Finance Minister Nirmala Sitharaman’s Interim Budget 2024 reveals ambitious fiscal targets, projecting a fiscal deficit of 5.8% for FY24 and aiming to reduce it further to 5.1% in FY25. With a revised total expenditure of Rs. 44.90 lakh crore and tax receipts estimated at Rs. 23.24 lakh crore, Sitharaman emphasizes meticulous financial management. The long-term vision includes reducing the fiscal deficit to below 4.5% by FY26. Transformative reforms include redefining FDI as ‘First Develop India’ to attract foreign investments, establishing a Rs. 1 lakh crore corpus for long-term financing, and promoting deep tech applications for defense. The Finance Minister credits GST reforms for creating economic cohesion, presenting a comprehensive and strategic approach to propel India’s economic growth. Interim Budget 2024 demonstrates a bold and comprehensive strategy to navigate India’s economic landscape. The ambitious fiscal targets and commitment to fiscal prudence underscore a long-term vision for sustainable economic growth. The emphasis on ‘First Develop India’ and the creation of a significant corpus for long-term financing reflect a proactive approach to attract foreign investments and foster economic development. The integration of technological advancements, particularly in defense, showcases a forward-looking perspective. Overall, the Interim Budget 2024 outlines a holistic plan combining fiscal discipline, transformative reforms, and strategic investments to propel India into a new phase of growth and development.
