Broader & lasting growth, jobs top FM Nirmala Sitharaman's to-do list
Nirmala Sitharaman, in her second term as finance minister, hit the ground running on Monday. Instead of one, she released two tax devolution instalments — totalling ₹1,39,751 crore — to 28 states, for bolstering their development and capital spending. The minister earlier reviewed the economic and fiscal situation of states with finance secretary TV Somanathan and economic affairs secretary Ajay Seth, soon after the first meeting of the newly formed Cabinet on Monday evening.
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The interim budget for FY25 earmarked ₹12.20 lakh crore toward the devolution of taxes. With this release, the total devolved so far this fiscal year stands at ₹2,79,500 crore. Sitharaman returns to North Block amid a broad focus on continuity by the NDA government. Her immediate task is the full budget for FY25.
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The budget, likely early next month, is expected to detail the Narendra Modi government's vision for the next five years. It will also be keenly watched for the next-generation reforms the finance minister promised in the interim budget of February.
The main focus areas for Sitharaman will be sustaining high growth, making it more inclusive and creating employment. Rationalising GST is expected to be high on the agenda, as will be easing tax compliances.
India clocked 8.2% expansion
