Finance Minister Nirmala Sitharaman Presents Union Budget 2024-25
On July 23, Finance Minister Nirmala Sitharaman arrived in Parliament to present the Union Budget for 2024-25. Before the presentation, she met President Droupadi Murmu at Rashtrapati Bhavan. Sitharaman, carrying a digital copy of the budget, posed with her team and the red ‘Bahi Khatha’ digital tablet.
This is Sitharaman’s seventh consecutive budget, breaking the record of six consecutive budgets held by the late Moraji Desai. 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 this budget, the first of the third Modi government, follows the mantra of ‘Sabka Saath Sabka Vikas’. The budget session of Parliament began on July 22 and will end on August 12.
Economic Survey Highlights
On Monday, the economic survey presented by Finance Minister Nirmala Sitharaman indicated that the Indian economy could grow at a rate of 7% in the medium term. The survey emphasized the need for a tripartite compact between the Union Government, State Governments, and the private sector to build on the structural reforms of the past decade.
The survey highlighted six critical areas for growth, termed ‘Amrit Kaal’:
- Boosting private investment
- Expanding MSMEs
- Recognizing agriculture’s potential
- Financing the green transition
- Bridging the education-employment gap
- Building state capacity and capability
Doubts Revealed
Finance Minister -: The Finance Minister is a person in the government who is responsible for managing the country’s money, including how it is collected and spent.
Nirmala Sitharaman -: Nirmala Sitharaman is the current Finance Minister of India. She is the person who looks after the financial matters of the country.
Union Budget -: The Union Budget is a detailed plan of the government’s income and expenses for the coming year. It tells us how the government plans to spend money on things like schools, roads, and hospitals.
Parliament -: Parliament is a place where important decisions about the country are made. It is where elected representatives meet to discuss and pass laws.
President Droupadi Murmu -: Droupadi Murmu is the President of India. The President is the head of the country and has many important duties, like approving new laws.
Moraji Desai -: Moraji Desai was a former Prime Minister and Finance Minister of India. He held the record for presenting the most Union Budgets before Nirmala Sitharaman.
Income tax changes -: Income tax changes refer to adjustments in the amount of money people have to pay to the government from their earnings.
Ease of doing business -: Ease of doing business means making it simpler for people to start and run businesses, which can help create more jobs and grow the economy.
Economic survey -: The economic survey is a report that gives an overview of the country’s economic health and predicts how the economy will perform in the future.
7% growth rate -: A 7% growth rate means that the country’s economy is expected to grow by 7% over a certain period, 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 are very important for the economy because they create jobs and produce goods and services.
Agricultural potential -: Agricultural potential refers to the ability of farming activities to produce more food and other products, which can help the economy grow.
Green transition financing -: Green transition financing means providing money to support projects that help the environment, like renewable energy or reducing pollution.
Education-employment gap -: The education-employment gap is the difference between what people learn in school and the skills they need to get jobs. Bridging this gap means making sure education prepares people for work.
State capacity building -: State capacity building means improving the ability of state governments to provide services and manage resources effectively.
