Union Budget 2024: Finance Minister Sitharaman Highlights Governance, Development, and Performance

New Delhi:  Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, emphasized the government’s focus on a more comprehensive ‘GDP’ – Governance, Development, and Performance – alongside delivering high growth in terms of Gross Domestic Product. Presenting the Interim Union Budget 2024 in Parliament, she highlighted the government’s commitment to transparent, accountable, people-centric, and prompt trust-based administration with a ‘citizen-first’ and ‘minimum government, maximum governance’ approach.

Smt. Sitharaman noted the robust state of the economy, citing investments, macro-economic stability, and the discernible impact of all-round development across sectors. She pointed out that people are empowered, equipped, and enabled to pursue their aspirations, leading to an improvement in living standards and increased income. The Finance Minister highlighted a 50% increase in average real income, moderate inflation, and effective, timely delivery of programs and large projects.

In terms of economic management over the past decade, Smt. Sitharaman attributed the success to various elements, including:

1. Rapid construction of all forms of infrastructure – physical, digital, and social.
2. Active participation of all parts of the country in economic growth.
3. Digital Public Infrastructure, recognized as a new ‘factor of production’ in the 21st century, contributing to the formalization of the economy.
4. Goods and Services Tax (GST), enabling ‘One Nation, One Market, One Tax,’ and leading to tax reforms that deepened and widened the tax base.
5. Strengthening of the financial sector, enhancing efficiency in savings, credit, and investments.
6. Initiatives like GIFT-IFSC (Gujarat International Finance Tec-City – International Financial Services Centre) and the unified regulatory authority, IFSCA (International Financial Services Centres Authority), creating a robust gateway for global capital and financial services.
7. Proactive inflation management, keeping inflation within the policy band.

The Finance Minister’s presentation emphasized the government’s commitment to holistic economic development, effective governance, and performance-driven outcomes. The focus on a broadened perspective of GDP reflects the government’s dedication to ensuring comprehensive growth and welfare for the citizens of India.