Revitalizing India’s Future: FM Nirmala Sitharaman Unveils Ambitious Budget to Supercharge Growth and Ignite Private Sector Investments
Finance Minister Nirmala Sitharaman rebutted the Opposition’s allegations that the Union Budget favored only NDA-ruled states, labeling them as "unfounded." While responding to the budget debate in the Rajya Sabha, Sitharaman emphasized the budget’s timing amidst significant "external challenges" like global economic fragmentation and rising tariff barriers. She clarified that the budget priorities include "Garib" (poor), youth, "annadata" (farmers), and "naari" (women), stressing the focus on accelerating growth and spurring private investment.
Sitharaman addressed claims that the budget emphasized consumption over capital expenditure. She clarified that effective capital expenditure comprises core capital outlays and grants-in-aid for states, which, although logged as revenue expenditure, are utilized for capital creation. The proposed capital expenditure for 2024-25 is 15.48 lakh crore, up from the revised estimate of13.18 lakh crore, and could reach `19.8 lakh crore with public enterprises’ contributions for 2025-26.
In a critique of the Congress party, Sitharaman urged former finance minister P. Chidambaram to advise opposition-run states against cutting capital expenditure, noting a significant reduction between 2004 and 2014. Furthermore, she refuted claims of rising inflation and rupee depreciation, citing a decrease in CPI inflation to 4.31% in January 2025, approaching RBI’s target range, and described the rupee’s depreciation as part of a global trend.
Addressing income tax relief criticisms, Sitharaman illustrated tax reductions for various income levels and affirmed no cuts in social sector spending, asserting the budget’s balanced approach to fostering economic resilience while addressing diverse societal needs.
Original Source: https://indianexpress.com/article/india/budget-aims-to-accelerate-growth-boost-pvt-sector-investments-says-fm-nirmala-sitharaman-9835168/
Category : India
Tags:
Publish Date: 2025-02-14 01:43:00
