Union Budget 2024-25: Medium-term growth in focus

The 2024-25 union Budget adheres to the fiscal reform path established during 2014-15 to 2023-24 which included amendment to the Fiscal Responsibility and Budget Management (FRBM) Act in 2018, steady reduction in major subsidies relative to GDP, direct benefit transfers, implementation of GST, and extensive corporate tax reforms. The Budget remains committed to an investment-led growth strategy and an accelerated fiscal consolidation endeavour. The fiscal space has been utilised for maintaining the infrastructure expansion momentum.