Union Budget 2024: Indian economy is 'shining exception' in times of global policy uncertainties, says Sitharaman

Finance Minister Nirmala Sitharaman emphasised that in times of policy uncertainties at the global level, India’s inflation remained low and stable. Sithraman mentioned that the inflation in the country continues to remain within 4 per cent and insisted that the Indian economic growth “continues to shine”.

On Tuesday, the finance minister tabled the 2024 Union Budget in the parliament. What makes the sacrosanct document so significant is the fact that this is the first budget of the Modi 3.0 government that came to power in the 2024 Lok Sabha General.

It is pertinent to note that this will be the seventh budget presented by Sitharaman, the most by any Indian finance minister in the country’s history.

“The global economy while performing better than expected is still in the grip of policy uncertainties,” Sitharaman said in her address to the parliament. “Elevated asset prices, political uncertainty and shipping disruption continue to pose significant downside risks for growth and upside risks for inflation,” she added.

The finance minister noted that in this context, Indian economic growth continues to remain a “shining exception” and made it clear that it will remain so in the years ahead.

India keeps on growing

In reference to Indian economic growth, Sitharaman lauded its stability. “In this context, India’s economic growth continues to be the shining exception and will remain so in the years ahead,” the finance minister averred.

“India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent. Steps are being taken to ensure supplies of perishable goods reach the market adequately,” she furthered.

India: A helping hand to other nations

The budget estimate for the Ministry of External Affairs (MEA) for FY 2024-25 is ₹22,155 crore. The allocation exceeded the ₹5,848.58 crore MEA received for 2023-24.

When it comes to the aid India is planning to provide to other nations, Bhutan received the highest aid allocation. The Asian nation is estimated to receive Rs 2,068.56. However, it was slightly less than the amount allocated in FY 2023-2024 showing a slightly lower utilisation at Rs 2,398.97 crore.

Meanwhile, Maldives will get Rs 400 crore in the new budget which is the same as the one mentioned in last year’s budget. However, the revised budget for FY 2023-2024 shows a higher amount of ₹770.90 crore.