Budget aims to push mfg, boost India's share in global growth: FM Nirmala Sitharaman
Nirmala Sitharaman Wednesday said the budget seeks to strike a fine balance among several overriding priorities and will provide impetus to local manufacturing, boost employment and raise India's share in global growth. «Growth, employment, welfare spending, capital investments, and fiscal consolidation are given equal place,» she said in Rajya Sabha.
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She said the full budget for 2024-25 was a continuation of the interim budget presented in February. «While this budget seeks to consolidate our earlier accomplishments, I have announced a slew of measures in providing a renewed impetus to the manufacturing sector,» the minister said.
The aim is to boost domestic employment, create jobs, and ensure a high and sustained increase in India's share in the global GDP over the next five years, she added.
Replying to the discussion on Union Budget 2024-25 and Union Territory of J&K in Rajya Sabha, Sitharaman said the government is well on track to achieve the fiscal deficit target of 4.5% of GDP by 2025-26. «The government has always maintained fiscal prudence as one of the important governance principles… From 2026-27 onwards we will adhere to a path to ensure that the central government debt as a percentage of GDP is at a declining trend,» she said.
Cooperative Federalism
Sitharaman dismissed the opposition allegation of ignoring the opposition ruled
