Sitharaman: Govt Plans to Raise ₹14.13 Lakh Cr from Market

Finance Minister Nirmala Sitharaman presented the interim Budget 2024-25 in Parliament on Thursday, highlighting the achievements of the Modi government and its plans for future growth. She said the Indian economy witnessed a profound positive transformation in the last 10 years, overcoming the challenges of Covid-19 and creating foundations for a self-reliant nation. She also expressed confidence that the government will be blessed again by the people with a resounding mandate in the upcoming Lok Sabha elections.

Fiscal Deficit and Market Borrowing

Sitharaman announced that the revised estimate for fiscal deficit for 2024-25 is 5.8 per cent of GDP, lower than the budget estimate of 6.8 per cent. She said the government will raise Rs 14.13 lakh crore from the market by issuing dated securities in 2024-25, which is 9.3 per cent lower than the budget estimate of Rs 15.59 lakh crore. She said the government has been following a prudent fiscal policy and has maintained fiscal discipline.

Structural Reforms and Pro-People Programme

Sitharaman said the government has undertaken structural reforms in various sectors, such as agriculture, education, health, infrastructure, banking, taxation and labour. She said these reforms have boosted productivity, efficiency and competitiveness of the economy. She also said the government has implemented pro-people programmes that have benefited the poor, women, youth and farmers. She cited examples of PM KISAN Yojana, PM Awas Yojana, PM Mudra Yojana, Skill India Mission, National Education Policy and Triple Talaq law.

Social Justice and Inclusivity

Sitharaman said the government has been addressing systemic inequalities and focusing on outcomes so that socio-economic transformation is achieved. She said the government has adopted a saturation approach of covering all eligible people under various schemes, such as free ration, direct benefit transfer, health insurance and pension. She said this is true and comprehensive achievement of social justice and secularism in action. She also said the government has empowered women by providing them financial assistance, education, health care and legal protection.