Budget 2024-25: Rajya Sabha Gives Nod Amid Spirited Financial Debate

The Indian Parliament finalized the approval for the Budget 2024-25 with the Rajya Sabha returning the relevant legislations to the Lok Sabha. Finance Minister Nirmala Sitharaman emphasized that the Budget aims to balance growth, employment, and fiscal consolidation at the same time. Opposition raised concerns regarding allocations and taxes.

Parliamentary approval for the Budget 2024-25 was completed on Thursday with the Rajya Sabha returning the relevant legislations to the Lok Sabha after Finance Minister Nirmala Sitharaman's spirited reply to the debate emphasizing the Budget was aimed at promoting investments and creating jobs.

The Rajya Sabha returned the Appropriation Bill and the Finance Bill to the Lok Sabha, thus completing the budgetary exercise for 2024-25. The Jammu and Kashmir Appropriation Bill too was returned to the Lower House. These bills were earlier approved by the Lok Sabha.

Sitharaman, presenting her seventh Budget on July 23, stated that the Union Budget balances different overriding imperatives such as growth, employment, capital expenditure, and fiscal consolidation. She highlighted higher allocations in agriculture and allied sectors and addressed opposition's concerns about allocations and taxes, including the 18% GST on health and life insurance premiums.

(With inputs from agencies.)