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Union Budget 2024: A Comprehensive Overview of India’s Economic Roadmap… can we put the idea, to begin with, in these words? I guess yes. India’s Finance Minister Nirmala Sitharaman presented the Interim Budget 2024-25 on February 1, ahead of the highly anticipated general elections. The budget outlines expenditures and revenues until the formation of the next government. With a focus on sustainable economic growth and fiscal prudence, the budget has received mixed reactions from the public and business community. In this article, we will delve into the key highlights of the budget and present a comprehensive overview of India’s economic roadmap.
Key Highlights and Major Announcements
Let’s play with facts and figures before we get into the political and electoral ramifications of the interim budget for the election year. The Interim Budget 2024-25 saw an increase in the FY25 capex outlay by 11.1% to ₹11.11 lakh crore, which is now at 3.4% of the GDP. The fiscal deficit, the gap between the government’s revenue and expenses, is expected to be 5.8% of gross domestic product. The budget also focused on sustainable development and a green economy through promoting electric vehicles and boosting tourism.
Reactions to the Budget
Reactions to the budget have been mixed. Some praised the budget for its forward-looking vision and focus on sustainable development, while others criticized it for not providing tax relief for individuals. The business community in Singapore lauded the budget for prioritizing pragmatism over populism.
Interim Budget vs. Regular Budget
The Interim Budget is a stop-gap financial plan during an election year, aimed at meeting immediate financial needs before a new government is formed. A full-fledged union budget for the new fiscal year will be released after the elections. This budget is different from a regular budget in that it focuses on the immediate needs of the government and does not make long-term financial commitments.
Political Impact of the Budget
The Interim Budget has been viewed as an attempt to appeal to voters ahead of the general elections. Well, let the experts speak whatever they think, there are certain things that we need to observe for ourselves. Rather than watching it through the glasses of others. Is there any immediate relief to the middle class? NO! Is there any enhanced tax exemption? NO! Is there any relief to the income taxpayers? NO! So, this budget cannot be termed a populist budget, to be fair to the determination and confidence of the Modi-led NDA Government. They are sure of their return! The focus on sustainable development and a green economy has been seen as a move to address concerns about climate change and environmental issues. The budget also includes measures to support youth, women, and farmers, which could potentially sway voters in favour of the government.
Economic Impact of the Budget
The Interim Budget 2024-25 has set the stage for India’s economic roadmap. The increase in the FY25 capex outlay and the focus on sustainable development and a green economy are expected to have a positive impact on the country’s growth. However, the lack of tax reliefs for individuals and the absence of long-term financial commitments could be seen as a disappointment by some.
Conclusion
The Interim Budget 2024-25 presented by Finance Minister Nirmala Sitharaman has received mixed reactions from the public and the business community. The budget focuses on sustainable development and a green economy, while also addressing the needs of youth, women, and farmers. While the budget has set the stage for India’s economic roadmap, its impact on the country’s growth and development remains to be seen.
News Desk
ILN Opinion Platform

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