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Budget 2024 LIVE: Union Finance Minister Nirmala Sitharaman began her Union Budget speech by singing an erudite pean to India’s economic development over the last decade under the Narendra Modi government. She cited India’s low inflation to highlight robust macro-economic indicators in the face of global uncertainities. The Finance Minister then recalled her Interim Budget announcements for “Gareeb, Mahila, Yuva, and Kisan” (poor, women, youth, and farmers).
In her speech, Sitharaman pointed out nine priorities — including productivity and resilience in agriculture, employment opportunities, inclusive growth, urban development, energy and security, innovation, and next generation reforms, among others.
This time, the government has more to spend as the RBI transferred Rs 2.11 trillion dividend in May as against Interim Budget projection of Rs 1.02 trillion from RBI and financial institutions. At the same time, the Centre is also expected to pocket Rs 43,000 crore from Central Public Sector Enterprises.
In the past decade, the Modi government has poured thousands of crores of rupees into building infrastructure. It has also cut taxes for big corporations and launched subsidy schemes to incentivise exports-focused manufacturing. This helped stabilise macro economy and triggered stock market rallies. However, job creation, income inequality and rural distress are the major issues that need to be addressed through this Budget.
Following the Budget presentation, both Lok Sabha and Rajya Sabha are expected to hold a 20-hour discussion on the annual financial exercise. All political parties will be given the opportunity to voice their concerns related to the Budget, to which Sitharaman will respond.
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