CARGOCONNECT-MARCH2024 - Flipbook - Page 16
F
O
C
U
S
BUDGET
2024
USHERING IN POSITIVE
TRANSFORMATIONS
T
Geopolitically, global affairs are becoming
more complex and challenging with wars and
conflicts. She noted that globalisation is being
redefined with reshoring and friend-shoring,
disruption and fragmentation of supply
chains, and competition for critical minerals
and technologies. A new world order is
emerging after the COVID pandemic. India
assumed the G20 presidency during a very
difficult time for the world. The global
economy was going through high inflation,
high interest rates, low growth, very high
public debt, low trade growth, and climate
change. The pandemic has led to a crisis of
food, fertilisers, and finances for the world
while India successfully navigated its way.
The country showed the way forward and
built consensus on solutions for those global
problems. The government will take up
next-generation reforms to facilitate growth
and the next five years will be of
unprecedented development and golden
moments to realise the dream of developed
India by 2047.
- Nirmala Sitharaman
Union Minister of Finance and Corporate Affairs
16 | CARGOCONNECT MARCH 2024
heInterim
Union
Budget
for the
昀椀nancial
y e a r
2024-25
was tabled in the Parliament by Union Minister
for Finance and Corporate
A昀昀airs, Nirmala Sitharaman on February 01. The
proposal to raise CAPEX
target by 11.1 per cent to
record `11.11 lakh crore for
the next 昀椀scal year starting April 01, is expected
to shore up demand and
consumption in the South
Asia’s biggest economy
that dreams to become
third largest in the world
by 2030.
“Building on the massive tripling of the capital
expenditure outlay in the
past four years resulting
in huge multiplier impact
on economic growth and
employment creation, the
outlay for the next year is
being increased by 11.1 per
cent to eleven lakh, eleven
thousand, one hundred
and eleven crore rupees
(`11,11,111 crore). This
would be 3.4 per cent of
the GDP,” Sitharaman said
