New Delhi, Feb 1: The Union Cabinet, chaired by Prime Minister Narendra Modi on Saturday ascended the Budget for the year 2025 ahead of its presentation in the Parliament.

Earlier Union Minister Amit Shah, Rajnath Singh, Gajendra Singh Shekhawat and Pralhad Joshi arrived at the Parliament.

Union Minister Gajendra Singh Shekhawat said, "The Budget will be in continuity and will be for the welfare of the country, of the poor and will be a novel and strong step towards the resolve of making 'Viksit Bharat'..."

Union Parliamentary Affairs Minister Kiren Rijiju said, "The country has witnessed that despite world-facing multiple issues, India's economy is growing and the country is moving ahead. Nirmala Sitharaman is going to present her record number (8th) of the budget and I hope that it'll be a good environment..."

The Cabinet meeting was held after Sitharaman, who carried a 'Bahi-Khata', met President Droupadi Murmu, accompanied by MoS Finance Pankaj Choudhary and other officials from her ministry. President Droupadi Murmu fed the customary 'dahi-cheeni' (curd and sugar) to the Union Finance Minister ahead of her budget presentation.

Nirmala Sitharaman is set to present her record 8th consecutive budget today. The budget speech will outline the government's fiscal policies, revenue and expenditure proposals, taxation reforms, and other significant announcements.

Before the presentation of the budget, speaking to reporters, Union Minister Pralhad Joshi said, "Ever since economy of this country started being taken care of under the leadership of PM Narendra Modi, we have given pro-people, pro-poor, pro-middle class budget. It will be the same this time."

Meanwhile, the Economic Survey tabled in Parliament on Friday projected India's economy to grow between 6.3 per cent and 6.8 per cent in the next financial year 2025-26.

The survey, noted that the government plans to strengthen long-term industrial growth by focusing on research and development (R&D), micro, small, and medium enterprises (MSMEs), and capital goods. These measures aim to enhance productivity, innovation, and global competitiveness.

"The fundamentals of the domestic economy remain robust, with a strong external account, calibrated fiscal consolidation and stable private consumption. On balance of these considerations, we expect that the growth in FY26 would be between 6.3 and 6.8 per cent," it said.

The survey noted that food inflation is expected to ease in Q4 FY25 due to the seasonal decline in vegetable prices and the arrival of the Kharif harvest. A good Rabi production is also expected to help keep food prices in check in the first half of FY26. However, adverse weather conditions and rising international agricultural prices pose risks to inflation.

The survey also added that India's foreign exchange reserves remain strong, covering 90 per cent of external debt and providing an import cover of over ten months. The reserves increased from USD 616.7 billion in January 2024 to USD 704.9 billion in September 2024 before moderating to USD 634.6 billion as of January 3, 2025. The stability in capital flows has played a key role in supporting India's external strength.

The survey also highlighted significant growth in the formal employment sector. Net Employees' Provident Fund Organisation (EPFO) subscriptions have more than doubled from 61 lakh in FY19 to 131 lakh in FY24.

The budget session of the Parliament commenced on Friday (January 31) with the joint address of President Droupadi Murmu.

The first part of the Budget session will continue till February 13 and the two Houses will again meet on March 10 after recess with the session concluding on April 4. (ANI)

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