Rahul Mehrotra, MD & CEO, RHDFC, says,” The Interim Union Budget 2024 has prioritized the betterment of the economically weaker sections, women, farmers and the youth, recognising their crucial role in nation building.
The pledge to build an additional two crore houses in the next five years under the PM Awas Yojana Grameen was laudable. It underscores the government’s commitment to ensuring housing for all.
Sitharaman’s announcement of an upcoming scheme targeting the middle class, especially those living in rented houses, slums, and unauthorized colonies, was a positive stride towards inclusive growth. Anticipating a comprehensive roadmap for Viksit Bharat in the Full Budget this July, believe it will reinforce the government’s dedication to economic development and welfare.”
The government was focused on improving conditions for the poor, women, youth and farmers, Sitharaman said, setting the tone for welfare schemes to be announced in these areas.
Weak growth in wages and high inflation has hurt lower income earners, particularly in rural areas, impacting their ability to spend on even items of daily use.
The interim budget for 2024/25 was being seen as an economic manifesto for Prime Minister Narendra Modi‘s ruling party and will give clues to the market on its plans for fiscal consolidation, borrowings and future taxation policy.
The economy has undergone a profound transformation,” Sitharaman said to the thumping of desks.
There are weak spots in the economic picture, though. While the economy was seen growing at a record beating 7.3% for the financial year ending March 31, 2024, consumption which accounts for close to 60% of GDP — has remained weak growing at just over 4%.
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