Finance Minister Nirmala Sitharaman presented her eighth consecutive budget on February 1, highlighting India’s booming economic growth and the goal of “Viksit Bharat. The NDA government’s second full Union Budget in its third term focuses on key sectors like agriculture, MSMEs, exports, and financial inclusion to ensure sustainable growth.
Boosting Agriculture, MSMEs, and Exports
While presenting the Budget, Sitharaman highlighted the government’s commitment to accelerating agricultural growth, strengthening MSMEs, and boosting exports. MSMEs, agriculture, and exports are some of our growth engines, and we will take steps to continue their development,” she added. Budget has been voted to help farmers with credit facilities, incentives, and rural infrastructure development.
The other key sector, micro, small and medium enterprises (MSME), engine of employment and GDP, will also be allocated substantial financial support to enable small businesses to expand operations and access markets more effectively. Moreover, the government has also put forth policies for innovation promotion and export encouragement, thus helping India to stay on top of the global market.
Encouraging Private Investment and Middle-Class Empowerment
According to Sitharaman, the Budget intends to attract private sector investment, lift household sentiment, and also support the “rising middle class” of India. The government is planning to use incentives and schemes to attract domestic and foreign investment. Through restoring middle-class family confidence in the economy, it is predicted that there will be increased spending which will fuel overall growth.
Parliament’s Budget Session Timeline
The Budget Session of Parliament commenced on January 31 and will be carried out over two sessions. The initial stage is ongoing up to February 13, and the second stage will start on March 10 and end on April 4. With this Budget, Sitharaman surpassed former Prime Minister and Finance Minister Morarji Desai’s record for the most Union Budgets presented.
Economic Survey 2024-25 Highlights
The Economic Survey 2024-25, prepared in anticipation of the Budget, has specified major efforts for infrastructure, rural housing, sanitation, clean fuel, social protection, and connectivity. It focuses on financial inclusion, providing more direct access to credit to rural households and small businesses via MFIs and self-help groups.
Further, the Survey reveals that private consumption in India is a main engine ensuring economic stability in the face of global volatility. The strong recovery of domestic consumption has allowed the Indian economy to be durable facing external shocks.
The Union Budget 2025, with an overarching vision of inclusive growth, innovation and global competitiveness, seeks to propel India’s journey towards a developed nation by 2047.
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