The Modi 3.0 government will present its first full budget on July 23.
Finance Minister Nirmala Sitharaman along with Planning Minister Rao Inderjit Singh, Chief Economic Advisor V Anantha Nageswaran, Economist Surjit Bhalla, Agricultural Economist Ashok Gulati and veteran banker K V Kamath were also present in the meeting.
This will be the first major economic document of the Modi 3.0 government, which is expected to outline a roadmap to make India a developed nation by 2047.
External Affairs Minister Sitharaman has already held wide-ranging discussions that included captains of Indian industry, state finance ministers and economists to get his views on the upcoming Budget.
Having presented an interim budget ahead of the Lok Sabha elections, the Finance Minister will now present the full budget for 2024-25 that ensures that the economy continues on the high growth trajectory and creates more jobs during the government's third term of Modi.
Sitharaman is expected to increase the income tax exemption limit to give some relief to the middle class. This would put more disposable income in the hands of consumers and lead to increased demand to drive economic growth.
Given the low fiscal deficit, hefty Rs 2.11 lakh crore dividend from the RBI and buoyant taxation, the Finance Minister has a lot of scope to go ahead with policies aimed at accelerating growth and implementing social welfare schemes aimed at improve the poor.
Prime Minister Modi has already declared that “the next five years will be a decisive fight against poverty.”
FM Sitharaman will present the budget at a time when the Indian economy has recorded robust growth of 8.2 per cent in 2023-24, which is the fastest among the world's major economies, and inflation is falling below 5 percent. The RBI has stated that the economy is heading towards a growth trajectory of over 8 per cent.
The fiscal deficit has also been reduced from over 9 per cent of GDP in 2020-21 to the target level of 5.1 per cent by 2024-25. This has strengthened the macroeconomic fundamentals of the economy. S&P Global Rating raised the outlook on India's sovereign rating to "positive" from "stable", citing the country's improving finances and strong economic growth.
Finance Minister Nirmala Sitharaman along with Planning Minister Rao Inderjit Singh, Chief Economic Advisor V Anantha Nageswaran, Economist Surjit Bhalla, Agricultural Economist Ashok Gulati and veteran banker K V Kamath were also present in the meeting.
This will be the first major economic document of the Modi 3.0 government, which is expected to outline a roadmap to make India a developed nation by 2047.
External Affairs Minister Sitharaman has already held wide-ranging discussions that included captains of Indian industry, state finance ministers and economists to get his views on the upcoming Budget.
Having presented an interim budget ahead of the Lok Sabha elections, the Finance Minister will now present the full budget for 2024-25 that ensures that the economy continues on the high growth trajectory and creates more jobs during the government's third term of Modi.
Sitharaman is expected to increase the income tax exemption limit to give some relief to the middle class. This would put more disposable income in the hands of consumers and lead to increased demand to drive economic growth.
Given the low fiscal deficit, hefty Rs 2.11 lakh crore dividend from the RBI and buoyant taxation, the Finance Minister has a lot of scope to go ahead with policies aimed at accelerating growth and implementing social welfare schemes aimed at improve the poor.
Prime Minister Modi has already declared that “the next five years will be a decisive fight against poverty.”
FM Sitharaman will present the budget at a time when the Indian economy has recorded robust growth of 8.2 per cent in 2023-24, which is the fastest among the world's major economies, and inflation is falling below 5 percent. The RBI has stated that the economy is heading towards a growth trajectory of over 8 per cent.
The fiscal deficit has also been reduced from over 9 per cent of GDP in 2020-21 to the target level of 5.1 per cent by 2024-25. This has strengthened the macroeconomic fundamentals of the economy. S&P Global Rating raised the outlook on India's sovereign rating to "positive" from "stable", citing the country's improving finances and strong economic growth.
