Union Budget 2024-25: A Steadfast Commitment to Fiscal Prudence and Growth

The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, emphasizes fiscal prudence with a total expenditure of Rs 48,20,512 crore and a fiscal deficit target of 4.9%. It aims to enhance infrastructure, generate employment, and simplify business regulations while maintaining continuity with the interim budget.

The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, demonstrates the government's commitment to fiscal prudence. With an estimated total expenditure of Rs 48,20,512 crore and a fiscal deficit target of 4.9%, the budget aims to balance fiscal responsibility with economic growth.

Experts appreciate the continuance of the fiscal prudence path. Debadatta Chand of Bank of Baroda lauded its medium-term development focus. Aditi Nayar from ICRA highlighted the significance of maintaining capital expenditure and targeting a fiscal deficit reduction, underscoring the new fiscal consolidation path linked to debt/GDP ratio.

Ranen Banerjee of PwC India noted the pragmatic approach with realistic revenue and expenditure projections. Initiatives to enhance infrastructure, spur employment, and streamline business regulations were well-received. Measures include simplifying FDI/ODI rules, abolishing the angel tax, and enhancing infrastructure to bolster various sectors, including travel and tourism.