'No populism, but confidence of winning Lok Sabha Elections 2024...': India gives thumbs-up to Interim Budget
The Interim Budget 2024, tailored with an eye on the impending Lok Sabha elections in 2024, underscored the government's confidence in its ability to secure victory for the third time in a row while maintaining a focus on reform-oriented policies.
FollowIndia gave a resounding thumbs-up to the Interim Budget 2024 presented by Finance Minister Nirmala Sitharaman on Thursday, which prioritized sustainable economic growth and fiscal prudence over short-term populism. The budget, tailored with an eye on the impending Lok Sabha elections in 2024, underscored the government's confidence in its ability to secure victory for the third time in a row while maintaining a focus on reform-oriented policies.
Sitharaman's budget speech highlighted the government's commitment to sustaining India's world-beating economic growth rate by increasing capital expenditure by 11 percent for the next fiscal year. This move is poised to bolster infrastructure development and stimulate economic activity across various sectors.
One of the notable features of the interim budget was its emphasis on providing relief to the common man from disputed small tax demands of up to Rs 25,000, without altering income tax rates for individuals and corporates or customs duty. This measured approach reflects the government's commitment to providing stability and predictability in the tax regime.
In less than an hour, Sitharaman outlined the transformative journey of India's economy over the past decade, highlighting its transition from a 'fragile' state to the world's fastest-growing major economy. The budget's focus on fiscal consolidation, with a reduction in the fiscal deficit to 5.8 percent for the current financial year and further to 5.1 percent in the next fiscal year, signals a prudent approach to managing public finances.
Furthermore, Sitharaman articulated the government's vision for the future, emphasizing the principles of 'reform, perform, and transform.' She underscored the government's commitment to undertaking next-generation reforms and building consensus with states and stakeholders to drive effective implementation.
The interim budget also showcased robust revenue receipts for the current fiscal year, reflecting strong growth momentum and formalization in the economy. Sitharaman reiterated the government's commitment to fiscal consolidation, aiming to reduce the fiscal deficit to below 4.5 percent by 2025-26.
Overall, India's response to the interim budget indicates widespread approval and confidence in the government's economic policies and vision for a 'Viksit Bharat' in the future.
"Today's budget reflects the government's confidence in winning the upcoming election, as no freebies were announced. While disappointing for salaried individuals, it underscores the administration's belief in its policies and economic direction," wrote one user on X, formerly Twitter.
Another Indian said, "It was a vision statement for development India, rather than a budget outlay. And displaying confidence of continuity of Modi govt, without promising more freebies in competition to opposition tools for winning election."
A third user added, "Presenting non-populist Budget and focusing on fiscal prudence in an election year shows the confidence of Government."
Here's a look at how India reacted to FM Nirmala Sitharaman's Interim Budget 2024:
