Budget 2024: FM Sitharaman on India's 'GDP', 3 consecutive years of 7% growth
Emphasising the significance of the interim budget presented ahead of the elections, Sitharaman articulated the essence of GDP as Governance, Development, and Performance. She asserted that the budget reflects a track record of effective governance, executed through sound policies and decisions.
Union Finance Minister Nirmala Sitharaman on Thursday, February 1, highlighted India's robust economic performance, boasting three consecutive years of 7% growth, solidifying its status as the fastest-growing economy in the G20.
Emphasising the significance of the interim Budget presented ahead of the elections, Sitharaman articulated the essence of GDP as Governance, Development, and Performance. "It is an interim budget presented before just the elections. GDP- Governance, development and performance," she said addressing a presser after presenting the budget.
The minister asserted that the Budget reflects a track record of effective governance, executed through sound policies and decisions. "On governance, this budget speaks from a position where we've delivered on development. We managed the economy with correct intentions, correct policies and correct decisions so it's governance with care," she said.
Delving into the 'D' of GDP, the Finance Minister highlighted the focus on improving the lives of citizens, enhancing their earnings, and fostering high aspirations for the future. Transitioning to the 'P,' she proudly declared three consecutive years of 7% growth, positioning India as the fastest-growing economy within the G20.
"D stands for people living better, earning better and having high aspirations for the future and if I move to the 'P' the performance — three consecutive years of 7% growth — fastest-growing economy in G20 with all parts of the country participating in the growth," Sitharaman said.
Addressing fiscal concerns, Sitharaman revealed a deficit of 5.8%, lower than the anticipated 5.9%. Looking ahead to the 2024-25 budget, she announced a fiscal deficit target of 5.1%. "The budget deficit, fiscal deficit 5.8% which is much lower than the 5.9%. Similarly, for the 2024-25 budget, we've given 5.1% as the fiscal deficit. So clearly indicating that we are on track to meet the glide path which was set in 2021-22 and to meet the 4.5% fiscal deficit on or below 4.5% even by FY26," the FM said.
Sitharaman also announced the release of a white paper comparing the economic performance of the last decade with the preceding 10 years, showcasing the government's transparency and commitment to accountability. She expressed confidence in gaining the trust and blessings of the people based on the exemplary track record of governance, development, and performance.
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