Introduction
The anticipation surrounding the Interim Budget 2024-2025 of India peaked on February 1, 2024, as Finance Minister Nirmala Sitharaman took the stage at 11 AM to announce the country’s provisional financial plan. The comprehensive budget for the year 2024-2025 will be presented in July by the new government takes over. India’s first interim budget was presented by RK Shanmukham Chetty in the year 1947.
Interim Budget 2024-25 of India Announced by FM
In a much-awaited address, Finance Minister Nirmala Sitharaman detailed the key aspects of the Interim Budget 2024-25 of India, outlining the government’s approach to navigating economic challenges and fostering growth in the upcoming fiscal year. This also marks the conclusive budget of the second term of the Narendra Modi government and currently in a lock-in period, adhering to strict confidential measures for the final document.
Exciting news! You can catch the live speech of FM Sitharaman presenting the Interim Budget 2024-25 of India. It’s a great opportunity to stay up-to-date with the latest developments and gain valuable insights into the country’s economic landscape. So, don’t miss out on this chance and mark your calendar now! You can watch Finance Minister Sitharaman’s Interim Budget 2024-2025 speech live on the official channel of Parliament Sansad TV and Doordarshan.
Key Highlights of the Budget Speech
Economic Overview
The Finance Minister provided a comprehensive economic overview, shedding light on growth projections, inflation rates, and employment trends. This section delved into the broader context of India’s financial landscape. This is the sixth Budget of FM Nirmala Sitharaman and list out the Budget allocations and expected revenue collections for the fiscal year 2024-25.
Sector-wise Allocations of interim Budget 2024-25 of India
Highlighting the government’s priorities, Minister Sitharaman outlined sector-wise allocations, emphasizing key areas such as Agriculture, IT, Auto, Textile, healthcare, education, and infrastructure. These allocations serve as the backbone for sector-specific development initiatives. The Interim Budget 2024-25 of India is available on the Union Budget Web Portal (www.indiabudget.gov.in) and also on the Mobile App.
Taxation Changes and Financial Sector Reforms
Impact on Businesses
One of the significant components of the Interim Budget was the announcement of taxation changes, influencing both businesses and individuals. Simultaneously, financial sector reforms were introduced to enhance economic resilience and stability. Capital expenditure for the railways is likely to be increased by 25% of the FY 2023-24, the budgetary allocation to more than Rs 3 trillion in FY 24-25 from Rs 2.4 trillion. Inflation, especially core, has eased over the year, helping the monetary policy to remain on hold and withdraw the pandemic-era stimulus.
Government’s Justification
Minister Sitharaman elucidated the government’s rationale behind these changes, providing insights into how the decisions align with broader economic goals. Justifications were offered for each policy shift to maintain transparency.
Public Response and Expert Analysis
Citizens’ Reactions
The budget’s impact on the public was evident through immediate reactions and responses. Citizens from various sectors weighed in on how the budget would affect their lives and livelihoods.
Expert Opinions
Experts in economics and finance offered their analyses, providing valuable insights into the potential implications and effectiveness of the Interim Budget. Their opinions added depth to the ongoing discourse.
Future Implications and Long-term Economic Effects
Predictions and Forecasts
A forward-looking section explored predictions and forecasts regarding the budget’s long-term economic effects. Experts shared their insights on potential outcomes, and guiding expectations for the fiscal year.
Challenges and Criticisms
Balancing the narrative, this section delved into potential challenges and criticisms. Critics’ viewpoints were examined to provide a comprehensive view of the budget’s strengths and areas for improvement.
International Perspective
Global Reactions
The international community’s response to India’s Interim Budget was explored, capturing the sentiments of other nations toward the economic decisions and policies outlined in the budget.
Comparisons with Other Nations
A comparative analysis placed India’s interim budget in a global context, drawing parallels and distinctions with other nations’ financial strategies and providing valuable lessons for economic governance.
Read More
Conclusion
As Finance Minister Nirmala Sitharaman concluded her announcement, the Interim Budget 2024-25 of India set the stage for a year of economic navigation. Its implications, challenges, and potential were thoroughly examined, laying the groundwork for India’s financial trajectory.
FAQs
- When was the Interim Budget 2024-2025 announced?
- Finance Minister Nirmala Sitharaman announced the budget on February 1, 2024, at 11 AM.
- What were the key highlights of the budget speech?
- The speech covered an economic overview, sector-wise allocations, taxation changes, and financial sector reforms.
- How did the public react to the Interim Budget?
- Citizens’ reactions varied, reflecting the diverse impact of the budget on different segments of the population.
- What were the government’s justifications for taxation changes?
- Minister Sitharaman provided insights into the government’s rationale behind taxation changes, ensuring transparency.
- How did international communities respond to India’s Interim Budget?
- Global reactions ranged from praise to constructive criticism, reflecting the diverse perspectives on India’s economic policies.
