New Delhi: Defense Minister Rajnath Singh expressed optimism about India's future trajectory, following the presentation of the Interim Budget 2024 by Union Finance Minister Nirmala Sitharaman in Parliament. Singh lauded the budget as encouraging and stated that the nation is on track to achieve developed nation status by 2047.
"This budget is a boost for us... We have full faith that we will achieve our goal of becoming a developed nation by 2047," remarked Singh during an interaction with reporters.
In her budget speech, Sitharaman emphasized the government's commitment to transforming India into a 'Viksit Bharat' by 2047, highlighting a comprehensive and inclusive approach to development encompassing all sections of society.
"We are dedicated to a development strategy that leaves no one behind. Our vision is to make India a 'Viksit Bharat' by 2047. To achieve this, we must enhance people's capabilities and empower them," Sitharaman declared.
The budget presentation set the fiscal deficit target for 2024-25 at 5.1% of the GDP, a decrease from the previous year's target of 5.9%. Sitharaman also outlined plans to reduce the fiscal deficit to below 4.5% of GDP by the fiscal year 2025-26.
In a relief for taxpayers, the government announced no changes in tax rates for both direct and indirect taxes, maintaining continuity in taxation policies. However, certain tax benefits for startups and investments by sovereign wealth or pension funds are extended until March 31, 2025.
The government proposed a significant increase in capital expenditure, allocating Rs 11.11 lakh crore for 2024-25. Capital expenditure is crucial for long-term asset development.
The interim budget, presented today, will address financial requirements until a new government is formed after the Lok Sabha elections, following which a full budget will be presented in July.
Sitharaman's budget presentation marked a milestone as she equaled the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964.
The Budget Session of Parliament commenced with President Droupadi Murmu addressing both Lok Sabha and Rajya Sabha, highlighting the country's achievements and economic growth projections.
The Ministry of Finance projects India's economy to grow close to 7% in the financial year 2024-25, maintaining its position as the fastest-growing major economy. The economy grew by 7.2% in 2022-23 and 8.7% in 2021-22, with a projected growth of 7.3% for the current fiscal year 2023-24.
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