Budget 2024: Setting the tone for the third term of the Narendra Modi government, Union Finance Minister Nirmala Sitharaman announced nine priorities of the central government that Union Budgets over the next five years will address. These are -- productivity and resilience in agriculture, jobs, social justice, urban development, energy security, infrastructure, innovation, and reforms.
“Exciting to see the Union Budget 2024-25 prioritising DPI, critical minerals, and job creation. The focus on developing DPI applications in agriculture and other areas lays the data foundation for making India the AI hub of the world. The Critical Mineral Mission will be a game changer of India’s energy transition journey. Great to see emphasis on women's employment too. This budget sets a strong foundation for India's tech-driven future,” said Bhavish Aggarwal, founder of mobility firm Ola, on X.
Amid much anticipation, Sitharaman revised the tax slabs under the new regime. She also raised the standard deduction from Rs 50,000 to Rs 75,000 to benefit the middle-class class. Further, to boost job creation, Sitharaman announced the Employment-linked Incentive scheme. Additionally, to promote self-employment, Sitharaman announced that loan limit under MUDRA loan scheme will be doubled from Rs 10 lakh to Rs 20 lakh. In another major announcements, the finance minister did away custom duties on import of critical minerals. She also slashed custom duty on gold and silver.
Praising the government's fiscal consolidation plan, she said that the fiscal deficit has narrowed to 4.9 per cent while adding that the government is targeting a figure of below 4.5 per cent for FY26. The central government kept its capex spending target (announced in Interim Budget) unchanged at Rs 11.11 trillion. Major infrastructure and tourism development projects were announced for Bihar, Andhra Pradesh, and Odisha -- the three states where BJP and its allies are in power.
She started her Union Budget speech by singing a pean to India's economic development over the last decade under the Narendra Modi government. She cited India's low inflation to highlight robust macro-economic indicators in the face of global uncertainities. The Finance Minister then recalled her Interim Budget announcements for "Gareeb, Mahila, Yuva, and Kisan" (poor, women, youth, and farmers).
In an endeavor to expand SAARC Countries reach beyond the Asia continent, SACCI has set up overseas offices actively working towards trade and investment promotion.
