Finance Minister Nirmala Sitharaman's Interim Budget 2024 speech makes it clear that the Modi government is confident of being voted back to power. This augurs well for the economy and people of India.
Allocation for school education went up to 68,805 cr from last budget's Rs 63,449.37 cr. Substantial increase in funds for training teachers & grants-in-aid to state govts & UTs.
Cushion from a high nominal GDP base will not be around in FY24. Budgeted expenditure will be vulnerable to pruning in case of shortfall in revenue realisation.
For years, experts have argued the case for rethinking the Centre-state relationship regarding the police. The time to debate police financing is running out.
A dedicated fund for start-ups in rural India is a much-needed thrust but Budget 2023 has unexpectedly slashed allocation to the agriculture ministry and reduced funds for MGNREGA by 33%.
See the political messaging in this budget. It is an uncluttered continuation from last year and is a statement of confidence, bordering on overconfidence.
Economists say there are weaknesses in India’s GDP data. But statisticians claim the accusations are based on flawed understanding, saying while GDP has problems, the economists are looking in the wrong places.
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