Indian BJP government prepares to present budget for financial year 2024-2025
Date
7/23/2024 3:52:51 AM
(MENAFN) As India prepares for its budget presentation in Parliament on Tuesday, expert opinion emphasizes the need for continued focus on several key areas. Finance Minister Nirmala Sitharaman will present the budget for the financial year 2024-2025, marking the first budget under Prime Minister Narendra Modi’s government since the ruling coalition secured a third term last month.
Jaijit Bhattacharya, president of the Centre for Digital Economy Policy Research, highlighted the urgency for India to address climate change impacts and enhance various infrastructure elements. He underscored the importance of investing in irrigation facilities, improving food storage and factory-based food production, and developing flood-resistant cities. Bhattacharya also stressed the need for continued promotion of local industries, suggesting measures like increasing customs duties to support domestic growth, particularly in critical sectors such as defense, which requires substantial investment due to growing geopolitical challenges.
Additionally, Bhattacharya advocated for increased funding towards technology creation in India, noting that last year’s budget already included a notable 13 percent increase in defense allocation within a 45 trillion Indian rupee (USD537.8 billion) budget. He anticipates that the budget will address coalition partners’ demands to some extent, as these demands are development-focused and geared towards industrial growth and job creation.
Despite the ruling Bharatiya Janata Party (BJP) losing its parliamentary majority and relying on support from smaller parties, Bhattacharya expects the budget to maintain a focus on reducing the fiscal deficit and bolstering the economy. He also noted concerns about food inflation and suggested that the budget will include measures to tackle this issue while reinforcing safety nets for vulnerable populations.
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