Budget 2024: Govt focused on GDP - Governance, Development and Performance, says FM Nirmala Sitharaman

Budget 2024: Union Finance Minister Niramala Sitharaman started her Budget 2024 speech by highlighting the inclusive approach of Prime Minister Narendra Modi-led government. Giving a new mantra of development, the finance minister said the government is equally focused on GDP - Governance, Development and Performance.

The finance minister said the government's approach to development is all-round, all-pervasive and all-inclusive. It covers all castes and people at all levels. The government is working to make India a ‘Viksit Bharat’ by 2047. To achieve this goal, people have to be empowered and their capabilities improved.

The finance minister further said the next five years will be years of unprecedented development. The economy is doing well and people are living better and earning better with greater aspirations for the future. The average real income of people has increased by 50%, inflation is moderate. She indicated that ‘pro-active inflation management’ had helped contain inflation within the target band of 2% to 6%.

The finance minister said that to give a boost to development, the government has increased the outlay for infrastructure to ₹11.11 lakh crores in FY25. For further growth of the agriculture sector, the government is promoting public and private investment in post-harvest activities.

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The finance minister further said 43 crore loans aggregating to ₹22.5 lakh crore have been extended under PM Mudra Yojana. Besides that, Fund of Funds, Start-Up India, and Start-Up Credit Guarantee schemes are assisting the youth. They are also becoming ‘rozgardata’.

FM Nirmala Sitharaman also said the impact of all-round development is discernible in all sectors. There is macro-economic stability, including in the external sector. Investments are robust. The economy is doing well.

She said the government will adopt economic policies that "foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, help them enhance their capabilities and contribute to the generation of resources to power investments and fulfil aspirations..."

The Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth, and established 3000 new ITIs. Under the mission, the government, through more than 20 central ministries/departments, is implementing various skill development schemes across the country. A large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up.

Speaking about women's empowerment, which has the potential to transform the rural socio-economic landscape, the finance minister said the government has decided to enhance the target of lakhpati didi from 2 crore to 3 crore.