Presenting her ninth Union Budget on Sunday, Finance Minister (FM) Nirmala Sitharaman announced the creation of a Rs 10,000 crore SME Growth Fund and also to top up the Self-Reliant India Fund, set up in 2021, with Rs 2,000 crore to support micro enterprises. The idea is to incentivise SMEs based on select criteria, she stated during her speech.
While delivering the financial statement, the Finance minister said, "We have pursued far-reaching structural reforms, fiscal prudence and monetary stability, while maintaining a strong thrust on public investment. Keeping Atmanirbharta as a lodestar, we have built domestic manufacturing capacity, energy security and reduced critical import dependencies."
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Further continuing her speech, the FM added, "Building on this, we will launch ISM 2.0 to produce equipment and materials, design full stack, Indian IP and fortify supply chains. We will also focus on industry led research and training centers to develop technology and skilled workforce."
Rituals before the Budget presentation
Before presenting the Union Budget in Parliament on Sunday (February 1), Union Finance (FM) minister Nirmala Sitharaman and her team met President Droupadi Murmu at the Rashtrapati Bhavan. Following tradition, the President offered the Finance minister 'dahi-cheeni' (curd and sugar) and blessed her. Dressed in a magenta silk saree, she held a tablet in a red pouch featuring the national emblem.
Others accompanying the Finance minster were Union Minister of State for Finance Pankaj Chaudhary, Chief Economic Advisor Dr V Anantha Nageswaran, Chairman of the Central Board of Direct Taxes (CBDT) Ravi Agrawal and other officials of the Finance Ministry.
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FM scripts history
Union Finance Minister Nirmala Sitharaman made history by presenting her ninth straight Union Budget and becoming the first Finance minister to do so in Indian history. This moves her closer to Morarji Desai’s record for most total Budgets presented (10).
