New Delhi [India], March 4 : Finance Minister Nirmala Sitharaman on Tuesday said that her government is committed to ensuring the timely implementation of all Budget announcements made for the year 2025-26.
Speaking at a post-Budget webinar hosted by the Department of Financial Services, the finance minister recounted how some of the announcements made in the July 2024 Budget have been implemented in a short time.
She said that the Mudra loan limit under the Tarun category has been increased from Rs 10 lakh to Rs 20 lakh, as was announced in the July 2024 Budget. This new limit took effect on October 24, 2024, within three months of the announcement.
Further, she said 21 new SIDBI branches have already been opened in MSME clusters during 2024-25 in line with the budget announcements made in July.
She added that the Ministry of Corporate Affairs has implemented the pilot project for the PM Internship Scheme announced in the Budget of 2024-25, creating over 1.25 lakh internship opportunities in top companies with over six lakh applications received so far.
"This is consistent with our track record of delivering on promises made in previous budgets," she added.
Since 2017, the Budget has been presented on February 1, instead of March 1.
Sitharaman said presenting the Budget a month earlier provides the government with more time for the departments and ministries to plan and implement the Budget announcements in the same financial year.
"Our government remains steadfast in reducing regulatory burdens and enhancing trust-based governance to improve the ease of doing business," she said.
"Through the budget announcements, we are taking various steps towards making India a seamless export-friendly economy, one where businesses are free to focus on innovation and expansion and not paperwork and penalties, decriminalization of business-related laws, reduces the legal risks, allowing industries to operate with greater confidence."
In her address, she also highlighted the fact that her government has removed over 42,000 compliances and decriminalised over 3,700 legal provisions since 2014.
In the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalized.
She said her government is on the verge of bringing up the Jan Vishwas Bill 2.0 to decriminalize more than 100 provisions in various laws. "It will further simplify processes for businesses," she said.
Quoting Prime Minister Narendra Modi, who participated in the webinar in the afternoon, she said the pathway for reforms is complemented by the government's unwavering focus on capital expenditure as a driver of economic growth.
For the year 2025-26, the total effective capital expenditure is proposed at Rs 15.48 lakh crores, which is 4.3 per cent of the GDP, with Rs 11.21 lakh crores located as core capital expenditure by the centre, which is 3.1 per cent of the GDP.
Capital expenditure, or capex, is used to set up long-term physical or fixed assets.
The minimal difference between the effective capital expenditure and fiscal deficit indicates that the government is using almost all borrowed resources for financing effective capital expenditure.
"This unprecedented investment in infrastructure development is already creating jobs, strengthening industries and laying the foundation for private sector participation in India's growth story," she supplemented.
"Various important inputs have been received during the course of the discussion (during the webinar today), and they will be looked into. The inputs will help align our strategies, address possible implementation challenges, and ensure that budgetary announcements efficiently translate into tangible actions," she added.
The themes of today's webinars include MSMEs as an Engine of Growth, manufacturing, Exports, Nuclear Energy Missions, regulatory, Investment, and EoDB Reforms.
The webinars provided a collaborative platform for government officials, industry leaders, and trade experts to deliberate on India's industrial, trade, and energy strategies.