Defence Minister Rajnath Singh said about the Union Budget that it will be beneficial for every section of the society
New Delhi: On Saturday, Defence Minister Rajnath Singh arrived in Parliament before Finance Minister Nirmala Sitharaman delivered the Union Budget. Singh stressed to reporters, “The budget will be delivered. It will benefit all facets of society.
Today, Sitharaman will deliver her budget before the Lok Sabha for the eighth time in a row. The government’s economic objectives, proposed income and spending plans, tax changes, and other noteworthy announcements will all be included in the budget address.
Ahead of the Union Budget, Sitharaman and Union Minister of State for Finance Pankaj Chaudhary met with President Droupadi Murmu earlier today at Rashtrapati Bhavan.
The Union Finance Minister was presented ‘dahi-chini’ by President Murmu. This is a traditional way to wish someone luck. The president and the finance minister were seen discussing the general outline of the proposed budget during their discussion.
India’s GDP is expected to increase between 6.3% and 6.8% in the next fiscal year 2025–2026, according to the Economic Survey that was presented to Parliament on Friday.Tabled the day before the union budget, the study emphasizes that the nation’s economic foundations are still sound, bolstered by private consumption, fiscal consolidation, and a steady external account.
It said that the government intends to prioritize capital goods, micro, small, and medium-sized businesses (MSMEs), and research and development (R&D) in order to support long-term industrial growth.The goals of these initiatives are to increase global competitiveness, productivity, and innovation.
“With a healthy external account, balanced fiscal consolidation, and steady private spending, the foundations of the domestic economy are still strong. Taking all of these factors into account, we anticipate growth in FY26 to be between 6.3% and 6.8%,” the statement said.
According to the poll, the seasonal drop in vegetable prices and the start of the Kharif crop are likely to reduce food inflation in Q4 FY25. In the first half of FY26, a strong Rabi crop is also anticipated to contribute to the control of food prices. On the other hand, inflation is threatened by unfavorable weather patterns and growing global food prices.
According to the report, India’s foreign currency reserves are still robust, covering 90% of its external debt and supplying more than 10 months’ worth of imports. Before leveling out at USD 634.6 billion as of January 3, 2025, the reserves rose from USD 616.7 billion in January 2024 to USD 704.9 billion in September 2024. The external strength of India has been bolstered in large part by the steadiness of capital flows.
Significant expansion in the formal employment sector was also noted by the poll. From 61 lakh in FY19 to 131 lakh in FY24, the number of subscribers to the Net Employees’ Provident Fund Organization (EPFO) has more than doubled.President Droupadi Murmu gave a joint speech to kick off the Parliament’s budget session on Friday, January 31.
The first portion of the budget session will run until February 13. Following the break, the two Houses will reconvene on March 10 and end the session on April 4.
