Piyush Goyal Discusses Union Budget 2024 and Its Long-Term Vision
Union Minister for Commerce and Industry, Piyush Goyal, shared his insights on the Union Budget 2024 at an event in Mumbai. He praised the budget presented by Union Finance Minister Nirmala Sitharaman on July 23, noting that the interim budget set the course for the full year.
Long-Term Vision of the Budget
Goyal explained that the budget could take two forms: one filled with populist announcements beneficial in the short term but harmful in the long run. He reflected on the aftermath of government spending during the financial crisis of 2008-2009 in the USA, noting that heavy borrowings and populist measures led to a fiscal deficit and double-digit inflation in India.
Fiscal Deficit Target
The fiscal deficit target for 2024-25 is pegged at 4.9%, better than the estimate in the Interim Budget. Goyal emphasized that a strong economic base is essential for the country to become a developed nation.
Criticism of Opposition
Goyal criticized the opposition for spreading misinformation about budget allocations, stating that many infrastructure projects are ongoing in every state. He highlighted the Prime Minister’s efforts to develop the northeastern regions.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is an important person in the Indian government. He is the Union Minister for Commerce and Industry, which means he helps make rules about trade and business in India.
Union Budget 2024 -: The Union Budget is a plan made by the government about how it will spend money and collect taxes for the year. The 2024 budget is the plan for the year 2024.
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for making the Union Budget and managing the country’s money.
economic base -: An economic base is the foundation of a country’s economy. It includes things like businesses, jobs, and resources that help the country make money and grow.
populist measures -: Populist measures are actions taken by the government to make people happy in the short term, but they might not be good for the country in the long run.
fiscal deficit -: A fiscal deficit happens when the government spends more money than it earns. The target of 4.9% means the government plans to keep this difference at 4.9% of the total money the country makes.
opposition -: The opposition is a group of people or political parties that do not agree with the current government. They often criticize the government’s actions and decisions.
misinformation -: Misinformation is false or incorrect information that is spread on purpose or by mistake. It can make people believe things that are not true.
infrastructure -: Infrastructure includes things like roads, bridges, and buildings that are necessary for a country to function well. Developing infrastructure means improving these things.
northeastern regions -: The northeastern regions of India are the states located in the northeastern part of the country. These states include Assam, Meghalaya, Manipur, and others.
