The Union Budget 2024 emphasises advancements in agriculture, infrastructure, and technology, with a particular focus on simplification of tax laws, Finance Minister Nirmala Sitharaman said at a media event on . Addressing the intricacies of the Union Budget, she outlined a vision aimed at propelling India towards its 2047 goals.
Describing the budget as "futuristic", Sitharaman highlighted its alignment with India's long-term development goals. The budget sets the stage for India to gain a lead in research across various sectors, including space, she said. Significant allocations have been made to support both large enterprises and small players, with a strategic emphasis on youth readiness and skill development.
"Skill development is a crucial part of our plan. We introduced a five-item package aimed at equipping the youth with skills relevant to emerging industries. This approach will support our goal of modernising and diversifying the workforce," Sitharaman said.
When it comes to fiscal deficit, while the target could have been retained at 5.1%, the government is mindful of broader macroeconomic factors, she said. The government is carefully managing fiscal policies with a focus on debt reduction and macroeconomic stability, she explained.
The plan to encourage private sector involvement in nuclear energy is crucial as India's energy needs are growing, the finance minister said. To cater to this growing need, India needs to have an energy mix and nuclear energy is the front runner. India already has indigenous technologies for nuclear energy, and this private push can help fulfill the country's energy demand sustainably, she noted.
Sitharaman also acknowledged issues related to inverted duty structures, specifically on 12% GST, that is levied on both solar and wind energy. "We are committed to rationalising GST rates not only to adjust the rates but also to simplify the process and address issues of inverted duty structures," she said.
Sitharaman reaffirmed the government's commitment to continued public spending on capital and infrastructure. Its focus on infrastructure remains strong, and the government is committed to bridging the infrastructure deficit, she asserted. "Projects like UDAAN and optical fiber expansions are examples of our ongoing efforts to enhance public infrastructure and connectivity," she said.
Sitharaman emphasised that while public spending will continue to drive infrastructure improvements, there is also a need for accelerated private sector involvement in capital expenditure to support sustained growth and recovery.
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