Finance Minister Nirmala Sitharaman presented the Interim Budget for the 2024-25 fiscal year on Thursday. Despite its interim nature, the Budget revealed significant policy revisions and project announcements. One major change was the government setting its fiscal deficit target for FY25 at 5.1 percent of GDP. Additionally, the Budget focused on promoting schemes in the agriculture sector to benefit fisheries and dairy farmers while attracting investments from both public and private sectors. Although there were no announced changes in the tax structure, the FM mentioned that certain outstanding direct tax demands would be withdrawn.

 

Commenting on the Budget, Naina Lal Kidwai, former FICCI President, stated, “Any government would be inclined to spend money on subsidies and schemes in an election year. This government, however, has announced its commitment to achieving a fiscal deficit of 5.1 percent.” Kidwai also noted uncertainty regarding how the government plans to achieve this fiscal deficit target while maintaining good revenue levels, given the absence of “scaling back” on capital expenditure in the financial document.

Former FICCI President Subhrakant Panda welcomed the Budget, emphasizing its clear articulation of the government’s future trajectory. He highlighted a strong focus on reforms at the state level for Viksit Bharat with a Rs 75,000-crore outlay linked to milestone-based reforms. Panda also noted the government’s emphasis on uplifting and developing focus groups including the poor, women, youth, and farmers, along with a focus on green and inclusive growth.

 

Ashish Chauhan, CEO of the National Stock Exchange of India (NSE), lauded the Budget as a ’10/10 Budget,’ praising its prioritization of fiscal discipline alongside welfare and growth. He noted the unexpected emphasis on welfarism by the government since 2014, evident in social security frameworks such as vaccine provision, schooling, food, and pension schemes, as well as insurance benefits.

 

Ajay Singh, President of Assocham and Chairman and MD of SpiceJet, also expressed positivity towards the Budget, describing it as a step towards a developed India by 2047. He commended the government’s efforts, viewing them as aligned with larger objectives.

 

Pathik Patwari, President of the Gujarat Chamber of Commerce and Industry, praised the Budget for giving equal importance to all sectors and aiming to make India developed by 2047. Sanjiv Puri, ITC MD, acknowledged the Budget’s role in promoting sustainable, inclusive, and competitive growth, supporting the government’s continued path.