Budget 2024-25 to strengthen economy but falls short on key public expectations: Saryu Roy

Mail News Service

Jamshedpur, July 23: “The annual budget for 2024-25, presented by Finance Minister Smt. Nirmala Sitharaman in the Lok Sabha today, is set to bolster the Central Government’s economic position and enhance India’s global competitiveness, moving towards the goal of a $5 trillion economy. The budget’s provision for income tax relief is commendable and is expected to benefit the middle class. However, the budget has not met public expectations regarding the reduction of petrol and diesel prices or improvements in the GST framework. The increase in tax on capital gains is anticipated to negatively impact the middle class, and rising retail prices are likely to strain household budgets,” observed MLA Saryu Roy.

He said that as the budget debate continued in the Lok Sabha, there was hope that the Government of India would address these issues, ensuring that economic improvements benefitted not only organized sectors but also unorganized groups. While the budget held promise for employment generation, it was crucial that low-paid workers, including outsourcing and contract laborers, saw tangible benefits. In industrial cities like Jamshedpur, where outsourcing and contract workers were increasingly replacing temporary staff, ensuring that organized industries did not exploit unorganized labor was essential for the budget to truly serve public welfare.