The Union Budget 2024 focuses on growth and fiscal consolidation, aiming to reduce the fiscal deficit to 4.9% of GDP for 2024-25 and below 5% for 2025-26, with a plan to decrease government debt from 2026-27 onwards. It includes measures for skilling, job creation, rural development, agricultural productivity, and R&D.
Infrastructure spending remains at 3.4% of GDP, reflecting the government’s commitment to investment in employment and economic productivity. States are encouraged to support infrastructure with interest-free long-term loans for various projects.
Published 23 July 2024, 23:19 IST
In the Union Budget 2024, the focus is on fostering growth and achieving fiscal consolidation. With plans to reduce the fiscal deficit to 4.9% of GDP by 2024-25 and below 5% for the following year, the budget also aims at decreasing government debt from 2026-27 onwards. This budget includes measures to promote skilling, job creation, rural development, and agricultural productivity.
Infrastructure spending remains at 3.4% of GDP, demonstrating the government’s dedication to investing in employment and economic productivity. States are encouraged to support infrastructure development through interest-free long-term loans. Additionally, the budget introduces various initiatives for urban development, critical minerals exploration, energy transition pathways, and dispute resolution reforms, among others, to enhance inclusive development and the business environment in India.
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