Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 on Tuesday after receiving approval from the Cabinet. In her opening remarks, Sitharaman highlighted India’s economic growth as a notable success. She emphasized, “We are determined all Indians regardless of religion and age achieve life goals and aspirations.”
This budget marks Sitharaman’s seventh consecutive one, surpassing the late Morarji Desai’s record of six. It is the first budget of Prime Minister Modi’s third term and was unveiled during the Monsoon Session of Parliament. The Economic Survey for 2023-24 was introduced in Parliament the previous day.
The Union Cabinet, led by Prime Minister Modi, met earlier in the day to approve the budget before Sitharaman’s presentation. This budget is expected to focus on changes in the income tax system and enhancing the ease of doing business in India.
Minister of State for Finance Pankaj Chaudhary noted that this budget reflects Modi’s vision of “Sabka Saath Sabka Vikas” (Together with All, Development for All). Union Minister Pralhad Joshi remarked that this budget aims to further boost the country’s economic growth, stating, “The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy.”
The Parliament’s budget session began on July 22 and is scheduled to conclude on August 12.
The Economic Survey emphasized the Indian economy’s resilience and recovery post-Covid. It also highlighted the government’s commitment to promoting women’s participation across various sectors. The budget for women’s welfare has increased by 218.8%, rising from Rs 97,134 crore in FY14 to Rs 3.10 lakh crore in FY25. Furthermore, the Gender Budget Statement (GBS) has grown by 38.7% compared to FY24, making up 6.5% of the total Union Budget for FY25, the highest since its introduction in FY06.