Nirmala Sitharaman Presents Her Seventh Union Budget, Surpassing Morarji Desai’s Record
Finance Minister Nirmala Sitharaman arrived at the Ministry of Finance ahead of the Union Budget presentation on Tuesday. She was seen wearing a white saree with a violet border. This marks her seventh consecutive budget, surpassing the late Morarji Desai’s record of six consecutive budgets.
The Union Budget 2024 is expected to focus on changes in the income tax structure and improving the ease of doing business in India. On Monday, Sitharaman tabled the Economic Survey 2023-24 along with the statistical appendix. Minister of State for Finance Pankaj Chaudhary and Chief Economic Advisor V Anantha Nageswaran also reached the Ministry earlier.
Minister of State for Finance Pankaj Chaudhary mentioned that the first Union Budget of the third Modi government will be based on the mantra of ‘Sabka Saath Sabka Vikas’. Sitharaman will present the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha.
The Economic Survey 2023-24 predicts that the Indian economy can grow at a rate of 7% in the medium term if structural reforms are built upon. The survey highlights opportunities and challenges such as geo-economic fragmentation, self-reliance, climate change, technological advancements, and limited policy space. It suggests focusing on bottom-up reforms and strengthening governance for sustainable growth.
The growth strategy for the medium term, termed ‘Amrit Kaal,’ focuses on six critical 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
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s finances, including presenting the Union 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 collect taxes.
Morarji Desai -: Morarji Desai was a former Prime Minister and Finance Minister of India. He presented six consecutive Union Budgets in the past.
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 in India.
Economic Survey -: The Economic Survey is a report that reviews the country’s economic progress and predicts future growth. It is released before the Union Budget.
MSME -: MSME stands for Micro, Small, and Medium Enterprises. These are small businesses that play a crucial role in the economy.
Green transition financing -: Green transition financing means providing money to support projects that help the environment, like renewable energy.
Education-employment gap -: The education-employment gap refers to the difference between what people learn in school and the skills needed for jobs.
State capacity building -: State capacity building means improving the ability of state governments to deliver services and manage resources effectively.