Presenting the first Union Budget of Modi 3.0, Union Finance Minister Nirmala Sitharaman focused on job creation, infrastructure development, making new regime of personal income tax more attractive, increasing the standard deduction limits for income tax payers giving a boost to startups with measures such as the abolition of angel tax, and special financial assistance in terms of investment in Bihar and Andhra Pradesh, two states ruled by the Bharatiya Janata Party’s allies — the Janata Dal-United and the Telugu Desam Party respectively — which are crucial for the stability of the National Democratic Alliance government of Prime Minister Narendra Modi at the Centre. Here is Nirmala Sitharaman’s full speech that she gave earlier in the Lok Sabha: Hon’ble Speaker, I present the Budget for 2024-25.
Introduction Global Context The global economy, while performing better than expected, is still in the grip of policy uncertainties. Elevated asset prices, political uncertainties and shipping disruptions continue to pose significant downside risks for growth and upside risks to inflation. In this context, India’s economic growth continues to be the shining exception and will remain so in the years ahead.
India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent.
Steps are being taken to ensure supplies of perishable goods reach market adequately. Interim Budget As mentioned in .