Budget to accelerate pace of reforms: President Murmu

Bengaluru: The upcoming Union Budget 2024, the first one of Prime Minister Narendra Modi’s third term, will take ‘many historic steps’ and accelerate the pace of economic reforms, President Droupadi Murmu said on Thursday.

"This budget will be an effective document of the government's far-reaching policies and futuristic vision. Along with major economic and social decisions, many historic steps will also be seen in this budget," Murmu said in her speech to the joint sitting of Parliament.

"The pace of reforms will be further accelerated in tune with the aspirations of people of India for rapid development," she added.

Finance Minister Nirmala Sitharaman is expected to present the budget in the third or fourth week of July. Thanks to the Reserve Bank of India’s Rs 2.11 lakh crore record dividend to the union government, the Finance Ministry finds itself with enough fiscal space to bring a long-awaited tax relief to the salaried classes, as well as continue down the path of focus on public infrastructure and rural-focused welfare schemes.

In her speech, Murmu said the government is giving equal importance to all the three pillars of the economy - manufacturing, services and agriculture. "Along with the traditional sectors, sunrise sectors are also being promoted in mission mode. Be it semiconductor or solar, be it electric vehicles or electronic goods, be it green hydrogen or batteries, be it aircraft carriers or fighter Jets, India is expanding in all these sectors," she said.

The government is also making continuous efforts to reduce the cost of logistics, and investments in green industries are being increased, leading to an increase in 'green jobs', the President said.

Stating that India is emerging as a leader in every sector from IT to tourism and from health to wellness, she said that this is creating a large number of new opportunities for employment and self-employment.