Finance Minister Nirmala Sitharaman Presents Union Budget 2024-25
On Tuesday, Finance Minister Nirmala Sitharaman left the North Block offices of the Finance Ministry with a digital copy of the Union Budget 2024-25. Before presenting the budget, she met with President Droupadi Murmu at Rashtrapati Bhavan. Sitharaman, along with her team, posed for a photo with the red ‘Bahi Khatha’ digital tablet.
This marks her seventh consecutive budget, surpassing the late Moraji Desai’s record of six. The budget is expected to focus on changes in the income tax structure and improving the ease of doing business in India. Minister of State for Finance Pankaj Chaudhary mentioned that the budget follows the mantra of ‘Sabka Saath Sabka Vikas’.
The budget session of Parliament began on July 22 and will end on August 12. The economic survey presented by Sitharaman suggests that the Indian economy can grow at a rate of 7% in the medium term, provided structural reforms continue. The survey highlights opportunities and challenges such as geo-economic fragmentation, self-reliance, climate change, technological advancements, and limited policy space.
The growth strategy, termed ‘Amrit Kaal’, focuses on six areas: boosting private investment, expanding MSMEs, recognizing agriculture’s potential, financing the green transition, bridging the education-employment gap, and building state capacity.
Doubts Revealed
Finance Minister -: The Finance Minister is a government official responsible for managing the country’s money and economic policies. In India, this person is Nirmala Sitharaman.
Union Budget -: The Union Budget is a detailed plan of the government’s income and expenses for the upcoming year. It shows how the government plans to spend money on different things like schools, roads, and healthcare.
Digital format -: Presenting the budget in a digital format means using electronic devices like tablets or computers instead of paper documents.
President Droupadi Murmu -: Droupadi Murmu is the President of India, the highest-ranking official in the country. She represents the nation and performs ceremonial duties.
Income tax changes -: Income tax changes refer to adjustments in the amount of money people have to pay to the government based on their earnings.
Ease of doing business -: Ease of doing business means making it simpler for companies to start and run their businesses, which can help create more jobs and boost the economy.
Economic survey -: The economic survey is a report that reviews the country’s economic performance over the past year and gives predictions for the future.
7% growth rate -: A 7% growth rate means that the country’s economy is expected to grow by 7% over the next year, which is a good sign of economic health.
Private investment -: Private investment is when individuals or companies put their own money into businesses or projects to make a profit.
MSME -: MSME stands for Micro, Small, and Medium Enterprises. These are small businesses that play a crucial role in the economy by providing jobs and services.
Green transition financing -: Green transition financing refers to funding projects that help the environment, like renewable energy or reducing pollution.
Education-employment gap -: The education-employment gap is the difference between the skills people learn in school and the skills needed for jobs. Bridging this gap means making sure education prepares people for the workforce.
State capacity building -: State capacity building means improving the ability of state governments to effectively manage resources and provide services to the people.