The Union Budget, according to Finance Minister Nirmala Sitharaman on Wednesday, finds a good balance between a number of factors, including growth, employment, capital investment, and fiscal reduction.
The minister also stated that the budget promises unwavering support for cooperative federalism in response to the Rajya Sabha's consideration of the Union Budget 2024–25 and the Union Territory of Jammu and Kashmir.
"I want to emphasize our unwavering dedication to cooperative federalism. An estimated Rs 22.91 lakh crore in resources is to be distributed to the states in 2024–2025. In reality, this means raising taxes by Rs 2.49 lakh crore between 2023 and 2024," the minister stated.
She mentioned the general budget and stated that during the previous ten years of the Narendra Modi administration, capital expenditures amounted to Rs 43.82 lakh crore.
Speaking about the general budget, she stated that during the last ten years of the Narendra Modi administration, capital expenditures had totaled Rs 43.82 lakh crore, as opposed to Rs 13.19 lakh crore during the previous ten years of the UPA.
Sitharaman added that the PLI programs are still appealing to the industrial industry. She went on to say that the budget is an attempt to draw manufacturing enterprises to India.
She said that the government is following the trend of fiscal deficit. By 2025–2026, it will reduce the deficit from the anticipated 4.9 percent for the current fiscal year to less than 4.5 percent.
The finance minister emphasized that the budget had set out Rs 1.52 lakh crore for agriculture and related sectors, an increase of Rs 8,000 crore over the previous year. In contrast, just Rs 30,000 crore was set aside for agriculture in 2013–14, the final year of the UPA governed by the Congress.
She also emphasized that the Union Territory of Jammu and Kashmir's financial situation has improved. According to Sitharaman, J&K Bank has turned around and turned a profit. PTI MSS NKD MJH CS HVA
