COMING AHEAD OF the crucial 2024 General Elections, there was much anticipation in therun-up to the Interim Budget 2024-25. Though the government had repeatedly emphasised that there wouldn’t be any big-bang measures aimed at shoring up votes before the polls, there was still speculation that some such benefits would be announced.
Interest was piqued on January 29, two days before the Interim Budget was presented, when the finance ministry released a mini Economic Survey of sorts. It stated that India is expected to become a $5-trillion economy in the next three years and could aspire to become a $7-trillion economy by 2030.
“This will be a significant milestone in the journey to delivering a quality of life and standard of living that match and exceed the aspirations of the Indian people,” said the report, titled ‘The Indian Economy: A Review’. It also looked back at the last decade and identified factors that have underpinned the economy’s resilience.
Not surprisingly, then, Union Finance Minister Nirmala Sitharaman used the Interim Budget to present a blueprint for the future and consciously abstained from making any big promises, opting instead for fiscal prudence. She focussed on sustaining at least 6.5–7% growth in the gross domestic product (GDP) in the coming years and providing the means to ensure that the benefits of this growth trickle down to all.
“The Union Budget for FY25 aims at sustaining growth through renewed emphasis on capital expenditure and strengthening the social safety net for the poor and vulnerable through prudent fiscal management,” said the Medium Term Fiscal Policy and Fiscal Strategy Statement.
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