New Delhi, Febuary 1: Union Finance Minister Nirmala Sitharaman and Minister of State for Finance Pankaj Chaudhary met with President Droupadi Murmu at Rashtrapati Bhavan on Saturday to discuss the final details of the Union Budget 2025.
The meeting comes ahead of Sitharaman’s presentation of the Budget in Parliament today at 11 am.
This will be Sitharaman’s eighth consecutive Union Budget presentation. The speech is expected to outline the government’s fiscal policies, revenue generation plans, expenditure proposals, taxation reforms, and key policy announcements.
Meanwhile, the Economic Survey tabled in Parliament on Friday projected India’s economic growth to range between 6.3% and 6.8% for the 2025-26 financial year.
The Survey emphasized the resilience of India’s economic fundamentals, supported by fiscal consolidation, a stable external account, and strong private consumption.
The government plans to further bolster industrial growth by focusing on research and development (R&D), micro, small, and medium enterprises (MSMEs), and capital goods, which are expected to enhance productivity and global competitiveness.
The Survey also forecasts a decline in food inflation during Q4 of FY25, thanks to seasonal drops in vegetable prices and the upcoming Kharif harvest.
A strong Rabi crop is also expected to help manage food prices in the first half of FY26. However, risks from adverse weather and rising international agricultural prices remain.
India’s foreign exchange reserves remain robust, covering 90% of external debt and providing an import cover of more than ten months. Reserves grew from USD 616.7 billion in January 2024 to USD 704.9 billion in September 2024, and stood at USD 634.6 billion as of January 3, 2025.
Additionally, the Survey highlighted significant growth in formal employment, with net Employees’ Provident Fund Organisation (EPFO) subscriptions rising from 61 lakh in FY19 to 131 lakh in FY24.
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