Union Budget 2024-25: Nirmala Sitharaman to Present Based on PM Modi’s Mantra
New Delhi, India – Minister of State for Finance Pankaj Chaudhary announced that the first Union Budget of the third Modi government will be based on the mantra ‘Sabka Saath Sabka Vikas’. Finance Minister Nirmala Sitharaman will present the full budget for 2024-25 on Monday.
Chaudhary was among the first from FM Nirmala Sitharaman’s team to reach the North Block offices of the Finance Ministry ahead of the Budget Presentation. Vivek Joshi, Secretary of the Department of Financial Services, and Chief Economic Advisor V. Anantha Nageswaran also arrived ahead of FM Sitharaman.
Minister Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and surpassing the late Morarji Desai’s record of six consecutive budgets. The budget is expected to focus on changes in the income tax structure and improving the ease of doing business in India.
Sitharaman tabled the Economic Survey 2023-24 along with the statistical appendix on Monday. She will lay on the table a statement of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha, one hour after the presentation in the Lok Sabha.
The Finance Minister will also present statements of the estimated receipts and expenditures for the Union Territory of Jammu and Kashmir. With this budget, Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964.
The budget session of Parliament began on July 22 and will end on August 12. The Economic Survey projects India’s real GDP growth at 6.5-7% for 2023-24, with the previous year’s growth at 8.2%. India’s economy grew 7.2% in 2022-23 and 8.7% in 2021-22.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s finances, including presenting the budget.
Union Budget -: The Union Budget is a financial plan presented by the government every year. It shows how the government plans to spend money and where it will get the money from.
PM Modi -: PM Modi refers to Narendra Modi, the Prime Minister of India. He is the head of the government and leads the country.
Mantra -: A mantra is a guiding principle or a slogan. In this context, it means a key idea or message that the government is following.
Sabka Saath Sabka Vikas -: This is a Hindi phrase meaning ‘Together with all, Development for all’. It is a slogan used by PM Modi to emphasize inclusive growth.
Minister of State for Finance -: The Minister of State for Finance is a junior minister in the Finance Ministry who assists the Finance Minister. Pankaj Chaudhary currently holds this position.
Economic Survey -: The Economic Survey is a report by the government that reviews the country’s economic performance over the past year and gives projections for the future.
GDP -: GDP stands for Gross Domestic Product. It is the total value of all goods and services produced in a country in a year. It shows how well the economy is doing.
