Union Budget 2024-25, J&K Budget approved by Lok Sabha via Voice Vote

SRINAGAR — Lok Sabha approved the Rs 48.21 trillion Union Budget for the fiscal year 2024-25. The budget, presented by Finance Minister Nirmala Sitharaman, was passed by a voice vote, along with the budget for the Union Territory of Jammu and Kashmir.

During the session, the House also approved the related appropriation bills, ensuring the allocation of funds as outlined in the budget.

Addressing the Parliament, Finance Minister Sitharaman highlighted the government’s fiscal discipline and economic growth trajectory.

“The fiscal deficit of the Central government is proposed to be brought down to 4.9 percent of the GDP during 2024-25 and further to below 4.5 percent by 2025-26,” Sitharaman stated.

She emphasized India’s position as the fastest-growing economy in the world, attributing this success to the Narendra Modi government’s robust capital expenditure push, which helped the country overcome the lingering impacts of the COVID-19 pandemic.

The Union Budget, presented on July 23 by Finance Minister Sitharaman, has been a subject of intense debate in both the Lower and Upper houses of Parliament. The passage of the budget marks a crucial step in the government’s economic agenda for the coming fiscal year.