New Delhi: Budget To Focus On Employment, Middle Class, Says Finance Minister Sitharaman

NEW DELHI: Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in the Parliament on Tuesday.

In her speech, Sitharaman said that the budget for this fiscal year prioritizes on productivity, jobs, social justice, urban development, energy security, infrastructure and reforms.

The Finance Minister said that the government's policy objective will be to fast-track the growth of the rural economy and employment opportunities.

This is the seventh consecutive time that the Union Budget is tabled by Nirmala Sitharaman. By doing so, she has surpassed former PM Morarji Desai's record of presenting the budget six times consecutively. 

It is the newly formed BJP-led NDA government's first budget since coming back to power. Much of the focus will now be on Nirmala Sitharaman's possible announcements on income tax, ease of doing business and railway infrastructure.

The estimated receipts and expenditure of the Central government for the fiscal year 2024-2025 will also be presented by the Finance Minister in the Rajya Sabha today. 

Earlier on Monday, Nirmala Sitharaman presented the Economic Survey, which reviewed the condition of the nation's economy and the projections of economic indicators.

According to the Economic Survey, the Indian economy is expected to grow at a rate of 6.5-7 per cent in the current financial year. This estimated figure is lower as compared to the 8.2 per cent growth registered in the previous 2023-24 (April 2023 to March 2024) fiscal and also stands below RBI's 7.2 per cent estimate for the current financial year.

The Economic Survey also praised the government's policy measures to curb retail inflation. The inflation stood at 5.4 per cent, the lowest since the covid-induced pandemic wreaked havoc in India.

In addition to it, the document also recommended boosting exports.

It added that India can either integrate into China's supply chain or promote foreign direct investment from China.

"Among these choices, focusing on FDI from China seems more promising for boosting India's exports to the US, similar to how East Asian economies did in the past," it added.

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