National Desk, 1st February: Union Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024-25, marking her sixth consecutive budget presentation. In this temporary provision, both direct and indirect taxes, along with import duties, remain unchanged. The budget for FY25 sets an ambitious fiscal deficit target of 5.1 percent of the GDP, showcasing a commitment to fiscal consolidation and an improvement compared to the revised deficit of 5.8 percent for FY24.
The government aims to further reduce the fiscal deficit to 4.5 percent by FY 2025-26, demonstrating a move towards responsible fiscal management. With the general elections on the horizon, the budget refrains from introducing new schemes and instead focuses on highlighting previous structural reforms and pro-people initiatives.
The budget underscores a decade of transformative efforts by the Modi government, overcoming significant challenges and delivering developmental benefits to citizens. Infrastructure expenditure remains a focal point, with unprecedented capital outlay projections, particularly in roadways, highways, and Indian Railways, aligning with the government’s strategy to drive economic growth through infrastructure investment and Prime Minister Narendra Modi’s vision.