Key Budget Announcements: Finance Minister Sitharaman outlined initiatives for the next five years, including increased housing, expanded access to free electricity, and enhanced medical care, especially for women. Sitharaman pledged support for key sectors targeted by Modi, such as farmers, youth, women, and the impoverished, as the country looks towards unprecedented development in the next five years.
In India s budget for the fiscal year 2024-25, the federal government aims to reduce the fiscal deficit to 5.1% of GDP, down from 5.8% in the current fiscal year. Despite upcoming national elections, the government refrained from populist measures and increased capital expenditure, particularly in infrastructure projects, by 11%.
The government has allocated Rs 11.1 lakh crore as capital expenditure for the next fiscal year, marking a rise of 11.1 per cent, Finance Minister Nirmala Sitharaman said in her budget speech on Thursday.
India Budget 2024: Finance Minister Nirmala Sitharaman hailed India's G20 presidency and described the India-Middle East-Europe Economic Corridor (IMEC) forged during the New Delhi Leaders' Summit as a "strategic and economic game changer". The connectivity project aims to facilitate the flow of commerce, energy and data to, from and between India, the UAE, Saudi Arabia, Jordan, Israel and Europe.
India Budget 2024: Finance Minister Nirmala Sitharaman described women as one of the four major 'castes', whose needs, aspirations and welfare remain Prime Minister Narendra Modi administration's 'highest priority' during her sixth consecutive budget speech in Indian parliament on Feb 1, 2024.
"Their empowerment and well-being will drive the country forward," Sitharaman said, while referring to the welfare of the poor, women, youth, and farmers.