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Budget 2025: Economists on Friday suggested the government to introduce an industrial policy to boost manufacturing and ease fiscal consolidation in the next fiscal year's budget. Finance Minister Nirmala Sitharaman on Friday met eminent economists and sought their views on the Union Budget 2025-26. The budget is likely to be presented in Parliament on February 1, 2025.
Economists told the government ways to increase investment
Swadeshi Jagran Manch national co-convener Ashwani Mahajan told reporters after the meeting that economists suggested ways to increase investment and also to control food inflation and tackle climate change. Mahajan said that regarding fiscal consolidation, some economists said that it can be relaxed, while some feel that the current stance should continue.
In the general budget, the government has estimated to bring down the fiscal deficit to 4.9 percent of the gross domestic product (GDP) in the current financial year 2024-25. The deficit was 5.6 percent of GDP in the financial year 2023-24. Economists believe that a comprehensive manufacturing and industrial policy should be included in the budget. Auditor and eminent economist Anil Sharma said that suggestions were also given regarding reduction in personal income tax to increase consumption.
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