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A message of Fiscal Stability, Growth Continuity
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Context
The FY25 Union Budget has emphasized stability in fiscal policies and continuity in sustainable growth, with a renewed focus on inclusive growth to achieve 'Viksit Bharat by 2047'.
Fiscal Stability and Growth Continuity
- Fiscal Discipline Maintained: Fiscal deficit reduced to 4.9% of GDP in FY25, signaling intent for fiscal consolidation.
- Focus on Sustainable Growth: Continued emphasis on capital spending to stimulate economic growth amidst subdued private sector investment.
- Support for Macro-economic Stability: RBI's record dividend transfer used to enhance welfare spending and reduce fiscal deficit, bolstering economic resilience.
Inclusive Growth Initiatives
- Employment Generation Focus: New schemes incentivizing job creation and skilling, aimed at integrating youth into formal employment sector.
- Housing Sector Boost: Significant increase in allocation for urban and rural housing under PMAY, aiming for inclusive urban development.
- Support for MSMEs: Enhanced funding avenues and reduced collateral requirements to boost MSME participation in economic growth.
Sectoral Focus and Future Outlook
- Promotion of Agriculture: Measures like Atmanirbharta in pulses and oilseeds, DPI in agriculture, and focus on agriculture research to enhance productivity and support farmers.
- Industrial Growth Initiatives: PLI scheme bolstered with increased allocation, sector-specific custom duty adjustments to promote domestic manufacturing.
- Global Recognition and Fiscal Prudence: India's fiscal policies aimed at global bond market inclusion, maintaining fiscal discipline to sustain investor confidence.
Mains Question:
Q. "Discuss the strategic priorities outlined in the Union Budget 2024-25 towards achieving 'Viksit Bharat 2047'. How do these priorities address the challenges of inclusive growth and fiscal sustainability in India? Illustrate with examples."
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