Union Budget 2024-25 by Sushil Finance Services
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Budget 2024: Quest for Viksit Bharat
Ø FM Nirmala Sitharaman presented her 7th consecutive budget creating a history of continuity. The NDA 3.0 Government had a difficult choice of balancing the needs of the coalition partners, and maintaining fiscal discipline.
Ø Budget 2024-25 glided back to a fiscal discipline path by containing fiscal deficit for current year to 4.90%, and reducing it gradually over medium term.
Ø Budget 2024-25 primarily focused on 4 mega themes namely:
1. Employment
2. Skilling
3. MSMEs and
4. Middle Class.
Ø Budget 2024-25 also focused on 9 priorities for Viksit Bharat :
1. Productivity and resilience in Agriculture
2. Employment and Skilling
3. Inclusive Human Resource Development and Social justice
4. Manufacturing and Services
5. Urban Development
6. Energy Security
7. Infrastructure
8. Innovation, Research and Development
9. Next Generation Reforms.
Ø Budget 2024-25 also aimed at correcting duty anomalies in customs to promote manufacturing in India.
Ø Budget 2024-25 also focused on simplification of Direct taxes by making certain changes in the act.
To summarize Budget 2024-25 is a growth oriented budget, focusing on fiscal consolidation, message on energy transition, focus on skilling and jobs, and a clear message of continuity that lays the ground for PM Modi’s vision of Viksit Bharat by 2047.
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