Nirmala Sitharaman, the Minister of Finance and Corporate Affairs, is about to make history. On July 23, she will unveil the entire Union Budget for 2024–25, becoming the first trade finance minister to do so.
The February Interim Budget reaffirmed the government’s commitment to achieving Viksit Bharat, a developed nation, by 2047. The entire budget is anticipated to offer a comprehensive plan for sustained economic growth, bolster these initiatives even more, and maintain the growth momentum.
The Confederation of Indian Industry (CII), which is India’s development partner, has been actively involved in offering the government helpful policy recommendations and has put forth important ideas for the 2024–25 Budget. Here, I highlight three crucial areas: trade, technology, and sustainability. These areas are essential to guiding India’s development towards becoming a developed country and act as catalysts for inclusive, long-term, sustainable economic growth.
India’s external sector has snowballed in the last several years. Despite the difficult global climate and slowing trade, India’s exports reached a record high of $776.68 billion in 2023–2024. Government initiatives like “Made in India,” “production-linked incentives,” “export promotion schemes,” and the establishment of WTO-compliant programs are all responsible for this.
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