New Delhi: Finance Minister Nirmala Sitharaman highlighted that the Union Budget for 2024-25 effectively balances growth, employment, capital investment, and fiscal discipline. Speaking in the Rajya Sabha on Wednesday, she underscored the budget's dedication to supporting cooperative federalism.
Sitharaman noted, "Our unwavering commitment to cooperative federalism is evident. For the fiscal year 2024-25, we propose to transfer Rs 22.91 lakh crore to the states, marking an increase of Rs 2.49 lakh crore from the previous year."
Discussing the broader budgetary trends, she pointed out that capital expenditure under the Modi government has reached Rs 43.82 lakh crore over the past decade, a significant rise from Rs 13.19 lakh crore during the previous UPA administration.
The Finance Minister also emphasized the ongoing appeal of Production Linked Incentive (PLI) schemes for the manufacturing sector, aiming to make India a more attractive destination for manufacturing investments.
Sitharaman assured that the government is adhering to its fiscal deficit targets, aiming to reduce the deficit to below 4.5% by 2025-26, down from the current fiscal year's target of 4.9%.
For the agriculture sector, the budget has allocated Rs 1.52 lakh crore, an increase of Rs 8,000 crore from the previous year. In comparison, the allocation for agriculture in 2013-14 was only Rs 30,000 crore under the Congress-led UPA.
She also noted improvements in the financial status of the Union Territory of Jammu and Kashmir.
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