The Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman on July 23 has been passed by the Lok Sabha. The budget, with a total value of Rs 48.21 lakh crore, was approved by a voice vote. Accompanying the Union Budget, the lower house of the Parliament also passed the budget of the Union Territory of Jammu and Kashmir with a voice vote.
During the debate, Finance Minister Nirmala Sitharaman discussed the Central government’s objective of narrowing fiscal deficit in the upcoming years. The fiscal deficit of the central government is expected to decrease to 4.9% of the GDP during 2024-25 and below 4.5% by 2025-26.
The Union Budget 2024-25 focuses on four key pillars of society – underprivileged, women, youth, and farmers. In Sitharaman’s budget, she promoted nine priorities, comprising productivity and resilience in agriculture, employment and skilling, inclusive human resource development, social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms.
However, the opposition parties were quick to criticize the budget. They stated that the budget neglected several states and reserved provisions for only Andhra Pradesh and Bihar, alleging that the ruling BJP was trying to appease its allies in these states. In response to these claims, Sitharaman took a tough stance during the parliamentary debate, stating that no state had been denied funds in the budget.
She said, “I have been looking at Budget speeches since 2004-2005, 2005-2006, 2006-2007, 2007-2008, and so on. The Budget of 2004-2005 did not take the name of 17 states. I would like to inquire from the members of the UPA government at that time- did money not go to those 17 states? Did they stop it?”
Despite the opposition’s criticisms, the passing of the Union Budget 2024-25 presents a step in the right direction for bolstering the Indian economy and society. The government’s goal to narrow fiscal deficit, support underprivileged groups, and promote innovation and research are all integral components for driving economic growth and development in India.