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As Union Finance Minister Nirmala Sitharaman presents the Union Budget for 2024–25, all eyes are on how it will align with the themes highlighted in the Economic Survey 2023–24 or if it will echo the maiden budgets of Prime Minister Narendra Modi’s previous terms. The Modi government’s first Budget after returning to power in 2019 with an even bigger mandate than in 2014 was by and large incremental. Economic Survey Insights The Economic Survey 2023–24, released Monday, outlines significant challenges and key themes that are expected to shape India’s economic trajectory. The survey points to the need for: Inflation Targeting : Revising the Reserve Bank of India’s framework to exclude food inflation. Private Sector Investment : Encouraging private sector investment to sustain economic momentum. Employment and Skills : Tackling unemployment and enhancing skill development. MSME Growth : Easing regulatory burdens and improving access to finance for MSMEs. Agricultural Reform : Aligning pr...

The political landscape is buzzing with anticipation as Union Finance Minister Nirmala Sitharaman presents the Union Budget for 2024–25. This marks the first budget under Prime Minister Narendra Modi’s third term, a term characterized by a notable shift in political dynamics. This will be the first Budget in Prime Minister Narendra Modi’s third term in office. The Political Shift Unlike Modi’s previous terms, the BJP no longer holds a majority on its own and relies heavily on its NDA allies, particularly the TDP led by N Chandrababu Naidu and the JD(U) led by Nitish Kumar. This dependency adds an intriguing layer to this year’s budget, as both allies have outlined specific demands, including special category status (SCS) and special projects for their states, Andhra Pradesh and Bihar. Anticipated Debates and Strategies The three-week-long Budget session, which kicked off on Monday, promises to be contentious. This was evident during the customary all-party meeting on Sunday, where coal...