On February 1, Union Finance Minister Nirmala Sitharaman presented the Interim Budget 2024, marking her sixth budget ahead of the upcoming general elections. Focused on youth and women empowerment, the budget emphasized fiscal consolidation and sustained capital expenditure. Sitharaman set the fiscal deficit target for FY25 at 5.1% of the GDP, with no alterations to direct and indirect tax rates.
During her presentation, Sitharaman utilized a modern approach, showcasing the budget on a tablet enclosed in a traditional red ‘bahi khata’ adorned with the national emblem. Despite expectations for advancements in artificial intelligence, the budget primarily highlighted key announcements in various technology sectors.
Among the notable updates, PM-SVANidhi provided credit assistance to 78 lakh street vendors, with 2.3 lakh vendors benefiting from credit for the third time. Union Minister Piyush Goyal emphasized Prime Minister Modi’s belief in strengthening the common man’s role in the national economy. The budget, according to Goyal, outlines a roadmap for all 140 crore Indians to contribute to India’s development, fostering prosperity even for the most underserved individuals. Goyal praised the budget for its combination of continuity and visionary elements, reflecting a comprehensive strategy for the nation’s progress.
