Budget 2024: Average real income increased by 50%, inflation eased, says Nirmala Sitharaman

Budget 2024 News: Union Finance Minister Nirmala Sitharaman told Parliament on Thursday that the average real income of Indians has increased by 50 percent. The Union Finance Minister also noted that people's incomes have improved and they are living a much better life with high hopes for the future.

She also added that inflation was moderate due to good macroeconomic stability and robust investments. Sitharaman said that the Modi 2.0 government has provided transparent, accountable and people-centric trust-based administration.

Sitharaman mentioned that the government is focusing on “broader GDP – governance, development and performance”.

“There is macroeconomic stability, investments are robust, the economy is doing well, people are doing well, they have greater hopes for the future, average real income has increased by 50%, inflation is moderate, people are empowered, “To pursue their goals, there is an effective and timely delivery of programs and major projects,” said Nirmala Sitharaman.

Sitharaman also reported that India faced major challenges in 2014 when the Narendra Modi government first came to power. “When we took office in 2014, the country faced enormous challenges. With 'Sabka Sath Sabka Vikas' as its mantra, the government overcame these challenges.”

Sitharaman also spoke about how the Indian economy has overcome the challenges of the coronavirus pandemic. She said India has overcome the obstacles caused by the COVID-19 pandemic by laying the foundations for a self-reliant India or Aatmanirbhar Bharat.

She further mentioned that the Modi government has provided free rations to 80 million people during the pandemic and continues to do so. In her speech, Nirmala Sitharaman also said that with the introduction of Goods and Services Tax (GST), all parts of the country will become part of India's growth story.

The Union Finance Minister said that strengthening the financial sector has helped in making savings, credit and investments more efficient while all kinds of infrastructure are being built in record time.

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