2024-07-28 23:25:00
MyThe government’s first budget of the third quarter is significant for several aspects. The first feature is that this is the first full budget of a non-Congress government that has had the opportunity to rule India for three consecutive terms. This is the first time in sixty-eight years that this has happened. It is the finance minister who will be blessed to present the Union Budget for the seventh time in a row that he will present it. Nirmala Sitharaman broke former Prime Minister Morarji Desai’s all-time record with this budget. Union Minister for Women Nirmala Sitharaman made history by presenting the budget six times in a row in the previous government. This is the first budget of the 18th Lok Sabha. According to Indian tradition, the number eighteen is very important. The Bhagavad Gita, which is in eight chapters, has seven hundred verses in eighteen chapters. Eighteen Puranas and Upa Puranas are very important for Indians. Members of the National Democratic Front were elected to the 18th Lok Sabha by a large number of new voters who were given the right to vote at the age of eighteen. In 2014, Nirmala Sitharaman took charge as a Cabinet Minister in the Department of Industry and Commerce for the first time in the Union Cabinet. She became the Union Defense Minister in 2017. Subsequently, she became India’s first full-time woman finance minister.
The finance minister’s budget proposals are a boost to the development dreams of the Modi government, which has given India a decade of development. The budget includes several proposals for India, the world’s fifth largest economy, to take a strong step forward. The first budget of the third Modi government, which gives importance to the poor, the youth, women and farmers, included nine economic proposals in favor of a developed India. Priority has been given to proposals for capital investment and infrastructure development to increase agricultural and industrial production and control fiscal deficit. There are proposals in the budget for schemes that support women to ensure the presence of women in the workforce. Special schemes for the development of women are planned in the budget. The budget contains proposals to increase the digital presence of small and medium industries and increase heritage pilgrimage tourism. Along with economic growth, the government is emphasizing social welfare schemes, employment generation and skill improvement schemes. The budget includes proposals to provide employment opportunities and to raise the standard of living of the 25 crore that the Modi government has lifted out of poverty in the last decade. Also, it can be seen that the government has given particular emphasis to the development of new technologies such as artificial intelligence, the generation of renewable solar energy to help solve the energy crisis, and projects to increase defense power. India’s proud space sector has also been given due importance in the budget. The budget highlights the farmer-friendly Pradhan Mantri Kisan Samman scheme, which aims to strengthen India’s rural economy for farmers, women and youth. This will help ensure economic stability for rural communities and increase agricultural productivity. This scheme is a gift to farmers from the Modi government, which will benefit around twelve crore farmers. This increases their agricultural production efficiency and economic sustainability. Omnibus budget emphasizes the agriculture sector. 1.52 lakh crore has been earmarked for increasing agricultural production, research and agricultural training programmes. A 50 percent increase in the support price of agricultural products will greatly benefit the farmers. A special feature of this budget is the promotion of natural farming.
The government’s policy is to encourage the private sector, which has a lot of potential to provide employment opportunities, and start-ups, which have a lot of development potential, together with public sector institutions. She is pleased that a number of proposals have been included in this budget to encourage private investment in sectors that can create more job opportunities. The construction sector is leading in employment generation. Nirmala Sitharaman has announced a handful of schemes in the employment sector. The aim of the central government is a tax system that supports taxpayers. In this budget, Nirmala Sitharaman has tried to implement timely reforms in tax rates and smooth system as required by the middle class. The increase in standard deduction to Rs 75000 is a relief. It is also a relief for those who earn up to three lakh rupees tax exempt. Exemption from indirect tax on gold and mobile phones is a market move. The budget contains proposals to control inflation, increase the consumer appetite of the common man and increase domestic income.
Nirmala Sitharaman has tried to help control growth and fiscal deficit. The Minister of Finance has made a strong effort to bring about a new revival in the rural sector, to create more employment opportunities there and to significantly increase the income of farmers.
The Finance Minister is confident that the central government’s efforts to increase the growth rate and reduce the fiscal deficit to five percent have been successful along with the Reserve Bank’s expectations for a budget that will stimulate growth. Nirmala Sitharaman has presented the budget for the seventh consecutive time with many proposals to further improve the economic situation. The dividend amount of Rs 2.11 lakh crore given by the Reserve Bank to the central government this time will strengthen the government to reduce the fiscal deficit and implement social projects. An unprecedented increase in direct and indirect taxes including increased GST is a significant achievement as part of the economic measures taken by the central government which made the central government much stronger financially. The government will continue to invest the social welfare scheme allocation in the bank accounts of the beneficiaries and use it to purchase essential commodities thereby increasing the purchasing power of the rural people and keeping them tax friendly. Nirmala Sitharaman has proposed economic proposals in her historic budget speech.
Many projects are planned for rural development in the budget, which announced huge projects in the employment sector. It is necessary to give more importance to development projects to increase rural employment opportunities. There are many proposals in the budget to curb the rise in the prices of essential commodities, control inflation and create employment opportunities. It is also worth noting that this time the Union Finance Minister gave importance to the Pradhan Mantri Kisan Samman scheme and the Pradhan Mantri Awas Yojana scheme. The first cabinet decision in Modi’s third year was to provide houses to thirty million people under the Pradhan Mantri Awas Yojana scheme. The proposals to build 3 crore houses under Pradhan Mantri Awas Yojana and include 1 crore houses in the solar scheme Bharat is reflected in this budget. Special emphasis on industries will help increase productivity and increase employment.
Union Finance Minister Nirmala Sitharaman’s budget proposals will strengthen the economic stability that the Modi government has built over the past decade. The budget proposals aim to steer the economy towards the government’s target of a fiscal deficit of 4.5 percent by controlling inflation and accelerating the pace of growth and making India the third largest economy in the world. The Finance Minister’s budget proposals will help elevate India to an unrivaled position in terms of governance, development and performance in the next five years.
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