FM reveals five principles that guided Budget 2024

Synopsis

In a press conference, Finance Minister Nirmala Sitharaman highlighted that Budget 2024 aligns with Prime Minister Narendra Modi’s guiding principles, termed as “disha-nirdeshak baatein.” The focus includes emphasizing social justice as an effective governance model, addressing major caste groups like the poor, women, youth, and farmers.

BudgET 2024: Whitepaper on state of economy in pre-2014 and later periods to be tabled in the House

India’s Finance Minister Nirmala Sitharaman addressing a press conference said, the Budget 2024 is based on Prime Minister Narendra Modi’s five “disha-nirdeshak baatein“.

“Social justice as an effective and necessary governance model, we have shown that it is a successful model,” she said.

Four major caste groups, namely the poor, women, youth and the farmers, is another aspect of the PM’s disha-nirdeshak baatein.

In addition to this, the list consists of focus on infrastructure: “this year, there has been a massive increase of 11% in capital expenditure, resulting in Rs. 11,11,111 crores of capex. This continues the trend of the last four years.”

Moreover, using of technology as a huge opportunity is also one of the “disha-nirdeshak baatein”- Digital Public Infrastructure as almost a factor of production, it is actually bringing in value addition to every sector and improves our productivity, she said.

“High powered committee for extensive consideration of challenges arising from population growth and demographic challenges,” she added.

PM Modi had stated on Wednesday that this time around, the finance minister will present the budget with “disha-nirdeshak baatein”.

“The budget deficit, fiscal deficit 5.8% which is much lower than the 5.9… Similarly, for the 2024-25 budget, we’ve given 5.1 as the fiscal deficit. So clearly indicating that we are on track to meet the glide path which was set in 2021-22 and that we are well on track to meet the 4.5% fiscal deficit on or below 4.5 even by FY 26,” said Sitharaman.

Sitharaman said, “There will be a white paper on the economic performance of the last 10 years compared with the previous 10 years…Govt has got the trust, confidence and blessings of the people based on its exemplary track record of GDP that is Governance, development and performance.”

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Roy Walsh

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