Union Budget 2024-25: Nirmala Sitharaman’s Seventh Consecutive Budget
On Tuesday, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 after receiving approval from the Cabinet. This marks her seventh consecutive budget, surpassing the record of six consecutive budgets by the late Moraji Desai.
Focus on Economic Growth
Sitharaman emphasized that India’s economic growth will be a shining exception and that the government is determined to help all Indians achieve their life goals and aspirations. The budget is expected to focus on changes in the income tax structure and improving the ease of doing business in India.
Commitment to ‘Nari Shakti’
The Economic Survey 2023-24, presented a day earlier, highlighted the resilience of the Indian economy and its stable post-Covid recovery. It also underscored the government’s commitment to ‘Nari Shakti’ through various legislative measures aimed at boosting women’s participation in diverse professions. The budget for women’s welfare and empowerment schemes has surged by 218.8%, growing from Rs 97,134 crore in FY14 to Rs 3.10 lakh crore in FY25. Additionally, the Gender Budget Statement has seen a 38.7% increase compared to FY24, with its share in the total Union Budget rising to 6.5% in FY25, the highest since its introduction in FY06.
Statements from Key Figures
Minister of State for Finance Pankaj Chaudhary stated that the budget is based on Prime Minister Narendra Modi’s mantra of ‘Sabka Saath Sabka Vikas’. Union Minister Pralhad Joshi added that the budget would further accelerate the country’s economic growth.
Budget Session Timeline
The budget session of Parliament began on July 22 and is scheduled to end on August 12.
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 where it will get the money from.
Economic Growth -: Economic growth means the increase in the amount of goods and services produced by a country. It is important because it helps improve people’s living standards.
Women’s Empowerment -: Women’s empowerment means giving women the power and opportunities to make their own decisions and improve their lives. This can include education, jobs, and equal rights.
218.8% increase -: A 218.8% increase means that the funding for women’s schemes has more than doubled. If the funding was 100 rupees before, it is now 318.8 rupees.
Economic Survey -: The Economic Survey is a report that reviews the country’s economy over the past year. It helps the government plan for the future.
Post-Covid recovery -: Post-Covid recovery refers to how the country is getting back to normal after the disruptions caused by the Covid-19 pandemic. It includes things like businesses reopening and people getting back to work.
Nari Shakti -: Nari Shakti means ‘women power’ in Hindi. It represents the strength and potential of women in society.