BT Exclusive: Union Budget 2024-25 to lay roadmap for India with 2047 in mind


Consequent to Prime Minister Narendra Modi’s instructions to Cabinet ministers to draft a roadmap for the first 100 days and next five years of the new government, Finance Ministry officials have begun preparations in earnest for the Union Budget 2024-25.

The Budget is likely to be tabled in the first week of July, following the Lok Sabha elections and the appointment of a new government after the results on June 4.

Sources in the Ministry of Finance said the exercise to conduct consultations with various departments and ministries has already commenced, with the aim being to lay out a broad roadmap.

“Our focus continues to be on ‘Viksit Bharat by 2047’ and broadening our current schemes to make them even more accessible to marginalized sections of society,” an official told Business Today TV.

The Centre plans to maintain its focus on youth, women, farmers, and the poor as priorities, with new reforms targeted towards these groups, while working on the implementation of initiatives announced in earlier budgets, the officials added.  

Additionally, the Centre intends to sustain the strong focus on infrastructure and creating job opportunities through sunrise sectors such as semiconductors, green hydrogen, and solar, as announced in the interim Budget earlier this February.

“We are aiming for growth-oriented planning for the next 25 years,” said the official.

In the Interim Budget 2024-25, the Centre increased the capital expenditure outlay to Rs 11.1 lakh crore, with a key focus on affordable housing and green growth. Prime Minister Narendra Modi, speaking at the India Today Conclave 2024, reiterated the Bharatiya Janata Party’s commitment to focusing on India’s growth towards 2047, not just until 2029, which could mark the third term of the Modi government.

The PM highlighted the transformative impact of government schemes like Mudra and PM Swanidhi, providing loans without guarantees to empower millions in rural and semi-urban areas. He praised the digital revolution among street vendors, emphasizing their role in India’s progress.

Additionally, he underscored initiatives like Namo Drone Didi, empowering women through innovative opportunities like becoming drone pilots, breaking societal barriers. PM Modi also noted how schemes like Swachh Bharat and Ayushman Bharat are saving significant amounts for the poor and emphasized a crackdown on corruption, showcasing transparency and accountability in governance. He expressed confidence in India’s future, envisioning it as a global economic powerhouse under stable leadership.

The Election Commission of India has unveiled the schedule for the much-anticipated Lok Sabha elections 2024. The fifth phase of polling for the 18th Lok Sabha is scheduled for May 20, with results expected to be announced on June 4.

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