India Gears Up for 2025: Modi Cabinet Approves Budget

Prime Minister Narendra Modi's Cabinet has greenlit the 2025 budget, geared towards economic growth and welfare. The budget, focusing on fiscal policies, taxation, and industrial growth, is set to be presented by Nirmala Sitharaman, marking her eighth consecutive budget presentation. An optimistic economic outlook is highlighted in the recent Economic Survey.

The budget for 2025 received the nod from the Union Cabinet chaired by Prime Minister Narendra Modi on Saturday, in anticipation of its formal presentation in Parliament. Prominent figures, including Union Ministers Amit Shah, Rajnath Singh, Gajendra Singh Shekhawat, and Pralhad Joshi, arrived at the Parliament for discussions.

Union Minister Gajendra Singh Shekhawat stated that the budget aims at continuous national welfare, targeting the underprivileged and aligns with the vision of a 'Developed India.' Minister Kiren Rijiju emphasized India's economic resilience despite global challenges, noting Finance Minister Nirmala Sitharaman's record eighth budget presentation.

Prior to the budget unveiling, Sitharaman met with President Droupadi Murmu, followed by traditional customs. The budget speech is expected to cover fiscal policies, revenue, expenditure, taxation reforms, and other key measures. Economic projections in the Economic Survey predict a GDP growth between 6.3% and 6.8% for the financial year 2025-26.

Proposed plans focus on strengthening industrial growth, enhancing MSMEs, and boosting global competitiveness. Food inflation is likely to ease, but external factors pose risk. India's forex reserves remain robust, with significant growth in formal employment as EPFO subscriptions doubled in five years. The Parliament budget session spans from January 31 to April 4.