, Finance Minister Nirmala Sitharaman presented the much-anticipated Union Budget for the fiscal year 2024-25 in the Lok Sabha. The presentation, which lasted for 1 hour and 28 minutes, laid out the financial roadmap for the nation, highlighting the government’s commitment to sustaining economic growth and development.
Prominent political figures such as the Prime Minister Narendra Modi, Home Minister Amit Shah, and the Leader of the Opposition Rahul Gandhi, were present during the budget presentation who gave all ears to the financial annual statement. The gathering underscored the significance of the budget in shaping the future economic landscape of India.
The cornerstone of the 2024-25 budget was the emphasis on the achievements and aspirations of the BJP-led NDA government in its third term. Despite the challenging global economic conditions and pervasive inflation, India has managed to carve out a notable exception with its robust economic growth. This resilience was a key highlight of Sitharaman’s address, showcasing India’s ability to thrive amid worldwide economic turmoil.
The budget delineated nine primary priorities, which included focus points like urban development, infrastructure enhancement, innovation, research and development, and next-generation reforms, etc. These priorities are aimed at advancing the government’s Viksit Bharat initiative, a comprehensive plan to elevate India’s global standing through sustained economic and social progress.
One of the standout features of this year’s budget was the introduction of five major schemes targeted at empowering the youth and women. These schemes are designed to provide better opportunities, enhance skills, and support entrepreneurship, thereby fostering inclusive growth and development.
The budget majorly allocated significant resources to states like Bihar and Andhra Pradesh, ensuring substantial benefits in terms of infrastructure development and pilgrimage support to make the places as tourist hubs. Notably, there has been a strategic shift towards the North Eastern Belt, with states such as Bihar, Jharkhand, Odisha, and Andhra Pradesh receiving focused attention. This move is expected to bridge regional disparities and promote balanced regional development.
In summary, the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman is a forward-looking blueprint aimed at achieving the vision of a Viksit Bharat. It outlines a clear path for economic growth, social inclusion, and regional development, reaffirming the government’s commitment to building a prosperous and resilient India.
