Budget 2024 : Finance Minister Nirmala Sitharaman will hold pre-budget consultations with industry chambers on June 20. Sources gave this information on Sunday. The budget for the financial year 2024-25 is likely to be presented in Parliament in the second fortnight of July. Industry sources said that before the pre-budget consultation with Sitharaman, a meeting will be held with Revenue Secretary Sanjay Malhotra on June 18. The economic agenda of the third term of the Modi government will be set in the budget for the financial year 2024-25.
The focus will be on the $5 trillion economy
The Finance Minister will consider measures to boost growth without harming inflation and also find resources to meet the compulsions of the coalition government. The economic agenda will include steps to make India a five trillion dollar economy in the near future and to accelerate reforms to transform the country into a ‘developed India’ by 2047. According to the Reserve Bank of India (RBI), the Indian economy is expected to grow at 7.2 percent in the current financial year due to improvement in rural demand and softening of inflation.
These will be the priorities
The key policy priorities of the third term of the Prime Minister Narendra Modi-led government will include tackling food inflation, unemployment, stress in the agriculture sector, job creation, maintaining the momentum of capital expenditure and pushing revenue growth to remain on the fiscal consolidation path. Rating agency S&P has maintained a positive stance on the economic policies adopted by the Modi regime in the last 10 years. The agency had upgraded the sovereign rating outlook to positive. It also indicated a possible rating upgrade in the next 1-2 years, provided the government sticks to its fiscal deficit roadmap.
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