Jaipur (Rajashtan) [India], February 2 : NITI Aayog's former CEO Amitabh Kant has hailed the Union Budget 2025 as one of the most progressive and forward-looking financial plans, asserting that it lays the foundation for India's sustained economic growth at 8-9 per cent over the next three decades.
Emphasized that the budget aligns with India's ambition Kant said, "And to my mind, this is also a budget for sustained growth at 8 to 9 per cent for a three-decade period so to enable India to go from a USD 4 trillion to a USD 30 trillion economy and to enhance its GDP nine times per capita income eight times."
Kant highlighted that while the budget provides substantial relief to the middle class, its actual impact will be clearer once the Income Tax Bill is implemented.
"Class is something that need not be celebrated right now. After the Income Tax Bill comes in, we can evaluate whether it is actually beneficial for the class or not," he stated.
Amid ongoing global trade wars, Kant, presently India's G20 sherpa underscored the importance of strengthening India's domestic economy. He explained that increased consumption, driven by tax relief, would fuel production, growth, and employment, creating a cyclical impact on economic expansion.
Union Minister Nirmala Sitharaman presented the Union Budget in Parliament on Saturday.
Kant said, "Yesterday's budget was one of the most progressive, most forward-looking budget. Uh, to my mind, and this is simply because, uh, we are living in a time when there are trade wars going on and it's very important for us to strengthen our economy. And by providing."
He added, "A huge relief to the middle class of India. The finance minister has sent a signal for increased consumption, which in turn will lead to increased production, which in turn will lead to growth, and which in turn will lead to jobs. So there's a cycle of this measure impacting growth and jobs, and that is what India needs to do."
The budget was also lauded for its fiscal prudence, with the fiscal deficit projected to decline, reinforcing India's financial discipline.
Kant stated, "The budget is also, very fiscally prudent because this year the fiscal deficit will be 4.8 per cent, but the budget. Aims at 4.4 per cent next year. And secondly, the budget focuses on startups. It focuses on innovation. It talks about a fund of fund for startups. It focuses on 20,000s for innovation, it talks about a deep tech and it, uh, to my mind, uh, this budget is a budget, uh, for long term sustained growth of Indian economy."