President Murmu emphasized the importance of a strong and stable government in leading to rapid development at the domestic level and positioning the country as a friend to the world during a period of global upheaval. She highlighted the achievements of the Narendra Modi-led government, particularly the consecration of the Ram temple in Ayodhya as a defining moment. The upcoming Union Budget for the financial year 2024-25 is expected to focus on the achievements of the previous budgets under Prime Minister Modi’s leadership, as it will be an interim one to enable the government to meet essential expenditure until a new government takes charge after the general election. Micro, Small, and Medium Enterprises (MSMEs) are looking to the upcoming budget for policies and schemes that will support their role as a growth engine for the Indian economy. While no major announcements are expected, the budget could build upon the initiatives introduced in the 2023 budget, such as the Credit Guarantee Trust for MSME revamp, Vivad se Vishwas scheme, and tax benefits for MSMEs.
Finance Minister announces fiscal deficit for 2024-25 at 5.1% of GDP with no change in tax rate during interim Budget
