NEW DELHI — In a spirited session in the Lok Sabha on Tuesday, Union Finance Minister Nirmala Sitharaman defended the 2024 Union Budget, asserting it sets the foundation for a “Viksit Bharat” or developed India. Addressing questions from the Opposition’s INDIA bloc, Sitharaman elaborated on the Budget’s strategy to integrate prior achievements with new growth measures aimed at holistic national development.
Sitharaman said, “This Budget builds on the interim announcements made earlier in February. It encapsulates our government’s vision to blend continuity with change, ensuring we capitalize on our past successes while setting new benchmarks for inclusive growth.”
The finance minister emphasized that the budget is structured to emphasize social and geographical inclusivity, ensuring that the benefits of economic policies and progress reach all corners of the nation. She highlighted that the government has marked a significant increase in expenditure to Rs 48 lakh crore for the fiscal year 2025.
A substantial portion of this expenditure is directed towards capital expenditure (CapEx). Sitharaman elaborated, “One of the key drivers of our economic resilience post-Covid has been the emphasis on CapEx. A robust allocation of Rs 11.11 lakh crore towards CapEx, up from the last year, is designed to energize infrastructure which in turn fuels overall economic growth.”
According to her, this budget allocation for CapEx is nearly 3.3 times the figure observed in the fiscal year 2019-20, with effective CapEx pegged at Rs 15.02 lakh crore. This significant increase underlines the government’s commitment to building on the infrastructure developed to sustain long-term growth.
The finance minister’s address comes at a crucial time as India continues to navigate the challenges posed by recent global economic instabilities. Through this budget, the government aims to consolidate the gains achieved in the last few years, ensuring that the foundation for a sustainable and inclusive growth strategy is strong and responsive to the socio-economic needs of its population.
The 2024 budget session is a focal point for the government’s planned policy trajectory over the next year, crucial for reinforcing the momentum towards achieving the ‘Viksit Bharat’ goal. Sitharaman reiterated that this budget is not merely a financial statement but a blueprint for modern India, ensuring that every citizen has a stake in the nation’s growth story.
As India moves forward, the measures outlined in this Budget will be closely watched by stakeholders at all levels, from local sectors anticipating growth to international investors gauging India’s market stability. The government’s focus on inclusive growth and substantial increase in CapEx are expected to play pivotal roles in shaping the economic landscape in the coming years.
Sitharaman’s defense of the budget highlighted the administration’s resolve to drive growth through structural reforms and substantial financial outlays aimed at enhancing the nation’s infrastructure and social systems. The ongoing dialogue in the Lok Sabha continues to reflect the vibrant and dynamic nature of India’s democracy and its approach to addressing the pressing challenges of contemporary economic policy and governance.