National Desk, Feb 1: Finance Minister Nirmala Sitharaman presented the Interim Budget 2024-25 on Thursday, outlining the government’s spending plans for the first quarter of the fiscal year. While the budget focused on infrastructure, youth power, and financial sector development, it drew criticism from various opposition parties.
Opposition’s Critique:
Congress leaders Manish Tewari and Shashi Tharoor expressed concerns about the high budget deficit and lack of concrete implementation plans. DMK and AAP echoed similar sentiments, calling the budget “hollow” and “disappointing,” respectively. Shiromani Akali Dal MP Harsimrat Kaur Badal criticized the lack of specific measures for key sectors like agriculture and youth employment.
BJP’s Defense:
BJP MP Ravi Shankar Prasad countered the opposition, emphasizing India’s economic growth and rise to the “Top 5” economies globally. He defended the budget as “effective” and a “strong path towards the future,” highlighting the planned increase in capital expenditure and initiatives like PM SVANIDHI for street vendors.
Key Highlights of the Budget:
- No change in tax rates:Â The budget offered relief to taxpayers by maintaining existing direct and indirect tax structures.
- Focus on youth and women:Â Initiatives like vaccination for girls and credit assistance for women entrepreneurs were announced.
- Increased capital expenditure:Â The government plans to increase capital expenditure by 11.1% to boost infrastructure development.
- Fiscal deficit target:Â The budget aims to bring down the fiscal deficit to 5.1% of GDP in 2024-25.
Looking Ahead:
With general elections approaching, the Interim Budget has ignited political discourse. While the opposition criticizes its pre-election motives, the BJP defends its focus on achievements and future plans. The full budget, expected in July, will hold more answers on the government’s economic roadmap.
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