Union Budget 2024-25: Imperative Step Towards 'Viksit Bharat' by 2047

Union Finance Minister Nirmala Sitharaman emphasized the critical nature of the next five years in creating a developed India by 2047. Highlighting robust budget discussions, she detailed growth, fiscal consolidation, and initiatives in the manufacturing sector to bolster domestic employment and global GDP share.

Speaking on the Union Budget 2024-25 in Rajya Sabha, Union Finance Minister Nirmala Sitharaman emphasized the critical nature of the next five years in taking the first steps towards a 'Viksit Bharat' (Developed India) by 2047. She reiterated that the guiding principle of 'Sabka Saath, Sabka Vikas, Sabka Vishwas, and Sabka Prayaas' has been integral since 2014, and continues in this budget.

Sitharaman highlighted that 83 speakers had robust discussions on the budget. She explained that the 2024-25 budget is a continuation of the interim budget, incorporating its key aspects. She noted that this budget strikes a balance between growth, employment, welfare spending, capital investments, and fiscal consolidation. Referring to her 2021 promise, she reaffirmed the government's goal to achieve a fiscal deficit to GDP level below 4.5% by 2025-26, noting significant progress from the high of 9.2% in 2021.

The Finance Minister also pointed out that, according to the International Monetary Fund, India's share in global growth is 16% and rising. She emphasized renewed measures to boost the manufacturing sector, such as reduced basic customs duties and production-linked incentives. These measures aim to increase domestic employment and India's global GDP share over the next five years. Sitharaman highlighted the success of the production-linked incentive scheme and mentioned the full exemption of customs duty on 25 critical minerals. She also noted significant growth in tax and non-tax revenues due to improved billing and collection efficiency in the power sector.