NEW DELHI: Finance Minister Nirmala Sitharaman made history by presenting her eighth consecutive Union Budget, the most by any finance minister in India’s history. This milestone surpasses the previous record held by former Prime Minister Morarji Desai, who presented a total of ten budgets over different periods.
In her budget speech, Sitharaman emphasized inclusive growth, focusing on agriculture, manufacturing, and middle-class empowerment. Key initiatives include missions to boost pulses and cotton production, enhanced credit guarantees for small and medium-sized enterprises (SMEs), and the establishment of a fund to support start-ups. Additionally, a National Manufacturing Mission has been launched to bolster the “Make in India” initiative.
The budget also allocates ₹1.5 trillion in interest-free loans for state infrastructure projects, introduces a Maritime Development Fund, and creates an Urban Challenge Fund to promote sustainable urbanization. Other measures aim to enhance regional air connectivity, develop critical mineral policies, and establish skilling centers to support the manufacturing sector.
To support the middle class and stimulate economic growth, the government has implemented transformative reforms in taxation and set a fiscal deficit target of 4.4% of GDP, down from 4.8% in the previous year. The budget also plans to raise the foreign direct investment cap in the insurance sector to 100% to deepen market penetration.
The stock market responded positively, with the Nifty 50 and BSE Sensex indices experiencing gains during the special budget session. Sectors such as fertilizers, fisheries, banking, and financial services saw notable advances following the budget announcements.
By presenting her eighth consecutive budget, Sitharaman has solidified her place in India’s political and economic history as the first finance minister to achieve this feat.
Source: Web Team, C6N
