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Following Finance Minister Nirmala Sitharaman’s presentation of the Union Budget 2024, Prime Minister Narendra Modi expressed praise for the interim budget, highlighting its alignment with the aspirations of India’s youth.
PM Modi commended Sitharaman and her team, stating that the budget “reflects the aspirations of young India.” He emphasized two significant decisions within the budget – the allocation of a Rs 1 lakh crore fund for research and innovation and the extension of tax exemptions for start-ups.
“In this budget, keeping fiscal deficit in check, the capital expenditure has been kept at 11.11 lakh crore,” PM Modi added.
Sitharaman, in her budget speech, disclosed that the fiscal deficit had been reduced to 5.8%. She also outlined an ambitious target to further decrease the fiscal deficit to 5.1% of GDP by 2024-25 (FY25) and to 4.5% of GDP by FY26.
As anticipated, no alterations were made to income tax slabs. However, the government provided relief to individuals facing outstanding tax demands by announcing the withdrawal of such demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15.
Union Home Minister Amit Shah characterized the interim Budget as a “roadmap to achieve PM Modi’s vision of a Developed Bharat by 2047.”
In contrast, the Congress party expressed disappointment with the Budget speech. Congress MP Shashi Tharoor described it as “short and disappointing,” citing major omissions and unaddressed issues. Similarly, Congress leader Manish Tewari raised concerns about the budget deficit, stating that it amounted to Rs 18 lakh crores, indicating increased government borrowing for expenditure.
The Union Budget 2024 reflects a mixed response from political quarters, with the government’s fiscal strategy and priorities under scrutiny amidst the backdrop of India’s economic trajectory.
Also Read: Top 65 Highlights of Budget FY 2024-25 Unveiled by Finance Minister Nirmala Sitharaman
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