It was not an easy task for the Finance Minister to prepare a budget in times of challenges and uncertainty. The Finance Minister has strengthened the foundation for sustainable growth by developing infrastructure, manufacturing, and employment potential through structural reforms. Maintaining fiscal discipline in the budget of approximately ₹53.47 lakh crore, the fiscal deficit has been kept at 4.3 percent of GDP, while the debt target is 55.6 percent of GDP.
The Finance Minister said that our aim is to convert aspiration into achievement and potential into execution and ensure that the benefits of growth reach everyone.
The budget’s largest allocation, ₹12.02 lakh crore, has been allocated for infrastructure. Numerous provisions have also been made for manufacturing industries in strategic and frontier regions. The budget also includes several tax reforms for the manufacturing industry. Equity support for medium and small scale industries is an important step.
The service sector plays a significant role in India’s economy, contributing to GDP, exports, and employment. Keeping this in mind, the budget includes several innovative provisions for tourism, health, education, and the financial sector. Along with the budget, the 16th Finance Commission report was also tabled in the House today, and the government accepted its recommendations. According to the Finance Commission, 41 percent of central taxes will be distributed to the states. The budget also includes special provisions for Tier 2 and Tier 3 cities, as well as for temple towns, to improve their infrastructure and basic amenities.