India world’s fastest growing economy on way to become Viksit Bharat: FM Sitharaman

New Delhi, Feb 1 (IANS/WISHAVWARTA) India is the world’s fastest-growing economy, and the government will ensure tremendous growth in coming years across the spectrum on the way to becoming “Viksit Bharat”, Union Finance Minister Nirmala Sitharaman said on Saturday.

Presenting her eighth consecutive budget and the NDA government’s second full Union Budget of its third term, the Finance Minister said the Budget focuses on spurring agricultural growth, empowering farmers, supporting MSMEs and ensuring innovation while promoting exports.

“MSMEs, agriculture and exports are some of our growth engines and we will continue to strengthen these sectors,” she said.

“This Budget continues the government’s efforts to accelerate growth, secure inclusive development. It aims to invigorate private sector investments, uplift household sentiments and bolster the power of India’s rising middle class,” FM Sitharaman said in her initial comments.

The Budget Session of Parliament, which commenced on Friday, will be conducted in two phases – the first started on January 31 and will conclude on February 13, while the second phase will begin on March 10 and end on April 4.

FM Sitharaman surpassed the record of former Prime Minister and Finance Minister Morarji Desai last year when it comes to presenting the Union Budget.

According to the Economic Survey 2024-25, financial inclusion is a key focus, with rural households and small businesses getting easier access to credit through microfinance institutions, self-help groups and other intermediaries. It outlines key initiatives in infrastructure, rural housing, sanitation, clean fuel, social protection, and connectivity, along with efforts to boost rural livelihoods.

The survey has also highlighted that rising private consumption is playing a key role in helping India’s domestic economy remain steady amid global uncertainties.