Nirmala Sitharaman Discusses Union Budget 2024-25 and Vision for Developed India by 2047
Union Finance Minister Nirmala Sitharaman spoke about the Union Budget 2024-25 in Rajya Sabha, highlighting its importance in the journey towards a developed India by 2047. She emphasized that the guiding principle of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, and Sabka Prayaas’ has been followed since 2014 and continues in this budget.
She mentioned that 83 speakers participated in the budget discussion, and this budget is a continuation of the interim budget. The budget aims to balance growth, employment, welfare spending, capital investments, and fiscal consolidation. Sitharaman reiterated the government’s commitment to reducing the fiscal deficit to below 4.5% of GDP by 2025-26.
According to the International Monetary Fund (IMF), India’s share in global growth is 16% and rising. The budget includes measures to boost the manufacturing sector, create employment opportunities, and increase India’s share in global GDP. Customs duties on specific items have been reduced, and production-linked incentives have led to 97% of mobile phones in demand being produced domestically, with 30% of production in 2024 going for exports.
Additionally, customs duties on 25 critical minerals have been fully exempted, and tax revenues have seen impressive growth, with non-tax revenues increasing significantly. These measures aim to provide a renewed impetus to the economy and ensure sustained growth.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s money and budget.
Union Budget -: The Union Budget is a plan for how the government will spend and earn money in a year. It includes details on taxes, spending on public services, and other financial plans.
Rajya Sabha -: Rajya Sabha is one of the two houses of the Parliament of India. It is also called the Council of States and helps make laws for the country.
Developed India by 2047 -: This is a goal set by the Indian government to make India a very advanced and prosperous country by the year 2047, which will be 100 years after India became independent.
Sabka Saath, Sabka Vikas, Sabka Vishwas, and Sabka Prayaas -: This is a guiding principle of the Indian government meaning ‘Together with all, Development for all, Trust of all, and Effort of all.’ It aims to include everyone in the country’s progress.
Fiscal consolidation -: Fiscal consolidation means the government is trying to reduce its debt and manage its money better. It involves cutting down on unnecessary spending and increasing revenue.
Customs duties -: Customs duties are taxes that the government charges on goods coming into the country. Reducing these can make imported goods cheaper.
Production-linked incentives -: These are rewards given by the government to companies for producing goods in India. It helps boost local manufacturing and create jobs.
Tax revenue growth -: Tax revenue growth means the government is collecting more money from taxes. This can be used to fund public services like schools, hospitals, and roads.