On July 31, Finance Minister Nirmala Sitharaman stated that the Union Budget succeeded in striking a balance between growth, employment, capital investment and fiscal consolidation.
Minister Ms. Sitharaman replied to Rajya Sabha’s discussion on the Union Budget 2024-25 and Union Territory of Jammu and Kashmir, saying it aims at facilitating cooperative federalism without fail.
What is important to me is that we are unwavering in our commitment to cooperative federalism. The total resources proposed for transfer to States in 2024-25 amount to ₹22.91 lakh crore which signifies an increase of ₹2.49 lakh crore over 2023-24,” she said.
According to the Finance Minister, during the last ten years of Narendra Modi government, the capital expenditure was ₹43.82 lakh crore compared with ₹13.19 lakh crore in UPA’s ten-year rule a decade earlier.
She also said that manufacturing sector still finds PLI schemes lucrative. This budget also represents an attempt by India make itself more attractive as a destination for manufacturing companies she too observed.
Also, she noted the fiscal deficit trajectory being maintained by the government as well as how this would be achieved. She says it will be reduced below 4.5% by 2025-26 from current fiscal target of 4.9%.
Further highlighting, Sitharaman mentioned that agriculture and allied sectors were allocated ₹1.52 lakh crores in this budget which is ₹8,000 Crores more than last year. By way of comparison, only ₹30,000 crores were allocated for agriculture in 2013-14–the last year of Congress-led UPA.
Additionally, she underscored that there has been an improvement in financial position of Jammu & Kashmir Union Territory; She went further to mention about turnaround made by J&K Bank with profits earned.
