Budget 2024: 'FDI-First Develop India', says FM Nirmala Sitharaman in speech

The FM pointed to the prosperous period under the Modi government, noting a substantial FDI influx of $596 billion from 2014 to 2023, almost double compared to the figure of $298 billion recorded from 2005 to 2014.

Finance Minister Nirmala Sitharaman emphasized the significant role of Foreign Direct Investment (FDI), giving it a new perspective by terming it as 'First Develop India', during the Interim Budget speech this year.

She pointed to the prosperous period of the Modi government, noting a substantial FDI influx of $596 billion from 2014 to 2023, almost double compared to the $298 billion recorded from 2005 to 2014.

Sitharaman affirmed the government's dedication to sustaining FDI growth through ongoing negotiations on bilateral investment treaties with global partners.

In her address, Union Finance Minister Nirmala Sitharaman also redefined GDP, expressing that the government now prioritizes Governance, Development, and Performance. She drew attention to the revised estimate of the fiscal deficit, standing at 5.8 per cent of GDP, showcasing improvement over the budget estimate despite adjustments in nominal growth expectations.

The Interim Budget, which is Sitharaman's sixth and the last by the Modi government ahead of the polls, gives the government spending rights till the end of fiscal year which falls on March 31.