Synopsis
On February 1, FM Nirmala Sitharaman declared India as the fastest-growing economy, emphasizing the government's commitment to fostering growth in agriculture, MSMEs, and exports en route to becoming Viksit Bharat. The Union Budget aims to boost private investments and support the rising middle class amid global challenges.Key Takeaways
- India is recognized as the fastest-growing economy.
- The government aims to achieve Viksit Bharat through robust growth.
- The Budget focuses on agriculture, MSMEs, and exports.
- Increased access to credit for rural households is a priority.
- Private consumption is pivotal for economic stability.
New Delhi, Feb 1 (NationPress) India stands as the world's fastest-growing economy, and the government is committed to ensuring significant growth in the upcoming years as it strives to achieve Viksit Bharat, stated Union Finance Minister Nirmala Sitharaman on Saturday.
While presenting her eighth consecutive budget and the NDA government's second comprehensive Union Budget during its third term, the Finance Minister emphasized that the Budget is aimed at boosting agricultural growth, empowering farmers, supporting MSMEs, and fostering innovation while enhancing exports.
“MSMEs, agriculture, and exports are among our primary growth engines, and we will persist in fortifying these sectors,” she remarked.
“This Budget furthers the government’s initiatives to accelerate growth and promote inclusive development. It seeks to invigorate private sector investments, uplift household sentiments, and strengthen the potential of India's emerging middle class,” FM Sitharaman noted in her opening remarks.
The Budget Session of Parliament, which commenced on Friday, will take place in two phases - the first began on January 31 and will wrap up on February 13, while the second phase is set to start on March 10 and conclude on April 4.
FM Sitharaman surpassed the previous record held by former Prime Minister and Finance Minister Morarji Desai last year regarding the presentation of the Union Budget.
According to the Economic Survey 2024-25, financial inclusion is a central priority, facilitating easier access to credit for rural households and small enterprises through microfinance institutions, self-help groups, and other intermediaries. It outlines essential initiatives in infrastructure, rural housing, sanitation, clean fuel, social protection, and connectivity, alongside efforts to boost rural livelihoods.
The survey also emphasized that increasing private consumption is crucial in maintaining stability within India's domestic economy amid global uncertainties.
