Modi 3.0's Budget 2024 approved by the Cabinet

The Cabinet, chaired by Prime Minister Narendra Modi on Tuesday approved the Union Budget 2024, set to be announced by Finance Minister Nirmala Sitharaman.

Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and surpassing the late Morarji Desai's record of six consecutive budgets. The focus is expected to be on changes in the income tax structure and improving the ease of doing business in India.

Sitharaman tabled the Economic Survey 2023-24 along with the statistical appendix on Monday.


Minister of State for Finance Pankaj Chaudhary and Chief Economic Advisor V. Anantha Nageswaran arrived at the Ministry earlier.

Speaking to the media, Chaudhary said that the first Union Budget of the third Modi government will be based on the mantra of "Sabka Saath Sabka Vikas".

The Economic Survey which was tabled by Sitharaman in the Parliament on Monday, forecast the Indian economy to achieve a 7 per cent growth rate in the medium term. This growth depends on building on structural reforms, requiring collaboration between the Union Government, State Governments, and the private sector. The survey highlights global opportunities and challenges, emphasizing bottom-up reforms and governance strengthening for sustainable growth.

The growth strategy for the medium term, termed "Amrit Kaal," hinges on six critical areas. First, there must be a deliberate focus on boosting private investment. Second, the growth and expansion of India's MSMEs (Mittelstand) should be a strategic priority. Third, the potential of agriculture as an engine of future growth must be recognized, with policy impediments removed. Fourth, securing the financing of India's green transition is essential. Fifth, bridging the education-employment gap is necessary. Finally, focused building of state capacity and capability is required to sustain and accelerate India's progress.