Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today following Cabinet approval. In her opening remarks, Sitharaman highlighted India’s economic growth as a “shining exception.”
“We are committed to ensuring all Indians, regardless of religion or age, achieve their life goals and aspirations,” Sitharaman stated.
This budget is the first of the Modi 3.0 administration and marks Sitharaman’s seventh consecutive presentation during the Monsoon Session of Parliament. The Economic Survey 2023-24 was tabled the previous day.
The Union Cabinet, led by Prime Minister Narendra Modi, approved the budget ahead of Sitharaman’s presentation. This budget surpasses the late Moraji Desai’s record of six consecutive budgets. It is expected to address changes in income tax structure and enhance the ease of doing business in India.
Minister of State for Finance Pankaj Chaudhary noted that the budget aligns with Modi’s vision of “Sabka Saath Sabka Vikas.” Union Minister Pralhad Joshi emphasized that the budget aims to further boost the country’s economic growth.
“The economic growth under Prime Minister Modi’s leadership will be accelerated by this budget, which will also support our position as the fastest-growing economy,” Joshi remarked.
The budget session, which began on July 22, will continue until August 12.
The Economic Survey underscored the resilience of the Indian economy and its stable post-Covid recovery. It highlighted the government’s commitment to “Nari Shakti” through legislative measures aimed at increasing women’s participation in various fields.
The budget for women’s welfare and empowerment has risen by 218.8%, from Rs 97,134 crore in FY14 to Rs 3.10 lakh crore in FY25. Additionally, the Gender Budget Statement (GBS) has increased by 38.7% compared to FY24, with its share in the total Union Budget reaching 6.5% in FY25, the highest since the GBS was introduced in FY06.
