Parliament Budget Session begins; PM Modi says India moving ahead with 8% growth

It is a matter of great pride for every citizen that India is the fastest growing country among the countries with large economies. “In the last three years, we are moving ahead with a continuous growth of 8%,” said Prime Minister Narendra Modi on Monday, July 22, as the monsoon session of Parliament began, a day ahead of the Budget 2024 presentation.

Finance Minister Nirmala Sitharaman will present her seventh consecutive Budget on Tuesday, July 23.

"We must remember that Parliament is not for 'Dal', but for 'Desh'! It is a sacred institution dedicated to the nation's welfare, not personal interests," the PM said.

Addressing the media outside the parliament, the premier added, "Today is the first Monday of Sawan. An important session is starting on this auspicious day. I extend my greetings to the countrymen on the first Monday of Sawan. The monsoon session of Parliament is starting today. Today the whole country is looking at it. This should be a positive session..."

"Let us eschew negativity and instead embrace a constructive and productive mindset, honoring the sanctity of this 'Temple of Democracy' and working together for the betterment of our country!," the PM said further.

It must be noted here that the World Bank, in its biannual Global Economic Prospects (GEP) report released on June 11, had said that India would clock a gross domestic production (GDP) growth of 6.6% in fiscal year 2024-25 (FY25).

For the subsequent fiscal years of FY26 and FY27, the multilateral body sees India's GDP growing at 6.7% and 6.8%, respectively.

"Private consumption growth is expected to benefit from a recovery of agricultural production and declining inflation. Government consumption is projected to grow only slowly, in line with the government’s aim of reducing current expenditure relative to GDP," it added.