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Budget 2024: Average real income 50 per cent higher, inflation moderated, says Nirmala Sitharaman

The finance minister attributed the moderated inflation levels to good macroeconomic stability and robust investments.

Edited By: Akshit Tyagi New Delhi Updated on: February 01, 2024 13:05 IST
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Union Finance Minister Nirmala Sitharaman said that the average real income of Indians has increased by 50 per cent and people's earnings have improved, leading to a better quality of life and increased aspirations for the future.

Sitharaman attributed moderated inflation levels to good macroeconomic stability and robust investments.

"There is macroeconomic stability, investments are robust, the economy is doing well, people are doing well, with greater aspirations for the future, average real income has increased by 50 per cent, inflation is moderate, people are getting empowered to pursue their aspirations, and there is effective and timely delivery of programmes and large projects," Sitharaman said.

The Finance Minister highlighted the government's commitment to transparent, accountable, people-centric, and trust-based administration under the Modi 2.0 government. She emphasised a focus on a more comprehensive approach to GDP, encompassing governance, development, and performance.

Sitharaman acknowledged the challenges India faced in 2014 when the Modi government took office but noted that they were overcome with the mantra of 'Sabka Sath Sabka Vikas' (collective effort, inclusive growth).

Discussing the impact of the COVID-19 pandemic, Sitharaman outlined how India navigated the challenges by laying the foundations for a self-reliant India, or Aatmanirbhar Bharat. During the pandemic, the government provided free rations to 80 crore people and continues to do so. She also highlighted the integration of all parts of the country into the India growth story through the Goods and Services Tax (GST).

Sitharaman mentioned the strengthening of the financial sector, making savings, credit, and investments more efficient. Additionally, she noted the rapid development of all forms of infrastructure.

 

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